Against this backdrop, the Basel Committee on Banking Supervision (BCBS), the CPMI, the FSB and IOSCO established a joint study  Box 2  FSB draft guidance on CCP resolution Key elements underlined in the draft guidance include the following: • CCP resolution should pursue the objective of financial stability, ensure the continuity of critical functions and avoid exposing taxpayers to losses in all jurisdictions where those functions are critical.
It should also maintain appropriate incentives for effective default management and recovery. • Resolution should to the extent possible, be predictable and ensure that no creditors are “worse off” in resolution than they would have been under CCP insolvency proceedings.