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  "notes": "The slide details specific criteria (2 and 3) for organizational structure in the context of a resolution plan.",
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      "text": "A smaller number of legal entities reduces the complexity of resolution and decreases the likelihood of conflicting resolution regimes or of part of a business activity going into insolvency proceedings and part remaining out of proceedings.",
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      "text": "2. As Few Entities as Possible: Our core businesses and critical operations should be conducted in the smallest number of operating entities that legal, regulatory, risk and resolvability considerations will allow; Unless specific circumstances warrant, there should not be more than one of the following category of operating entity in any jurisdiction: a bank; a broker-dealer; an asset manager. Our investing businesses should be conducted in as few legal entities as legal, regulatory, co-investing and other business efficiency considerations will allow; Redundant and dormant entities should be wound down. A smaller number of legal entities reduces the complexity of resolution and decreases the likelihood of conflicting resolution regimes or of part of a business activity going into insolvency proceedings and part remaining out of proceedings.",
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      "text": "3. Short, Clean Entity Ownership Lines and Guarantee Flows: Operating entities should not have cross-holdings in each other; Material operating and material service entities outside the IDI ownership group should not be owned by another material operating or material service entity; Material entities that are part of the IDI ownership group are subject to the provisions described in criterion 7. There should be as few intermediate holding companies as regulatory or other considerations permit; Fractional or split ownership of material entities should be avoided. Short, simple lines of ownership not only reduce the complexity of resolution, but also reduce the likelihood that the provision of financial support to material entities will be impeded at an intermediate step in the ownership chain.",
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      "text": "In resolution, the separation of core from non-core businesses allows us to concentrate financial resources where they would have the greatest impact (i.e. on the core business lines and critical operations), and simplifies the spin-off of non-core businesses because they do not need to be \"unraveled\" from the rest of the business.",
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