Question ID:
Legal Act:
Directive 2014/59/EU (BRRD)
Resolution objectives and triggers
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Not applicable
Disclose name of institution / entity:
Type of submitter:
Competent authority
Subject Matter:
Definition of client funds

Is it sufficient to refer to "client assets" in the list of resolution objectives, if the definition of "client assets" at a national level includes "client money"?

Background on the question:

Article 31(2)(e) of BRRD refers to client funds and client assets. However, "client funds" is not defined in Directive 2014/59/EU (BRRD), nor in Directive 2014/65/EU (MiFID 2) or in Regulation (EU) No 600/2014 (MIFIR). We include "client money" in our definition of "client assets", so consider it is sufficient to refer just to "client assets" in our list of resolution objectives.

Date of submission:
Published as Final Q&A:
Final Answer:

Article 31(2)(e) of BRRD sets out a general resolution objective to protect assets and money (funds) belonging to clients. Therefore, it is sufficient to refer to "client assets" in the list of resolution objectives if the definition of "client assets" at a national level includes "client money".


This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.

Final Q&A
Answer prepared by:
Answer prepared by the European Commission because it is a matter of interpretation of Union law.
Note to Q&A:

Update 26.03.2021: This Q&A has been reviewed in the light of the changes introduced to Directive 2014/59/EU (BRRD) and continues to be relevant.