Abstract
Abstract The financial system is populated by a wide variety of different institutions, within and across jurisdictions. Their structure and legal nature is largely path-dependent on the applicable regulatory regime, which in turn may be the result of historical accident rather than conscientious planning. This chapter seeks to delineate the scope of application of the recovery and resolution frameworks. In this context it is necessary to have a closer look at the structure of the banking and financial sectors in the jurisdictions under consideration. Despite considerable convergence, significant differences remain. This has consequences for the prevalent corporate and organizational structures, which, in turn, have important implications for recovery and resolution planning and for the application of resolution tools and powers. Structural reform efforts seek to further improve resolvability.
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