The following Financial Services guidance note Produced in partnership with DLA Piper UK LLP provides comprehensive and up to date legal information covering:
The Banking Resolution and Recovery Directive (2014/59/EU) (BRRD) outlines the European Union (EU) recovery and resolution process for credit institutions and investment firms in EU Member States. This Practice Note provides an overview of the UK's implementation of the BRRD, including the changing role of the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and the amendments made to primary and secondary legislation, the PRA rules and the FCA rules.
The BRRD establishes a comprehensive recovery and resolution regime for EU credit institutions and investment firms. The regime was created following the bank bailouts of the 2008 financial crisis, and their subsequent impact on governmental budgets across the EU. The aim of the regime is to provide EU Member States with the tools and powers necessary to handle the failure of such firms, and to attempt to avoid the high public costs associated with bailouts.
The BRRD aims to achieve this through three main channels:
Improving early analysis and oversight. The BRRD requires relevant firms and entities to prepare recovery plans, and requires the relevant authorities to prepare resolution plans. Regarding resolution plans, it also empowers authorities to demand certain information of the relevant firms and entities and increases the powers available to them to address
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234