On 22 December 2013 the Council of the EU published a note attaching the final compromise text of the proposed Recovery and Resolution Directive (RRD) agreed with the European Parliament.  Agreement in trialogue had previously been reached on 11 December 2013. On 20 December 2013, the Permament Representatives Committee (COREPER) of the Council of the […]

Mifid II legislation has stumbled in the trialogue process, as EU lawmakers failed to reach agreement before the year end. The EC, the Parliament and the Council have to agree on a definitive  text- disagreement largely centred on proposals for caps on speculative commodity trading. The Commission advocates “extensive regulatory powers” for ESMA in this respect- […]

MEP’s voted on the 17th to establish their position on critical details of the single resolution system. During yesterday’s Parliamentary hearing, ECB President Mario Draghi said, “I urge you and the Council to swiftly set up a robust Single Resolution Mechanism, for which three elements are essential in practice: a single system, a single authority, […]

On 12 December 2013, the European Commission published a press release announcing that on 11 December 2013, Parliament and Council Presidency negotiators reached political agreement in trilogue on the proposed Recovery and Resolution Directive (RRD). The Directive will enter into force on 1 January 2015 and will introduce the bail-in principle which will apply from 1 […]

On 22 October 2013, the EU Parliament updated it procedural file on the recovery and resolution framework for non-bank institutions.  The indicative first or single reading plenary session scheduled for 13 January 2014 has been moved forward to 9 December 2013.

On 23 October 2013, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report containing a motion for an EU Parliament resolution on a framework for non-bank RRP.  In the motion, ECON: calls on the EU Commission to prioritise recovery and resolution of central counterparties (CCPs) and those central securities depositories (CSDs) which […]

On 15 October 2013, the Court of Appeal began a 3-day hearing to examine two separate cases brought against Barclays and Deutsche Bank linked to Libor-rigging.   The UK court will consider whether the banks mis-sold products that were based upon the rate and whether attempted manipulation of Libor can invalidate a loan or other deals.  […]

The Single Resolution Mechanism (SRM) proposed by the EU Commission in July has suffered a fresh blow (see this blog for SRM background).  On 7 October 2013, an opinion from the European’s legal service sheds serious doubt on the legality of giving a new agency wide discretion to close troubled banks under EU treaties, potentially […]

On 20 September 2013, the EU Parliament updated its procedure file on the Recovery and Resolution Directive (RRD).  It seems that the RRD proposal will now be considered at the Parliament’s plenary session scheduled for 3 to 6 February 2014, rather than the session scheduled for 18 to 21 November 2013, as was previously the […]