On 16 May 2013, the Presidency of the Council of the EU published a compromise proposal relating to the Recovery and Resolution Directive (RRD). Additions to the original EU Commission proposal are underlined and additions to the most recent compromise proposal dated 14 February 2013 are shown in bold.

On 14 May 2013, the Economic and Financial Affairs Committee of the EU Council published a press release following a debate on the proposed Recovery and Resolution Directive (RRD).  The discussion focused on the design of the bail-in tool, identified as a central issue.  A summary of the key points include: General agreement on the […]

On 9 May 2013, the EU Council published a note on the current state of play regarding MiFID II. The note confirms that there is currently no qualified majority supporting a compromise on the issue of access to trading venues and central counterparties (CCPs).  Articles 28 and 29 of MiFIR require CCPs to accept transactions […]

On 25 April 2013, the Council of the EU published the final compromise texts of a regulation conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions and the proposed regulation amending Regulation 1093/2010 (which established the European Banking Authority).  Together these texts establish the EU single […]

On 18 April 2013, the EU Council published a press release confirming that agreement had been reached with the EU Parliament on the establishment of the single supervisory mechanism (SSM) with respect to EU credit institutions. The European Central Bank (ECB) will be responsible for administration of the SSM, but national supervisors will retain responsibility […]

On 21 March 2013, the EU Commission published a statement by Michel Barnier confirming that agreement in trialogue between the EU Parliament, EU Council and EU Commission had been reached over the implementation in the EU of Basel III (CRD IV). It is thought that the EU Parliament will vote on the proposal at its […]

On 15 March 2013, the EU Council published the conclusions of its meeting held on 14 to 15 March.  Among the many issues discussed, the following are particularly relevant to the banking sector: finalisation of the legislative process on the Single Supervisory Mechanism within the coming weeks is a priority; agreement of the Bank Recovery […]

Introduction On 28 February 2013, the Presidency of the EU Council published a compromise proposal (dated 15 January 2013) relating to the proposed directive establishing a framework for the recovery and resolution of credit institutions and investment firms (the “RRD”). The compromise proposal makes a large number of suggested changes to the text of the […]

On 29 January 2013, Vítor Constâncio, Vice-President of the European Central Bank (ECB), gave a speech in Frankfurt to the Banker’s Association for Finance and Trade – International Financial Services Association Europe Bank-to-Bank Forum entitled “Establishing the Single Supervisory Mechanism”. Broadly, the legislative framework establishing the Single Supervisory Mechanism (SSM) provides that, of Europe’s 6,000 […]