Implementation Of The BRRD Unfolds

UK regulators implemented the majority of the Bank Recovery and Resolution Directive from January 2015, using a combination of changes to primary legislation, new secondary legislation, along with regulatory rules and supervisory statements. Even though the British 'living wills' initiative had largely anticipated the BRRD, legislators and regulators needed to make several changes to ensure compliance with EU standards. Michael Wainwright and Josie Day outline how the UK's BRRD legislative toolkit has developed.

Overview: the BRRD's aims 

The title of the Bank Recovery and Resolution Directive (the BRRD – 2014/59/EU) states its aim is to establish "a framework for the recovery and resolution of credit institutions and investment firms" ('institutions'). As its recitals explain, in the financial crisis there was "a significant lack of adequate tools at Union level to deal effectively with unsound or failing credit institutions and investment firms." So the