On August 6 and 7, 2015, the EBA published final translations of certain of its Guidelines which are required under the Bank Recovery and Resolution Directive. The Guidelines are on: (i) the interpretation of the different circumstances in which a firm will be considered as failing or likely to fail; (ii) the minimum list of “critical” services or facilities that are necessary to enable a recipient to operate a business transferred to it; (iii) the asset separation tool, which provides guidance on the assets that may be transferred to an asset management vehicle (known as a “bad bank”); and (iv) the sale of business tool, which specifies how national regulators can deviate from standard marketing requirements for the sale of a business under resolution, if that failure presents a material risk to financial stability. National regulators must notify the EBA within two months of the publication of the translated guidelines whether they comply or intend to comply with those guidelines.

The Guidelines are available at: http://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/guidelines-on-failingor-likely-to-fail; http://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/guidelines-on-necessary-serviceshttp://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/guidelines-on-the-asset-separation-tool/-/regulatoryactivity/press-release; and http://www.eba.europa.eu/regulation-and-policy/recovery-and-resolution/guidelines-on-the-sale-ofbusiness-tool.