Activities of Elisa FERREIRA related to 2012/0150(COD)
Plenary speeches (1)
Framework for the recovery and resolution of credit institutions and investment firms - Deposit guarantee schemes (debate)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010 PDF (1 MB) DOC (640 KB)
Amendments (211)
Amendment 146 #
Proposal for a directive
Recital 4
Recital 4
(4) A regime is, therefore, needed to provide authorities with thea credible set of tools to intervene sufficiently early and quickly in an unsound or failing credit institution so as to ensure the continuity of the credit institution’s essential financial and economic functions, while minimizing the impact of an institution’s failure on the financial system and ensuring that shareholders and creditors bear appropriate losseappropriate losses are imposed on the shareholders and creditors who bore the risk of investing in these institutions. New powers should enable authorities to maintain uninterrupted access to deposits and payment transactions, sell viable portions of the firm where appropriate, and apportion losses in a manner that is fair and predictable. Those objectives should ensure that taxpayers are no longer liable for failing credit institutions, and help avoid destabilizing financial markets and minimize the costs for taxpayers..
Amendment 158 #
Proposal for a directive
Recital 11
Recital 11
(11) In order to ensure the required speed of action, to guarantee independence from economic actors and to avoid conflicts of interest, Member States should appoint public administrative authorities endowed with administrative and financial independence to perform the functions and tasks in relation to resolution pursuant to this Directive. Member States should ensure that appropriate resources are allocated to those resolution authorities. The designation of public authorities should not exclude delegation under the responsibility of the resolution authority. However, it is not necessary to prescribe the exact authority that Member States should appoint as the resolution authority. While harmonisation of that aspect may facilitate coordination, it would also considerably interfere with the constitutional and administrative systems of Member States. A sufficient degree of coordination can still be achieved with a less intrusive requirement: all the national authorities involved in the resolution of institutions should be represented in resolution colleges, where coordination at cross-border or Union level should take place. Member States should, therefore, be free to choose which authorities should be responsible for applying the resolution tools and exercising the powers provided for in this Directive.
Amendment 166 #
Proposal for a directive
Recital 13 a (new)
Recital 13 a (new)
(13a) In the resolution of institutions or groups operating across the Union, the decisions taken should preserve financial stability and minimise economic and social effects in the Member States where the institution or group operates.
Amendment 167 #
Proposal for a directive
Recital 14
Recital 14
(14) In order to ensure uniform and consistent approach in the area covered by this Directive, EBA should also be empowered to adopt guidelines, and elaborate regulatory and technical standards to be endorsed by the Commission by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union, namely on the content of Codes of Conduct to be drawn by institutions regarding the assessment of the existence of impediments to resolvability and the assessment of if an institution is likely to breach the requirements of Directive 2006/48/EC, failing or likely to fail.
Amendment 169 #
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Recovery plans shall provide for measures to be taken by the management of the institution when the competent authority adopts measures of early intervention.
Amendment 170 #
Proposal for a directive
Recital 16 b (new)
Recital 16 b (new)
(16b) In case of group recovery plans, the potential impact of the recovery measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the plans.
Amendment 175 #
Proposal for a directive
Recital 18
Recital 18
(18) Resolution planning is an essential component of effective resolution. Authorities should have all the information necessary in order to plan how the essential functions of an institution or of a cross- border group may be isolated from the rest of the business and transferred in order to ensure the preservation and continuance of essential functions. The requirement to prepare a resolution plan should, however, be simplified, reflecting the systemic importance of the institution or group, or even waived, if the failure of a particular institution, due to the nature of its business, its size or its interconnectedness to other institutions or to the financial system in general, is deemed to not have a detrimental effect on financial markets, on other institutions or on funding conditions. Resolution plans shall, where applicable, respect existing collective agreements as well as national and European legal provisions on the involvement of trade unions and workers’ representatives in company restructuring processes.
Amendment 177 #
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) Due to the privileged knowledge by the institution on its own functioning and any problems arising from it, resolution plans shall be drawn by resolution authorities in close cooperation with the institutions.
Amendment 179 #
Proposal for a directive
Recital 18 b (new)
Recital 18 b (new)
(18b) The resolution plans shall be revised or updated whenever needed; for that purpose, the institutions and the competent authorities shall communicate immediately to the resolution authorities any change that imposes a revision or update of the resolution plan.
Amendment 180 #
Proposal for a directive
Recital 18 c (new)
Recital 18 c (new)
(18c) In case of group resolution plans, the potential impact of the resolution measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the plans. The resolution authorities of the Member States where the group operates shall be involved in the drawing up of the plan.
Amendment 187 #
Proposal for a directive
Recital 21 a (new)
Recital 21 a (new)
(21a) Regarding the sensitiveness of the information contained in them, the recovery and the resolution plans are confidential.
Amendment 188 #
Proposal for a directive
Recital 21 b (new)
Recital 21 b (new)
(21b) The competent authorities shall transmit the recovery plans and any changes thereto to the relevant resolution authorities, and the latter shall transmit the resolution plans and any changes thereto to the former, in order to permanently keep every relevant authority fully informed.
Amendment 189 #
Proposal for a directive
Recital 21 c (new)
Recital 21 c (new)
(21c) Considering the essentiality of the drawing up of recovery and resolution plans to the application of the framework established by this Directive, institutions shall submit their recovery plans to competent authorities and resolution authorities shall draw up resolution plans in six months from the date of the entry into force of the regulatory technical standards that EBA will develop on the content of those plans, notwithstanding the transposition date being only 31 December 2014.
Amendment 192 #
Proposal for a directive
Recital 23
Recital 23
(23) In order to preserve financial stability, it is important that competent authorities be able to remedy the deterioration of an institution’s financial and economic situation before that institution reaches a point at which authorities have no other alternative than to resolve it. To this end, competent authorities should be granted early intervention powers, including the power to replace the management body of an institution with a special managerwhich will consist essentially on the execution of the recovery plan, only including other measures where necessary; this would serve as a means of exerting pressure on the institution in question to take measures to restore its financial soundness and/or to reorganise its business so as to ensure its viability at an early stage. Measures of early intervention include the replacement of the management body of an institution with a special manager, but only where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures foreseen for early intervention are not sufficient to reverse that deterioration, in such terms that, if no action is taken, the resolution authority would in the near future have to determine that the institution is failing or likely to fail. The task of the special manager should be to take all measures necessary and promote solutions in order to redress the financial situation of the institution. The appointment of the special manager should not however derogate from any rights of the shareholders or owners or procedural obligations established under Union or national company law and should respect international obligations of the Union or Member States, relating to investment protection. The early intervention powers should include those already specified under Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions for circumstances other than those considered as early intervention as well as other situations considered necessary to restore the financial soundness of an institution.
Amendment 195 #
Proposal for a directive
Recital 24
Recital 24
(24) The resolution framework should provide for timely entry into resolution before a financial institution is balance- sheet insolvent and before all equity has been fully wiped out. Resolution should be initiated when a firm is no longer viable or likely to be no longer viable and other measures have proved insufficient to prevent failure. The fact that an institution does not meet the requirements for authorization should not justify per-se the entry into resolution, especially if the institution is still or likely to be still viable. An institution should be considered as failing or likely to fail, by a determination of the resolution authority in consultation with the competent authority, when it is or is to be in breach of the capital requirements for continuing authorisation because it has incurred or is likely to incur in losses that are to deplete all or substantially all of its own funds, when the assets of the institution are or are to be less than its liabilities, when the institution is or is to be unable to pay its obligations as they fall due, or when the institution requires extraordinary public financial support. The need for emergency liquidity assistance from a central bank should not in itself be a condition that sufficiently demonstrates that an institution is or will be, in the near- term, unable to pay its liabilities as they fall due. In order to preserve financial stability, in particular in case of a systemic liquidity shortage, State guarantees on liquidity facilities provided by central banks or State guarantees on newly issued liabilities should not trigger the resolution framework provided that a number of conditions are met. In particular the State guarantee measures should to be approved under the State aid framework and should not be part of a larger aid package, and the use of the guarantee measures should be strictly limited in time. In both instances, the bank needs to be solvent.
Amendment 197 #
Proposal for a directive
Recital 24 a (new)
Recital 24 a (new)
(24a) In case of resolution of an institution or of a group with cross-border activity, the determination by the resolution authority that the institution is failing or likely to fail as well as any resolution action shall take into account the potential impact of the resolution in all the Member States where the institution or the group operate.
Amendment 202 #
Proposal for a directive
Recital 29
Recital 29
(29) When applying resolutions tools and exercising resolution powers, according to the resolution plan where appropriate and subject to proper justification, resolution authorities should make sure that shareholders and creditors bear an appropriate share of the losses, that the managers are replaced, that the costs of the resolution of the institution are minimised, and that all creditors of an insolvent institution that are of the same class are treated in a similar manner. When the use of the resolution tools involves the granting of State aid, interventions should have to be assessed in accordance with the relevant State aid provisions. State aid may be involved, inter alia, where resolution funds or deposit guarantee funds intervene to assist in the resolution of failing institutions.
Amendment 211 #
Proposal for a directive
Recital 35
Recital 35
(35) The resolution tools should be applied before any public sector injection of capital or equivalent extraordinary public financial support to an institution. This, however, should not impede the use, for the purpose of financing resolution, of funds from the deposit guarantee schemes or the resolution funds. In this respect, the use of extraordinary public financial support or resolution funds, including deposit guarantee funds, to assist in the resolution of failing institutions should be assessed in accordance with relevant State aid provisions.
Amendment 217 #
Proposal for a directive
Recital 45
Recital 45
(45) In order to ensure that resolution authorities have the necessary flexibility to allocate losses to creditors in a range of circumstances, it is appropriate that those authorities be able to apply the bail-in tool both where the objective is to resolve the failing institution as a going concern if there is a realistic prospect that the institution viability may be restored, and where systemically important services are transferred to a bridge institution and the residual part of the institution ceases to operate and is wound down. However, the resolution authorities should only use the bail-in tool when the evaluation of the use of the other resolution tools reveals they are insufficient to restore the viability of the institution.
Amendment 222 #
Proposal for a directive
Recital 47
Recital 47
(47) It is not appropriate to apply the bail- in tool to claims in so far as they are secured, collateralised or otherwise guaranteed. However, in order to ensure that the bail-in tool is effective and achieves its objectives, it is desirable that it can be applied to as wide a range of the unsecured liabilities of a failing institution as possible. Nevertheless, it is appropriate to exclude certain kinds of unsecured liability from the scope of application of the bail-in tool. For reasons of public policy and effective resolution, the bail-in tool should not apply to those deposits that are protected under Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit- guarantee schemes, to liabilities to employees of the failing institution or to commercial claims that relate to goods and services necessary for the daily functioning of the institution.
Amendment 223 #
Proposal for a directive
Recital 47 a (new)
Recital 47 a (new)
(47a) Considering the risks of contagion, liabilities arising from interbank money- market operations with an original maturity of less than one month and from derivatives which were entered by the institution to hedge risks are also excluded from bail-in.
Amendment 224 #
Proposal for a directive
Recital 48
Recital 48
(48) Depositors that hold deposits guaranteed by the deposit guarantee scheme should not be subject to the exercise of the bail-in tool. The deposit guarantee scheme, however, contributes to funding the resolution process to the extent that it would have had to indemnify the depositors. The exercise of the bail-in powers would ensure that depositors continue having access to their deposits which is the main reason why the deposit guarantee schemes have been established. Not foreseeing the involvement of those schemes in such cases would constitute an unfair advantage with respect to the rest of creditors which would be subject to the exercise of the powers by the resolution authorityOnce the protection of depositors is one of the most important objectives of resolution, deposits should not be subject to the exercise of the bail-in tool. The exercise of the bail-in powers would ensure that depositors continue having access to their deposits.
Amendment 225 #
Proposal for a directive
Recital 48 a (new)
Recital 48 a (new)
(48a) Additionally, the credits of deposit guarantee schemes are also not susceptible to bail-in, and in case of insolvency proceedings the claims of depositors and of deposit guarantee schemes which were subrogated to the claims of depositors by virtue of payments made to depositors up to the amount of their guaranteed deposits under the scheme are granted a preferential claim so as to have a higher priority ranking over the claims of ordinary unsecured creditors in the event of insolvency of the credit institution.
Amendment 235 #
Proposal for a directive
Recital 54
Recital 54
(54) It is not necessary to prescribe the exact means through which the resolution authorities should intervene in the insolvent institution. The resolution authorities should have the choice between taking control through a direct intervention in the institution or through executive order. They should decide according to the resolution plan and to the circumstances of the case. It does not appear necessary for efficient cooperation between Member States to impose a single model at this stage.
Amendment 252 #
Proposal for a directive
Recital 74
Recital 74
(74) While financing arrangements are set up at national level, they should be mutualised in the context of group resolution. When a resolution action ensures that depositors continue having access to their deposits, Deposit Guarantee Schemes to which an institution under resolution is affiliated should be liable, up to the amount of covered deposits, for the amount of losses that they would have had to bear if the institution had been wound up under normal insolvency proceedings.
Amendment 253 #
Proposal for a directive
Recital 74 a (new)
Recital 74 a (new)
(74a) Member States should design their financial arrangements envisaging their possible future merger, partial or total, into a European Resolution Fund.
Amendment 254 #
Proposal for a directive
Recital 75
Recital 75
Amendment 257 #
Proposal for a directive
Recital 82
Recital 82
(82) When preparing and drawing up delegated acts, the Commission should ensure the early and on-going transmission of information on relevant documents to the European Parliament and the Council.
Amendment 261 #
Proposal for a directive
Title I
Title I
SCOPE, DEFINITIONS AND, AUTHORITIES, COOPERATION AND INSTITUTIONS WITH CROSS-BORDER ACTIVITY
Amendment 298 #
Proposal for a directive
Article 2 – paragraph 1 – point 41
Article 2 – paragraph 1 – point 41
(41) ‘debt instruments’ referred to in points (d), (i), (l) and (m) of Article 56(1) means bonds and other forms of transferable debt, any instrument creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;
Amendment 312 #
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Each Member States shall designate one or more resolution authoritiesy that areis empowered to apply the resolution tools and exercise the resolution powers.
Amendment 316 #
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Resolution authorities shall be public administrative authorities endowed with administrative and financial independence.
Amendment 321 #
Proposal for a directive
Article 3 – paragraph 3
Article 3 – paragraph 3
3. Resolution authorities may be the competent authorities for supervision for the purposes of Directives 2006/48/EC and 2006/49/EC, central banks, competent ministries or other public administrative authorities, provided that Member States adopt rules and arrangements necessary to avoid conflicts of interest between the functions of supervision pursuant to Directives 2006/48/EC and 2006/49/EC or the other functions of the relevant authority and the functions of resolution authorities pursuant to this Directive. In particular, Member States shall ensure that, within the competent authorities, central banks, competent ministries or other public administrative authorities there is a separation between the resolution function and the supervisory or other functions of the relevant authority and that there are different decision taking bodies for the supervision functions and for the resolution functions.
Amendment 324 #
Proposal for a directive
Article 3 – paragraph 4
Article 3 – paragraph 4
Amendment 328 #
Proposal for a directive
Article 3 – paragraph 5
Article 3 – paragraph 5
5. Where the designated authority in accordance with paragraph 1 is not the competent ministry in a Member State, any decision of the designated authority pursuant to this Directive shall be taken in consultation with the competent ministrythat may have systemic or national implications or arises out of a systemic international crisis shall be taken in consultation with the competent ministry; in any other case, the designated authority will inform the competent ministry of any decision taken pursuant to this Directive.
Amendment 339 #
Proposal for a directive
Article 3 – paragraph 7
Article 3 – paragraph 7
Amendment 343 #
Proposal for a directive
Article 3 – paragraph 8
Article 3 – paragraph 8
8. Member States shall inform European Banking Authority (EBA) of the national authority or authorities appointed as resolution authoritiesy and contact authority and, where relevant, theirits specific functions and responsibilities. EBA shall publish the list of those resolution authorities.
Amendment 348 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3 a Cooperation 1. Where the resolution authority and the competent authority pursuant to Directive 2006/48/EC are separate entities, Member States shall require that they cooperate closely in the preparation, planning and application of resolution decisions. 2. Where the institution exercises any investment services or activities as defined in Article 4(1)(2) of Directive 2004/39/EC, the competent authority and the resolution authority shall consult the competent authority as defined in Article 4(1)(22) of that Directive on any early intervention measure and on any resolution action before it is taken and, where the consultation is not possible, keep the competent authority as defined in Article 4(1)(22) of that Directive informed.
Amendment 350 #
Proposal for a directive
Article 3 b (new)
Article 3 b (new)
Article 3 b Institutions with cross-border activity Decisions taken by competent authorities, resolution authorities and the EBA throughout this Directive shall take into account the potential impact of the decision in all the Member States where the institution or the group operate and preserve financial stability and minimise economic and social effects in those Member States.
Amendment 370 #
Proposal for a directive
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
Amendment 376 #
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 103 in order to specify the criteria referred to in paragraphs 1 and 1a, for assessing, in accordance with paragraphs 1 and 1a, the impact of an institution failure on financial markets, on other institutions and on funding conditions.
Amendment 381 #
Proposal for a directive
Article 4 – paragraph 3 a (new)
Article 4 – paragraph 3 a (new)
3a. The plans referred to in Articles 5, 7, 9 and 11 of this Directive are confidential and shall not be revealed to anyone except to the competent authorities and the resolution authorities according to this Directive.
Amendment 382 #
Proposal for a directive
Article 4 a (new)
Article 4 a (new)
Article 4 a Scenarios to be used when drawing up recovery and resolution plans EBA, in consultation with the European Systemic Risk Board (ESRB), shall develop draft technical standards specifying scenarios to be used for the purposes of Article 5(5) and 9(2). EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 404 #
Proposal for a directive
Article 5 – paragraph 4 – subparagraph 1 a (new)
Article 5 – paragraph 4 – subparagraph 1 a (new)
Recovery plans shall provide for measures to be taken by the management of the institution when the competent authority adopts measures of early intervention according to Article 22.
Amendment 409 #
Proposal for a directive
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The competent authorities shall ensure that institutions include in recovery plans appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. Competent authorities shall ensure that firminstitutions test their recovery plans against a range of scenarios of financial distress relevant to the institutions' specific conditions, varying in their severity including system wide events, legal-entity specific stress and group-wide stress. These scenarios shall foresee breaches of legal and regulatory requirements of Directive 2006/48/EC.
Amendment 414 #
Proposal for a directive
Article 5 – paragraph 6
Article 5 – paragraph 6
Amendment 425 #
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Member States shall require institutions to submit recovery plans to the competent authorities for review within not more than six months from the date of the entry into force of the regulatory technical standards referred to in Articles 4a and 5(7).
Amendment 427 #
Proposal for a directive
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The competent authorities shall, within not more than three months from the submission, review those plans and assess the extent to which each plan satisfies the requirements set out in Article 5 and the following criteria:
Amendment 429 #
Proposal for a directive
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) the implementation of the arrangements proposed in the plan would be likely to restore the viability and financial soundness of the institution, taking into account the preparatory measures that the institution has taken or has planned to take;
Amendment 430 #
Proposal for a directive
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) the plan or specific options could be implemented effectively in situations of financial stress and without causing any significant adverse effect on the financial system, including in the event that other institutions implemented recovery plans within the same time period.
Amendment 470 #
Proposal for a directive
Article 7 – paragraph 2
Article 7 – paragraph 2
2. The consolidating supervisor shall transmit the group recovery plans to the relevant competent authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC and to EBA.
Amendment 477 #
Proposal for a directive
Article 7 – paragraph 3 – subparagraph 2 a (new)
Article 7 – paragraph 3 – subparagraph 2 a (new)
The potential impact of the recovery measures in all the Member States where the group operates shall be specifically taken into account in the drawing up of the group recovery plan.
Amendment 495 #
Proposal for a directive
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
The consolidating supervisor shall carry out the review and assessment of the group recovery plan, including the recovery plans for individual institutions that are part of the group, in consultation and cooperation with the competent authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC. The review and assessment in accordance with Article 6(2) of this Directive of the group recovery plan and, if necessary, the request to take measures in accordance with Article 6(4) of this Directive shall take the form of joint decisions by the authorities participating in the colleges of supervisors referred to in Article 131a of Directive 2006/48/EC, which will take into account the potential impact of the recovery measures in all the Member States where the group operates.
Amendment 519 #
Proposal for a directive
Article 8 a (new)
Article 8 a (new)
Article 8a Transmission of the recovery plans to the resolution authorities 1. The competent authority shall transmit the recovery plans and any changes thereto to the relevant resolution authorities. 2. Group recovery plans shall be transmitted according to the previous paragraph by the consolidating supervisor.
Amendment 528 #
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Resolution authorities, in consultation with competent authorities, shall draw up and in close cooperation with the institutions, shall draw up within not more than six months from the date of the entry into force of the regulatory technical standards referred to in Articles 4a, 13(3) and 14(8), a resolution plan for each institution that is not part of a group subject to consolidated supervision pursuant to Articles 125 and 126 of Directive 2006/48/EC. The resolution plan shall provide for the resolution actions which the resolution and competent authorities may take where the institution meets the conditions for resolution.
Amendment 530 #
Proposal for a directive
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. When drawing up the resolution plan, the resolution authority shall identify any impediments to resolvability and, where appropriate, exercise the preventive powers to remove those impediments, according to Chapter II of the present Title.
Amendment 536 #
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Resolution plans shall be reviewed, and where appropriate updated, at least annually and after any material changes to the legal or organisational structure of the institution or to its business or its financial situation that could have a material effect on the effectiveness of the plan or otherwise imposes a change to the resolution plan.
Amendment 538 #
Proposal for a directive
Article 9 – paragraph 3 – subparagraph 1 (new)
Article 9 – paragraph 3 – subparagraph 1 (new)
For the purpose of the revision or update of the resolution plans according to the previous subparagraph, the institutions and the competent authorities shall communicate immediately to the resolution authorities any change that imposes a revision or update of the resolution plan.
Amendment 548 #
Proposal for a directive
Article 9 – paragraph 4 – point m a (new)
Article 9 – paragraph 4 – point m a (new)
(ma) an analysis of the impact of the plan on the employees of the institution and a description of envisaged measures for establishing procedures to consult with staff during the resolution process, taking into account national systems for dialogue with social partners where applicable;
Amendment 550 #
Proposal for a directive
Article 9 – paragraph 5
Article 9 – paragraph 5
Amendment 558 #
Proposal for a directive
Article 10 – title
Article 10 – title
Information for the purpose of resolution plans and cooperation from the institution
Amendment 560 #
Proposal for a directive
Article 10 – paragraph 3 a (new)
Article 10 – paragraph 3 a (new)
3a. Member States shall ensure that resolution authorities have the power to require institutions all the cooperation necessary to draw up resolution plans.
Amendment 585 #
Proposal for a directive
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. The potential impact of the resolution in all the Member States where the group operates shall be specifically taken into account in the drawing up of the group resolution plan.
Amendment 594 #
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 1
Article 12 – paragraph 4 – subparagraph 1
The group resolution plan shall take the form of a joint decision of the group level resolution authority and the other relevant resolution authorities, which will take into account the potential impact of the resolution in all the Member States where the group operates. The resolution authorities shall make a joint decision within a period of foureight months from the date of the transmission by the group level resolution authority of the information referred to in the second subparagraph of paragraph 1.
Amendment 600 #
Proposal for a directive
Article 12 – paragraph 4 – subparagraph 2
Article 12 – paragraph 4 – subparagraph 2
In the absence of such a joint decision between the resolution authorities within foureight months, the group level resolution authority shall make its own decision. The decision shall be set out in a document containing the fully reasoned decisions and shall take into account the views and reservations of the other competent authorities expressed during the foureight- month period. The group level resolution authority shall provide the decision to the parent undertakings or institution which is subject to consolidated supervision and to other resolution authorities, which will provide it to the institutions under their supervision.
Amendment 611 #
Proposal for a directive
Article 12 – paragraph 5
Article 12 – paragraph 5
5. A resolution authority that disagrees with any element of the group resolution plan may refer the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010. The matter may not be referred to EBA after the end of the foureight-month period or after a joint decision has been reached.
Amendment 615 #
Proposal for a directive
Article 12 – paragraph 6
Article 12 – paragraph 6
6. EBA shall take a decision within one month, and the foureight-month period shall be treated as the conciliation period within the meaning of that Regulation. The subsequent decision of the group level resolution authority shall comply with the decision of EBA.
Amendment 619 #
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Article 12a Transmission of the resolution plans to the competent authorities 1. The resolution authority shall transmit the resolution plans and any changes thereto to the relevant competent authorities. 2. Group resolution plans shall be transmitted according to the previous paragraph by the group level resolution authority.
Amendment 622 #
Proposal for a directive
Article 13 – paragraph 1
Article 13 – paragraph 1
1. Member States shall ensure that resolution authorities, in order to draw up the resolution plans referred to in Section 3 of Chapter I of the present Title and in consultation with competent authorities, assess the extent to which institutions and groups are resolvable without the assumption of extraordinary public financial support besides the use of the financing arrangements established in accordance with Article 91. An institution or group shall be deemed resolvable if it is feasible and credible for the resolution authority to either liquidate it under normal insolvency proceedings or to resolve it by applying the different resolution tools and powers to the institution and group without giving rise to significant adverse consequences for the financial systems, including in circumstances of broader financial instability or system wide events, of the Member State in which the institution is situated, having regard to the economy or financial stability in that same or other Member State or the Union and with a view to ensure the continuity of critical functions carried out by the institution or group either because they can be easily separated in a timely manner or by other means.
Amendment 633 #
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Member States shall ensure that when, pursuant to an assessment of resolvability carried out in accordance with Article 13, a resolution authority, in consultation with the competent authority and the institution, determines that there are potential substantive impediments to the resolvability of an institution, the resolution authority shall notify in writing that determination to the institution.
Amendment 635 #
Proposal for a directive
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The periods, respectively of six and eight months, referred to in Articles 9(1) and 12(4) are suspended since the notification referred to in the previous paragraph until the effective removal of any impediments to resolvability.
Amendment 641 #
Proposal for a directive
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Where the resolution authority assesses that the measures proposed by an institution in accordance with paragraph 2 do not effectively reduce or remove the impediments in question, it shall, where necessary and proportionate and in consultation with the competent authorities, identify alternative measures that may achieve that objective, and notify in writing those measures to the institution.
Amendment 644 #
Proposal for a directive
Article 14 – paragraph 3 a (new)
Article 14 – paragraph 3 a (new)
3a. Member States shall ensure that the resolution authority, in consultation with the competent authority, draws up a Code of Conduct on the assessment of resolvability which includes the principles and criteria on the resolution authority's measures to proceed to a removal of impediments to resolvability.
Amendment 645 #
Proposal for a directive
Article 14 – paragraph 3 b (new)
Article 14 – paragraph 3 b (new)
3b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 678 #
Proposal for a directive
Article 14 – paragraph 6 a (new)
Article 14 – paragraph 6 a (new)
6a. Member States shall ensure that institutions that are affected by measures decided by resolution authorities accordingly to this Article have appropriate rights of appeal of those decisions, namely the right of judicial review.
Amendment 692 #
Proposal for a directive
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The group level resolution authorities and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches, in consultation with the relevant competent authorities, shall consult each other within the resolution college and shall take all reasonable steps to reach a joint decision in regards to the application of measures identified in accordance with Article 14(3).
Amendment 698 #
Proposal for a directive
Article 15 – paragraph 2
Article 15 – paragraph 2
2. The group level resolution authority, in cooperation with the consolidating supervisor and EBA in accordance with Article 25(1) of Regulation (EU) No 1093/2010, shall prepare and submit a report to the parent undertakings or institution subject to consolidated supervision and to the resolution authorities of the subsidiaries, which will provide it to the subsidiaries under their supervision, and of the Member States where institutions have relevant branches. The report shall be prepared in consultation with the competent authorities, and shall analyse the substantive impediments to the effective application of the resolution tools and the exercising of the resolution powers in relation to the group. The report shall also recommend any measures that, in the authorities' view, are necessary or appropriate to remove those impediments.
Amendment 703 #
Proposal for a directive
Article 15 – paragraph 4
Article 15 – paragraph 4
4. The group level resolution authority shall communicate any measure proposed by the parent undertakings or institution subject to consolidated supervision to the consolidating supervisor, EBA and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches. The group level resolution authorities and the resolution authorities of the subsidiaries and of the Member States where institutions have relevant branches, in consultation with the competent authorities, shall do everything within their power to reach a joint decision within the resolution college regarding the identification of the material impediments, and if necessary, the assessment of the measures proposed by the parent undertakings or institution subject to consolidated supervision and the measures required by the authorities in order to address or remove the impediments, which will take into account the potential impact of the measures in all the Member States where the group operates.
Amendment 738 #
Proposal for a directive
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In order to overcome potential legal impediments to provide financial support within a group of institutions, Member States shall ensure that a parent institution in a Member State, or a Union parent institution, or a company referred to in points (c) and (d) of Article 1and its subsidiaries that are institutions or financial institutions covered by the supervision of the parent undertaking, may enter into an agreement to provide financial support to any other party to the agreement that experiences financial difficulties, provided that the conditions laid down in this chapter are satisfied. The provisions in this Chapter shall not restrict the operation of centralised funding within a group of institutions in normal circumstances.
Amendment 742 #
Proposal for a directive
Article 16 – paragraph 5
Article 16 – paragraph 5
5. The agreement may only be concluded if, at the time the proposed agreement is made, in the opinion of the supervisoryrelevant competent authority, none of the parties is in breach of, or likely to be in breach of, any requirement of Directive 2006/48/EC relating to capital or liquidity or is at risk of insolvency.
Amendment 748 #
Proposal for a directive
Article 17 – title
Article 17 – title
Review of proposed agreement by supervisorcompetent authorities and mediation
Amendment 751 #
Proposal for a directive
Article 17 – paragraph 4
Article 17 – paragraph 4
4. The competent authorities shall do everything within their power to reach a joint decision, which will take into account the potential impact of the execution of the agreement in all the Member States where the group operates, on whether the terms of the proposed agreement are consistent with the conditions for financial support set out in Article 19 within four months from the date of receipt of the application by the consolidating supervisor. The joint decision shall be set out in a document containing the fully reasoned decision, which shall be provided to the applicant by the consolidating supervisor.
Amendment 767 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States may require that any proposed agreement that has been authorised by the competent authorities be submitted for approval to the shareholders meeting of every group entity that proposes to enter into the agreement. In this case, the agreement shall be valid only in respect of those parties whose shareholders' meeting has approved the agreement and after the new authorisation referred to in the next subparagraph. If the agreement that has been authorised by the competent authority is not approved by the shareholders meetings of every group entity which was entering into that agreement, the institutions referred to in Article 17(1) shall submit to the consolidating supervisor an application for authorisation of the agreement as duly amended. Subparagraphs 1 and 2 of this paragraph shall apply to the new agreement. Where competent authorities assess that the fact that the initially proposed agreement was not approved by the shareholders meetings of every group entity which was entering into that agreement deems the introduction of changes to the agreement that the institutions have not introduced, the consolidating supervisor shall require the applicant to submit, within two months, a revised proposed agreement for new authorisation. Subparagraphs 1, 2 and 3 of this paragraph shall apply to the new application and the new agreement.
Amendment 771 #
Proposal for a directive
Article 18 a (new)
Article 18 a (new)
Article 18a Transmission of the group financial support agreements to resolution authorities Competent authorities shall transmit to the relevant resolution authorities the group financial support agreements they authorised and any changes thereto.
Amendment 789 #
Proposal for a directive
Article 21 – paragraph 3
Article 21 – paragraph 3
3. The competent authority shall immediately inform EBA, the consolidating supervisor and the competent authorities participating in the colleges of supervisors identified in Article 131a of Directive 2006/48/EC, of its decision to prohibit or restrict the financial support.
Amendment 793 #
Proposal for a directive
Article 21 – paragraph 4
Article 21 – paragraph 4
4. Where the consolidating supervisor or the competent authority responsible for the entity receiving support has objections regarding the decision to prohibit or restrict the financial support, they may, within two days, refer the matter to EBA and request its assistance in accordance with Article 19 of Regulation 1093/2010. In that case, EBA may act in accordance with the powers conferred on it by that Article. By way of derogation from the time limit provided for by Article 39, paragraph 1 of Regulation 1093/2010, EBA shall take any decision in accordance with Article 19(3) of Regulation 1093/2010 within 48 hourtwo days.
Amendment 795 #
Proposal for a directive
Article 21 – paragraph 5 a (new)
Article 21 – paragraph 5 a (new)
5a. The decision to provide financial support which is not prohibited or restricted by the competent authority and the competent authority's decisions to prohibit or restrict the financial support shall be transmitted by competent authorities to the relevant resolution authorities.
Amendment 817 #
Proposal for a directive
Article 23 – paragraph 1 – point b
Article 23 – paragraph 1 – point b
(b) where necessary beyond the content of the recovery plan, require the management of the institution to examine the situation, identify measures to overcome any problems identified and draw up an action program to overcome those problems and a timetable for its implementation;
Amendment 818 #
Proposal for a directive
Article 23 – paragraph 1 – point c
Article 23 – paragraph 1 – point c
(c) require the management of the institution to convene, or if the management fails to comply with this requirement convene directly, the shareholders meeting of the institution, propose the agenda and the adoption of certain decisions; according to the recovery plan or to the action programme referred to in point (b), or, where necessary, other decisions;
Amendment 822 #
Proposal for a directive
Article 23 – paragraph 1 – point d
Article 23 – paragraph 1 – point d
(d) require the management of the institution to remove and replace one or more board members or managing directors if these persons are found unfit to perform their duties pursuant to Article 11 of Directive 2006/48/EC, or in cases of fraud or proven bad management;
Amendment 826 #
Proposal for a directive
Article 23 – paragraph 1 – point e
Article 23 – paragraph 1 – point e
(e) require the management of the institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors, according to the recovery plan;
Amendment 829 #
Proposal for a directive
Article 23 – paragraph 1 – point f
Article 23 – paragraph 1 – point f
(f) acquire, including through on-site inspections, all the information necessary to update the resolution plan in order to prepare for the eventual resolution of the institution, including carrying out an evaluation of the assets and liabilities of the institution; according to Article 30.
Amendment 832 #
Proposal for a directive
Article 23 – paragraph 1 – point g
Article 23 – paragraph 1 – point g
Amendment 834 #
Proposal for a directive
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. Member States shall ensure that the competent authority draws up a Code of Conduct on the assessment whether if the institution is likely to breach the requirements of Directive 2006/48/EC.
Amendment 836 #
Proposal for a directive
Article 23 – paragraph 1 b (new)
Article 23 – paragraph 1 b (new)
1b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 850 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Where there is a significant deterioration in the financial situation of an institution or where there are serious violations of law, regulations or bylaws or serious administrative irregularities, and other measures taken in accordance with Article 23 are not sufficient to reverse that deterioration, in such terms that, if no action is taken, the resolution authority would in the near future have to determine, according to Article 27, that the institution is failing or likely to fail, Member States shall ensure that competent authorities may, in consultation with resolution authorities, appoint a special manager to replace the management of the institution. Competent authorities shall make public the appointment of a special manager. Member States shall further ensure that the special manager has the qualifications, ability and knowledge required to carry out his or her functions.
Amendment 868 #
Proposal for a directive
Article 25 – paragraph 2 – subparagraph 2
Article 25 – paragraph 2 – subparagraph 2
The assessment shall take the form of a joint decision of the consolidating supervisor and the other relevant competent authorities, which will take into account the potential impact of the measure in all the Member States where the group operates. The joint decision shall be reached within five days from the date of the notification referred to in paragraph 1. The joint decision shall be reasoned and set out in a document, which shall be provided by the consolidating supervisor to the parent undertaking or institution that is subject to consolidated supervision.
Amendment 875 #
Proposal for a directive
Article 25 – paragraph 4 a (new)
Article 25 – paragraph 4 a (new)
4a. Before taking their own decisions in accordance with paragraph 4, the competent authorities shall consult EBA. The decision shall consider the advice of EBA and explain any significant deviation from that advice.
Amendment 879 #
Proposal for a directive
Article 25 – paragraph 6
Article 25 – paragraph 6
Amendment 886 #
Proposal for a directive
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) to avoid significant adverse effects on financial stability, including by preventing contagion, and maintaining market discipline;
Amendment 893 #
Proposal for a directive
Article 26 – paragraph 2 – point e
Article 26 – paragraph 2 – point e
(e) to protect depositors covered by Directive 94/19/EC and investors covered by Directive 97/9/EC;
Amendment 904 #
Proposal for a directive
Article 27 – paragraph 1 a (new)
Article 27 – paragraph 1 a (new)
1a. The previous adoption of an early intervention measure according to Article 23 is not a condition to take a resolution action.
Amendment 908 #
Proposal for a directive
Article 27 – paragraph 1 – point a
Article 27 – paragraph 1 – point a
(a) the competent authority or resolutionresolution authority, in consultation with the competent authority, determines that the institution is failing or likely to fail;
Amendment 928 #
Proposal for a directive
Article 27 – paragraph 3 a (new)
Article 27 – paragraph 3 a (new)
3a. Member States shall ensure that the competent authority draws a Code of Conduct on the assessment of if the institution is failing or likely to fail.
Amendment 930 #
Proposal for a directive
Article 27 – paragraph 3 b (new)
Article 27 – paragraph 3 b (new)
3b. EBA shall develop draft implementing technical standards for specifying the content of the Code of Conduct referred to in the previous paragraph. EBA shall submit those draft implementing technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Amendment 931 #
Proposal for a directive
Article 27 – paragraph 4
Article 27 – paragraph 4
Amendment 935 #
Proposal for a directive
Article 27 – paragraph 5
Article 27 – paragraph 5
Amendment 940 #
Proposal for a directive
Article 28 – paragraph 1
Article 28 – paragraph 1
1. Member States shall ensure that resolution authorities may take a resolution action in relation to a financial institution or firm referred to in point (b) of Article 1, when the conditions specified in Article 27(1), are met with regard to both the financial institution or firm and with regard to the parent institution subject to consolidated supervision, provided that any group financial support agreements foreseen in Chapter III of Title II or any other possible form of group financial support is able to cease the conditions specified in Article 27(1) with regard to the financial institution or firm referred to in point (b) of Article 1.
Amendment 941 #
Proposal for a directive
Article 28 – paragraph 2
Article 28 – paragraph 2
2. Member States shall ensure that resolution authorities shall take a resolution action in relation to a company referred to in points (c) or (d) of Article 1, when the conditions specified in Article 27(1) are met with regard to both the company referred to in points (c) or (d) of Article 1 and with regard to one or more subsidiaries which are institutions, provided that any group financial support agreements foreseen in Chapter III of Title II or any other possible form of group financial support is able to cease the conditions specified in Article 27(1) with regard to the company referred to in points (c) or (d) of Article 1.
Amendment 944 #
Proposal for a directive
Article 29 – paragraph 1 – point a
Article 29 – paragraph 1 – point a
(a) the shareholders of the institution under resolution bear first lossesresolution tools are applied and the resolution powers are exercised according to the resolution plan where appropriate;
Amendment 945 #
Proposal for a directive
Article 29 – paragraph 1 – point a a (new)
Article 29 – paragraph 1 – point a a (new)
(aa) the shareholders of the institution under resolution bear first losses;
Amendment 948 #
Proposal for a directive
Article 29 – paragraph 1 – point b
Article 29 – paragraph 1 – point b
(b) creditors of the institution under resolution, excluding depositors, bear losses after the shareholders in accordance with the order of priority of their claims pursuant to this Directive;
Amendment 959 #
Proposal for a directive
Article 29 – paragraph 1 – point f a (new)
Article 29 – paragraph 1 – point f a (new)
(fa) claims of depositors are adequately protected.
Amendment 964 #
Proposal for a directive
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. For the purposes of paragraph 1(fa), Member States shall ensure that the claims of depositors are granted a preferential claim so as to have a higher priority ranking over the claims of ordinary unsecured creditors in the event of insolvency of the credit institution.
Amendment 965 #
Proposal for a directive
Article 29 – paragraph 1 b (new)
Article 29 – paragraph 1 b (new)
1b. Member States shall ensure that when Deposit Guarantee Schemes are subrogated to the claims of depositors by virtue of payments made to depositors up to the amount of their guaranteed deposits under the scheme, the preferential claim as established in the previous paragraph is also applicable.
Amendment 966 #
Proposal for a directive
Article 29 – paragraph 1 c (new)
Article 29 – paragraph 1 c (new)
1c. Member States shall require that, where an institution meets the conditions for resolution and the resolution authority decides to apply a resolution tool foreseen in Chapter III of this Title to that institution, before any resolution action is taken resolution authorities exercise the write down power in accordance with the provisions of Articles 51 and 52 in relation to relevant capital instruments issued by an institution without delay.
Amendment 977 #
Proposal for a directive
Article 30 – paragraph 1
Article 30 – paragraph 1
1. Before taking resolution action and in particular, for the purposes of Articles 31, 34, 36, 41, 42 and 65, resolution authorities shall ensure that a fair and realistic valuation of the assets and liabilities of the institution is carried out by a person independent from any public authority, including the resolution authority, and the institution. The resolution authority shall endorse that valuation. Where independent valuation is not possible due to the urgency in the circumstances of the case, resolution authorities may carry out the valuation of the assets and liabilities of the institution.
Amendment 992 #
Proposal for a directive
Article 30 – paragraph 5
Article 30 – paragraph 5
5. Where due to the urgency in the circumstances of the case, it is not possible to comply with the requirements laid down in paragraphs 3 and 4, the valuation either by an independent person or by a resolution authority shall be carried out in compliance with the requirements laid down in paragraph 2. That valuation shall be considered as provisional until the resolution authority has carried ouguarantees that a valuation that complies with all the requirements under this article is carried out. That definitive valuation may be carried out separately or together with the valuation referred to in Article 66.
Amendment 1004 #
Proposal for a directive
Article 31 – paragraph 1
Article 31 – paragraph 1
1. Member States shall ensure that resolution authorities have the necessary powers to apply the resolution tools, according to the resolution plan where appropriate, to an institution, a financial institution or a company referred to in points (c) and (d) of Article 1 that meets the applicable conditions for resolution.
Amendment 1007 #
Proposal for a directive
Article 31 – paragraph 7
Article 31 – paragraph 7
Amendment 1013 #
Proposal for a directive
Article 32 – paragraph 3 – subparagraph 2
Article 32 – paragraph 3 – subparagraph 2
Where that all of the shares or other instruments of ownership are transferred or where all the assets, rights and liabilities of the institution are transferred, any proceeds received from the transfer shall benefit the shareholders of the institution under resolution, who have been divested of their rights.
Amendment 1014 #
Proposal for a directive
Article 32 – paragraph 9
Article 32 – paragraph 9
9. Transfers made by virtue of the sale of business tool which involves the transfer of some, but not all, of the assets, rights or liabilities of an institution shall be subject to the safeguards for partial property transfers specified in Chapter VI.
Amendment 1017 #
Proposal for a directive
Article 32 – paragraph 11
Article 32 – paragraph 11
11. Shareholders orand creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred shall not have any rights over or in relation to the assets, rights or liabilities transferred.
Amendment 1029 #
Proposal for a directive
Article 34 – paragraph 7
Article 34 – paragraph 7
7. Transfers made by virtue of the bridge institution tool which involves the transfer of some, but not all, of the assets, rights or liabilities of an institution shall be subject to the safeguards for partial property transfers specified in Chapter IVI.
Amendment 1032 #
Proposal for a directive
Article 34 – paragraph 9
Article 34 – paragraph 9
9. Shareholders orand creditors of the institution under resolution and other third parties whose property, rights or liabilities are not transferred to the bridge institution shall not have any rights over or in relation to the bridge institution, or its property or its managers.
Amendment 1035 #
Proposal for a directive
Article 34 – paragraph 9 a (new)
Article 34 – paragraph 9 a (new)
9 a. The objectives of the managers of the bridge institution shall not imply any duty or responsibility to the shareholders of the institution under resolution, and the managers shall have no liability to those shareholders arising from action taken or not taken in discharge or purported discharge of their functions unless the act or omission implies gross negligence or serious misconduct in accordance with national law.
Amendment 1036 #
Proposal for a directive
Article 35 – paragraph 1 – point a
Article 35 – paragraph 1 – point a
(a) the contents of the bridge institution's its constitutional documents are specified by the resolution authority;
Amendment 1042 #
Proposal for a directive
Article 35 – paragraph 3 – point c
Article 35 – paragraph 3 – point c
(c) the assumption of all or substantially all of its assets, rights or liabilities by another person third party;
Amendment 1047 #
Proposal for a directive
Article 35 – paragraph 7 – subparagraph 3
Article 35 – paragraph 7 – subparagraph 3
Member States mayshall calculate the proceeds net of the amount of expenses administrative or of other nature occurred in the context of the resolution process, including costs and expenses incurred by the financing arrangements pursuant to Article 92.
Amendment 1050 #
Proposal for a directive
Article 36 – paragraph 8
Article 36 – paragraph 8
8. Transfers between the institution under resolution and the asset management vehicle shall be subject to the safeguards for partial property transfers specified in this DirectiveChapter VI.
Amendment 1073 #
Proposal for a directive
Article 37 – paragraph 3 a (new)
Article 37 – paragraph 3 a (new)
Amendment 1081 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point a
Article 38 – paragraph 2 – subparagraph 1 – point a
(a) all deposits that are guaranteed in accordance with Directive 94/19/EC;
Amendment 1104 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point d
Article 38 – paragraph 2 – subparagraph 1 – point d
(d) liabilities arising from interbank money-market operations with an original maturity of less than one month;
Amendment 1111 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
Article 38 – paragraph 2 – subparagraph 1 – point e a (new)
(e a) liabilities arising from derivatives which were entered by the institution to hedge risks;
Amendment 1112 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
Article 38 – paragraph 2 – subparagraph 1 – point e b (new)
(e b) liabilities towards Deposit Guarantee Schemes.
Amendment 1120 #
Proposal for a directive
Article 38 – paragraph 2 – subparagraph 2
Article 38 – paragraph 2 – subparagraph 2
Points (a) and (b) of paragraph 2 shall not prevent resolution authorities, where appropriate, from exercising those powers in relation to any part of a secured liability or a liability for which collateral has been pledged that exceeds the value of the assets, pledge, liene or collateral against which it is secured. Member States mayshall exempt from this provision covered bonds as defined in Article 22(4) of Council Directive 86/611/EEC.
Amendment 1129 #
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
Amendment 1138 #
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 1155 #
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. Member States shall ensure that the institutions maintain, at all times, a sufficient aggregate amount of own funds and eligible liabilities expressed as a percentage of the total liabilities of the institution that do not qualify as own funds under Section 1 of Chapter 2 of Title V of Directive 2006/48/EC or under Chapter IV of Directive 2006/49/EC.
Amendment 1161 #
Proposal for a directive
Article 39 – paragraph 1 a (new)
Article 39 – paragraph 1 a (new)
1 a. EBA shall develop draft regulatory technical standards to specify the assessment of the criteria on how to determinate for each institution the sufficient aggregate amount referred to in the previous paragraph. EBA shall submit those draft regulatory technical standards to the Commission within twelve months from the date of entry into force of this Directive. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Amendment 1170 #
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
3. The minimum aggregate amount pursuant to paragraph 1 shall be determined by the resolution authority within six months from the entry into force of this Directive on the basis of the following criteria:
Amendment 1175 #
Proposal for a directive
Article 39 – paragraph 3 – point d
Article 39 – paragraph 3 – point d
Amendment 1196 #
Proposal for a directive
Article 39 – paragraph 7
Article 39 – paragraph 7
7. The Commission shall, by means of delegated acts in accordance with Article 103, adopt measures to specify the criteria provided for in points (a) to (e) of paragraph 3 with possible references to different categories of institutions and related ranges of percentages.
Amendment 1204 #
Proposal for a directive
Article 40 – paragraph 1 – point a
Article 40 – paragraph 1 – point a
(a) the percentageaggregate amount referred to in Article 39(1) is calculated on the basis of the consolidated level of the liabilities and of the own funds held by the group;
Amendment 1218 #
Proposal for a directive
Article 42 – paragraph 3
Article 42 – paragraph 3
3. When considering which action to take in accordance with paragraph 1, resolution authorities shall have regard to the likely amount of losses relative to assets before the exercise of the bail-in tool, with a view to ensuring that the action taken in respect of shareholders is consistent with that reduction in equity value;, the valuation carried out in accordance with Articles 30 and 31 and in particular to the likelihood that shareholders would have recovered any value if the institution had been wound up on the basis of that valuation.
Amendment 1221 #
Proposal for a directive
Article 42 – paragraph 5
Article 42 – paragraph 5
5. EBA shall develop guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, on the circumstances in which each of the actions referred to in paragraph 1 would be appropriate, having regard to the factors specified in paragraph 23 of this article. EBA shall develop these guidelines at the latest by the date provided for in the first subparagraph of Article 115(1) of this Directive.
Amendment 1223 #
Proposal for a directive
Article 42 – paragraph 6
Article 42 – paragraph 6
6. The Commission, taking into account, where appropriate, the experience acquired in the application of EBA guidelines, may adopt delegated acts in accordance with Article 103 aimed at specifying the circumstances in which each of the actions mentioned in paragraph 1 would be appropriate, having regard to the factors specified in paragraph 23 of this Article.
Amendment 1225 #
Proposal for a directive
Article 43 – paragraph 1 – point b
Article 43 – paragraph 1 – point b
(b) if, and only if, the writing down pursuant to point (a) is less than the aggregate amount, authorities reduce to zero the principal amount of Additional Tier 1 instruments that are liabilities and Tier 2 instruments in accordance with sub- section 2, in conjunction with the write down pursuant to point (a) to produce the aggregate amount;
Amendment 1231 #
Proposal for a directive
Article 43 – paragraph 1 – point d
Article 43 – paragraph 1 – point d
(d) if, and only if, the total reduction of liabilities pursuant to points (a), (b) orand (c) of this paragraph is less than the aggregate amount, authorities reduce the principal amount of, or outstanding amount payable in respect of, the rest of eligible liabilities, pursuant to Article 38, that are senior debt to the extent required, in conjunction with the write down pursuant to points (a), (b) orand (c) of this paragraph to produce the aggregate amount.
Amendment 1233 #
Proposal for a directive
Article 43 – paragraph 2
Article 43 – paragraph 2
2. When applying the write down and conversion powers in compliance with points (c) and (d) of paragraph 1, resolution authorities shall allocate the losses represented by the aggregate amount equally between liabilities of the same rank by reducing the principal amount of, or outstanding amount payable in respect of, those liabilities to the same extent pro rata to their value, unless departure from equal treatment is necessary for financial stability reasons, or to minimise overall losses for the benefit of creditors as a whole.
Amendment 1246 #
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 2 a (new)
Article 45 – paragraph 4 – subparagraph 2 a (new)
The Commission, taking into account, where appropriate, the experience acquired in the application of EBA guidelines, shall adopt delegated acts in accordance with Article 103 aimed at specifying how affected creditors may be appropriately compensated by means of the conversion rate, and the relative conversion rates that might be appropriate to reflect the priority of senior liabilities under applicable insolvency law.
Amendment 1267 #
Proposal for a directive
Article 49 – paragraph 1
Article 49 – paragraph 1
1. Member States shall, in appropriate cases, require institutions to maintain at all times sufficient authorised share capital so that, in the event that the resolution authority exercised the powers referred to in points (f), (g) and (h) of Article 56(1) in relation to an institution or its subsidiaries, the institution is not be prevented from issuing sufficient new shares or instruments of ownership to ensure that the conversion of liabilities into ordinary shares or other instruments of ownership couldan be carried out effectively.
Amendment 1270 #
Proposal for a directive
Article 49 – paragraph 4
Article 49 – paragraph 4
4. The provisions of this article are without prejudice to the amendments to Directives 77/91/EEC, 82/891/EEC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EU set out in Title VIIIX of this Directive.
Amendment 1279 #
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point b
Article 52 – paragraph 1 – subparagraph 1 – point b
(b) the principal amount of relevant capital instruments is reduced to zerothe extent necessary to absorb the loss;
Amendment 1283 #
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point c
Article 52 – paragraph 1 – subparagraph 1 – point c
(c) the reduction to zero of that principal amount is permanent;
Amendment 1284 #
Proposal for a directive
Article 52 – paragraph 1 – subparagraph 1 – point e
Article 52 – paragraph 1 – subparagraph 1 – point e
(e) no compensation is paid to any holder of the relevant capital instruments other than in accordance with paragraph 42.
Amendment 1285 #
Proposal for a directive
Article 52 – paragraph 2 – point d
Article 52 – paragraph 2 – point d
(d) the conversion rate that determines the number of Common Equity Tier 1 instruments that are provided in respect of each relevant capital instrument complies with the principles set out in Article 45 and any guidelines developed by EBA pursuant to Article 45(54).
Amendment 1286 #
Proposal for a directive
Article 52 – paragraph 4
Article 52 – paragraph 4
Amendment 1287 #
Proposal for a directive
Article 53 – paragraph 1 – introductory part
Article 53 – paragraph 1 – introductory part
Provided that those contractual termwrite down or conversion terms of capital instruments take effect when the authority makes a determination referred to in Article 51(1), the requirement set out in Article 51(1) does not apply in relation to relevant capital instruments where the terms of those instruments satisfy the following conditions:
Amendment 1288 #
Proposal for a directive
Article 53 – paragraph 1 – point c
Article 53 – paragraph 1 – point c
(c) wthere the contractual terms of the relevant capital instrument provides that the instrument will convert into one or more Common Equity Tier 1 instruments, the conversion rate is set out in those terms and complies with the principles set out in Article 45 and any guidelines developed by EBA pursuant to Article 45 (5(4).
Amendment 1289 #
Proposal for a directive
Article 55 – paragraph 1 a (new)
Article 55 – paragraph 1 a (new)
1 a. When making a determination referred to in points (a), (b), (c) or (d) of Article 51(1) in the case of the resolution of an institution or of a group with cross- border activity, the appropriate authorities shall take into account the potential impact of the resolution in all the Member States where the institution or the group operate.
Amendment 1290 #
Proposal for a directive
Article 56 – paragraph 1 – introductory part
Article 56 – paragraph 1 – introductory part
1. Member States shall ensure that the resolution authorities have all the powers necessary to apply the resolution tools, according to the resolution plan where appropriate. In particular, the resolution authorities shall have the following resolution powers, which they shall be able to exercise singly or in conjunction, being the effective use of these powers subject to proper justification:
Amendment 1301 #
Proposal for a directive
Article 59 – paragraph 6 – point c
Article 59 – paragraph 6 – point c
(c) the safeguards for partial transfers, as referred to in Chapter VI, in relation to assets, rights or liabilities referred to in paragraph 1 that are located in its territory or governed by the law of its territory.
Amendment 1303 #
Proposal for a directive
Article 61 – paragraph 2
Article 61 – paragraph 2
2. Any suspension under paragraph 1 shall not apply to eligible deposits within the meaning of Directive 94/19/ECdeposits.
Amendment 1308 #
Proposal for a directive
Article 63 – paragraph 7 – subparagraph 1 – introductory part
Article 63 – paragraph 7 – subparagraph 1 – introductory part
EBA shall develop draft regulatory technical standards specifying the following elements for the purposes of paragraph 65:
Amendment 1322 #
Proposal for a directive
Article 67 – paragraph 1
Article 67 – paragraph 1
1. Member States shall ensure that if the evaluation carried out under Article 66 determines that the shareholders and creditors referred to in Article 65(2) have received less, in payment of their credits, than what they would have received in a winding up under normal insolvency proceedings, they are entitled to the payment of the difference from the resolution authority.
Amendment 1329 #
Proposal for a directive
Article 73 – paragraph 1
Article 73 – paragraph 1
Where a resolution authority purports to transfer or transfers all of the property, rights and liabilities of an institution to another entity, but the transfer is or may not be effective in relation to certain property because it is outside the Union, or to certain rights or liabilities because they are under the law of a territory outside the Union, the resolution authority shall not proceed to the transfer or, if it has already ordered the transfer, that transfer shall be void, and all property, rights and liabilities covered by the relevant arrangement specified in Article 69(2) are not transferred from, or revert to, the institution under resolution.
Amendment 1330 #
Proposal for a directive
Article 74 – paragraph 1
Article 74 – paragraph 1
1. Member States shall require the management body of an institution to notify the competent authority and the resolution authority where they consider that the institution is failing or likely to fail, within the meaning specified in Article 27(2).
Amendment 1331 #
Proposal for a directive
Article 74 – paragraph 2
Article 74 – paragraph 2
2. Competent authorities shall inform the relevant resolution authorities of any measures they require an institution to take under Article 223 of this Directive or Article 136(1) of Directive 2006/48/EC.
Amendment 1332 #
Proposal for a directive
Article 74 – paragraph 3 – point e a (new)
Article 74 – paragraph 3 – point e a (new)
(e a) where the institution is an institution as defined in Article 2(b) of Directive 98/26/EC, the Commission, the ECB, the EBA, the ESMA, the EIOPA and the operators of the systems to which it participates;
Amendment 1334 #
Proposal for a directive
Article 74 – paragraph 3 – point e b (new)
Article 74 – paragraph 3 – point e b (new)
(e b) where the institution is considered systemically important, the ESRB and macro-prudential authorities.
Amendment 1338 #
Proposal for a directive
Article 74 – paragraph 7 – introductory part
Article 74 – paragraph 7 – introductory part
7. A resolution authority shall publish a notice specifying the terms and period of thata suspension in accordance with the procedure specified in Article 75(4) where it exercises resolution powers, and in particular:
Amendment 1342 #
Proposal for a directive
Article 75 – paragraph 2 – subparagraph 2
Article 75 – paragraph 2 – subparagraph 2
Amendment 1343 #
Proposal for a directive
Article 75 – paragraph 3
Article 75 – paragraph 3
3. The notification referred to in paragraph 2 shall include a copy of any order or instrument by which the relevant powers are exercised and indicate the date from which the tool is orresolution actions, tools and powers are effective.
Amendment 1345 #
Proposal for a directive
Article 75 – paragraph 4 – point b
Article 75 – paragraph 4 – point b
(b) on the website of the competent authority, if different from the resolution authority, orand on the website of EBA;
Amendment 1346 #
Proposal for a directive
Article 75 – paragraph 5
Article 75 – paragraph 5
5. The resolution authority shall ensure that the documents providing proof of the instruments referred to in paragraph 4 are sent to the known shareholders and creditors of the institution under resolution, if the latter's shares or instruments of ownership are not admitted to trading on a regulated market.
Amendment 1351 #
Proposal for a directive
Article 76 – paragraph 1 – point d
Article 76 – paragraph 1 – point d
(d) employees or former employees of the authorities referred to in points (a) and (b), as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the discharge of those authorities' duties;
Amendment 1353 #
Proposal for a directive
Article 76 – paragraph 1 – point i a (new)
Article 76 – paragraph 1 – point i a (new)
(i a) employees or former employees of the entities referred to in points (f) to (i), as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the exercise of those entities' activities;
Amendment 1354 #
Proposal for a directive
Article 76 – paragraph 1 – point i b (new)
Article 76 – paragraph 1 – point i b (new)
(i b) the management appointed by the resolution authority to a bridge institution, asset management or other resolution vehicle and the employees or former employees of these entities, as well as individuals who provide or have provided any service, directly or indirectly, permanently or occasionally, related to the exercise of those entities' activities;
Amendment 1362 #
Proposal for a directive
Article 76 – paragraph 3
Article 76 – paragraph 3
3. The confidentiality requirements set out in paragraphs 1 and 2 of this Article shall not prevent resolution authorities, including their employees, from sharing information with other Union resolution authorities, competent authorities, central banks, EBA, or, subject to Article 90s 84 to 88, third country authorities that carry out equivalent functions to resolution authorities for the purposes of planning or carrying out a resolution action.
Amendment 1367 #
Proposal for a directive
Article 80 – paragraph 2 – subparagraph 1
Article 80 – paragraph 2 – subparagraph 1
The group level resolution authority, the resolution authorities of each Member State in which a subsidiary covered by consolidated supervision is established, the resolution authorities of the Member States where the group institutions have relevant branches and EBA shall be members of the resolution college.
Amendment 1372 #
Proposal for a directive
Article 80 – paragraph 6
Article 80 – paragraph 6
6. Notwithstanding paragraph 2, for the purposes of performing the tasks referred to in point (e) of the second subparagraph of paragraph 1 the resolution authority or authorities of each Member State in which a subsidiary is established and of each Member State where the group institutions have relevant branches shall participate at the meetings or activities of the resolution college.
Amendment 1379 #
Proposal for a directive
Article 81 – paragraph 1
Article 81 – paragraph 1
1. Where a third country institution or third country parent undertaking has two or more subsidiary institutions established or two ore more relevant branches providing services in the Union, the resolution authorities of Member States where those domestic subsidiary institutions and relevant branches in the Union are established shall establish a European resolution college if no arrangements as the ones foreseen in Article 89 have been established.
Amendment 1380 #
Proposal for a directive
Article 81 – paragraph 3 – subparagraph 1
Article 81 – paragraph 3 – subparagraph 1
Where the domestic subsidiaries are held by or the relevant branches are from a financial holding company established within the Union in accordance with the third subparagraph of Article 143(3) of Directive 2006/48/EC, the European resolution college shall be chaired by the resolution authority of the Member State where the consolidating supervisor is located for the purposes of consolidated supervision under that Directive.
Amendment 1384 #
Proposal for a directive
Article 82 – paragraph 2
Article 82 – paragraph 2
The resolution authorities shall communicate on request of other resolution authority all relevant information. In particular, the group level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner in view of facilitating the exercise of the tasks referred to in points (b) to (h ) of the second subparagraph of Article 80(1).
Amendment 1412 #
Proposal for a directive
Article 86 – paragraph 2
Article 86 – paragraph 2
2. The Commission shall, by means of delegated acts adopted in accordance to Article 103, shall specify the circumstances referred to in points (a) and (b) of paragraph 1 of this Article.
Amendment 1413 #
Proposal for a directive
Article 88 – paragraph 3 – point a
Article 88 – paragraph 3 – point a
(a) the development of resolution plans in accordance with Articles 9, 11 and 12 and similar requirements under the law of the relevant third countries;
Amendment 1443 #
Proposal for a directive
Article 92 – paragraph 1 – subparagraph 1 – point e
Article 92 – paragraph 1 – subparagraph 1 – point e
(e) to take any combination of the actions referred to in points (a) to (ed).
Amendment 1451 #
Proposal for a directive
Article 93 – paragraph 1
Article 93 – paragraph 1
1. Member States shall ensure that, in a period no longer than 10 years after the entry into force of this directive, the available financial means of their financing arrangements reach at least 12% of the amount of depositstotal liabilities, excluding own funds, of all the credit institutions authorised in their territory which are guaranteed under Directive 94/19/ECof the Member State.
Amendment 1459 #
Proposal for a directive
Article 93 – paragraph 2 – subparagraph 2
Article 93 – paragraph 2 – subparagraph 2
Member States may extend the initial period of time for a maximum of four years in case the financing arrangements make cumulated disbursements superior to 0.5% of covered depositsthe total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1463 #
Proposal for a directive
Article 93 – paragraph 3
Article 93 – paragraph 3
3. If, after the initial period of time referred to in paragraph 1, the available financial means diminish below the target level specified in paragraph 2, contributions raised in accordance with Article 94 shall resume until the target level is reached. Where the available financial means amount to less than half of the target level, the annual contributions shall not be less than 0.25% of covered depositsthe total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1470 #
Proposal for a directive
Article 94 – paragraph 2 – point a
Article 94 – paragraph 2 – point a
Amendment 1479 #
Proposal for a directive
Article 94 – paragraph 2 – point b
Article 94 – paragraph 2 – point b
(b) if a Member State has not availed itself of the option provided for in Article 99(5) to use the funds of the Deposit Guarantee Scheme for the purposes of Article 92, the contribution from each institution shall be pro-rata to the total amount of its liabilities, excluding own funds, with respect to the total liabilities, excluding own funds, of all the institutions authorised in the territory of the Member State.
Amendment 1482 #
Proposal for a directive
Article 94 – paragraph 2 – point c
Article 94 – paragraph 2 – point c
(c) the contributions calculated under (a) and (b) shall be adjusted in proportion to the risk profile of institutions, in accordance with the criteria adopted under paragraph 7 of this Article.
Amendment 1488 #
Proposal for a directive
Article 94 – paragraph 3
Article 94 – paragraph 3
3. The available financial means to be taken into account in order to reach the target level specified in Article 93 may include payment commitments which are fully backed by collateral of low risk assets unencumbered by any third party rights, at the free disposal and earmarked for the exclusive use by the resolution authorities for the purposes specified in the first paragraph of Article 92. The share of irrevocable payment commitments shall not exceed 350% of the total amount of contributions raised in accordance with this Article.
Amendment 1490 #
Proposal for a directive
Article 94 – paragraph 5
Article 94 – paragraph 5
5. The amounts raised in accordance with this Article shall only be used for the purposes specified in Article 92 of this Directive, and, where Member States have availed themselves of the option provided for under Article 99(5) of this Directive, for the purposes specified in Article 92 of this Directive or for the repayment of deposits guaranteed under Directive 94/19/EC.
Amendment 1518 #
Proposal for a directive
Article 94 – paragraph 7 – point g
Article 94 – paragraph 7 – point g
(g) its systemic importance for the market in question, its opacity and its interconnectedness.
Amendment 1549 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 1
Article 97 – paragraph 2 – subparagraph 1
Member States shall ensure that financing arrangements under their jurisdiction are obliged tomay lend to other financing arrangements within the Union in the circumstances specified under paragraph 1.
Amendment 1555 #
Proposal for a directive
Article 97 – paragraph 2 – subparagraph 2
Article 97 – paragraph 2 – subparagraph 2
Amendment 1586 #
Proposal for a directive
Article 98 – paragraph 6
Article 98 – paragraph 6
6. Member States shall ensure that each national financing arrangement under its jurisdiction guarantees any borrowing contracted by the group financing arrangement in accordance with paragraph 45. The guarantee by each national financing arrangement shall not exceed the part of its participation to the financing plan established in accordance to paragraph 23.
Amendment 1595 #
Proposal for a directive
Article 98 a (new)
Article 98 a (new)
Article 98 a European Resolution Fund Member States shall design their financial arrangements envisaging their possible future merge, partial or total, into a European Resolution Fund.
Amendment 1596 #
Proposal for a directive
Article 99
Article 99
Amendment 1634 #
Proposal for a directive
Article 99 a (new)
Article 99 a (new)
Article 99 a Prohibition of the use of deposit guarantee schemes in the context of resolution Member States shall ensure that deposit guarantee schemes are not used to finance any resolution action.
Amendment 1636 #
Proposal for a directive
Article 100 – paragraph 3
Article 100 – paragraph 3
3. The competence to exercise the sanctioning powers foreseen in this Directive shall be attributed to resolution authorities or to competent authorities, depending on the breach. Resolution authorities and competent authorities shall be given all investigatory powers that are necessary for the exercise of their functions. In the exercise of their sanctioning powers, resolution authorities and competent authorities shall cooperate closely to ensure that sanctions or measures produce the desired results and coordinate their action when dealing with cross border cases.
Amendment 1637 #
Proposal for a directive
Article 101 – paragraph 1 – point b
Article 101 – paragraph 1 – point b
(b) an entity fails to notify an intention to provide group financial support to its competent authorities in breach of Article 221;
Amendment 1638 #
Proposal for a directive
Article 101 – paragraph 1 – point d
Article 101 – paragraph 1 – point d
(d) the management of an institution fails to notify the competent authority when the institution is failing or likely to fail in breach of Article 734(1).
Amendment 1642 #
Proposal for a directive
Article 103 – paragraph 3
Article 103 – paragraph 3
3. The delegation of powers referred to in Articles 2, 4, 28, 3736, 39, 432, 45, 50, 62, 68, 86, 94, 97 and 98 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1644 #
Proposal for a directive
Article 103 – paragraph 5
Article 103 – paragraph 5
5. A delegated act adopted pursuant to Articles 2, 4, 28, 3736, 39, 432, 45, 50, 62, 68, 86, 94, 97 and 98 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.
Amendment 1656 #
Proposal for a directive
Article 114 – paragraph 1 a (new)
Article 114 – paragraph 1 a (new)
By 31 December 2013, the Commission shall put forward a proposal for the creation of a European Resolution Authority and of a European Resolution Fund.
Amendment 1658 #
Proposal for a directive
Article 115 – paragraph 1 a (new)
Article 115 – paragraph 1 a (new)
1 a. Institutions shall submit their recovery plans to competent authorities and resolution authorities shall draw up resolution plans, according to Articles 6(1) and 9(1), in six months from the date of the entry into force of the regulatory technical standards referred in Articles 4a, 13(3) and 14(8).
Amendment 1660 #
Proposal for a directive
Article 115 – paragraph 1 – subparagraph 1
Article 115 – paragraph 1 – subparagraph 1
Member States shall adopt and publish by 31 December 2014 at the latest the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.