The German BRRD Implementation Act

01/12/2014

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Related topics: Banking and financeRDRRecovery and resolutionFSCS and guarantee schemesBanking UnionClient assetsDepositor preferenceSecurities and derivatives

The Banking Recovery and Resolution Directive (BRRD), published in the Official Journal on 12 June 2014, establishes a framework to deal with the failure of financial institutions. Member States are required to implement the BRRD by 31 December 2014 – except the bail-in tool which needs to be implemented by 1 January 2016. The German BRRD-Transposition Act (Gesetz zur Umsetzung der Richtlinie 2014/59/EU zur Festlegung eines Rahmens für die Sanierung und Abwicklung von Kreditinstituten und Wertpapierfirmen – "BRRD-Umsetzungsgesetz") was adopted by the German Bundestag on 6 November 2014 and enters into force on 1 January 2015 – including the bail-in tool.

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