AFME's BRRD: Challenges in Implementation Seminar

Cleary Gottlieb, Brussels

Cleary Gottlieb hosted “BRRD: Challenges in Implementation,” an interactive seminar on behalf of the Association of Financial Markets in Europe (AFME). The seminar took place on September 24, 2015 in our Brussels office. Cleary Gottlieb partner David Gottlieb co-chaired the conference and spoke on a panel entitled ’Implementing Article 55 BRRD.’ Cleary Gottlieb counsel David Toube presented a session entitled ’Introducing AFME’s model Article 55 clause for contractual recognition of bail-in.’ Finally, Cleary Gottlieb senior counsel Edward Greene co-moderated the panel ’Implementing MREL and TLAC.’

Patrick Pearson, Head of Unit, Resolution and Crisis Management, Directorate General Financial Stability, Financial Services and Capital Markets Union, European Commission delivered the keynote address.

Topics included:

• implementing MREL and TLAC: timing, subordination and disclosure
• the investor perspective
• contractual recognition of bail-in: introducing AFME’s Article 55 model clause for cross-border recognition of bail-in
• challenges with applying Article 55 to various liabilities and the effect on the repo market