165. Competent authorities should perform an assessment of the impact of a wind-down on the …

Competent authorities should perform an assessment of the impact of a wind-down on the investment firm’s clients. Such assessment should include at least the following aspects, to the extent the relevant information is available:

• a. the ability of the investment firms to close outstanding transaction and the consequences such closure may have on clients and on the investment firm itself (i.e. whether the investment firm will suffer from termination penalties, or legal fees);
• b. where contracts are non-cancellable, the ability of the investment firm to handover all of them to another financial institutions and at what costs; and
• c. the ability of the investment firm to timely return client money held and assets under the investment firm’s custody, in line with the rules introduced under Directive 2014/65/EU.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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