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The EU Bank Recovery and Resolution Directive 2014/59/EU (BRRD) gives the Bank of England (in certain circumstances, and in its capacity as UK resolution authority) the power to temporarily suspend the rights of a counterparty to a contract with a firm in resolution to:
enforce any security interest
In support of this power, the Prudential Regulation Authority (PRA) has introduced a requirement (as detailed in Policy Statement PS25/15) which, broadly, prohibits any in-scope firm (see below) which has entered into a ‘Third-country Law Financial Arrangement’ from:
creating a new obligation, or
materially amending an existing obligation
See News Analysis: New considerations for contractual stays.
See also our Lexis®PSL Financial Services: Bank Recovery and Resolution Directive (BRRD)—timeline which shows the developments and implementation history of the BRRD as well as the Lexis®PSL Financial Services Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials for a summary of the core provisions contained in the BRRD. On 26 May 2015 the PRA issued a consultation paper, see Contractual stays in financial contracts governed by third-country law—CP19/15. This consultation paper proposes a new rule for the PRA Rulebook requ
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