The following Financial Services practice note Produced in partnership with DLA Piper UK LLP provides comprehensive and up to date legal information covering:
The Bank Recovery and Resolution Directive 2014/59/EU (BRRD) establishes a framework for the recovery and resolution of investment firms and credit institutions and sets out a common resolution regime in the EU, that allows authorities to deal with failing institutions and creates a dialogue and system of co-operation between home and host authorities. This Practice Note looks at a number of technical standards and guidelines issued by the European Banking Authority (EBA), as mandated by the Directive.
The BRRD mandates the 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 entry 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 (ESFS) or of how EU law should be applied in a
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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