Technical standards for resolution plan contents (Reg 2021/23)

This regulation sets out the specific technical requirements for 'resolution plans' used by financial authorities. These plans act as blueprints to ensure that critical financial institutions can be managed or wound down safely if they fail, preventing a wider economic crisis and reducing the need for taxpayer-funded bailouts.

This affects large financial institutions and their supervisors. It mandates detailed reporting and documentation on how a firm's critical functions would be maintained during a failure.