EACH has responded to the Commission’s proposals for a Directive on Bank Recovery and Resolution. Where a failed institution is sold, EACH says the relevant CCP should retain the right to determine whether a purchaser or bridge institution meets the CCP’s membership requirements before allowing it to continue to access its clearing services. In relation to the bail-in tool, where the liabilities due to a CCP are reduced through its operation, a CCP should be allowed to exercise its default procedures if needed. Finally, EACH says the Commission should amend its proposal to reflect the Financial Stability Board's recommendation that payments and property transfers to CCPs should never be subject to suspension. (Source: EACH Comments on Bank Resolution and Recovery Proposals