The new regulatory framework on the MREL – implementation in Italy of Directive (EU) 2019/879 (BRRD II)
By Alessandra Davoli
1. The implementation of BRRD II in Italy
On 30 November 2021, Italian Legislative Decree no. 193 of 5 November 2021 was published on the Official Gazette (“Legislative Decree 193/2021” or the “Decree”) for the purposes of implementing in Italy Directive (EU) 2019/879 (“BRRD II”). BRRD II amends Directive 2014/59/EU (“BRRD”) as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. The Decree also aims at adapting domestic legislation to Regulation (EU) no. 806/2014, as amended by Regulation (EU) 2019/877, (“SRMR”) that established a uniform set of rules and procedures for the resolution of credit institutions and certain investment firms under the Single Resolution Mechanism and the Single Resolution Fund and amended Regulation (EU) no 1093/2010.