Introduction On 17 December 2015, the EBA published its “Draft Regulatory Technical Standards on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed” (the RTS) as required by Article 71(7) of the Bank Recovery and Resolution Direction […]

On 24 September 2015, the Association for Financial Markets in Europe (AFME) published a “Model clause for the contractual recognition of bail-in under Article 55 of the BRRD” (a “Write-Down Clause”).  The model clause is designed for use by UK issuers of New York law governed debt securities. In its “Draft Regulatory Technical Standards on […]

Introduction On 23 June 2015, the Monetary Authority of Singapore (MAS) published its “Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore”.  With the consultation period closing on 22 July 2015, the consultation paper seeks rapid feedback on a number of issues affecting firms in Singapore which have been notified as being systemically important […]

Introduction On 6 March 2015, the European Banking Authority (EBA) published a consultation paper containing a “Draft Regulatory Standard on a minimum set of the information on financial contracts that should be contained in the detailed records” required by the Bank Recovery and Resolution Directive[1](BRRD). The consultation period closes on 6 June 2015 so as […]

The FDIC and the BoE have released news of a joint high-level meeting and exercise designed to “further the understanding, communication, and cooperation between U.S. and U.K. authorities in the event of the failure and resolution of a global systemically important bank, or G-SIB.” Timed to coincide with the annual 2014 IMF meeting, the event […]

The PRA has published four papers, three consultations and one discussion, as part of the PRA’s wider “resolution and resilience agenda”. The implementation of ring-fencing: consultation on legal structure, governance and the continuity services and facilities- CP19\14 sets out the PRA’s proposed ring-fencing policy in three areas: the legal structure of banking groups, governance, and […]

The FSB has released a consultation paper on the cross-border recognition of resolution action. The FSB TBTF report previously identified cross-border legal uncertainty as one of the main stumbling-blocks to the effective resolution of a SIFI subject to multiple jurisdictions. Key Attribute (KA) 7.5 mandates the mutual cross-border recognition of resolution authority and action; existing […]

The EBA has released the draft RTS on the content of resolution plans and resolvability assessment and a draft set of guidelines on measures to reduce impediments to resolution. Articles 10, 12 and 15 BRRD (Directive 2014/59/EU) mandate the EBA to draft RTS that impose common European standards, facilitating harmonisation between resolution authorities.  The draft […]

On 8 April 2014, just days before its final plenary session (scheduled for 14-17 April) the EU Parliament has published a revised text of the Bank Recovery and Resolution Directive (BRRD). The text appears to confirm the Parliament’s broad support of the requests made by various Member States for clarity that the extension of liquidity […]