The FMLC established a working group to consider issues relating to applicable law, jurisdiction and recognition that hinge on the fate of the EC Regulation on Insolvency Proceedings (including as recast) (“EUIR”).
The Committee also approved the creation of a Working Group to consider issues of legal uncertainty in the context of the Bank Recovery and Resolution Directive (“BRRD”) and the Credit Institutions Winding Up Directive (“CIWUD”), potentially arising from Brexit. The Group focuses on cross-border recognition of resolution measures, including:
- the application of Article 55 (contractual recognition of bail-in) of the BRRD to English law contracts;
- Title V (cross-border group resolution) of the BRRD;
- Article 94 (recognition or enforcement of third-country resolution proceedings) of the BRRD; and
- the application of CIWUD, as amended by the BRRD.