The EU [Bank] Recovery and Resolution Directive (RRD) establishes a comprehensive recovery and resolution regime. The FCA were required to transpose the Directive in respect of certain investment firms that they prudentially regulate (IFPRU 730k firms), and group entities in a group that contains a 730k investment firm or credit institution.
The transposition of the RRD in respect of IFPRU 730k investment firms required the FCA, as the prudential regulator of such firms, to make new rules. In August 2014, the FCA published a Consultation Paper in which they proposed the changes to the FCA Handbook that are required to transpose the elements of the RRD for which they are responsible.
Publication of the final rules and an accompanying Policy Statement came in January 2015. The vast majority of these rules came into force on 19 January 2015. The rules on the contractual recognition of bail-in enter into force on 1 January 2016
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