Orderly winding down framework ensures timely settlement and transfer of positions and collateral under regulator guidelines. Every clearing corporation must establish and maintain an orderly winding down framework for voluntary and involuntary cessation of critical operations, providing for timely and orderly settlement, cessation or transfer of positions and for transfer of members' collateral, deposits, margins or other assets to another recognized clearing corporation; the framework must be implemented in accordance with regulatory guidelines issued by the Board and cover other related matters necessary for an orderly wind-down.