On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions. The good practices relate to: (i) the structure and operation of CMGs; (ii) resolution policy, strategy and resolvability assessments; (iii) coordination on enhancing a firm’s resolvability; and (iv) enhancing home-host coordination arrangements for crisis preparedness.
The report provides a reference for home and host authorities in CMGs to help them enhance their crisis management preparedness in normal times. As CMGs continue to evolve, the FSB will continue to monitor the development of CMG practices and consider any future work to promote consistency and effective operation of CMGs.