On December 10th, the Bank of England and the U.S. FDIC released a joint paper outlining resolution strategies for large and complex firms. The approach outlined in the paper is based on legal powers provided by the legislative reforms enacted since the financial crisis as well as, in the case of the U.K., the proposed E.U. draft Recovery and Resolution Directive. The approach is designed to ensure that sound business, including operating companies (domestic and foreign) can be kept open and operating, limiting the effect on financial stability through contagion effects and cross-border complications. Bank of England Press Release. See also The Telegraph.