A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
Under the BRRD, a request by a bank for extraordinary public financial support is an indicator that the firm is failing or is likely to fail which will trigger resolution.
On September 22, 2014, the EBA published final Guidelines on the
types of tests, reviews or exercise that would exempt an injection
of own funds or acquisition of capital instruments from being
considered a form of extraordinary public financial support under
the Banking Recovery and Resolution Directive (the
"BRRD"). Under the BRRD, a request by a bank for
extraordinary public financial support is an indicator that the
firm is failing or is likely to fail which will trigger resolution.
However, in certain circumstances, such a request will not trigger
resolution, including when an injection of own funds or an
acquisition of a capital instrument is used to address a capital
shortfall resulting from a stress test, an asset quality review or
other equivalent exercises. The Guidelines apply to national
regulators and aim to ensure a consistent application of the BRRD
provisions across the EU. National regulators are required to
implement the Guidelines by January 1, 2015.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
