8.1 Home and key host authorities of all G-SIFIs should maintain CMGs with the objective of enhancing preparedness for, and facilitating the management and resolution of, a cross-border financial crisis affecting the firm. CMGs should include the supervisory authorities, central banks, resolution authorities, finance ministries and the public authorities responsible for guarantee schemes of jurisdictions that are home or host to entities of the group that are material to its resolution, and should cooperate closely with authorities in other jurisdictions where firms have a systemic presence.

8.2 CMGs should keep under active review, and report as appropriate to the FSB and the FSB Peer Review Council [The FSB has for the time being not established a Peer Review Council. Instead it launched a Resolvability Assessment Process (RAP). The objective of the RAP, which should be conducted by senior policy makers from CMG member authorities, is to facilitate adequate and consistent reporting on the resolvability of each G-SIFI and overall status of the resolution planning process] on:

(i) progress in coordination and information sharing within the CMGs and with host authorities that are not represented in the CMGs;

(ii) the recovery and resolution planning process for G-SIFIs under institution- specific cooperation agreements; and

(iii) the resolvability of G-SIFIs.