EBU Single Rulebook Q&A 25 November 2016 2016_3023 Implementation of the exemption from bail in for “liabilities” in a fiduciary context ((Article 44(2)(d)) BRRD)

How should the exemption from bail in for “liabilities” in a fiduciary relationship context be implemented? Article 44(2)(d) of Directive 2014/59/EU (BRRD) states that: “Resolution authorities shall not exercise the write down or conversion powers in relation to the following liabilities whether they are governed by the law of a Member State or of a third country: […] (d) any liability that