Category: Recovery and Resolution Plans
EU Banking Reform Legislation Expected January 2014
On 11 December 2013, the European Commission published a press release containing remarks made by Michel Barnier, European Commissioner for Internal Market and Services on EU banking structural reform. Mr Barnier stated that the legislative proposal on EU banking reform will be presented at the beginning of January 2014. Following the recent publication of the Volcker […]
Trilogue Agreement Reached on RRD
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 […]
SRM Update
On 6 December 2013, the Presidency of the EU Council published its latest compromise proposal (17410/13) with respect to the single resolution mechanism (SRM). Changes to the previous compromise text (17055/13) are highlighted in bold and underlined. The Council has also published a Presidency report (17411/13) dated 6 December 2013 detailing key outstanding issues relating to the SRM […]
France and Germany inch toward banking union deal
An article in today’s Financial Times reports that, today’s meeting of finance ministers in Brussels is expected to make further progress on the creation of a single banking framework union. Following a meeting of key countries and EU officials in Berlin last Friday, unsubstantiated reports that France and Germany were resolving ongoing differences and a deal […]
SSM MoU with ECB Approved and Inter-institutional Agreement Published in Official Journal
On 2 December 2013, the Council of the European Union published a press release announcing that it has approved the Memorandum of Understanding (MoU) (15963/13) between the Council and the European Central Bank (ECB) relating to the single supervisory mechanism (SSM). A few days earlier on 30 November 2013, the Inter-institutional Agreement (IIA) between the […]
SRM Update
On 28 November 2013, the Presidency of the EU Council published its latest Compromise Proposal (17055/13) with respect to the Single Resolution Mechanism (SRM). Changes to the previous compromise text (15503/13) are highlighted in bold and underlined.
FCA Hands Out More Fines for Client Money Breaches
On 26 November 2013, the FCA published a final notice and accompanying press release levying a fine of GBP 900,200 on the asset manager SEI Investments (Europe) Limited (SEI) for failing to arrange adequate protection of client money in the period from 1 November 2007 to 4 October 2012. According to the FCA notice, SEI […]
ECB President on SSM
Another speech on the Single Supervisory Mechanism (SSM) from the European Central Bank (ECB) this time by ECB President, Mario Draghi, titled “The future of Europe” was presented in Frankfurt on 22 November 2013. Mr Draghi reiterated that the objective of the ECB’s comprehensive assessment of the major banks in the SSM is to increase […]
CS Takes the Sub Way
This is a link to an FT article explaining the changes currently being implemented by Credit Suisse to its legal structure in response to the resolution planning requirements of its main regulator. According to the article, CS will set up a Swiss subsidiary, which will house its Swiss-booked activities (retail, private, corporate and institution banking). […]
ECB speech on SSM and entrance into MoU with EU Council
On 20 November 2013, the European Central Bank (ECB) published a speech given by the ECB executive board member, Yves Mersch, on the ECB’s perspective on the future of the European banking union. Mr Mersch provided further details on the comprehensive assessment of the major banks in the Single Supervisory Mechanism (SSM), which will be […]