The Single Resolution Mechanism
Produced in partnership with DLA Piper

The following Financial Services practice note produced in partnership with DLA Piper provides comprehensive and up to date legal information covering:

  • The Single Resolution Mechanism
  • Background
  • Application and scope
  • Timeframe
  • Single Resolution Board
  • Role
  • Governance and composition
  • Main tasks of the SRB
  • Single Resolution Fund
  • Purpose
  • More...

The Single Resolution Mechanism

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background

The financial and economic crisis highlighted the increasing risk of financial fragmentation within the internal market for banking services in the European Union (EU). To address this concern, the EU has established a European Banking Union, which is underpinned by a single rulebook for financial services for the internal market as a whole. This further integrates the banking systems of the EU, with the aim of ensuring the stability and integrity of the EU internal market.

As part of the European Banking Union, the EU has established a Single Supervisory Mechanism (SSM) (established by Council Regulation (EU) 1024/2013, the 'SSM Regulation') which harmonised the supervision of credit institutions across the internal market.

All banks supervised under the SSM will also participate in the Single Resolution Mechanism (SRM) (established by Council Regulation (EU) 806/2014, the 'SRM Regulation'). The SRM is an integral part of harmonising the resolution regime established by the Bank

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