(12)Regulation (EU) No 806/2014 does not include dedicated rules on transitional arrangements and intermediate target levels for meeting the MREL after 2024. However, there are situations in which entities should not be immediately required to comply with a higher MREL set by the Board, including those cases where the increase of the MREL results from material changes to the entity due, for example, to mergers or acquisitions, or from changes to the preferred resolution strategy. In particular, where the preferred resolution strategy changes from a winding up under normal insolvency proceedings to the application of a resolution action, the entity might not be able to immediately meet in full the MREL as set by the Board. The Board should therefore be empowered to determine appropriate transitional periods for complying with the MREL. Moreover, the Board should have the power to determine binding intermediate target levels for such entities, to ensure that they build up their MREL-eligible resources in an appropriate way. To protect legitimate expectations, transitional periods previously determined by the Board on the basis of the rules applicable on the relevant date should not be affected by the new rules.