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VIENNA FINANCIAL SECTOR ADVISORY CENTRE (FinSAC)
List on Bank Recovery and Resolution Directive (BRRD) implementing acts1 April 2015Pamela Lintner
The List includes and overview on the RTS and ITS adopted by the European Com-mission upon EBA drafts as well as EBA Recommendations and Guidelines in order of thematic reference to the respective empowering provision of the BRRD.
As regards the adoption of RTS also reference to the Parliamentary (and Councils) scrutiny procedure is linked to. Note: The Links are case-sensitive and permanent work in progress.
No.
1 a
1b
2
3
Topic
Simplified obligations
Simplified obligations
Simplified obligations
Recovery plans - scenarios
Form
GDL
RTS
ITS
Guidelines
Description
4(5) defining how EU authorities should assess whether an institution is eligible for simplified obligations; criteria for assessing the impact of an institution’s failure on financial markets, on other institutions and on funding conditions for the purpose of simplified obligations.
Final:
Consultation: EBA/CP/2014/25, 25 September 2014Draft Guidelines On the application of simplified obligations under Article 4 of the BRRD Document
Summary: Document
4(6): Specifying the criteria for assessing the impact of an in-stitution’s failure on financial markets, on other institutions and on funding conditions for the purpose of simplified obligations.
Commission Final:
EBA Draft Final:
Consultation:
4(11): uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to EBA for the purposes of informing its report on how they have applied simplified obligations.
Commission Final:
EBA Draft Final:
Consultation: EBA/CP/2014/26, 25 September 2014Draft ITS On the uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to the EBA for the purposes of Article 4(7) of the BRRD Document
Summary: Document
5(7) Specifying the range of scenarios to be used for the purposes of recovery planning. In close cooperation with the ESRB.
Final: EBA/GL/2014/06, 18 July 2014, Guidelines on the range of scenarios to be used in recovery plans Document
Consultation: EBA CP 2013 09, 20 May 2013Draft Regulatory Technical Standards Specifying the range of scenarios to be used in recovery plans under the draft direc-tive establishing a framework for the recovery and resolution of credit institutions and investment firms Document
Press: Document
Deadlineafter BRRD publication
3 July 2015
3 July 2017
3 July 2015
3 July 2015
4
5
Recovery plans - scenarios
Assessment of recovery plans
RTS
RTS
5(10) Specifying information to be contained in recovery plans.
The draft RTS specify the essential items of information a re-covery plan is expected to include and group them under five headings: (i) a summary of the recovery plan; (ii) information on governance; (iii) a strategic analysis; (iv) a communication plan and (v) a description of preparatory measures.
Commission Final:
EBA Draft Final: EBA/RTS/2014/11, 18 July 2014, EBA final draft Regulatory Technical Standards on the content of recovery plans under Article 5(10) of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms Document
Consultation: EBA/CP/2013/01, 11 March 2013Draft Regulatory Technical Standards On the content of recovery plans under the draft directive establishing a frame-work for the recovery and resolution of credit institutions and investment firms
Press: Document
Pre-consultation: EBA Discussion Paper on a template for recovery plans (EBA/DP/2012/2) Document
Press: Document
Pre-BRRD Final: Recommendation on the development of recovery plans , EBA/REC/2013/02 Aimed as an interim measures before the adoption of the BBRD to foster convergence and to ensure that major EU cross-border banks develop group recovery plans by the end of 2013 Document
Discussion paper (EBA/DP/2012/2): Document
6(8) specify minimum criteria which competent authorities should apply for the purposes of the assessment of the re-covery plans of both institutions, under Article 6 of the BRRD, and of groups, under Article 8. The RTS provides a number of relevant events which need to be considered by banks when designing the most appropriate scenarios. Moreover, the RTS also require at least three scenarios to be used: one covering a system-wide event, one covering an idiosyncratic event and one covering a combination of both types of events.To be read in conjunction with the draft RTS on information to be contained in recovery plans and the EBA guidelines on scenarios to be used in recovery plans, as well as guidelines on indicators to be used in recovery plans
Commission Final:
EBA Draft Final: EBA/RTS/2014/12, 18 July 2014EBA FINAL draft regulatory technical standards on the as-sessment of recovery plans under Article 6(8) of Directive 2014/59/EU (Bank Recovery and Resolution Directive – BRRD) Document
Consultation: EBA/CP/2013/08, 20 May 2013Consultation Paper on Draft Regulatory Technical Standards on the assessment of recovery plans under the draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms Document
Press: Document
3 July 2015
3 July 2015
6
7
8
9
Recovery plan ndicators
Resolution plans - content
Resolu-tion plans – minimum information set
Resolu-tion plans – group resolution plans
Guidelines
RTS
ITS
RTS
9(2) minimum list of qualitative and quantitative recovery plan indicators
These Guidelines should be read in conjunction with other regulatory products developed by the EBA in the area of recovery planning, in particular: (i) the EBA draft regulatory technical standards specifying the information to be contained in the recovery plan; (ii) the EBA draft regulatory technical standards specifying the minimum criteria that the competent authority is to consider when assessing recovery plans; (iii) the EBA guidelines specifying the range of scenarios to be used for recovery plans.
Final:
Consultation draft: CP ON GUIDELINES ON RECOVERY PLAN INDICATORS, EBA/CP/2014/28, 26 September 2014Draft Guidelines on the minimum list of qualitative and quantitative recovery plan indicators Document
Summary: Document
10(9) Specifying the contents of resolution plans as well as the criteria on which the resolvability assessment should be based
Commission Final:
EBA Draft Final: in combination with RTS Article 12 and Article 15 (4)EBA/RTS/2014/15, 19 December 2014, EBA FINAL Draft Regulatory Technical Standards on the content of resolution plans and the assessment of resolvability Document
Consultation: EBA/CP/2014/16, 9 July 2014, Draft Regulatory Technical Standards on the content of resolution plans and the assessment of resolvability Document
Press: Document
11(3) Procedures and a minimum set of standard forms and templates for provision of information for resolution planning.
Commission Final:
EBA Draft Final:
EBA consultation: EBA/CP/2015/01, 14 January 2015, Draft ITS On procedures, forms and templates for the provision of information for resolution plans Document
Summary and link to Annexes of the Consultation: Document
12(6) Specifying the contents of group resolution plans.
see above no 7 - in combination with RTS Article 10 (9) and Article 15 (4)The RTS specify the contents of resolution plans drawn up by resolution authorities for individual institutions and groups as well as the criteria on which the resolvability assessment should be based
3 July 2015
3 July 2015
3 July 2015
3 July 2015
10
11
12
13
Resolv-ability as-sessments – resolution plan
Impediments to resolv-ability
Intra-group financial support
Intra-group financial support
RTS
Guidelines
RTS
Guidelines
15(4)Specifying the matters and criteria for the assessment of the resolvability of institutions or groups.
see above no 7 - in combination with RTS Article 10 (9) and Article 15 (4)The proposed RTS specify the contents of resolution plans drawn up by resolution authorities for individual institutions and groups as well as the criteria on which the resolvability assessment should be based
17(8) Specifying further details on the measures to address impediments to resolvability and the circumstances in which each measure may be applied. Guidelines complement the EBA technical standards on resolution planning and resolv-ability assessment by setting out the circumstances under which resolution authorities can impose measures to over-come obstacles to resolvability identified by the assessment.
Final: EBA/GL/2014/11, 19 December 2014 Document
Consultation in parallel to RTS (see above): EBA/CP/2014/15, 9 July 2014, Draft Guidelines on the specification of measures to reduce or remove impediments to resolvability and the circumstances in which each measure may be applied under Directive 2014/59/EU Document
Press: Document
23(2) Specify” the following conditions: there is a reasonable prospect that the support provided significantly redresses the financial difficulties of the group entity receiving the support; the financial support is provided on terms, including consideration, in accordance with Article 16(4); the provision of the financial support would not jeopardise the liquidity or solvency of the group entity providing the support; and the provision of the financial support would not undermine the resolvability of the group entity providing the support.
Commission final:
EBA Draft Final:
Consultation: in combination with Guidelines under Article 23 (no 13) and ITS under Article 26 (No 14): EBA/CP/2014/30; 03 October 2014 Draft regulatory TS specifying the conditions for group financial support Document
Summary / Responses: Document
23(3): To promote convergence in practices to specify the conditions for the provision of group financial support
Final:
Consultation: in combination with RTS under Article 23 (no 12) and ITS under Article 26 (No 14): EBA/CP/2014/30, 03 October 2014 in combination with RTS under Article 23 and ITS under Article 26 (No 14): Draft EBA guidelines specify-ing the conditions for group financial support Document
Summary / Responses: Document
3 July 2015
3 July 2015
3 July 2015
3 January 2016
14
15
16
17
18
Disclosure
Early inter-vention
Early inter-vention
Conditions for resolution – extraordi-nary public financial support
Conditions for resolu-tion – Failing or likely to fail criteria
ITS
Guidelines
RTS
Guidelines
Guidelines
26(2) Concerning the form and content of the disclosure of intra-group financial support agreements.
Commission Final:
EBA Draft Final:
Consultation in combination with RTS and Guidelines under Article 23 (No 13): EBA/CP/2014/30; 03 October 2014Draft ITS on form and content of the description of group financial support agreements Document
Summary / Responses: Document
27(4) To promote consistent application of the trigger for use of early intervention measures.
Final:
Consultation: EBA/CP/2014/21, 22 September 2014 Draft Guidelines on triggers for use of early intervention measures pursuant to Article 27(4) of Directive 2014/59/EUDocument
Summary: Document
27(5): minimum set of triggers for the use of early intervention measures.
Commission final:
EBA Draft Final:
Consultation:
32 (4) (d) The type of stress tests, asset quality reviews or equivalent exercises conducted by ECB / EBA / national authorities for which extraordinary public financial support is permissible under Article 27(2)(d) (precautionary recapitalization)
Final: EBA/GL/2014/09, 22 September 2014Guidelines on the types of tests, reviews or exercises that may lead to support measures under Article 32(4)(d)(iii) of the Bank Recovery and Resolution Directive Document
Consultation: EBA/CP/2014/17, 9 July 2014; Draft Guide-lines on the types of tests, reviews or exercises that may lead to support measures under Article 32(4)(d)(iii) of the BRRD Document
Press: Document
32(6) promote the convergence of supervisory and resolution practices regarding the interpretation of the different circumstances when an insti-tution shall be considered as failing or likely to fail.
Final:
Consultation: EBA/CP/2014/22; 22 September 2014; Draft Guidelines on the interpretation of the different circumstances when an institution shall be considered as failing or likely to fail under Article 32(6) of Directive 2014/59/EU Document
Summary: Document
3 July 2015
3 July 2015
No deadline (op-tional)
3 July 2015
3 July 2015
19
20
21
22
Valuation- Independ-ence of valuer
Valuation
Sale of busi-ness tool
Asset sepa-ration tool
RTS
RTS
Guidelines
Guidelines
36(14): criteria for the circumstances whether a valuer complies with the legal requirement of independence when performing valuation tasks
Commission Final:
EBA Draft Final:
Consultation: EBA/CP/2014/18, 11 July 2014, Draft regula-tory technical standards on independent valuers Document
Summary including link to responses: Document
36(15) and Article 74 criteria on which valuations in recovery and resolution should be based as well as to develop the methodology for such valuation.
Commission Final:
EBA Draft Final:
Consultation: in combination with Article 74 RTS, EBA/CP/2014/38; 7 November 2014; 1) Draft RTS on valuation for the purposes of resolution 2) Draft RTS on valuation to determine differences in treat-ment following resolutionDocument
Summary: Document
39(4): Factual circumstances amounting to a material threat and the elements related to the effectiveness of the sale of business tool which mean that marketing is not required. / Guidance on which circumstances resolution authorities should assess when deciding on the use of SoB. They specify, in particular, when authorities may deviate from certain mar-keting requirements for the sale of the business of an institu-tion under resolution.
Final:
Consultation in combination with AS-tool (Article 42):EBA/CP/2014/24; 24 September 2014Draft Guidelines on factual circumstances amounting to a material threat to financial stability and of the elements related to the effectiveness of the sale of business tool under Article 39(4) of Directive 2014/59/EU Document
Summary: Document
42(14) To promote the convergence of supervisory and reso-lution practices regarding the determination when, in accord-ance with Article 36(4) the liquidation of the assets or liabilities under normal insolvency proceeding could have an adverse effect on the financial market.
Final:
Consultation in combination with SoB-tool (Article 39): EBA/CP/2014/24; 24 September 2014Draft Guidelines on the determination when the liqui-dation of assets or liabilities under normal insolvency proceedings could have an adverse effect on one or more financial markets under Article 42(14) of Directive 2014/59/EU Document
Summary: Document
3 July 2015
Optional
3 July 2015
3 January 2016
23
24
25
26
MREL
MREL
Treatment of shareholders in bail-in
Sequence of write-down and con-version in bail-in
RTS
ITS
Guidelines
Guidelines
45(2) assessment criteria for determining MRELRTS clarify how the institution’s capital requirements should be linked to the amount of MREL needed to absorb losses and, where necessary, recapitalise a firm after resolution. For systemic institutions, resolution authorities should consider the potential need to be able to access the resolution financing arrangement in the event that it is not possible to implement a resolution plan relying solely on the institution’s own resources, and assess whether the MREL would be sufficient to enable the preconditions in the BRRD for access to these arrangements to be met.
Future work: EBA is required to further consider consistency with international standards as part of a report on MREL which is expected to be published in 2016
Commission Final:
EBA Draft Final:
Consultation: 28 November 2014 / EBA/CP/2014/41 Draft RTS on criteria for determining the minimum require-ment for own funds and eligible liabilities under Directive 2014/59/EU Document
Summary / Responses: Document
45(17): uniform formats, templates and definitions for the identification and transmission of information by resolution authorities to the EBA on MREL set for each institution.
Final:
Draft:
Consultation:
47(6); 47 and 50 of the BRRD which mandate the EBA to (i) produce Guidelines specifying the circumstances under which it would be appropriate to cancel, transfer or severely dilute existing shares and (ii) on the setting of conversion ratesdilute, transfer or cancel shares when bailing in or writing down equity.
Guidelines clarify when and how different conversion rates from debt to equity should be set for different types of liability. They propose the criteria that resolution authorities need to take into account when setting conversion rates, and in par-ticular how they should take account of valuation information.
Final:
Consultation: 11 November 2014, EBA/CP/2014/39 Consultation on Guidelines on the rate of conversion of debt to equity in bail-in Document
Summary / Press: Document
48(6): interrelationship between the BRRD provisions and those set out in CRD and CRR relating to the sequence of write-down and conversion of liabilities.
Final:
3 July 2015
3 July 2015
3 July 2016
3 January 2016
27
28
29
30
31
32
Bail-in of derivatives
Conversion of debt to equity
Business reorganiza-tion plans
Business reorganiza-tion plans
Business reorganiza-tion plans
Contractual recognition of bail-in
RTS
Guidelines
RTS
Guidelines
RTS (op-tional)
RTS
Consultation: EBA/CP/2014/29; 1 October 2014Draft Guidelines concerning the interrelationship between the BRRD sequence of writedown and conversion and CRR/CRD IV Document
Summary: Document
49(5): Specifying methodologies and principles for the valua-tion of liabilities arising from derivatives.
50(4) Setting of conversion rates for the conversion of debt to equity. The guidelines shall indicate, in particular, how af-fected creditors may be appropriately compensated by means of the conversion rate, and the relative conversion rates that might be appropriate to reflect the priority of senior liabilities under applicable insolvency law. See above Article 47
Final:
Consultation: 11 November 2014 ; EBA/CP/2014/40Draft Guidelines On the treatment of shareholders in bail-in or the write-down and conversion of capital instru-ments Document
Press: Document
52(12) Specifying further: (a) the minimum elements that should be included in a business reorganization plan;and (b) the minimum contents of the reports on progress of implementation of business reorganization plans.
Commission Final:
EBA Draft Final:
Consultation: In combination with Guidelines under 52 (13): EBA/CP/2015/05 Consultation on RTS on the content of “Business Reorganisation Plans and Progress Reports” and Guidelines on the assessment of these plans Document
52(13) Specifying further the minimum criteria that a business reorganization plan must fulfil.
Final:
Consultation: In combination with RTS under 52 (12): EBA/CP/2015/05 Consultation on RTS on the content of “Business Reorganisation Plans and Progress Reports” and Guidelines on the assessment of these plans Document
52(14): specify further the minimum criteria that a business reorganization plan must fulfil.
55(3): determine the list of liabilities excluded from the re-quirement for contractual recognition provisions (Article 55(1)) and the contents of the contractual recognition term.
3 January 2016
3 January 2016
3 January 2016
3 January 2016
No deadline (op-tional)
3 July 2015
33
34
35
“Critical services”
Stay on termination
Valuation forNCWOL
Guidelines RTS
RTS
RTS
Commission Final:
EBA Draft Final:
Consultation: EBA/CP/2014/33; 5 November 2014 Draft RTS On the contractual recognition of write-down and conversion powers under Article 55(3) of the BRRD Document
Summary: Document
65(5) Specifying the minimum list of services or facilities that are necessary to enable a recipient to effectively operate a business transferred to it under any of the resolution tools.
Consultation: EBA/CP/2014/23; 24 September 2014Draft Guidelines on the minimum list of services or facilities that are necessary to enable a recipient to operate a business transferred to it under Article 65(5) of Directive 2014/59/EUDocument
Summary: Document
71(8) (a) a minimum set of the information on financial contracts that should be contained in the detailed records; and (b) the circumstances in which the requirement should be imposed.
Commission Final:
EBA Draft Final:
Consultation: EBA/Cp/2015/04, March 6 2015consultation paper on Draft Regulatory Technical Standard on a minimum set of the information on financial contracts that should be contained in the detailed records and the circum-stances in which the requirement should be imposedDocument
Summary: Document
74(4): methodology for carrying out the valuation in Article 66, in particular the methodology for assessing the treatment that shareholders and creditors would have received if the institu-tion under resolution had entered insolvency proceedings for the purposes of the NCWOL principle. Commission Final:
EBA Draft final:
Consultation: in combination with Article 36 RTS, EBA/CP/2014/38; 7 November 2014; 3) Draft RTS on valuation for the purposes of resolution 4) Draft RTS on valuation to determine differences in treatment following resolutionDocument
Summary: Document
3 July 2015
3 July 2015
No deadline - optional
36
37
38
40
Notice procedures
Confidenti-ality
Resolution colleges
Ex ante contributions to resolution financing ar-rangements
RTS
Guidelines
RTS
Com-mission Delegated act
82(3): contents related to (a) the notifications referred to in Article 74 paragraphs 1 to 3; and (b) the stay notice referred to in Article 75. Harmonising the process and content of notifi-cations and notice of suspension arising from a determination that a firm is failing or likely to fail and the subsequent resolu-tion actions.
Commission final:
EBA draft final:
Consultation: EBA/CP/2014/47, 19 December 2014 on procedures and contents of notifications referred to in Articles 81(1), (2) and (3) and the notice of suspension referred to in Article 83 of Directive 2014/59/EU Document
Summary/Hearing: Document
84(7): how information should be provided in summary or col-lective form for the purposes of the exception from confidenti-ality provisions in Article 76(2)
88(7): operational functioning of resolution colleges
Commission final:
EBA draft:
EBA consultation: EBA/CP/2014/46, 18 December 2014, Draft Regulatory Technical Standards on Resolution Colleges under Article 88(7) of Directive 2014/59/EU Document
Summary/Hearing: Document
103(7) and (8) empowers the Commission to adopt delegated acts to specify detailed rules for all 28 Member States so that their resolution authorities can calculate the contributions of banks to the resolution funds.
COMMISSION DELEGATED REGULATION (EU) No …/..of 21.10.2014Supplementing Directive 2014/59/EU of the European Parliament and the Council of 15May 2014 with regard to ex ante contributions to resolution financing arrangements{SWD(2014) 327 final} Document
Accompanying documents: SWD(2014) 327/2 PART 1/3 COMMISSION STAFF WORKING DOCUMENT ESTIMATES OF THE APPLICATION OF THE PRO-POSED METHODOLOGY FOR THE CALCULATION OF CONTRI-BUTIONS TO RESOLUTION FINANCINGARRANGEMENTS Document
SWD(2014) 327 final PART 2/3. COMMISSION STAFF WORKING DOCUMENT ESTIMATES OF THE APPLICATION OF THE PROPOSED METHODOLOGY FOR THE CALCULATION OF CONTRIBUTIONS TO RESOLUTION FINANCING ARRANGEMENTS Document
SWD(2014) 327/2 PART 3/3 COMMISSION STAFF WORKING DOCUMENT ESTIMATES OF THE APPLICATION OF THE PRO-POSED METHODOLOGY FOR THE CALCULATION OF CONTRI-BUTIONS TO RESOLUTION FINANCING ARRANGEMENTS Document
3 July 2015
3 July 2015
3 July 2015
41 Ex ante contributions to SRF
Council IA Council implementing Regulation specifying uniform condi-tions of application of Regulation (EU) No 806/2014 with regard to ex ante contributions to the Single Resolution Fund
COUNCIL IMPLEMENTING REGULATION (EU) 2015/81 of 19 December 2014 specifying uniform conditions of applica-tion of Regulation (EU) No 806/2014 of the European Parlia-ment and of the Council with regard to ex ante contributions to the Single Resolution Fund Document
Commission formal proposal for a council implementing act specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex-ante contributions to the Single Resolution Fund Document
Commission draft proposal: Document
