News & Analysis as of

BRRD

EU Finalizes Changes to Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

by Shearman & Sterling LLP on

An EU Directive amending the Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The amending Directive amends the ranking of unsecured debt instruments in the insolvency...more

Orrick's Financial Industry Week In Review

Chairman Giancarlo Statement on Virtual Currencies - On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. "The CFTC's Market Risk...more

BRRD and CRR Legislation come into Force

Following publication in the Official Journal of the EU on December 27, 2017, Directive (EU) 2017/2399 and Regulation (EU) 2017/2395, amending the Bank Recovery and Resolution Directive (“BRRD“) and the Capital Requirements...more

Eurozone Single Resolution Board Outlines its MREL Policy for 2017 and Next Steps

by Shearman & Sterling LLP on

The Single Resolution Board has published its second policy statement on the minimum requirement for own funds and eligible liabilities (MREL). MREL is the EU equivalent of the minimum amount of loss-absorbing capacity that...more

European Banking Authority Publishes Regulatory Technical Standards on Simplified Obligations and Waivers in Recovery and...

by Shearman & Sterling LLP on

The European Banking Authority has published a Final Report and final draft Regulatory Technical Standards for the criteria to be used to determine whether institutions should be subject to simplified obligations for recovery...more

UK Prudential Regulation Authority Confirms Approach to MREL and Capital Buffers

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published an updated Supervisory Statement, “The minimum requirement for own funds and eligible liabilities (MREL) - buffers and Threshold Conditions”. The MREL requirement is the EU...more

The Italian 2018 Budget Law Provides Sets Stage for Banks to issue Senior Non Preferred Notes

by Allen & Overy LLP on

Earlier today, the Italian Parliament approved the Italian Budget Law for the year 2018 (the 2018 Budget Law), which provides, inter alia, for amendments to Italian Legislative Decree no. 385 of 1 September 1993 (the Italian...more

EU Roadmap for Completing the Economic and Monetary Union: Key Points for Financial Institutions

by Shearman & Sterling LLP on

The European Commission has published a Communication on further steps towards completing Europe's Economic and Monetary Union. The Commission is proposing several initiatives. First, the Commission is proposing a regulation...more

ECB Opinion on Implementation of TLAC

On November 10, 2017, the European Central Bank (“ECB“) published an opinion (dated November 8, 2017) on the European Commission’s legislative proposals to implement the Financial Stability Board’s (FSB) total loss absorbing...more

European Banking Authority Finalizes Guidelines on Designating EU Branches as Significant-Plus Branches

by Shearman & Sterling LLP on

The European Banking Authority has published a final Report and final Guidelines on the supervision of significant branches. The Capital Requirements Directive and the Bank Recovery and Resolution Directive provide the EU...more

Tackling Nonperforming Loans in Europe

by Morgan Lewis on

Challenges and recent developments regarding NPLs and the role of EU state aid rules. More than one trillion euros’ worth of nonperforming loans (NPLs) are concentrated in the periphery of the European Union, with banking...more

Orrick's Financial Industry Week In Review

Agencies Propose Simplifying Regulatory Capital Rules - On September 27, 2017, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency announced a proposed...more

ECON Draft Reports on Proposed BRRD II Directive and SRM II Regulation

On September 29, 2017, the European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published two draft reports relating to the European Commission’s proposed revisions to the Bank Recovery and Resolution...more

Financial Regulatory Observer - September 2017: How state aid survived the Italian banking crisis

by White & Case LLP on

There is much to admire in the EU's handling of the Italian banking crisis, but in allowing two lenders to escape BRRD rules, it has raised questions on the consistency of the EU state aid and resolution framework....more

The New Prospectus Regulation

by White & Case LLP on

Changes to Disclosure Requirements for Debt Capital Markets Transactions - On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3") entered into force. PR3...more

Council of EU Agrees on Approach to Legislative Proposals for Insolvency Hierarchy Directive and IFRS 9 Regulation

The Council of the EU has agreed on a general approach to the legislative proposals for a directive (which will relate to the ranking of unsecured debt instruments in insolvency) amending the Bank Recovery and Resolution...more

EMEA Regulatory Capital Chart: Essential features of bank capital regulation across Europe in one handy wall chart.

by White & Case LLP on

Regulatory capital requirements for prudentially supervised financial services companies across Europe are complex and changing rapidly. To keep track of the regulatory framework in the region, we have brought together the...more

Proposed Technical Standards on Criteria for Application of Simplified Obligations under the BRRD

by Shearman & Sterling LLP on

The European Banking Authority has launched a public consultation on draft Regulatory Technical Standards, further specifying the eligibility criteria to determine whether firms should be subject to simplified obligations...more

Recent Developments in Bank Resolution – Can Bridge Banks be Resolved?

by White & Case LLP on

The international bank resolution framework agreed at the level of the Financial Stability Board ("FSB") and the G 20 is focused on solving the "too big to fail" conundrum. A central objective is that bank resolution regimes...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

Brexit: Financial Services Firms: Appendix

by White & Case LLP on

This appendix contains a brief description of the key EU financial services directives (excluding the insurance sector) which create the core regulatory framework within which financial services firms principally operate as...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

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

by Shearman & Sterling LLP on

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...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

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