# kaal:claim:2061166-008

**Claim.** The authors identify a drafting defect in the proposed CRD IV Regulation: the distinction drawn by financial institution in Article 51(a) is ambiguous and the cross reference to the institution referred to in point (a) of Article 87 is unclear and indeterminate, so the provision requires clarification or amendment.

**Type.** failure  **Support.** argued

**Holds when.**

- Article 51 of the proposed CRD IV Regulation as drafted

**Source quote.**

> the distinction is ambiguous and requires further clarification or amendment. Specifically, the statutory reference in § 51, ¶ (a) ("of the institution referred to in point (a) of Article 87") is unclear and indeterminate.

**From.** Christoph K. Henkel, Wulf A. Kaal, *Contingent Capital in European Union Bank Restructuring* (2012), 3. Revisions of the Capital Requirements Directives, page 27

**Cite as.** Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166

**Verify.** sha256 of source PDF `43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Henkel%20and%20Kaal%20-%202012%20-%20Contingent%20Capital%20in%20European%20Union%20Bank%20Restructuring.pdf

**Failure mode.** Indeterminate statutory cross reference in Article 51  (family: definitional-ambiguity)

**Topics.** contingent-capital, law-and-legal-systems

**Keywords.** crd-iv, additional-tier-1, statutory-drafting, trigger-design, legal-uncertainty

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