On 16 August 2021, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation 2021/1340 of 22 April 2021 supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) determining the content of the contractual terms on recognition of resolution stay powers.

The RTS are based on a draft that the European Banking Authority produced last December which the Commission subsequently adopted on 22 April 2021.

The RTS set out a list of items that must be present in the contractual recognition terms of a relevant financial contract governed by third-country law which an institution or entity, as referred to in Article 1(1), point (b), (c) or (d), of the BRRD enters into.

The Delegated Regulation enters into force on 5 September 2021.