ulator . ▁Like wise ▁there ▁is ▁no ▁such ▁thing ▁as ▁global ▁ins ol ven cy , ▁global ▁bank rupt cy , ▁or ▁the ▁legal ▁requirement ▁for ▁a ▁global ▁b ail ▁out . ▁Each ▁legal ▁entity ▁is ▁treated ▁separately . ▁Each ▁country ▁is ▁responsible ▁( in ▁theory ) ▁for ▁containing ▁a ▁financial ▁crisis ▁that ▁starts ▁in ▁their ▁country ▁from ▁spread ing ▁across ▁borders . ▁Looking ▁up ▁from ▁a ▁country ▁pros pective ▁as ▁to ▁what ▁is ▁a ▁System ically ▁Import ant ▁Fin an cial ▁Institution ▁may ▁be ▁different ▁than ▁when ▁looking ▁down ▁on ▁the ▁entire ▁glo be ▁and ▁attempting ▁to ▁determine ▁what ▁entities ▁are ▁significant . ▁ ▁The ▁degree ▁of ▁inter connected ness ▁between ▁financial ▁institutions ▁is ▁almost ▁completely ▁unknown ▁at ▁any ▁specific ▁point ▁in ▁time . ▁When ▁trouble ▁breaks ▁out , ▁fear ▁and ▁cont ag ion ▁effects ▁are ▁extremely ▁un predict able . ▁Therefore , ▁determ ining ▁exactly ▁what ▁entities ▁are ▁significant ▁is ▁a ▁difficult ▁assignment , ▁as ▁the ▁real ▁certain ty ▁is ▁determin able ▁only ▁well ▁after ▁the ▁fact . ▁ ▁Definition ▁ ▁As ▁of ▁November ▁ 2 0 1 1 , ▁a ▁standard ▁definition ▁of ▁system ically ▁important ▁financial ▁institution ▁had ▁not ▁been ▁decided . ▁However , ▁the ▁Bas el ▁Committee ▁has ▁identified ▁factors ▁for ▁assess ing ▁whether ▁a ▁financial ▁institution ▁is ▁system ically ▁important : ▁its ▁size , ▁its ▁complexity , ▁its ▁inter connected ness , ▁the ▁lack ▁of ▁readily ▁available ▁subst it utes ▁for ▁the ▁financial ▁infrastr ucture ▁it ▁provides , ▁and ▁its ▁global ▁( cross - j ur is