Find out about modifications by consent for contractual recognition of bail-in rules - IFPRU 11.6.3R.
The FCA has transposed Article 55 of the Recovery and Resolution Directive (RRD) through the rules in IFPRU 11.6. The unmodified rules require firms and holding companies to include a term in the provisions governing certain third-country law liabilities under which the creditor recognises and agrees that the liability may be subject to write down and conversion powers by a resolution authority.
IFPRU 11.6 was implemented on 1 January 2016, and this modification by consent applies to IFPRU 11.6.3R where compliance with that rule is impracticable.
Apply for this modification
We have set out the changes in the modification direction. This modification is valid until 30 June 2017.
If you want to take advantage of this modification, you should read the direction and contact the Waivers Team with a request for the modification at: Central Waivers team, Financial Conduct Authority, 25 North Colonnade, London E14 5HS or email [email protected].
We will confirm in writing whether the request has been granted and will publish the approved modification direction on the Financial Services Register.