Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II
Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II
  • Amendments to key UK legislation implementing EU BRRD
  • Provisions of EU BRRD II (amending the EU BRRD) which apply from dates falling during the implementation period and have been transposed and included in EU retained law (subject to modification by SIs)
  • Provisions of EU BRRD II (amending the EU BRRD) which were transposed but ceased to apply with effect from 1 January 2021
  • Provisions of EU BRRD as amended by EU BRRD II which apply from dates falling after IP completion day and are not included in EU retained law
  • Onshored BTS relating to bank recovery and resolution—from 1 January 2021

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of the Bank Recovery and Resolution Directive 2014/59/EU (the EU BRRD), and Directive (EU) 2019/879 (OJ L 150/296) (EU BRRD II) which amends it, under UK law with effect from 1 January 2021. For more detailed information on the effect of Brexit on bank recovery and resolution, see Practice Note: Impact of Brexit: BRRD—quick guide.

The EU BRRD was implemented into UK law through several statutory instruments which amended existing UK legislation or enacted entirely new provisions. The legislation amended or enacted in order to transpose the EU BRRD included: the Banking Act 2009; the Insolvency Act 1986; the Financial Services (Banking Reform) Act 2013; the Bank Recovery and Resolution (No. 2) Order 2014, SI 2014/3348; the Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009, SI 2009/319); the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009, SI 2009/322; the Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014, SI 2014/1828; the Banking Act 2009 (Banking Group Companies) Order 2014, SI 2014/1831; the Bank Recovery and Resolution Order 2014, SI 2014/3329; the Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014, SI 2014/3330; the Banking Act 2009 (Restriction of Special Bail-in Provision, etc) Order 2014, SI 2014/3350; the Building Societies (Bail-in) Order 2014, SI 2014/3344;

Popular documents