Directive No 2014/59/EU of 15 May 2014 , known as the BRRD, establishes a European framework for the recovery and resolution of credit institutions and investment firms.
It was transposed into French law under Ordinance No 2015-1024 of 20 August 2015, and supplements the framework created by Law No 2013-672 of 26 July 2013 on the separation and regulation of banking activities. The latter had already put in place some elements of the BRRD by introducing a French bank resolution scheme, and entrusting its implementation to the ACPR which set up a resolution college.
The Single Resolution Mechanism (SRM), the second pillar of the Banking Union, was defined in 2014 under Regulation No 806/2014, which establishes uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund. Under the SRM, responsibilities for resolution are split between:
The ACPR has exclusive responsibility for certain entities: credit institutions considered less significant (not supervised by the ECB), nearly all investment firms, branches of third-country banks, and the banking systems in Monaco and in the French overseas territories. With regard to these entities, the ACPR is charged with the following duties:
Updated on: 10/20/2017 09:21