Special resolution regime

Reforms

The Bank Recovery and Resolution Directive (EU BRRD), Directive 2014/59/EU created a harmonised recovery and resolution framework for credit institutions and investment firms in the EU. Member States were required to adopt and publish the necessary laws and regulations in order to transpose the Directive by 31 December 2014, and to apply them from 1 January 2015 (for further details, see Practice Note: EU Bank Recovery and Resolution Directive (EU BRRD)—essentials). The Bank Recovery and Resolution Directive II (EU BRRD II), Directive (EU) 2019/879 amended EU BRRD. All EU Member States (including the UK) had to implement EU BRRD II by 28 December 2020. Through the implementation of the EU BRRD, banks across the EU have a common set of tools with which to address insolvent and distressed banks and other financial institutions.

The Bank Recovery and Resolution Order 2014 (BRRO 2014), SI 2014/3329 came into force on 1 January 2015 to implement the EU BRRD, and made a number of amendments to the special resolution regime (SRR) in the Banking Act 2009 (BA 2009), including bail-in powers. Amendments are also made to the

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