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12 Bank Recovery and Resolution Directive (BRRD)

Jan Putnis, Chris Hurn

From: Brexit and Financial Regulation

Edited By: Jonathan Herbst, Simon Lovegrove

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 18 August 2022

Recovery and Resolution Plan (RRP)

This chapter looks at the BRRD. The UK recovery and resolution regime is set out primarily in the Banking Act 2009. At an EU level, recovery and resolution tools are set out in the BRRD and its associated delegated acts, technical standards, and guidelines, a significant portion of which is directly effective in the UK. Brexit may have a profound impact on the tools available to UK and EU regulators and resolution authorities relating to the recovery and resolution of failing banks, building societies, and systemically important investment firms. Under legislation made by the UK government under the European Union (Withdrawal) Act 2018, once the UK leaves the EU, the legal and regulatory framework that provides for the UK recovery and resolution regime will operate independently of the equivalent EEA framework.

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