Next step towards the banking union
By Charles Krier and Michel Bulach
During the last plenary session of the current legislature on 15 April, the European Parliament approved three pieces of legislation considered as central for the establishment of a solid and efficient Banking Union, namely:
1. Bank Recovery and Resolution Directive (RRD)
After the Trilogue Agreement between the European Parliament, the EU member states and the European Commission on 11 December 2013, the text of the RRD has now been voted by the European Parliament.
The RRD constitutes the single rulebook for the resolution of banks and large investment firms in all 28 EU member states. It sets new binding rules in order to reduce the risk that resolution of bank defaults be made via public funding, therefore at the expense of taxpayers, especially by introducing the principle of bail-in so that shareholders and creditors will first be called to contribute to the resolution scheme in case of a bank failure…
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Briefings from Wildgen
Clarifying the depositary regime provided for in the UCITS law.
CSSF Circular 14/587 regarding provisions applicable to credit institutions acting as depositary of UCITS under Part I of the Luxembourg Law of 17 December 2010 – transition period extended to 18 March 2016.