On 29 July 2020, the Single Resolution Board (SRB) published operational guidance on operational continuity in resolution (OCIR) and on financial market infrastructure (FMI) contingency plans.
The guidance on OCIR provides further clarifications to banks on how to implement SRB expectations related to service identification and mapping, assessment of operational continuity risk, mitigating measures such as having adequately documented, resolution-resilient contracts, appropriate management information systems and governance arrangements. Further guidance may be provided on other OCIR topics in line with their phase-in.
The guidance on FMI contingency plans sets out the SRB’s expectations with regard to the minimum content of FMI contingency plans prepared by banks. Each bank is expected to develop an FMI contingency plan in line with the recommendations published by the Financial Stability Board in the Guidance on Continuity of Access to FMIs for a Firm in Resolution of July 2017. The operational guidance provides further details on a possible outline of the contingency plan, as well as an indicative phase-in across FMI service providers.