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Advisor(s)
Abstract(s)
A adoção da BRRD teve como objetivo assegurar a existência de uma resolução ordenada, imputando os menores custos possíveis aos contribuintes e reforçando a confiança no setor bancário. O MREL surge como um dos principais instrumentos que reforça e fortalece a resolubilidade de um banco, tendo em conta que este requisito assegura que as instituições dispõem de uma suficiente capacidade de absorção de perdas e de recapitalização. Assim, o presente estudo tem como objetivo analisar o enquadramento jurídico do MREL, tendo em vista a complexidade e atualidade do regime. O estudo começa com uma descrição do propósito, autoridade competente e sujeição ao MREL, passando de seguida aos critérios de elegibilidade, que permitem distinguir os passivos considerados elegíveis para efeitos de MREL. Ademais, o estudo explora a calibração do requisito de MREL, nomeadamente a forma de expressão do requisito e os requisitos de subordinação. Adicionalmente, são desenvolvidas as regras aplicáveis à determinação do requisito de MREL a entidades pertencentes a grupos, bem como a relação com outros requisitos regulamentares e com o TLAC. Finalmente, o estudo aborda ainda as questões relativas ao incumprimento do MREL. Os principais resultados e contributos deste estudo prendem-se com uma sistematização do regime legal, concluindo favoravelmente pela introdução deste requisito, atendendo à maior credibilidade e segurança conferida ao regime da resolução
The adoption of the BRRD is aimed at ensuring the existence of an orderly resolution, the lowest possible costs to taxpayers, and reinforcing confidence in the banking sector. The MREL emerges as one of the main instruments that reinforces and strengthens the resolvability of a bank, considering this requirement ensures that institutions have sufficient loss absorption and recapitalization capacity. The purpose of this dissertation is to analyze the legal framework of MREL in view of the complexity and timeliness of the regime. The study begins with a description of the purpose, competent authority, and subjection to MREL, followed by the eligibility criteria, which distinguishes the liabilities considered eligible for MREL. Furthermore, the dissertation explores the calibration of the MREL requirement, in particular the form of expression of the requirement and the subordination requirements. Additionally, the rules applicable to the determination of the MREL requirement for group entities, as well as the relationships with other regulatory requirements and with TLAC, are deepened. Finally, the dissertation also addresses the issue of breaches of the MREL. The main results and contributions of this dissertation relate to the systematization of the legal framework, concluding favorably for the introduction of this requirement given the greater credibility and security conferred on the resolution regime.
The adoption of the BRRD is aimed at ensuring the existence of an orderly resolution, the lowest possible costs to taxpayers, and reinforcing confidence in the banking sector. The MREL emerges as one of the main instruments that reinforces and strengthens the resolvability of a bank, considering this requirement ensures that institutions have sufficient loss absorption and recapitalization capacity. The purpose of this dissertation is to analyze the legal framework of MREL in view of the complexity and timeliness of the regime. The study begins with a description of the purpose, competent authority, and subjection to MREL, followed by the eligibility criteria, which distinguishes the liabilities considered eligible for MREL. Furthermore, the dissertation explores the calibration of the MREL requirement, in particular the form of expression of the requirement and the subordination requirements. Additionally, the rules applicable to the determination of the MREL requirement for group entities, as well as the relationships with other regulatory requirements and with TLAC, are deepened. Finally, the dissertation also addresses the issue of breaches of the MREL. The main results and contributions of this dissertation relate to the systematization of the legal framework, concluding favorably for the introduction of this requirement given the greater credibility and security conferred on the resolution regime.
Description
Keywords
MREL Resolução BRRD Calibração Subordinação Resolution Calibration Subordination