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On the 8th May 2015, the European Banking Authority (EBA) opened its doors for a public hearing regarding financial contracts under the Bank Recovery and Resolution Directive (Directive 2014/59/EU) (BRRD). Members from the affected industries were invited to participate and question the provisions of the Consultation Paper- Draft RTS on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed (Article 71(8) BRRD), published by the EBA on 6 March 2015. The consultation closes on 06.06.2015.
Article 71(1) of the BRRD sets out the power for resolution authorities to temporarily suspend the termination rights of any party to a contract with an institution under resolution. In order to assist the application of this power, Article 71(7) of the BRRD provides that competent authorities or resolution authorities may require an institution or relevant entity (referred to in point (b), (c) or (d) of Article 1(1) of BRRD) to keep detailed records
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