The Legal concept of bank’s critical functions, implementation challenges and the role in the EU bank recovery and resolution framework
ENResearch object – global standards and the EU bank recovery and resolution legal framework relating to the legal concept of bank’s critical functions, interlinked essential elements, and legal framework implementation challenges. The aim – to provide a comparative and systemic analysis of the global standards and the EU bank recovery and resolution legal provisions defining the role and legal concept of critical functions, to identify essential elements linked to them, as well as to discuss legal framework implementation challenges and aspects which have to be considered by supervisory and resolution authorities. Objectives: i) to identify and provide an overview of work done up to date in legal regulatory area at global and the EU level with regard to critical functions; ii) to perform comparative analysis of identified global standards and the EU bank recovery and resolution legal framework defining the legal concept of critical functions and to identify essential elements linked to it; iii) to provide a systemic analysis of how different legal provisions of the Bank Recovery and Resolution Directive (the ‘BRRD’) and second level legal acts are interlinked and relate to the legal concept of critical functions; iv) to discuss legal framework implementations challenges and to identify aspects which should be considered by supervisory, resolution authorities and banks when implementing the legal framework linked to critical functions. [Extract, p. 32]
