The Board of Governors of the Federal Reserve System (FRB) and the Federal Deposit Insurance Corporation (FDIC) have jointly approved a final rule (the “Resolution Plan Rule”) requiring certain large bank holding companies, non-US banks with US banking operations, and systemically significant nonbank financial companies to periodically submit to the FRB and the FDIC comprehensive plans for the rapid and orderly resolution of the company under the Bankruptcy Code in the event of material financial distress or failure.

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