The SRM could then rely on the resolution measures set forth in this directive, which will provide a robust framework for prompt and coordinated resolution action, in particular where cross-border banks are concerned. The framework of the SRM has yet to be defined and a proposal by the Commission is expected to be submitted later this year.
Two decades ago we still had Regulation Q, the Glass-Steagall Act was widely viewed as requiring a virtual prohibition of combinations of commercial and investment banking, and interstate banking and branching were barely fantasies even at the state level, let alone applications for combinations of insurance and banking.