Directive 2014/59/EU - Bank Recovery and Resolution Directive (BRRD)

Version status: Entered into force | Document consolidation status: Updated to reflect all known changes

Published date: 12 June 2014

Directive 2014/59/EU - Bank Recovery and Resolution Directive (BRRD)

Proposed changes

BRRD with proposed changes from COM(2023) 227 final / 2023/0112 (COD)

Blackline comparison

BRRD blackline comparison texts showing BRRD II amendments from 27 June 2019

	Recitals
	Title I Scope, definitions and authorities (arts. 1-3)
	Article 1 Subject matter and scope
	⚠ Article 2 Definitions
	Article 3 Designation of authorities responsible for resolution
	Title II Preparation (arts. 4-26)
	Chapter I Recovery and resolution planning (arts. 4-14)
	Section 1 General provisions (art. 4)
	Article 4 Simplified obligations for certain institutions
	Section 2 Recovery planning (arts. 5-9)
	Article 5 Recovery plans
	Article 6 Assessment of recovery plans
	⚠ Article 7 Group recovery plans
	Article 8 Assessment of group recovery plans
	Article 9 Recovery Plan Indicators
	Section 3 Resolution planning (arts. 10-14)
	Article 10 Resolution plans
	Article 11 Information for the purpose of resolution plans and cooperation from the institution
	Article 12 Group resolution plans
	Article 13 Requirement and procedure for group resolution plans
	⚠ Article 14 Transmission of resolution plans to the competent authorities
	Chapter II Resolvability (arts. 15-18)
	Article 15 Assessment of resolvability for institutions
	Article 16 Assessment of resolvability for groups
	Article 16a Power to prohibit certain distributions
	Article 17 Powers to address or remove impediments to resolvability
	Article 18 Powers to address or remove impediments to resolvability: group treatment
	Chapter III Intra group financial support (arts. 19-26)
	Article 19 Group financial support agreement
	Article 20 Review of proposed agreement by competent authorities and mediation
	Article 21 Approval of proposed agreement by shareholders
	Article 22 Transmission of the group financial support agreements to resolution authorities
	Article 23 Conditions for group financial support
	Article 24 Decision to provide financial support
	Article 25 Right of opposition of competent authorities
	Article 26 Disclosure
	Title III Early intervention (arts. 27-30)
	Article 27 Early intervention measures
	Article 28 Removal of senior management and management body
	Article 29 Temporary administrator
	Article 30 Coordination of early intervention measures and appointment of temporary administrator in relation to groups
	Title IV Resolution (arts. 31-86)
	Chapter I Objectives, conditions and general principles (arts. 31-34)
	Article 31 Resolution objectives
	Article 32 Conditions for resolution
	Article 32a Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body
	Article 32b Insolvency proceedings in respect of institutions and entities that are not subject to resolution action
	Article 33 Conditions for resolution with regard to financial institutions and holding companies
	Article 33a Power to suspend certain obligations
	Article 34 General principles governing resolution
	Chapter II Special management (art. 35)
	Article 35 Special management
	Chapter III Valuation (art. 36)
	Article 36 Valuation for the purposes of resolution
	Chapter IV Resolution tools (arts. 37-58)
	Section 1 General principles (art. 37)
	Article 37 General principles of resolution tools
	Section 2 The sale of business tool (art. 38-39)
	Article 38 The sale of business tool
	Article 39 Sale of business tool: procedural requirements
	Section 3 The bridge institution tool (arts. 40-41)
	Article 40 Bridge institution tool
	Article 41 Operation of a bridge institution
	Section 4 The asset separation tool (art. 42)
	Article 42 Asset separation tool
	Section 5 The bail-in tool (arts. 43-58)
	Subsection 1 Objective and scope of the bail-in tool (arts. 43-44)
	Article 43 The bail-in tool
	Article 44 Scope of bail-in tool
	Article 44a Selling of subordinated eligible liabilities to retail clients
	Subsection 2 Minimum requirement for own funds and eligible liabilities (arts. 45-45m)
	Article 45 Application and calculation of the minimum requirement for own funds and eligible liabilities
	Article 45a Exemption from the minimum requirement for own funds and eligible liabilities
	Article 45b Eligible liabilities for resolution entities
	Article 45c Determination of the minimum requirement for own funds and eligible liabilities
	Article 45d Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs
	Article 45e Application of the minimum requirement for own funds and eligible liabilities to resolution entities
	Article 45f Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities
	Article 45g Waiver for a central body and credit institutions permanently affiliated to a central body
	Article 45h Procedure for determining the minimum requirement for own funds and eligible liabilities
	Article 45i Supervisory reporting and public disclosure of the requirement
	Article 45j Reporting to EBA
	Article 45k Breaches of the minimum requirement for own funds and eligible liabilities
	Article 45l Reports
	Article 45m Transitional and post-resolution arrangements
	Subsection 3 Implementation of the bail-in tool (arts. 46-52)
	Article 46 Assessment of amount of bail-in
	Article 47 Treatment of shareholders in bail-in or write down or conversion of capital instruments
	Article 48 Sequence of write down and conversion
	Article 49 Derivatives
	Article 50 Rate of conversion of debt to equity
	Article 51 Recovery and reorganisation measures to accompany bail-in
	Article 52 Business reorganisation plan
	Subsection 4 Bail-in tool: ancillary provisions (arts. 53-58)
	Article 53 Effect of bail-in
	Article 54 Removal of procedural impediments to bail-in
	Article 55 Contractual recognition of bail-in
	Article 56 Government financial stabilisation tools
	Article 57 Public equity support tool
	Article 58 Temporary public ownership tool
	Chapter V Write down or conversion of capital instruments and eligible liabilities (arts. 59-62)
	Article 59 Requirement to write down or convert relevant capital instruments and eligible liabilities
	Article 60 Provisions concerning the write down or conversion of relevant capital instruments and eligible liabilities
	Article 61 Authorities responsible for determination
	Article 62 Consolidated application: procedure for determination
	Chapter VI Resolution powers (arts. 63-72)
	Article 63 General powers
	Article 64 Ancillary powers
	Article 65 Power to require the provision of services and facilities
	Article 66 Power to enforce crisis management measures or crisis prevention measures by other Member States
	Article 67 Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in third countries
	Article 68 Exclusion of certain contractual terms in early intervention and resolution
	Article 69 Power to suspend certain obligations
	Article 70 Power to restrict the enforcement of security interests
	Article 71 Power to temporarily suspend termination rights
	Article 71a Contractual recognition of resolution stay powers
	Article 72 Exercise of the resolution powers
	Chapter VII Safeguards (arts. 73-80)
	Article 73 Treatment of shareholders and creditors in the case of partial transfers and application of the bail-in tool
	Article 74 Valuation of difference in treatment
	Article 75 Safeguard for shareholders and creditors
	Article 76 Safeguard for counterparties in partial transfers
	Article 77 Protection for financial collateral, set off and netting agreements
	Article 78 Protection for security arrangements
	Article 79 Protection for structured finance arrangements and covered bonds
	Article 80 Partial transfers: protection of trading, clearing and settlement systems
	Chapter VIII Procedural obligations (arts. 81-84)
	⚠ Article 81 Notification requirements
	Article 82 Decision of the resolution authority
	⚠ Article 83 Procedural obligations of resolution authorities
	⚠ Article 84 Confidentiality
	Chapter IX Right of appeal and exclusion of other actions (arts. 85-86)
	Article 85 Ex-ante judicial approval and rights to challenge decisions
	Article 86 Restrictions on other proceedings
	Title V Cross-border group resolution (arts. 87-92)
	Article 87 General principles regarding decision-making involving more than one Member State
	⚠ Article 88 Resolution colleges
	Article 89 European resolution colleges
	Article 90 Information exchange
	Article 91 Group resolution involving a subsidiary of the group
	Article 92 Group resolution
	Title VI Relations with third countries (arts. 93-98)
	Article 93 Agreements with third countries
	Article 94 Recognition and enforcement of third-country resolution proceedings
	Article 95 Right to refuse recognition or enforcement of third-country resolution proceedings
	Article 96 Resolution of Union branches
	Article 97 Cooperation with third-country authorities
	Article 98 Exchange of confidential information
	Title VII Financing arrangements (arts. 99-109)
	Article 99 European system of financing arrangements
	Article 100 Requirement to establish resolution financing arrangements
	Article 101 Use of the resolution financing arrangements
	Article 102 Target level
	Article 103 Ex-ante contributions
	Article 104 Extraordinary ex-post contributions
	Article 105 Alternative funding means
	Article 106 Borrowing between financing arrangements
	Article 107 Mutualisation of national financing arrangements in the case of a group resolution
	Article 108 Ranking in insolvency hierarchy
	Article 109 Use of deposit guarantee schemes in the context of resolution
	Title VIII Penalties (arts. 110-114)
	Article 110 Administrative penalties and other administrative measures
	Article 111 Specific provisions
	Article 112 Publication of administrative penalties
	Article 113 Maintenance of central database by EBA
	Article 114 Effective application of penalties and exercise of powers to impose penalties by competent authorities and resolution authorities
	Title IX Powers of execution (art. 115)
	Article 115 Exercise of the delegation
	Title X Amendments to Directives 82/891/EEC, 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU AND 2013/36/EU and to Regulations (EU) NO 1093/2010 and (EU) NO 648/2012 (arts. 116-126)
	Article 116 Amendment to Directive 82/891/EEC
	Article 117 Amendments to Directive 2001/24/EC
	Article 118 Amendment to Directive 2002/47/EC
	Article 119 Amendment to Directive 2004/25/EC
	Article 120 Amendment to Directive 2005/56/EC
	Article 121 Amendments to Directive 2007/36/EC
	Article 122 Amendment to Directive 2011/35/EU
	Article 123 Amendment to Directive 2012/30/EU
	Article 124 Amendment to Directive 2013/36/EU
	Article 125 Amendment to Regulation (EU) No 1093/2010
	Article 126 Amendment to Regulation (EU) No 648/2012
	Title XI Final provisions (arts. 127-132)
	Article 127 EBA Resolution committee
	Article 128 Cooperation with EBA
	Article 128a Accessibility of information on the European single access point
	Article 129 Review
	Article 130 Transposition
	Article 131 Entry into force
	Article 132 Addressees
	Annex
	Annex, Section A Information to be included in recovery plans
	Annex, Section B Information that resolution authorities may request institutions to provide for the purposes of drawing up and maintaining resolution plans
	Annex, Section C Matters that the resolution authority is to consider when assessing the resolvability of an institution or group
	Done at