Client money

The deposits should not fall under the exemption allowed by Article 44(2)(c) BRRD for client's money, unless there is a proof that the investor has already given the order to invest, at the moment of the entry into resolution, and provided that the client is protected by the applicable national insolvency law. In the case the investor has not ordered the investment yet, those deposits would fall under the exemption provided in Article 44(2)(a) BRRD with respect to covered deposits as defined in point (5) of Article 2.1 of Directive 2014/49/EU. 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.