On 22 September 2021, European Commission published the Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012 (COM(2021) 582 final / 2021/0296 (COD)) (Insurance Recovery and Resolution Directive) to amend the FCA Directive (2002/47/EC).

The condensed text below shows the proposed amendments from the COM(2021) 582 final / 2021/0296 (COD) for affected provisions only.

---

Article 1 Subject matter and scope

1. This Directive lays down a Community regime applicable to financial collateral arrangements which satisfy the requirements set out in paragraphs 2 and 5 and to financial collateral in accordance with the conditions

…