The Presidency has published a compromise text of the proposed Recovery and Resolution Directive for credit institutions and investment firms (RRD). The compromise adds several new provisions, including:
- powers for regulators to waive certain requirements if they feel a failure of a covered institution will not have a sufficiently serious effect;
- a new framework for assessing trigger points for recovery plan operation (now called “indicators”);
- new powers for competent authorities relating to the resolvability of groups; and
- changes to a number of definitions.
(Source: Presidency Publishes RRD Compromise)