The Council of the EU announced that it had reached political agreement with the EP on the ‘Daisy Chain’ proposal, which amends the EU bank resolution framework by: (i) incorporating a dedicated treatment for the indirect subscription of instruments eligible for internal minimum requirement for own funds and eligible liabilities (MREL); (ii) further aligning the treatment of global systemically important institution groups with a Multiple Point of Entry (MPE) resolution strategy with the treatment outlined in the FSB’s international Total Loss-absorbing Capacity (TLAC) Term Sheet; and (iii) clarifying the eligibility of instruments in the context of the internal TLAC.