Contractual Recognition of Bail-in

Silvia Morlino, Senior Legal Counsel, Intesa Sanpaolo Group Services, Italy

The EU Bank Recovery and Resolution Directive (2014/59/EU) (the “BRRD”) is part of a series of European Union (“EU”) banking reforms made in response to the financial crisis and establishes a framework for the management of failing financial institutions by the authorities. The financial crisis has shown that there was a significant lack of adequate tools at EU level to deal effectively with insolvent or failing credit institutions (i.e. banks) and investment firms (together “financial institutions” or “institutions”). When the financial crisis exploded there was no harmonisation of procedures for winding-up or administration of financial institutions at the European Union level. Some Member States were used to apply to financial institutions the same procedures that they applied to other insolvent corporate entities, which in certain cases have been adapted for financial institutions. There were substantial and procedural differences between the laws, regulations and administrative provisions which govern the insolvency of institutions in the Member States. In addition, as result of the financial crisis it was clear that general corporate insolvency procedures may not always be appropriate for financial institutions as they may not always ensure: (i) sufficient speed of intervention, (ii) the continuation of the critical functions of institutions and (iii) the preservation of financial stability.

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Italy Regulation Banking & Finance August 2018 Vol.11, No. 44, Summer 2018

Silvia Morlino

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Professional Experience 12/10/2015 → Current Senior Legal Counsel Intesa Sanpaolo International Banking and finance contracts and regulatory analysis. 15/5/2012 → 30/06/2017 Studio Legale Tributario in associazione con EY (nuova denominazione di Ernst & Young) Executive Director dello studio legale per diritto bancario, finanziario e societario 07/12/2010 → 30/4/2012 Bird & Bird Studio Legale – Banking and Finance Department Of Counsel 01/10/1997 → 06/12/2010 Allen & Overy Studio Legale – International Capital Markets Department (ICM) Dal 2006 Senior Associate 27/03/2006 → 11/07/2006 Allen & Overy (London Office) - Derivatives and Structured Finance (DSF) Senior Associate 18/07/2005 → 17/03/2006 Deutsche Bank AG, London Branch – Legal Department (in secondment) Legal Assistance to Debt Capital Markets 03/05/2005 → 15/07/2005 Allen & Overy (London Office) - Derivatives and Structured Finance (DSF) Associate Education 2002 Admitted to the Italian Bar 18/01/2000 → 15/12/2002 PhD in Law and Economics, University of Rome "La Sapienza" PhD Thesis: "International Financial Regulation" - Supervisor: Prof. Sabino Cassese 10/01/2002 → 23/12/2002 Visiting Researcher, Harvard Law School, Cambridge (MA), US Research for my PhD – Supervisor: Prof. Hal S. Scott Attended courses: - International Finance - Corporate Finance - Securities Regulation - Law and Economics - International Law 21/09/1998 → 10/09/1999 Master of Laws, London School of Economics and Political Science (LSE), London (UK) Master of Laws with merit Attended Courses: - Regulation of Financial Markets - Legal aspects of International Finance - Law of the European Internal Market - UK and EC Competition Law 01/09/1995 → 30/06/1996 Specialization Course in Administrative Law, University of Rome "La Sapienza" Subject: "Public Utilities and European Law" - Thesis on "Liberalization of the Gas Market" 01/11/1992 → 18/06/1997 Degree in Law, University of Rome "La Sapienza" Final grades: 110/110 cum laude Thesis on "European Union Regulation of Companies" – Supervisor: Prof. Sabino Cassese 01/09/1995 → 30/06/1996 Undergraduate Course in Law, University of Kingston (UK) - Erasmus Programme Attended Courses: - Contract law - Law of torts - Company law - Public law 21/09/1998 → 10/09/1999 Chevening Scholarship for Master of Laws - British Council Foreign and Commonwealth Office

Intesa Sanpaolo Group Services

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Italian Bank

Italy Regulation Banking & Finance August 2018 Vol.11, No. 44, Summer 2018