Common use of COOPERATION FRAMEWORK Clause in Contracts

COOPERATION FRAMEWORK. 15. The Home Authority takes the lead in coordinating the activities covered by the Arrangement. 16. The Home Authority will coordinate and chair the CMG, and decide which other relevant authorities participate in a meeting or in an activity of the CMG. On the basis of legal developments and the operational capabilities of the CMG, the Home Authority will incorporate, if need be, those other relevant authorities in the CMG, on a best efforts basis, through “Addenda” to this Arrangement, duly endorsed by all Authorities. Such participation will follow any relevant FSB guidance and EU Regulation. 17. The Home Authority will keep all Authorities fully informed, in advance, of the CMG meetings, of the main issues to be discussed and the activities to be considered. Authorities who choose not to attend a meeting will be kept fully informed, in a timely manner, of the actions agreed in that meeting as well as of the measures carried out after CMG meetings. 18. The Authorities agree to cooperate, within the scope of their respective mandates, roles, responsibilities and powers, in the resolution planning process and to share all relevant information to the extent permitted by their respective laws in order to ensure, in particular, that the resolution plans of the entities under their respective responsibility are consistent and to help prepare for a coordinated resolution of CC&G. 19. Subject to the Authorities’ legal and regulatory remit, the Authorities endeavor to work together to devise a resolution strategy that is aimed at pursuing financial stability and allowing for the maintenance of those functions carried out by CC&G which have been identified as critical functions by the Home Authority, while minimizing the use of public funds, duly considering the potential impact of their resolution actions on financial stability of other jurisdictions.