1.1 The Bank Recovery and Resolution Directive II (BRRDII) was published in the Official Journal of the European Union (OJEU) on 7 June 2019 and entered into force on 27 June 2019. The Directive makes amendments to the original 2014 Bank Recovery and Resolution Directive (BRRD) provisions, in order to update the EU's resolution policy and Minimum Requirements for Own Funds and Eligible Liabilities (MREL) framework.
1.2 The UK played a pivotal role in the design of EU financial services regulation. The Government remains committed to maintaining prudential soundness and other important regulatory outcomes such as consumer protection and proportionality. However, rules designed for 28 countries cannot be expected in every respect to be the right approach for a large and complex international financial sector such as the UK. Now that the UK has left the EU, the EU is naturally already making decisions on amending its current rules without regard for the UK's interests. We will therefore a
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