The Regulation to establish the Single Resolution Meachanism (SRM) and the Single Resolution Fund (SRF) has been published in the OJ today. Regulation (EU) No 806/2014 enters into force on the twentieth day following publication- 19 August 2014. Excepting certain derogations, the majority of the Regulation’s 99 Articles will apply from 1 January 2016.
When even cheerleader-in-chief Michel Barnier refers to a piece of EU legislation with less than fulsome praise, “The Single Resolution Mechanism might not be a perfect construction..”, we are unlikely to have to hunt far in search of flaws. Late to arrive, torturously slow to implement, riven by compromise and political infighting- in all, a resolution regulation wholly lacking in resolve. Nevertheless, the third and final “pillar” of EU Banking Union is officially cemented in place as of today.Contact Us