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Autumn School – The Law, Economics and Practice of EU Banking Resolution

FULLY BOOKED – REGISTRATION CLOSED

To request inclusion in the waiting list, please contact fbf@eui.eu

 

  • Background

    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 Autumn School by the Florence School of Banking and Finance 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.

  • Learning objectives

    • 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. the Public Interest Assessment, the four Resolution Tools, Bail-In, No Creditor Worse Off, Valuation, Minimum Requirements for Own Funds and Eligible Liabilities, Funding in Resolution)
    • Learn how to assess recovery plans in practice
    • Learn how to design and implement resolution plans in practice 
  • Instructors

    Stefano Cappiello (course co-director)

    Stefano Cappiello (course co-director)

    Stefano Cappiello is Deputy Director of the Florence School of Banking and Finance. He has been working in various national and international institutions as policy maker, regulator, and supervisor: from 2015 to 2018 he was Head of Unit at the Single Resolution Board, responsible for resolution plans and crisis management of Greek, Cypriot and two Global Systemically Important Banks, and member of the Financial Stability Board (FSB) Cross-border Crisis Management Group. Previously he worked for four years at the European Banking Authority (EBA) as Head of Unit for the recovery and resolution areas, and from 2008 to 2011 at the Italian Ministry of Economy and Finances as senior adviser for financial regulatory policies. From 1999 to 2008 he has been at the Bank of Italy, first as senior researcher at the Law and Economics Research Unit and then as senior officer at the Supervisory Regulation and Policies Department. His academic activity and publications focus on economic analysis of corporate, banking and financial law, and he is qualified as associate professor of “Diritto dell’Economia”, and of “Diritto Commerciale” in Italy; Master of Laws at the University of Chicago; PhD at the University of Viterbo; Global Fellow at the NYU Law School.
    Bart Joosen (course co-director)

    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.
    Andrea Federico

    Andrea Federico

    Andrea 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 Grünewald

    Seraina Grünewald

    Seraina 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 Tornese

    Emiliano Tornese

    Emiliano 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 Tröger

    Tobias Tröger

    Tobias 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).
  • Target group

    • 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
  • Prerequisites

    • Graduate degree 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.
  • Fees

    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.


    GROUP DEALS

    • 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 fbf@eui.eu 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.

    IMPORTANT

    • 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.

    CANCELLATION POLICY

    • 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 fbf@eui.eu
  • Practical information

    Accommodation 

    Recommended hotels:
    Hotel Villa La Stella (20 min walking distance from EUI )
    Hotel Cellai
    Hotel Palazzo Ricasoli
    Hotel de la Pace
    Hotel Athenaeum 


    Wi-Fi

    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.


    Privacy Notice

    The personal information you have provided will be processed in compliance with the EUI Privacy Statement for conferences.
    For general queries: fbf@eui.eu

  • Course material

    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
    Reports by Governmental Organisations and Standard Setting Bodies
    • 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
    Academic Literature
    • 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.