04/28/2015 12:00 p.m. - 01:15 p.m. BST
Banking + Financial Services, Corporate Finance | Capital Markets, Financial Institutions | Europe, Securities Offerings | Europe, and Financial Institutions + Financial Services
Jeremy C. Jennings-Mares
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The Bank Recovery and Resolution Directive (BRRD) has now been adopted in the EU and most of its provisions were required to become effective in member states as from January 1 2015.
The BRRD harmonises the range of resolution tools available to supervisory authorities in the EU in the event of the failure of major financial institutions. A key cornerstone of the new legislation is the introduction of a new “bail-in” power available to regulatory authorities enabling them to require the write-down or conversion into equity of a wide range of unsecured senior debt as part of the resolution of a failing institution. Uncertainty remains as to the full extent of the bail-in powers and the range of instruments it is likely to apply to and finalised guidance and rulemaking is still awaited on various issues during the course of 2015.
This session will consider the scope of the bail-in power and how it might be applied in practice, as well as discussing how this might affect the structuring of financial instruments issued by banks and the possible attitudes of investors in bank liabilities.
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