25 November 2015
Article 55 of the BRRD requires EU firms and other in-scope entities to include a contractual recognition of bail-in clause in a very wide range of non-EU law governed contracts including relevant liabilities, such as loan agreements, bond documentation and several financial markets contracts. EU Member States are required to implement Article 55 into national law by 1 January 2016 and some states have already done so. With the deadline approaching, this briefing looks at the scope of Article 55 and sets out some practical steps to assist you with preparing for compliance. These issues are particularly relevant for market participants in Asia Pacific, who regularly enter into contracts governed by local (ie. non-EU) law.