This report does not constitute a rating action. LONDON (S&P Global Ratings) April 14, 2026--S&P Global Ratings said today that enhanced legal clarity over the application of the U.S. Securities Act to bailed-in securities bolsters the effectiveness of bank resolution. The steps announced by U.S. and U.K. regulators in recent days address lessons learned from the 2023 collapse of Credit Suisse and strengthen preparedness for an effective cross-border resolution action. Systemic European banks issue a substantial portion of their loss-absorbing capacity to U.S. investors, and the ability to bail-in these securities is crucial to the banks' resolvability. Although the announced measures are relevant only to U.K.-based issuers, we think they pave the way for a broader solution applicable to all
