Regulatory Alerts2020-11-17
Added · Updated
Bank (Recovery and Resolution) Act 2020
The Isle of Man legislature enacted this Act to establish a comprehensive legal framework for the recovery and resolution of failing banks. It designates a resolution authority responsible for overseeing recovery and resolution planning, maintaining a resolution fund, and exercising powers to stabilize banks without resorting to immediate insolvency. The legislation empowers the authority to utilize specific resolution tools, such as bail-in and bridge banks, while ensuring creditor protections and alignment with international obligations.
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