Partial delay to UK implementation of UK contractual recognition of bail-in rules

On 25 November 2015, the PRA published a ‘waiver by consent’ in relation to the contractual recognition of bail-in requirements. In certain circumstances the PRA will modify their rules on a firm by firm basis to allow implementation to be delayed until 30 June 2016 (or earlier, if the relevant rules are amended or revoked). We understand that the FCA is also likely to modify its rules in a similar manner.