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This document summarises the responses received and outlines the government’s response. In order to comply with the requirements of the Bank Recovery and Resolution Directive (BRRD), the directive has now been transposed into UK law. The government’s transposition was informed by the responses to the consultation and would like to thank all those who commented and gave their feedback on the consultation.
The Bank Recovery and Resolution Directive (BRRD) entered into force on 2 July 2014. It establishes a common framework for the recovery and resolution of banks and investment firms across the EU. The Directive must be transposed into national law by 31 December 2014.
Transposition of the Directive into UK law will require a number of high-level policy decisions as well as operational ones. This consultation considers some of the key issues to be addressed in transposition and seeks views from industry and others potentially affected by the changes – in particular banks, investment firms and their counter-parties.
In addition to our consultation, the Prudential Regulation Authority and Financial Conduct Authority will be publishing consultations covering their transposition of the BRRD.