The principal sources of rules and regulations for the resolution and management of banking crises are Directive 2014/59/EU, Regulation (EU) No 806/2014, and Directive 2014/49/EU.
Directive 2014/59/EU (Bank Recovery and Resolution Directive, BRRD), as amended (including by Directive (EU) 2019/879, BRRD2), introduced harmonized rules for the prevention and management of crises involving banks and investment firms throughout Europe.
Regulation (EU) No 806/2014 (Single Resolution Mechanism Regulation, SRMR, as amended, including by Regulation (EU) 2019/877) established, under the provisions of the BRRD, regulations for the subset of European countries forming the Banking Union by providing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms, within the framework of the Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF).
Directive 2014/49/EU (Deposit Guarantee Schemes Directive, DGSD) established a harmonized regulatory framework at EU level for deposit guarantee schemes.
Regulation (EU) 2021/23 established rules and procedures for the recovery and resolution of central counterparties (CCPs).
In many cases, the aforementioned regulations and directives provide for secondary legislation (delegated or implementing acts) that specifies various technical aspects of the framework, drawn up on the basis of draft regulatory or implementing technical standards set by the European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
In addition to the above-mentioned draft regulatory or implementing technical standards, the ESAs also issue guidelines, which must be implemented by Banca d'Italia.
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