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Updating the Special Resolution Regime Code of Practice
17 December 2020
At a Glance
Issue Summary
An update to the Special Resolution Regime Code of Practice has been laid before Parliament, reflecting changes due to BRRD II transposition and other amendments.
Action Requested
The updated Code of Practice reflects the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 which come into effect on December 28. It also includes adjustments made by UK authorities to mitigate risks of disruption to cross-border financial services at the end of the Transition Period.
Key Facts
- The update accounts for the transposition of BRRD II through SI 2020/1350.
- These provisions will come into effect on 28 December.
- Amendments were made to remove references to State aid and align with UK's resolution regime.
- Consultation was held with the Bank of England, PRA, FCA, FSCS, and Banking Liaison Panel.
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