Florence School of Banking & Finance and School of Transnational Governance Joint Autumn School
Autumn School – The Law, Economics and Practice of EU Banking Resolution
Registration Deadline: 31 October 2018
The financial crisis revealed us that Europe needs more resilient institutions – with more capital and liquidity resources – to better withstand systemic crises. In addition, Europe will also need to fix the idiosyncratic weaknesses which underpin its credit institutions. To this end the new EU resolution framework requires recovery and resolution plans to be established for each supervised entity, to ensure its resolvability and to minimise spill-over effects on the real economy and the burden on the taxpayer when banks fail and when contagion looms. Those are several of the key elements at the core of the European Bank Recovery and Resolution Directive (BRRD) which forms the backbone of the new banking resolution regime, together with the institutional counterpart for the Banking Union, the Single Resolution Mechanism.
Against this background, this joint Florence School of Banking and Finance-School of Transnational Governance Autumn School aims to foster a deeper and up-to-date understanding of the new banking resolution rules among public authorities, practitioners and academics. The Autumn School will also foster a dialogue on the merits and challenges in the implementation of the new EU resolution framework. Targeted at working professional who already display a few years of professional experience, this inter-disciplinary course will, lastly, rely on practical sessions (including real life MREL calculations) to help course participants learn by doing.
- Acquire the essentials of the new EU banking resolution regime – its rules and principles, actors and procedures
- Understand and apply the key concepts of bank resolution (e.g. Resolution Tools, Resolution Objectives, Bail-In, No Creditor Worse Off in Liquidation, Minimum Requirements for Own Funds and Eligible Liabilities, Total Loss Absorption Capacity)
- Learn how to assess recovery plans in practice
- Learn how to design and implement resolution plans in practice
Stefano Cappiello (course co-director)Stefano Cappiello works at the Bank of Italy. Previously, he was the Head of the Resolution Unit at the SRB. Before that, he was Head of the Registration, Recovery and Resolution Unit at the European Banking Authority, and held roles at the Italian Ministry of Economy and Finances, where advised for financial regulatory policies, and at the Bank of Italy, in the Law and Economics Research Unit and the Supervisory Regulation and Policies Department. He holds a degree in law from the University of Rome, an LL.M. from the University of Chicago, a PhD in Law and Economics from the University of Viterbo. He has been a Visiting Global Fellow at the NYU Law School and adjunct professor at the University of Rome, in the areas of economic analysis of corporate law, banking law, European financial law and supervision.
Bart Joosen (course co-director)Bart P.M. Joosen is trained as civil law lawyer at Tilburg University, the Netherlands. He obtained his (equivalent to) LL.M degree in 1987. After completion of his academic study he was appointed as lecturer in the law faculty of Tilburg University in 1987. He successfully defended his dissertation on “Transfer of undertakings in bankruptcy” at Tilburg University and was promoted to doctor in law science (PhD) in 1998. He works since 1992 in private practice particularly for financial market clients. His main areas of expertise are in the field of financial services supervision with a focus on micro-prudential supervision of banks (including in-depth Basel II/Basel III and Solvency II knowledge), insurance companies and investment firms and payment services. Besides working in private practice, he is an extraordinary professor Financial Supervision Law at the VU University in Amsterdam.
Eleni AngelopoulouEleni Angelopoulou is Head of the Crisis Management Division at DG MS IV of the European Central Bank, working closely with line supervisors on recovery plans and crisis management and interacting frequently with resolution authorities. She has a PhD in Economics from the Athens University of Economics and Business and an MSc in Economics from the University of Warwick. She participates in the Resolution Committee of the EBA. Previously she has worked as Chef de Cabinet in the Bank of Greece and as an economist in the Economic Research Department of the Bank of Greece. She has also done research on a Marie-Curie fellowship in the Center for European Integration Studies in Bonn in 2003-2004.
Andrea FedericoAndrea Federico is a Partner at Oliver Wyman and Head of the Financial Services Public Policy practice in EMEA. Since joining Oliver Wyman in 1998, he has advised major universal banks on their risk and financial resources management priorities and evolutionary challenges. Since 2008 he has developed an understanding of financial stabilization measures and policy issues related to the financial services sector as a whole. He regularly advises central banks, supervisors, ministries and governments on these challenges. As head of public policy, he is responsible for Oliver Wyman’s financial services work with national regulators, international bodies (e.g., European Commission, ECB), governments, central banks and public/private development banks in EMEA. His recent work includes regulatory and financial sector reform, asset quality review and stress testing, regulatory interface enhancement and resolution frameworks and strategies.
Seraina GrünewaldSeraina Grünewald is assistant Professor for Financial Market Law at the Institute of Law of the University of Zurich. Previous positions include research appointments at the Institute for Financial Services of the University of Liechtenstein, the Program on International Financial Systems of the Harvard Law School, Yale Law School and Columbia Law School, as well as intern positions in the Financial Law Division of the European Central Bank and at the IMF. In 2012 she was awarded the Issekutz Prize of the Institute of Law of the University of Zurich for outstanding achievements in economic law and previously the prize for the best bar exam of the term by the Cantonal High Court of Bern.
Emiliano TorneseEmiliano Tornese is Deputy Head of the Resolution and Crisis Management Unit at the European Commission. In that capacity, he has been involved with the design and negotiation of the Bank Recovery and Resolution Directive and of the Single Resolution Mechanism, and is currently focusing on their implementation. Previously, he was the Secretary of the European Securities Committee, where he coordinated the European Union’s Ministries of Finance in their regulatory capacity for financial services. He has also been an advisor to the European Financial Stability Facility, the European Stability Mechanism, and within the Troika on the implementation of the national reform programs in Ireland. He holds an LL.M. from Columbia Law School (2007). He has practiced law, with a focus on Mergers & Acquisitions and Capital Markets, in New York, London, Paris, and Rome.
Tobias TrögerTobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. He is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School. He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM).
- Policy-makers and experts from European institutions and agencies (European Commission, European Central Bank/Single Supervisory Mechanism, European Systemic Risk Board, Single Resolution Board, European Banking Authority, European Stability Mechanism)
- Policy-makers and experts from National Finance Ministries, National Central Banks, National Resolution Authorities and officials from Foreign Affairs Ministries.
- Private lawyers and private banking practitioners
- PhD researchers and post-doc researchers
- Undergraduate or graduate degree in Social Sciences or equivalent
- Prior professional exposure to banking regulation
- Basic knowledge of the Bank Recovery and Resolution Directive (BRRD), Single Resolution Mechanism Regulation (SRMR), Capital Requirements Regulation (CRR) and Capital Requirements Directives (CRD) IV, Institutional EU law and financial regulation.
1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
1900€ – Private Sector
1000€ – Academics (Assistant, Associate or Full Professors)
850€ – Students (with certificate of studies)
The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.
No group deals apply.
- In case of registration of 3 participants from the same organisation, the course fee is waived for one of them.
To benefit from the deal, the names of the 3 participants have to be communicated to email@example.com before registering. We cannot communicate the names of other registered people from the same institution (it is upon your responsibility to get in touch with your HR division). A single debit note will be issued for the 3 participants followed by one payment.
- Special deals apply for larger groups.
- Places available to PhD students are limited.
- Your registration must be considered as tentative until you receive an admittance confirmation by the Florence School of Banking and Finance.
In case some registered participants could not be admitted in the course due to a high number of registrations, they will be placed in the waiting list for future similar activities.
- In case a course is cancelled, registered participants will receive the full refund.
- In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
- Registered participants who cancel their participation will receive a voucher to attend another FBF course.
For more details, please contact firstname.lastname@example.org
- In case of registration of 3 participants from the same organisation, the course fee is waived for one of them.
On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.
Recommended readings:Laws and Case Law
- Excerpt from Capital Requirements Regulation (Regulation (EU) No 575-2013;
- Excerpt from Capital Requirements Directive IV (Directive 2013/36/EU)
- Excerpts from the Proposals of November 2016 for CRD5 and CRR2
- 2010 Basel Committee Proposal to ensure the loss absorbency of regulatory capital at the point of non-viability
- 2011 Basel Committee issues final elements of the reforms to raise the quality of regulatory capital
- 2011 IMF Staff Discussion Note Ceyla Pazarbasioglu, Jianping Zhou, Vanessa Le Leslé, and Michael Moore_ Contingent Capital: Economic Rationale and Design Features
- 2011 IMF Working Paper_Perotti_Ratnovski_Vlahu_Capital Regulation and Tail Risk
- 2015 ECB Opinion on German BRRD Implementation Act
- 2015 FSB Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in ResolutionTotal Loss-absorbing Capacity (TLAC), Term Sheet
- 2016 Loan Market Association, EU Bail-in Legislation Schedule
- 2011, Bates and Gleeson, Legal Aspects of Bank Bail Ins
- 2011, Coffee, Bail-Ins versus Bail-outs, Using Contingent Capital To Mitigate Systemic Risk
- 2013, Avdjiev Kartasheva Bogdanova, CoCos – A Primer
- 2015, Avgouleas Goodhart, Bank Bail Ins
- 2015, Haentjens, Matthias, and B. Wessels, eds. Research Handbook on Crisis Management in the Banking Sector. Research Handbooks in Financial Law Series. Cheltenham, UK: Edward Elgar Publishing, 2015
- 2015, Annika Wolf, A Global Cross-border Insolvency Framework for Financial Institutions, MWP 2015/01, Max Weber Programme
- 2016 Wojcik, Bail in in the Banking Union
- 2017, Moss, Gabriel S., B. Wessels, and Matthias Haentjens, eds. EU Banking and Insurance Insolvency. Second edition. Oxford, United Kingdom: Oxford University Press, 2017.