Faster MREL redemption approvals from July 1
The Single Resolution Board (SRB) has introduced a new procedure to accelerate the approval of early redemptions for eligible liabilities instruments. Effective July 1, eligible applications will now be authorized within a maximum of one month.
Speeding up prior permissions
Effective July 1, the Single Resolution Board (SRB) introduces a new procedure to accelerate authorisations for early redemptions of eligible liabilities instruments, known as 'prior permissions'.
This initiative is part of the SRB's simplification strategy, aiming to streamline regulatory processes and enhance efficiency within the resolution framework.
SRB Chair Dominique Laboureix called it a 'concrete and immediately useful simplification,' highlighting its practical benefits for the banking sector.
Broader simplification efforts
This procedural change aligns with the SRB's broader commitment to regulatory simplification.
The Board supports reviewing relevant level-1 and level-2 regulations to deliver further simplification, particularly in this area.
This commitment, detailed in the SRB's response to the EC Consultation on the Competitiveness of the EU Banking Sector, aims to reduce administrative burdens while maintaining financial stability.