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US, European resolution authorities to hold cross-border resolution exercise

Resolutionauthorities from the U.S. and Europe will hold a planned exercise Oct. 10 aimedat improving coordination on cross-border resolution.

The FDICwill host the exercise, with representatives of U.S. agencies such as theTreasury Department, Federal Reserve Board, OCC and SEC expected toparticipate. From the European side, expected participants include seniorofficials from HM Treasury, the Bank of England, the U.K. Prudential RegulationAuthority, the Single Resolution Board, the European Commission, and theEuropean Central Bank.

Planningfor the exercise, which will coincide with World Bank and InternationalMonetary Fund-sponsored annual international meetings in Washington, D.C.,began late in 2015.

The U.S.and the U.K. held a similar exercise in 2014.