Regulatory Alerts2023-11-27
Isle of Man Financial Services Authority Guidance Note on Recovery Planning for Deposit Takers
The Isle of Man Financial Services Authority issues this guidance note under the Bank (Recovery and Resolution) Act 2020 to direct Class 1(1) and Class 1(2) deposit takers on preparing recovery plans. The document mandates that banks develop credible, implementable plans detailing strategic analysis, governance, recovery triggers, stress scenarios, and specific recovery options to restore viability during severe financial stress. It further requires banks to submit these plans for regulatory review and maintain them through periodic updates to ensure the orderly resolution of failures without reliance on public financial support.
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