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ARTICLE · 09 FEBRUARY 2015

UK Regulators Publish Final Rules Implementing The Bank Recovery And Resolution Directive

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On January 16, 2015, the UK’s PRA and Financial Conduct Authority ("FCA") published their policy statements including final rules implementing the BRRD.

United KingdomFinance and Banking
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On January 16, 2015, the UK's PRA and Financial Conduct Authority ("FCA") published their policy statements including final rules implementing the BRRD. The PRA also published supervisory statements on resolution and recovery planning. The PRA rules will apply to banks, building societies and PRA-designated investment firms from January 19, 2015. However, the requirement for contractual recognition of bail-in will be phased in from February 19, 2015. The obligation will apply to any debts issued, entered or arising after February 19, 2015 which are an unsecured liability, an Additional Tier 1 instrument or a Tier 2 instrument. From December 31, 2015, the obligation will apply to all liabilities entered by relevant firms issued, entered or arising after December 31, 2015.

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