Following the chaotic effects of the global financial crisis on European financial markets, the legislative regime introduced by the European Union (EU) represents a dramatic new approach to bank insolvency law, and will have a profound effect on the way banks function. The second edition of EU Banking and Insurance Insolvency evaluates these important developments and their implications for the Eurozone countries. A comprehensive general introduction sets out the EU insolvency law framework and the principles which govern financial institutions. The book provides detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), the legislative instruments central to the EU's response to the crisis, intended to harmonize Member States law. It considers the new powers given to government authorities under the BRRD to write down shares and debt instruments issued by banks, and the function of the newly created 'Single Resolution Board'. Commentary on the Winding-Up Directive (2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC) discusses the significant changes these statutes have undergone as a consequence of the adoption of the BRRD and SRMR, as well as several high-profile court cases decided on the interpretation of these two statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments, and Heritable Bank cases.
This is an invaluable practitioner guide to the new European banking insolvency regime, written by experts in the field.
Part I. General Introduction 1: Gabriel Moss QC, Bob Wessels, and Matthias Haentjens: The EU Financial Institution Insolvency Law Framework 2: Gabriel Moss QC, Bob Wessels, and Matthias Haentjens: Principles for Cross-Border Financial Institution Insolvencies Part II: Commentary on Directive 2001/24/EC on the Reorganisation and Winding-Up of Credit Institutions 3: Bob Wessels: Commentary on Directive 2001/24/EC on the Reorganisation and Winding-Up of Credit Institutions Part III: Commentary on Title IV of Directive 2009/138/EC on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance (Solvency II) 4: Gabriel Moss QC and Ryan Perkins: Commentary on Title IV of Directive 2009/138/EC on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance (Solvency II) Part IV: Bank Recovery and Resolution Directive and SMR 5: Matthias Haentjens: Title I: Scope, definitions and authorities 6: Matthias Haentjens: Titles II and III: Preparation and Early intervention 7: Matthias Haentjens: Title IV: Resolution 8: Matthias Haentjens: Titles V and VI: Cross-border group resolution and Third countries 9: Matthias Haentjens: Titles VII and VIII: Financing arrangements and Penalties Part V: National Implementation in the EU 10: Hubert de Vauplane and Gilles Kolifrath: France 11: Jens-Hinrich Binder: Germany 12: Eyvindur G. Gunnarsson: Iceland 13: Blanaid Clarke: Ireland 14: Ignacio Tirado: Spain 15: Ian Fletcher, Hannah Thornley, and Robert Amey: United Kingdom
Gabriel Moss QC is a barrister in private practice at South Square Chambers. He serves part-time as a deputy High Court judge of the Chancery Division and is a part-time Visiting Professor in Corporate Insolvency Law at Oxford University. Bob Wessels is an independent legal counsel, advisor and arbitrator with over 40 years of experience. He was a law professor for over 25 years (Professor of International Insolvency Law, University of Leiden 2007-2014; Professor of Civil and Commercial Law, Vrije University Amsterdam 1988-2008), and retired in 2014. Matthias Haentjens is Professor of Financial Law at Leiden Law School, University of Leiden. Prior to joining Leiden Law School, he was an attorney with De Brauw Blackstone Westbroek. In this capacity, he handled cases both as a transaction lawyer and as a (supreme court) litigator.
Reviews for EU Banking and Insurance Insolvency
This excellent and well-established work of reference deals with all these (CTWUD, IWUD, AND BRRD), and of course much more, clarifying along the way, the complexities of this admittedly complex subject ... there is a considerable amount of additional new material in this volume which makes the purchase of this book a sensible decision for practitioners in this field. * Elizabeth Taylor and Richard Taylor MBE, Richmond Green Chambers. *
