Fed Adopts 'Living Wills' Rule For Riskiest Cos.

Law360, New York (October 17, 2011, 2:37 PM EDT) -- The Federal Reserve on Monday gave the largest, most systemically crucial financial companies until July 1 to submit their so-called living wills — detailed plans on how to divide up their assets if they fail.

The final rule, a key component of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will require bank holding companies and major nonbank financial institutions, like insurance companies and investment banks, to craft living wills so regulators can quickly unwind them, if necessary, in a manner that limits ripple effects...
To view the full article, register now.