The following Delegated Regulations relating to the Bank Recovery and Resolution Directive (BRRD) have been published in the Official Journal of the European Union (OJ):
- Commission Delegated Regulation (EU) 2016/1400 of 10 May 2016 supplementing the BRRD with regard to regulatory technical standards (RTS) specifying the minimum elements of a business reorganisation plan and the minimum contents of the reports on the progress in the implementation of the plan. The Delegated Regulation enters into force on the twentieth day following its publication in the OJ. Among other things the Delegated Regulation notes that a business reorganisation plan should include a historic and financial account of the factors that contributed to the difficulties of the institution, a short description of crisis prevention and crisis management measures, a description of the business reorganisation strategy and the measures intended to restore the long-term viability of the institution during the reorganisation period; and
- Commission Delegated Regulation (EU) 2016/1401 of 23 May 2016 supplementing the BRRD with regard to RTS for methodologies and principles on the valuation of liabilities arising from derivatives. The Delegated Regulation enters into force on the twentieth day following its publication in the OJ. The principles and methodologies in the Delegated Regulation are intended to address the determination of the value of classes of derivatives (including transactions that are subject to netting agreements), the establishment of the relevant point in time at which the value of a derivative position should be established and the comparison of the destruction in value that would arise from the close out and bail-in of derivatives with the amount of losses that would be borne by derivatives in a bail-in.
