Recovery & resolution

The Bank Recovery and Resolution Directive (Directive 2014/59/EU) (BRRD) harmonises the rules and regulators’ powers for the recovery and resolution of credit institutions and investment firms across the EU. BRRD is in force and bail-in has been in effect since 1 January 2016.

In the UK, the Bank of England has been designated as the resolution authority; the FCA and PRA also have new powers and responsibilities under BRRD.

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Bail-in powers under Financial Services (Banking Reform) Act abandoned, now introduced under BRRD. The UK applied bail-in requirements from 1 January 2015 (with the exception of provisions relating to MREL and Article 55 of the BRRD). Requirements on contractual recognition of bail-in were introduced on 1 January 2016.

Latest Reports

  • City, London

    This article first appeared on Practical Law and is published with the permission of the publishers The Enforcement Review – significant change or more of the same? The long running review of the FCA and PRA enforcement process has finally reached an end, at least for the FCA, with the ...

  • Glass sky

    On 27 July 2016, the Board of the Romanian Financial Supervisory Authority (“FSA”) analysed the status of the Romanian insurance undertaking Carpatica Asig SA, considering several audit and assessment reports. The outcome of the FSA analysis was the commencement of the bankruptcy procedures against Carpatica Asig SA. According to the ...

  • Kiev, Ukraine

    Draft Law No. 3555 “On Financial Restructuring” (the “Restructuring Law”) aimed at creating effective mechanisms for voluntary financial restructuring of Ukrainian companies’ debts (the “Voluntary Restructuring”). The Restructuring Law is adopted as a temporary measure and will be in effect for three years. The Government expects that the Restructuring Law ...

  • EU flag

    This report is one of a series based on our recent webinar/seminar series ‘Helping financial institutions deal with the risks from a changing EU and Brexit’. You can access a recording of one of these events here. If the UK votes to leave the EU in the referendum on 23rd ...

  • Metal framework

    The Romanian Financial Supervisory Authority (“FSA”) decided to open plan-based financial recovery proceedings against Societatea de Asigurare-Reasigurare City Insurance S.A. (“CITY Insurance”), a Romanian based insurance and reinsurance undertaking. The main goal of the proceedings is to restore CITY Insurance’s solvency capital requirement within six months and its minimum capital ...

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