Published: 8th September 2014

Regulatory Roundup 58 included an article on the Recovery and Resolution Directive (RRD) which will impact upon ‘institutions’, a term which covers both credit institutions and investment firms (an IFPRU 730K firm – see Regulatory Roundup 58 for how the RRD redefines the latter). It is intended that proportionality be adopted (“simplified obligations”) as set out in Article 4 of the RRD.

The EBA has recently published draft guidelines on the application of simplified obligations together with draft Implementing Technical Standards (ITS). The FCA has, of course, issued its own Consultation Paper (CP14/15) in which it is proposed that the simplified obligations will apply to a firm that is not a ‘significant IFPRU firm’ as defined in IFPRU 1.2.3.

The EBA consultations end 3 January 2015.

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