Jersey: the Bank (Recovery and Resolution) (Jersey) Law 2017

A copy of the Bank (Recovery and Resolution) (Jersey) Law 2017 has been published: see here or here (pdf). The Law was adopted by the States in February and sanctioned by Order of Her Majesty in Council earlier this month: see here (pdf). As its title suggests, the new Law sets out the framework for dealing with failing banks (or those likely to fail) and provides for the creation of the Jersey Resolution Authority.

UK: The PRA's recovery and resolution planning framework

The Prudential Regulation Authority has today published several documents (containing policy statements and rules) which together set out its recovery and resolution planning framework: see here. The statements and rules are relevant for holding companies, mixed financial holding companies, mixed activity financial holding companies, banks, building societies, and PRA-designated investment firms.

UK: Takeover Code - mandatory bids - new note for rule 9.1

The Takeover Panel has published a new note on Rule 9.1 (the mandatory offer) of the Takeover Code: see here (pdf). The new note provides that, in the case of a company to which the Takeovers Directive applies, Rule 9.1 does not apply in relation to any change in interests in shares or other transaction which is effected by the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Bank Recovery and Resolution (No. 2) Order 2014).

UK: The Bank Recovery and Resolution Order 2014

The Bank Recovery and Resolution Order 2014 was made last month and came into force on 1 January: see here or here (pdf). The Order is one of several that implement Directive 2014/59/EU (establishing a framework for the recovery and resolution of credit institutions and investment firms). An explanatory memorandum is available here (pdf). A transposition note for the Directive is available here (pdf).

UK: FCA consults on transposition of the Recovery and Resolution Directive

The Financial Conduct Authority has published for consultation the changes it proposes to make to its Handbook as part of the UK's transposition of European Directive 2014/59/EU on the establishment of a framework for the recovery and resolution of credit institutions and investment firms: see here (pdf). The Prudential Regulation Authority is also undertaking a consultation in respect of the changes it will make to its Handbook: see here.