Amongst the resolution tools and powers foreseen by the Bank Recovery and Resolution Directive (BRRD) is the power of resolution authorities to temporarily suspend the termination rights of any party to a contract with an institution under resolution. In order to ensure the successful application of this power, the European Banking Authority (EBA) is given a mandate to specify the minimum set of the information on financial contracts that should be kept in the detailed records, as well as the circumstances in which the requirement to maintain detailed financial records should be imposed on institutions and relevant entities.
In accordance with this BRRD mandate the EBA has now published a consultation paper which contains draft regulatory technical standards that specify the circumstances in which the requirement to maintain detailed records shall be imposed and lists the information which should be kept at a minimum in the detailed records.
The deadline for comments on the consultation paper is 6 June 2015.
View EBA consults on records of financial contracts, 6 March 2015