On 25 February 2013, the EU Parliament’s Committee on Legal Affairs published its final opinion proposing certain amendments to ‘proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms’ (the “RRD”).  This is a follow up to the draft […]

As previously reported on this blog, on 20 February 2013 the FSA published an update to its Recovery and Resolution Planning guidance.  It was announced that, in the future, firms will not have to update their resolution information pack (RRP Modules 3-6) on an annual basis as a matter of process.  Instead, they will only […]

On 5 February 2013, the EU Parliament’s Committee on Legal Affairs published a draft opinion proposing certain amendments to the ‘proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms’ (the “RRD”).  The draft opinion is very short and […]

The Financial Stability Board (FSB) has published a press release regarding the meeting which took place in Zurich on 28 January 2013 to discuss vulnerabilities affecting the global financial system and progress to strengthen global financial regulation. On the subject of resolving failing financial institutions, the FSB confirmed that, in April, it will publish its […]

Introduction On 23 January 2013, the European Banking Authority (EBA) published its recommendation on the development of recovery plans. The recommendation is a follow-up to the EBA’s Discussion Paper on recovery plans published on 15 May 2012 and is primarily for the benefit of national competent authorities pending the finalisation of the EU directive establishing […]

Introduction On 13 January 2013, the Presidency of the EU Council published a compromise proposal regarding suggested amendments to Articles 1 to 36 of the Directive establishing a framework for the recovery and resolution of credit institutions and investment firms (the “RRD”).  The most noteworthy amendments are highlighted below. Early Intervention Triggers to Early Intervention […]

Last week the EU Parliament published a draft opinion of it Committee on Legal Affairs dated 14 December 2012 regarding the ‘proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms’ (the “RRD”). The proposed amendments contained within the […]

Introduction On 11 January 2013, the Alternative Investment Management Association (“AIMA”) published its response to the EU Commission’s Consultation on a Possible Recovery and Resolution Framework for Financial Institutions Other than Banks (the “Consultation”). Identifying Systemic Importance AIMA supports the introduction of a robust and effective framework for dealing with the recovery and resolution of […]

Introduction On 14 December 2012, the European Banking Authority (“EBA”) published its opinion on the recommendations of the High-level Expert Liikanen Group on reforming the structure of the EU banking sector. The final report of the Liikanen Group was published on 2 October 2012 and made the following recommendations:  mandatory separation of proprietary trading and […]