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ARTICLE · 16 OCTOBER 2012

EU Draft Crisis Management Directive Requires Banks To Implement Recovery Plans

Mayer Brown
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On June 6, 2012, the European Commission presented a draft directive on the recovery and resolution of credit institutions and investment firms

European UnionFinance and Banking
Dr. Jörg Wulfken
Dr. Jörg Wulfken
Jeffrey Taft
Jeffrey Taft
Jean-Pierre Lee
Jean-Pierre Lee
Dr. Salomé Cisnal De Ugarte
Dr. Salomé Cisnal De Ugarte
Alexandria Carr
Alexandria Carr
Francisco Bauzá
Francisco Bauzá
Rafael Bazán
Rafael Bazán
Author LinkedIn connections

Keywords: European Commission, credit institutions, crisis management directive, recovery plans,

Overview

On June 6, 2012, the European Commission presented a draft directive on the recovery and resolution of credit institutions and investment firms (also referred to as the "Crisis Management Directive" or "CMD") after extensive preparatory work on the international level and within the European Union. The draft directive provides a framework for crisis management in the financial sector. It envisages implementation into national laws by January 1, 2015, with the exception of the regulations concerning "bailin," which should be implemented by January 1, 2018. The aims of the draft directive are:

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