Orderly winding down framework for clearing corporations mandates SOPs, resource retention, transfer/close out procedures and regulatory oversight. Policy mandates board approved SOPs for orderly winding down of clearing corporations' critical operations upon voluntary, involuntary or regulatory triggers; identifies core functions to be maintained, procedures for transfer or close out of positions in interoperable and non interoperable scenarios, continued application of regulatory provisions during wind down, asset distribution subject to statutory dues and regulator contributions, maintenance and use of liquid resources to sustain critical services during wind down, and oversight by the Regulatory Oversight Committee with reporting to the regulator.