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These Principles set out elements for statutory and contractual mechanisms that jurisdictions should consider including in their legal frameworks to give cross-border effect to resolution actions in accordance with the SB Key Attributes of Effective Resolution Regimes for Financial Institutions. While emphasising the importance of implementing comprehensive statutory frameworks, these Principles also support contractual approaches to cross-border recognition, which the FSB agreed were critical pending the adoption of such statutory frameworks and which may also complement such regimes once they are in place. The need to give cross-border effect to resolution actions may arise with respect to a firm undergoing resolution in its home jurisdiction that operates a branch or controls a subsidiary in a foreign jurisdiction; or a firm that holds assets, liabilities or contracts located or booked in, or subject to the law of, another jurisdiction in which the firm is not established.This guidance has been developed with a focus on the resolution of banks. However, many of the legal issues and principles that are discussed below may be relevant to other types of financial institutions as well as to financial market infrastructures.