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Clifford Chance

Clifford Chance


Limits on mutual recognition under the EU Bank Recovery and Resolution Directive

20 August 2015

The recent High Court decision in Goldman Sachs International v Novo Banco SA [2015] EWHC 2371 (Comm) sheds light on provisions of the EU Bank Recovery and Resolution Directive (BRRD) that divide responsibility between home and host jurisdictions in the resolution of a European bank. The High Court has taken a strict line as to which resolution measures will take effect in English law under the mutual recognition requirements of the BRRD.

This Clifford Chance client briefing summarises the decision and explains its relevance in the context of the UK's implementation of the BRRD.

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