Submission #4

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BNY Mellon

Q1. Are there any third country authorities, other than resolution authorities, that might impose instructions not to include the contractual bail-in recognition term?

BNY Mellon agrees with the response of the Association of Financial Markets in Europe (AFME).

Q2. Can you provide concrete examples of instruments, such as letters of guarantee, governed by the law of a third country which are not used in the context of trade finance and which would be subject to conditions of impracticability? BNY Mellon agrees with the response of AFME.

Q3. Do you agree that the categories of liabilities in the above table do not meet the definition of impracticability for the purpose of Article 55(6)a)? BNY Mellon agrees with the response of AFME.

Q4. Do you consider that there is any condition of impracticability that has not been captured in the analysis? BNY Mellon agrees with the response of AFME.

Q5. Do you agree with EBA’s approach for developing the draft ITS? BNY Mellon agrees with the response of AFME.

Q6. Do you consider reasonable 3 months for entry into force of the ITS, as allowing enough time to set-up the proper and adequate capabilities to notify with this ITS? BNY Mellon agrees with the response of AFME.

Q7. Do you agree with EBA’s proposed conditions of impracticability? BNY Mellon agrees with the response of AFME.

Q8. Can you provide examples of instruments or contracts for which it would be impracticable to include the contractual recognition which are not captured by the above proposed conditions? BNY Mellon agrees with the response of AFME.

Q9. Are the proposed conditions of impracticability clear and meeting their purpose? BNY Mellon agrees with the response of AFME.

Q10. Is the article providing the conditions for the Resolution Authority to require inclusion clear? BNY Mellon agrees with the response of AFME.

Q11. Do you agree with EBA’s proposal for the conditions for the resolution authority to require the inclusion of the contractual term? BNY Mellon agrees with the response of AFME.

Q13. Do you agree with EBA’s proposal for the reasonable timeframe for the resolution authority to require the inclusion of the contractual term? BNY Mellon agrees with the response of AFME.

Q14. How much time do you need to implement the technical specifications provided in this draft ITS? BNY Mellon agrees with the response of AFME.

Q15. Do you consider the draft ITS comprehensive for submitting a notification of impracticability? BNY Mellon agrees with the response of AFME.

Q16. Do you consider the templates and instructions clear? BNY Mellon agrees with the response of AFME.

Q17. Do you have any suggestions or proposals in relation to the draft ITS template and the instructions to fill it in? BNY Mellon agrees with the response of AFME.

Q18. Do you find any specific piece of information required in the template as hard to provide or unclear how to fill in? BNY Mellon agrees with the response of AFME.

Q19. Do you agree with the draft Impact Assessment? Can you provide any numerical data to further inform the Impact Assessment? BNY Mellon agrees with the response of AFME.

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Contact name Paul Gough