Amendments to the BRRD and the SRM regulation

Published 21.12.2017
  • Commission: Proposal was published on 23 November 2016.
    • On 30 April 2019, the Commission adopted the report on the review of the BRRD and SRMR
  • European Parliament: First exchange of views in ECON committee on 28 February 2017.
    • On 25 April 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
    • On 3 May 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
    • The proposal was split in two parts in order to fast track the ranking of unsecured debt part.
    • On 11 June 2017, the first exchange of views on the fast tracked ranking of unsecured debt part took place in ECON.
    • On 27 September 2017, the rapporteur publishes his draft reports (report 1 / report 2).
    • On 29 September 2017, the ECON Committee published two draft reports on the BRRD.
    • On 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
    • On-going negotiations around compromise amendments.
    • On 20 June 2018, the ECON Committee voted to adopt the draft reports amending the BRRD and the SRMR.
    • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
    • On 16 April 2019, the European Parliament confirmed in plenary session the trilogue agreement.
  • Council:
    • Legislative work on-going in the respective working party.
    • Fast tracked proposals: On 7 December 2017 the Council adopts a directive on the ranking of unsecured debt instruments and a regulation on transitional agreements regarding the regulatory capital impact of IFRS 9.
    • On 25 May 2018, the ECOFIN Council reaches an agreement on a common position on the remaining parts of the RRM package in view of negotiations with the European Parliament and the Commission.
    • On 4 December 2018, the ECOFIN  Council endorsed the political parts of the package of measures on the Banking Union, more specifically on measures to reduce risk. On 15 February the Council at ambassador level endorses the whole text of the banking package.
  • Level 2: On 4 March 2019, Commission delegated regulation on the criteria for assessing the impact of an institution’s failure
  • Level 3: On 19 October 2018 ESMA published a letter to EFRAG on the endorsement process of IFRS 17 insurance contract.
  • Official Journal:
  • Trilogue negotiations: Agreement reached. On 4 December 2018 the ECOFIN Council endorses the political parts of the RRM package including the BRRD and SRMR and the whole text is approved at ambassador level on 15 February 2019.
  • Next steps: Formal adoption of the legislation (trilogue agreement) by Council.
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