The EBA has begun consulting on Level 2 (technical standards) and Level 3 (guidelines) measures under the BRRD. The BRRD, which establishes the framework for the recovery and resolution of banks and investment firms, will apply from 1 January 2015, except for the bail-in provisions which must apply from 1 January 2016 at the latest. The EBA has published consultation papers on:
- RTS on the content of resolution plans and the assessment of resolvability;
- RTS on the criteria to be applied in assessing whether a valuer is independent when undertaking valuation work for bank resolution; (iii) guidelines on measures to reduce or remove impediments to resolvability and the circumstances under which measures can be applied; and (iv) the types of tests, reviews or exercises that may lead to public support measures under the BRRD. Responses to the consultations are due in early October 2014.
The consultation papers are available at: http://www.eba.europa.eu/documents/10180/751636/EBA-CP-2014- 15+%28CP+on+draft+GL+on+measures+to+reduce+or+remove+impediments+to+resolvability%29.pdf; http://www.eba.europa.eu/documents/10180/751477/EBA-CP-2014-16++%28CP+on+draft+RTS+on+Content+Res++Plans+and+Assessment+of+Res olvability%29.docx.pdf; http://www.eba.europa.eu/documents/10180/753427/EBA-CP-2014- 18+CP+draft+RTS+on+independent+valuers.pdf; and