There has been published in the Official Journal of the EU (OJ) the Commission Delegated Regulation of 4 February 2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of the Bank Recovery and Resolution Directive (BRRD).
The Delegated Regulation lays down rules specifying further the exceptional circumstances provided for in Article 44(3) BRRD, where the resolution authority may exclude, or partially exclude, certain liabilities from the application of the write down or conversion powers where the bail-in tool is applied. The provisions of the Delegated Regulation should be applied by the Member State resolution authority in accordance with Article 3 BRRD and by the Single Resolution Board under the Regulation establishing the Single Supervisory mechanism.
The Delegated Regulation enters into force on the twentieth day following that of its publication in the OJ.
