| 1. | The competent authority shall devise a resolution plan for each SIFI, which includes the resolution procedures to be taken upon the existence of the conditions referred to in Article 10 of this Law.
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| 2. | If the financial institution is a holding company, the competent authority shall devise a resolution plan for the financial group, and a resolution plan for each subsidiary financial institution.
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| 3. | In preparing the resolution plan, the competent authority shall identify significant obstacles which may hinder resolution procedures, and shall propose contingency plans.
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| 4. | In preparing the resolution plan, the competent authority shall take into account all potential crises and causes thereof, whether related to the SIFI or having an impact thereon.
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| 5. | The resolution plan must include the following:
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| | a) | Identification of the main competent authority, where necessary, and any relevant entity the cooperation of which is required in addition to the identification of its tasks and powers.
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| | b) | A summary of the main components of the plan.
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| | c) | A summary of fundamental changes in the SIFI which took place after the drafting of the last resolution plan.
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| | d) | Clarification of the method of separating critical activities or any other major activities from other activities legally and economically to ensure the continuity of the SIFI operation.
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| | e) | An estimated timeframe for the implementation of each key component of the plan.
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| | f) | A detailed description of procedures for determining the market value of each SIFI activity, operations, and assets, as well as the feasibility thereof to be marketed and sold.
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| | g) | Description of how the resolution procedures are funded.
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| | h) | Description of alternative resolution procedures which may be implemented depending on the status and circumstances of the SIFI.
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| | i) | Description of the options available for the continuity of the SIFI as a member of the settlement systems, and an assessment of options for transferring client assets, deposits, funds, accounts, and insurance policies.
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| | j) | Analysis of the impact of the resolution plan on SIFI personnel, its cost, and available settlement options.
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| 6. | The competent authority shall share with the SIFI its vision of the main components of the resolution plan or its update in order to receive feedback from the SIFI within a specified period, provided that it is not less than 60 days.
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| 7. | The competent authority shall update the resolution plan as necessary.
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| 8. | The competent authority may include in the Implementing Regulations additional rules and provisions on the preparation and implementation of the resolution plan.
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