News & Analysis as of

Bail-In Provisions

Financial Stability Board Proposes Guidance to Support G-SIB Resolution Planning

by Shearman & Sterling LLP on

The Financial Stability Board has launched a consultation on proposed guidance on two aspects of recovery and resolution of global systemically important banks. The first consultation proposes guidance on the principles of...more

A New Category of Debt Securities in Belgium: Senior Non-Preferred Notes

by Jones Day on

On July 20, 2017, Belgium adopted legislation establishing a new category of debt securities available to credit institutions and investment firms ("banking institutions"). The law provides for a new Article 389/1 into the...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 6

Canadian Bail-in and TLAC Rules: Impact on Structured Notes Offered in the United States - Introduction - In June 2017, the Canadian government released draft regulations relating to “bail-in instruments” issued by...more

Canadian Bail-In Regulations: What You Need to Know

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of...more

Article 55 and the ISDA 2016 Bail-in Article 55 BRRD Protocol

by White & Case LLP on

ISDA published on 14 July 2016 the "ISDA 2016 Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution)" (the "Bail-in Protocol"). The Bail-in Protocol aims to facilitate market...more

Final EU Guidelines on the Interrelationship between the Sequence of Write Down under BRRD and CRD IV Published

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the interrelationship between the provisions of the Bank Recovery and Resolution Directive setting out the sequence of write down and conversion and the...more

Final EU Guidelines on the Treatment of Shareholders in Bail-in Published

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the treatment of shareholders in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national resolution authorities and...more

Final EU Guidelines on Converting Debt to Equity in Bail-in Published

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the setting of rates of conversion of debt to equity in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Jobs Act Amendments - On April 5, the Securities and Exchange Commission ("SEC") announced that it has adopted amendments to increase the amount of money companies can...more

European Banking Authority Publishes Final Guidelines on Bail-in

On April 5, 2017, the European Banking Authority published three sets of guidelines in relation to the Bank Recovery and Resolution Directive, and in particular, bail-in. The guidelines looked at: a) the interrelationship...more

Key Issues for Derivative Transactions under the BRRD

by White & Case LLP on

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Funds Talk: February 2017

Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 - As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more

Debt Dialogue: January 2017

This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A NY state court threw out Ace Decade Holdings’ suit against UBS accusing the Swiss lender of fraud for its $500 million investment loss in a Chinese company. The court found that jurisdictional issues plagued plaintiff’s...more

Implications for Bank Creditors: the Latest EU Banking Reform Proposals

by Shearman & Sterling LLP on

The European Commission recently announced an extensive package of banking reform proposals. Of particular interest to bank creditors, proposed amendments to the Bank Recovery and Resolution Directive aim to amend the...more

CrunchedCredit.com’s 7th Annual Golden Turkey Awards

by Dechert LLP on

As is our tradition here at Crunched Credit, each year, about this time, we present our Golden Turkey Awards. In a year of monumentally bad surprises, we truly had difficulty narrowing our list down to only the exceptionally...more

The Delta Report – Derivatives Newsletter: September 2016

by White & Case LLP on

In this issue of The Delta Report, we bring you further updates on developments in the global derivatives space. In Europe, the focus is on Brexit and the newly-released EU final regulatory standards on the valuation of...more

The Financial Report, Volume 5, Number 16 (Global)

by DLA Piper on

Discussion and Analysis One of our lead articles discusses a research report indicating that SEC enforcement activity has slowed in 2016. According to the article, the SEC has brought nearly ten percent fewer...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

Final EU Technical Standards on Business Reorganization Plan Requirements Following Bail-In

by Shearman & Sterling LLP on

A Commission Delegated Regulation outlining the Regulatory Technical Standards on the elements of a business reorganization plan and the minimum contents for reporting progress in the implementation of the plan was published...more

Final EU Technical Standards on the Valuation of Derivatives for Bail-in Published

by Shearman & Sterling LLP on

A Commission Delegated Regulation on the valuation of derivatives for the purpose of bailing-in derivative liabilities in the form of Regulatory Technical Standards was published in the Official Journal of the European...more

Association for Financial Markets in Europe Publishes Model Clauses for the Contractual Recognition of Bail-In under Article 55 of...

On August 1, 2016, the Association for Financial Markets in Europe (AFME) published model clauses for the contractual recognition of bail-in for the purpose of satisfying the requirements of Article 55 of the EU Bank Recovery...more

Corporate and Financial Weekly Digest - Volume XI, Issue 30

BROKER-DEALER - FINRA Adopts Amendments on Resumption of Trading - The Financial Industry Regulatory Authority has adopted amendments to clarify the operation of the Regulation NMS Plan to Address Extraordinary...more

Italian banks: Thoughts on recapitalisation and sharing the burden

by White & Case LLP on

Recapitalisation is in the air. Falling investor confidence has contributed to a sharp decline in Italian banks' share values, in particular since the UK's 'Brexit' vote to leave the European Union. Total gross non-performing...more

UK Financial Regulatory Developments - July 2016 #2

by Dentons on

FOS publishes Ombudsman News - The May/June issue of Ombudsman News highlights the breadth of “everyday problems” which FOS sees so that consumers and financial businesses can better understand the service’s role. It...more

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