The contributions of standalone investment firms in participating Member States should, as of January 2016, continue as per the BRRD.

This means that their contributions should continue to reflect their risk-adjusted share in the total liabilities, excluding own funds and covered deposits, of all institutions subject to the BRRD established in their Member State.

This risk-adjusted pro-rata calculation should continue to be made in participating Member States on a national basis as if all BRRD institutions (which include the SRM institutions) contributed under the BRRD towards a national target level: the resulting contributions would then be raised by National Resolution Authorities only from the institutions not contributing to the Single Resolution Fund (SRF).

This would mean that the national target level for the BRRD resolution financing arrangements in participating Member States would not be met by standalone investment firms and Union branches alone in the time prescribed by the BRRD. However, it would in principle be met by their contributions together with the contributions that the SRM institutions would have paid under the BRRD had they not contributed to the SRF.

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.