Living Wills: Early-stage Planning

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Every systemically important financial institution (“SIFI”)1 should now begin its early-stage planning for the preparation of a resolution plan, or living will (the “Plan”). The Plan, required by section 165(d) of the Dodd-Frank Act,2 is a detailed contingency plan that describes how a SIFI that is at risk of default can be sold, broken up, or wound down quickly and effectively in a way that mitigates serious adverse effects to U.S. financial stability.

The Plan is, metaphorically speaking, one of the joints in the systemic risk regulatory framework at which three supports meet.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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