EU OKs Regs For Creditor Ranking, Accounting Rule Phase-In

Law360, London (December 7, 2017, 7:32 PM GMT) -- The European Council rubber-stamped two new sets of banking rules on Thursday, allowing for the ranking of unsecured debt instruments during insolvency proceedings and a transition period for banks struggling to adapt to new accounting standards.

The European Council’s adoption of the rules marks the final stage of the European legislative process needed for the two regimes. They were adopted by the European Parliament on Nov. 30, and will need to be transposed into national laws no later than a year after their entry into the...
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