United Kingdom (and EU regulation)

BRRD II Directive and SRM II Regulation published in OJ

On 7 June 2019, there was published in the Official Journal of the EU (OJ):

Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending the Bank Recovery and Resolution Directive as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC (BRRD II); and
Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms (SRMR II).

The publication of BRRD II and SRMR II in the OJ follows the adoption of the reforms by the Council on 14 May 2019. Both BRRD II and SRMR II shall enter into force on 27 June 2019, that is twenty days following their publication in the OJ. SRMR II will apply from 28 December 2020.