I attended an excellent seminar delivered today by Seamus Hayes from the Gibraltar Resolution and Compensation Unit and Alex Kuczynski, Chief Corporate Affairs Officer, Financial Services Compensation Scheme (UK).
Seamus explored the work carried out by the GRCU over the past year and gave an insight into future developments locally particularly in the light of Brexit. Alex shared his experiences from a UK perspective.
The Banking Resolution and Recovery Directive ("BRRD") is an EU directive which requires banks to prepare recovery plans to overcome financial distress and also grants regulatory authorities powers to ensure an orderly resolution of failing banks. Hassans drafted the necessary legislation to transpose BRRD into Gibraltar law.
For anyone that missed the seminar, slides will be available shortly on the FSC website:
https://www.fsc.gi/Resolution%20and%20Compensation%20Unit
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