On March 23, 2016, a Commission Delegated Regulation, in the form of Regulatory Technical Standards, was published specifying procedural-and-content-related requirements for the recovery and resolution of banks and certain investment firms under the EU Bank Recovery and Resolution Directive. In particular, the RTS set out the requirements for: the content of recovery plans, the criteria for the assessment of recovery plans, content of resolution plans and assessment criteria for resolvability, conditions for group financial support and the circumstances in which a person is independent from both the resolution authority and the institution or entity in recovery or resolution. The RTS also provides for: recognition of write-down and conversion powers, procedure and content of notifications to a regulator when a firm is assessed as failing or likely to fail and rules specifying the operational functioning of resolution colleges. The RTS must still be approved by the European Parliament and the Council of the European Union and be published in the Official Journal before they can enter into force.
The Delegated Regulation is available at: http://ec.europa.eu/transparency/regdoc/rep/3/2016/EN/3-2016-1691-EN-F1- 1.PDF.