FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:

Earlier this year, the United States Court of Appeals for the Eleventh Circuit decided in In re Lett that objections to a bankruptcy court’s approval of a cram-down chapter 11 plan on the basis of noncompliance with the “absolute priority rule” may be raised for the first time on appeal. The Eleventh Circuit ruled that “[a] bankruptcy court has an independent obligation to ensure that a proposed plan complies with [the] absolute priority rule before ‘cramming’ that plan down upon dissenting creditor classes,” whether or not stakeholders “formally” object on that basis.

CEIOPS holds annual conference: CEIOPS has held its annual conference. The event included a panel session on Solvency II and discussion by Sharon Bowles of the new European Supervisory Authorities.