The European Union (bank recovery and resolution) (amendment) regulations 2023.
Follows IRE GVT Jan. 2021 issued rules on EU bank recovery, resolution, see #94909.
Also follows EU Oct. 2022 issue daisy chain regulation Reg 2022/2036, see #148428.
Purpose
Give effect to EU directive 2022/2036 introducing changes to the Capital Requirements RegulationReg 275/2013 and Bank Recovery and Resolution DirectiveDir 2014/59.
Dir 2022/2036 concerns the prudential treatment of global systemically important institutions (G-SII) institutions with a multiple point-of-entry resolution strategy.
And methods for indirect subscription of instruments eligible for MREL requirements.
Made amends to European Union (bank recovery and resolution) regulations 2015.
Effectiveness
The regulations come into operation on Nov. 15, 2023.
Apr. 2024 Amendment Regulations
On Apr. 12, 2024, IRE GVT published the European Union (bank recovery and resolution) (amendment) regulations 2024 (StIn 139/2024) amending StIn 289/2015.
Reg 80J of European Union (bank recovery and resolution) regulations 2015 amended.
These regs amend reg 3 of European Union (bank recovery and resolution) resolution fund levy regulations 2023 (StIn 226/2023) to provide for circumstances where annual target level of the bank and investment resolution fund is zero for a levy period.
Oct. 2024 Second Amendment Regulations
On Oct. 18, 2024, IRE GVT issued European Union (Bank recovery and resolution) (amendment) (no. 2) regulations 2024 (StIn 532/2024), in force on Nov. 14, 2024.
Makes amendments to reg 3 of StIn 289/2015 with new definition liquidation entity and amendments to the definition of Bank recovery and resolution directive.
Further amendments to regulations 80E, 80H, 80K, 80L on reporting to UK EBA.
