On 22 October 2013, the EU Parliament updated it procedural file on the recovery and resolution framework for non-bank institutions. The indicative first or single reading plenary session scheduled for 13 January 2014 has been moved forward to 9 December 2013.
Recovery and Resolution Plans
Living Wills and more…
Excuse my ignorance of EU Parliamentary procedures, what are indicative reading plenary sessions and what is the consequence of having it moved forward? How close are they to actually enacting it?
Dear Nicole,
Thank you for your question. Indicative reading plenary session is a suggested (‘indicative’) meeting of the whole Parliament (‘plenary session’). Under Parliamentary procedures, the Commission presents a proposal to Parliament and the Council which can only become law if both agree on a text, which they do (or not) through successive readings up to a maximum of three. As this is only the first reading in December, it is too early to say at this point how close they are to actually enacting the framework.