The Single Rulebook
Produced in partnership with DLA Piper
The Single Rulebook

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

  • The Single Rulebook
  • Background to the Single Rulebook
  • Single Rulebook—provisions
  • Role of the European Banking Authority
  • Does the Single Rulebook solve the problem?

Background to the Single Rulebook

Historically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement legislation into their local law, have caused many firms operating across the Single Market to face legal uncertainty and difficulty in adopting a consistent approach in their operations due to the differences in Member States' application of European banking legislation. The European Council (Council) introduced the term Single Rulebook in 2009, with the vision of adopting a regulatory framework that would be uniform throughout the EU financial sector, creating greater consistency, transparency and efficiency. The intention was to close regulatory loopholes and contribute to a more effective functioning of the Single Market. However, as Commissioner Michel Barnier noted, developing a Single Rulebook is a ‘vast undertaking’, and an effective method of implementation is key to ensure the issues the Single Rulebook seeks to remedy are not enhanced.

Single Rulebook—provisions

The EBA—Interactive Single Rulebook sets out the level 1 text for the Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD IV Directive) (collectively referred to as CRD IV), the Bank Recovery and Resolution Directive (BRRD), the Deposit Guarantee Schemes Directive (DGSD), and the Payments Services Directive (PSD2), along with the Binding Technical Standards (BTS) developed by the European

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