NBB published a circular on the calculation and collection of contributions to the Resolution Fund owed by companies not subject to the Single Resolution Fund. The Resolution Fund Act provides that the Resolution Board of NBB shall determine the amount and method of payment of contributions to the Resolution Fund that is owed by companies not subject to the Single Resolution Fund. This circular replaces another circular dated September 18, 2017. The amendments result from the insertion of modified definitions introduced by an earlier law dated May 02, 2019 and the addition of the modalities application for newly audited companies.
This circular applies to the branches of credit institutions or investment firms of third countries and to the brokerage firms that are established in Belgium, under the Belgian law, and are not subject to the ECB supervision on a consolidated basis of their business, in accordance with the Council Regulation (EU) No 1024/2013. Bank recovery and resolution Directive, or BRRD (Directive 2014/59/EU), specifies that member states shall establish one or more financing arrangements for the effective application of resolution tools and powers by resolution authorities. For the Resolution Fund to have sufficient financial resources for the performance of its tasks, the Resolution Fund Act provides that, from 2016, an annual contribution will be collected from companies not subject to the Single Resolution Fund.
Related Link (in French): Circular
Keywords: Europe, Belgium, Banking, BRRD, SRMR, Resolution, Single Resolution Fund, NBB
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