On September 24, 2014, the EBA launched two consultations on draft guidelines under the BRRD relating to resolution tools. The first consultation paper sets out proposed guidelines on the minimum list of services or facilities that are necessary to enable a recipient to operate a business transferred to it under the BRRD. The services, which should ensure continuity of the transferred business, include services such as human resources support, information technology, cash handling, risk management and compliance services. The second consultation paper details proposed guidelines on the sale of business tool and on the asset separation tool. The proposed guidelines for the sale of business tool provide exemptions for national regulators from certain marketing requirements for the sale of a business where the failure of a firm would materially threaten financial stability. The draft guidelines on the asset separation tool set out the assets that may be transferred using this tool. Responses to both consultations are due by December 22, 2014.
The consultation papers are available at:
http://www.eba.europa.eu/newspress/calendar?p_p_id=8&_8_struts_action=%2Fcalendar%2Fview_event&_8_ev entId=825273 and at http://www.eba.europa.eu/-/eba-consults-on-theimplementation-of-resolution-tools.