FMLC has published a paper discussing legal uncertainties arising from the Commission’s proposals for a Recovery and Resolution Directive (RRD). Generally, FMLC wants to see greater consistency with the Markets in Financial Instruments Directive (MiFID) and revisits concerns FMLC has previously raised over bail-in powers and the scope of bailable obligations. It wants to see better definition to many parts of the proposals. It notes also the challenge, when applying the proposals to derivatives contracts, of the interaction of the law of the resolution forum and the applicable law of the contract. (Source: Discussion of Certain Legal Uncertainties Arising from the Proposal for a Recovery and Resolution Directive – Report)