January 20, 2018
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Resolution applicant eligibility restrictions tightened, barring certain insolvent, defaulting, regulatory prohibited or connected persons from plans.
Amendments define resolution applicant, expand the Code's scope to include personal guarantors and certain firms and individuals, and empower the resolution professional to invite applicants under committee-approved criteria and Board-specified conditions. A new disqualification regime bars persons from submitting resolution plans for specified insolvency, default, regulatory, criminal, market-prohibition, prior-transaction misconduct, guarantee-execution, foreign-disability, or connected-person grounds, subject to limited cure rights for certain asset classifications. Committees must assess and approve resolution plans meeting feasibility and viability standards, liquidators cannot sell assets to ineligible persons, and a general penal provision addresses uncodified contraventions.