The Bank of England and the Federal Deposit Insurance Corporation have put out a joint paper to discuss how UK and US regulators plan to deal with global systemically important financial institutions that collapse across the two jurisdictions.

The paper, which was published today, said that there is a shared public interest in developing a "cross-border dialogue" for an effective resolution regime for G-SIFIs. The paper takes a top-down approach to resolution plans, which involves a single resolution authority that applies its powers to the top of a financial group at parent company level.