Italy's BRRD transposition assessed

Author: | Published: 19 Oct 2015

By Nicolo’ Juvara, partner and head of Italian practice, and Pietro Altomani, associate, at Norton Rose Fulbright in Milan

Last month, the Italian government took an important step for transposing the Bank Recovery and Resolution Directive (BRRD) into Italian law, by preliminary approving two legislative decrees.

This comes months after the launch of an EC infringement procedure against Italy for breach of the transposition deadline of December 31 2014, and shortly before the entry into force of the Single Resolution Mechanism (SRM), which will apply from January 1 2016 across the eurozone, including Italy.

Further measures or official clarifications are expected with regard to the relationship between the SRM and the BRRD implementing provisions currently being adopted. It is worth noting that under the SRM the crisis resolution of credit institutions based in eurozone member countries will be centralised, and will be directly governed by the regulation implementing the Single...