The Commission has published an informal consultation on a recovery and resolution framework for non-bank financial institutions (NBFI). The paper looks at which NBFIs could present systemic risks if they fail. Its concerns and proposals focus on the risks that failure of key parts of the financial markets infrastructure, specifically Central Counterparties (CCPs) and Central Securities Depositories (CSDs), would present. It analyses the risks of each, commenting that not all institutions face the same risks. The paper asks whether an EU-wide framework to deal with the recovery and resolution of CCPs and CSDs is needed and asks for views on situations where either recovery plans or retrospective resolution might be appropriate. Other questions focus on whether there should be a common framework or one specific to each type of market participant, whether there should be size thresholds above which the rules would apply, the most important objectives of the plans and trigger points. It also considers powers of regulators and cross-border challenges. The consultation then considers the risks presented by failure of insurers and reinsurers and notes that existing EU measures for the insurance market do not cater for recovery and resolution of insurance entities. Again, it asks what powers should be used, and when, to deal with a systemically important insurer. Finally, it considers payment systems, payment institutions and e-money issuers and asks what powers would be appropriate to deal with systemic risk arising from failure in this, or any other NBFI, sector. Comments are due by 28 December. (Source: Commission Consults on NBFI Resolution)