(a) No limiting effect on bankruptcy
or other resolution proceedings. A resolution plan submitted
pursuant to this part shall not have any binding effect on:
(1) A court or trustee in a proceeding
commenced under the Bankruptcy Code;
(2) A receiver appointed under title II of the Dodd-Frank Act (12
U.S.C. 5381 et seq.);
(3)
A bridge financial company chartered pursuant to 12 U.S.C. 5390(h);
or
(4) Any other authority that
is authorized or required to resolve a covered company (including
any subsidiary or affiliate thereof) under any other provision of
Federal, state, or foreign law.
(b) No private right of action. Nothing in
this part creates or is intended to create a private right of action
based on a resolution plan prepared or submitted under this part or
based on any action taken by the Board or the Corporation with respect
to any resolution plan submitted under this part.
(c) Form of resolution plans.
(1) Generally. Each full, targeted, and reduced resolution plan of a covered company
shall be divided into a public section and a confidential section.
Each covered company shall segregate and separately identify the public
section from the confidential section.
(2) Public section of full and targeted
resolution plans. The public section of a full or targeted resolution
plan shall consist of an executive summary of the resolution plan
that describes the business of the covered company and includes, to
the extent material to an understanding of the covered company:
(i) The names of material
entities;
(ii) A description
of core business lines;
(iii)
Consolidated or segment financial information regarding assets, liabilities,
capital and major funding sources;
(iv) A description of derivative activities and hedging activities;
(v) A list of memberships in material
payment, clearing and settlement systems;
(vi) A description of foreign operations;
(vii) The identities of material
supervisory authorities;
(viii)
The identities of the principal officers;
(ix) A description of the corporate
governance structure and processes related to resolution planning;
(x) A description of material management
information systems; and
(xi)
A description, at a high level, of the covered company’s resolution
strategy, covering such items as the range of potential purchasers
of the covered company, its material entities, and its core business
lines.
(3) Public section of reduced resolution plans. The public section of a reduced resolution plan shall consist of
an executive summary of the resolution plan that describes the business
of the covered company and includes, to the extent material to an
understanding of the covered company:
(i) The names of material entities;
(ii) A description of core business
lines;
(iii) The identities of
the principal officers; and
(iv)
A description, at a high level, of the covered company’s resolution
strategy, referencing the applicable resolution regimes for its material
entities.
(d) Confidential treatment of resolution plans.
(1) The confidentiality of resolution plans
and related materials shall be determined in accordance with applicable
exemptions under the Freedom of Information Act (5 U.S.C. 552(b)),
12 CFR part 261 (the Board’s Rules Regarding Availability of Information),
and 12 CFR part 309 (the Corporation’s Disclosure of Information rules).
(2) Any covered company submitting
a resolution plan or related materials pursuant to this part that
desires confidential treatment of the information under 5 U.S.C. 552(b)(4),
12 CFR part 261 (the Board’s Rules Regarding Availability of Information),
and 12 CFR part 309 (the Corporation’s Disclosure of Information rules)
may file a request for confidential treatment in accordance with those
rules.
(3) To the extent permitted
by law, information comprising the Confidential Section of a resolution
plan will be treated as confidential.
(4) To the extent permitted by law, the submission of any nonpublic
data or information under this part shall not constitute a waiver
of, or otherwise affect, any privilege arising under Federal or state
law (including the rules of any Federal or state court) to which the data
or information is otherwise subject. Privileges that apply to resolution
plans and related materials are protected pursuant to section 18(x)
of the Federal Deposit Insurance Act (12 U.S.C. 1828(x)).
