On November 9 2015, the Financial Stability Board (FSB) published its final principles on the loss-absorbing and recapitalization capacity of global systemically important banks (G-SIBs) in resolution, together with a final version of its term sheet for total loss-absorbing capacity (TLAC). Similar to the proposal of the U.S. Federal Reserve Board, the FSB’s term sheet excludes “structured notes” from being counted towards TLAC. Our detailed client alert may be found at the following link: http://www.mofo.com/~/media/Files/ClientAlert/2015/11/151109ResolutionGSIBs.pdf. We have produced a summary, which may be accessed here: http://www.mofo.com/~/media/Files/PDFs/150831TLACCheatSheet.pdf.