European resolution rules mean new headaches for banks
UK banks have already dealt with one 'living will' requirement at country level – but as of next year they will need to comply with the European equivalent. Lawyers Charlotte Hill and William Maycock discuss the implications of the Bank Recovery and Resolution Directive
The European Union's Bank Recovery and Resolution Directive (BRRD), which came into force on July 2 this year, takes effect across the European Union from January 1, 2015. EU member states have until December 31, 2014 to adopt the requisite legislation and regulations for implementation of the BRRD. As a result, over the summer in the UK the Treasury, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) each issued a consultation paper on the implementation and
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