Rebecca Oliver (UK)

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EEA Member States were required under the Banking Recovery and Resolution Directive (BRRD) to implement the bail-in tool and contractual recognition requirements of Article 55 BRRD into national law by 1 January 2016. To date 27 of the 31 Member States have done so, with Poland, Iceland, Liechtenstein and Norway still to do so.  EEA financial institutions must include contractual terms in any agreements governed by the laws of non-EEA Member States, which create certain…
From 1 January 2016, EU financial institutions* established in the EU will be required under article 55 of the EU Banking Recovery and Resolution Directive (2014/59/EU) (BRRD), to include contractual terms in any agreements governed by the laws of non-EU Member States, which create certain payment liabilities specifying that those liabilities may be subject to bail-in under the BRRD. ‘Bail-in’ refers to powers exercisable by resolution authorities in the relevant EU Member States to rescue…