FMLC has written to FSB on bank recovery and resolution. FMLC welcomes FSB’s introduction of minimum total loss absorbing capacity (TLAC) requirements for global systemically important banks. However, it notes the uncertainties which arise from the accompanying term sheet due to the generality of the requirements. It points out that until national governments and regulatory authorities implement the term sheet into national law, issuers of financial instruments will be unclear whether those financial instruments will comply with the requirements for inclusion in TLAC. (Source: FMLC Reiterates Concerns Over TLAC Legal Uncertainties)