On October 27, 2015, the European Banking Authority published a consultation paper on the draft Guidelines on the disclosure of confidential information in summary or collective form under the Bank Recovery and Resolution Directive. The BRRD prohibits the disclosure of confidential information received by national regulators, resolution authorities, the EBA, central banks and government ministries as well as potential acquirers, bridge institutions and others involved in the resolution of a financial institution unless such disclosure is in the exercise of their functions under the BRRD, or is made with the express and prior consent of the authority or institution providing the information or the information is in summary or collective form which does not identify the individual institution or entities. The EBA's proposed Guidelines specify how confidential information in a summary or collective form must be disclosed, requiring that the information is: (i) in an anonymized format; (ii) relates to a minimum of three entities subject to certain exceptions; and (iii) avoids making reference to specific characteristics, distinctive features or other qualitative data that would identify specific firms. The draft Guidelines are expected to apply from February 2016. Comments on the proposed Guidelines are due by January 27, 2016.

The consultation paper is available at: http://www.eba.europa.eu/documents/10180/1248087/EBA-CP-2015- 18+CP+on+GL+on+information+provided+under+BRRD.pdf