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ARTICLE · 27 JANUARY 2015

Further UK Legislation Implementing EU Bank Recovery And Resolution Directive Published

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On January 5, 2015, HM Treasury published the Bank Recovery and Resolution Order 2014 and the Banks and Building Societies Order 2014 ("BBSO").

United KingdomFinance and Banking
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On January 5, 2015, HM Treasury published the Bank Recovery and Resolution Order 2014 ("BRRO") and the Banks and Building Societies (Depositor Preference and Priorities) Order 2014 ("BBSO"). The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 and the Banking Act 2009 (Mandatory Compensation Arrangements following Bail-in) Regulations 2014 were published in December 2014. These statutory instruments implement the Bank Recovery and Resolution Directive ("BRRD") which establishes a common framework across the EU for the recovery and resolution of troubled banks and investment firms.

The BRRO includes amendments to the Special Resolution Regime ("SRR") contained in the Banking Act 2009 to ensure compliance with the BRRD. The SSR provides the Bank of England ("BoE") with various stabilization options to manage a firm's failure. The BRRO creates a new stabilization option (the transferring of business to an asset management vehicle)

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