07/11/23 (Agence Europe) – On Tuesday 7 November, the European Parliament’s Committee on Economic and Monetary Affairs adopted its position on the legislative proposal revising the ‘BRRD’ Directive and the Regulation establishing the Single Resolution Mechanism (SRM) (see EUROPE 13164/7). This targeted revision, which must be adopted before the ‘Daisy chain’ regulation comes into force (2022/2036), aims to ensure a level playing field within the European banking industry by broadening the definition of a ‘liquidation entity’. MEPs also restricted the discretionary power of national authorities to determine certain minimum ‘MREL’ capital requirements eligible in the event of a bank resolution. The text will be put to the vote at the European Parliament plenary session in Strasbourg at the end of November. (MB)