The Court of Appeal Rules in Favor of Mutual Recognition and Rescues Cross-Border Resolution

Abstract

By overturning the High Court decision on Goldman Sachs v. Novo Banco, the Court of Appeal correctly restored the principle of automatic mutual recognition of resolution actions within the EU. The Court of Appeal’s judgment supports the effectiveness of the cross-border resolution regime and avoids the risks of a fragmented framework that were embedded within the High Court decision.

Keywords: Cross-Border Bank Resolution, Jurisdiction, Mutual Recognition