The European Commission presented a draft directive on the recovery and resolution of credit institutions and investment firms (also referred to as the “Crisis Management Directive” or “CMD”) after extensive preparatory work on the international level and within the European Union. The draft directive provides a framework for crisis management in the financial sector. It envisages implementation into national laws by January 1, 2015, with the exception of the regulations concerning “bail-in,” which should be implemented by January 1, 2018. European regulators already now require banks to set up resolution plans (so called “living wills”).
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