Regulatory Alerts2015-11-07
Royal Decree 1012/2015 developing the Recovery and Resolution Law for Credit Institutions and Investment Firms and modifying the Deposit Guarantee Fund Regulation
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 1012/2015 to fully transpose EU Directive 2014/59/EU into Spanish law, establishing detailed rules for the recovery and resolution of credit institutions and investment firms. The decree mandates the creation of recovery and resolution plans, defines the powers of the FROB resolution authority, and sets out specific instruments for bail-in and asset management during financial distress. Additionally, it modifies the Deposit Guarantee Fund framework to align contribution bases with guaranteed amounts and accelerates the reimbursement timeline for depositors to seven business days by 2024.
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