United Kingdom (and EU regulation)

Delegated Regulation supplementing the BRRD with regard to RTS for contractual recognition of write down and conversion powers published in the OJ

On 17 September 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1527 of 31 May 2021 supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) for the contractual recognition of write down and conversion power.

The Delegated Regulation covers:

Conditions under which it would be impracticable to include the contractual term referred to in Article 55(1) of the BRRD in certain categories of liabilities.
Conditions for the resolution authority to require the inclusion of the contractual term referred to in Article 55(1) of the BRRD in certain categories of liabilities.
The reasonable timeframe for the resolution authority to require the inclusion of a contractual term.

The Delegated Regulation enters into force 20 days after its publication in the OJ (7 October 2021).