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"This order is an element of the peaceful resolution plan I suggested," he continued.
Second, those living wills are supposed to present a credible resolution plan under the bankruptcy code.
Regulators, meanwhile, can't really do real-time tests to see whether a resolution plan has been done correctly.
These regulations require P2P platforms to carry a certain amount of capital, to describe risks accurately and to have a resolution plan in place in case the platform fails.
[C2.] A Dispute Resolution Plan in Europe Struggling with how it should apply member country's laws to cross-border commercial disputes, the European Commission has released a draft law that would treat Internet and non-Internet commerce differently.
It also stepped up scrutiny of those institutions and began working with officials at the Treasury Department, the Federal Reserve and other regulatory agencies to develop a broader resolution plan.
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There is real pressure on the banks, at the moment, to get their resolution plans right.
"Resolution plans are essential to ending too big to fail," he said.
As F.D.I.C. general counsel, I worked closely with American and international colleagues on detailed resolution planning.
"I don't care whether resolution plans work in practice," says Simon Gleeson, a lawyer at Clifford Chance.
In a discussion paper published today, the FSA said: "Systemically important banks should be required to produce recovery and resolution plans".
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