The following Financial Services guidance note Produced in partnership with DLA Piper UK LLP provides comprehensive and up to date legal information covering:
The Bank Recovery and Resolutions Directive 2014/59/EU (BRRD) mandates the European Banking Authority (EBA) to develop a wide range of regulatory technical standards (RTS) to be adopted by the European Commission.
The aim of the RTS in relation to the BRRD is to add further detail to the BRRD and to ensure effective and consistent procedures across the EU so that all depositors, investors and consumers receive adequate protection.
In addition to the RTS, there are also implementing technical standards (ITS). The RTS and ITS are legally binding and directly applicable in all Member States, and therefore become part of the national law of Member States upon their into force.
The BRRD also requires the EBA to issue guidelines on certain matters. The guidelines set out the EBA's view of appropriate supervisory practices within the European System of Financial Supervision or of how EU law should be applied in a particular area.
In areas not covered by the RTS and ITS, the EBA can issue guidelines and recommendations on the application of the BRRD under its own initiative, using the power granted by Article 16 of Regulation 1093/2010 (EBA Regulation). The EBA has a duty to contribute to, and participate actively in, the development and coordination of effective and consistent recovery and resolution
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