Differences between proportionality in the CRD IV and Simplified obligations in the BRRD.

Outright waivers for individual institutions from the obligation to prepare recovery plans are only available in the circumstances outlined in Article 4(8) of Directive 2014/59/EU (BRRD).                                                                              It may also be worth noting that pursuant to Article 1(1)(a) and definitions in Article 2 (1) (3) and Article 2(23) of the BRRD, small investment firms, i.e. with an initial capital below 730.000 Euro fall outside the scope of the BRRD and, therefore, they are excluded from recovery and resolution planning obligations. Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.