Supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria that the competent authority is to assess as regards recovery plans and group recovery plans, the conditions for group financial support, the requirements for independent valuers, the contractual recognition of write-down and conversion powers, the procedures and contents of notification requirements and of notice of suspension and the operational functioning of the resolution colleges

EUROPEISKA KOMMISSIONEN HAR ANTAGIT DENNA FÖRORDNING

med beaktande av fördraget om Europeiska unionens funktionssätt,

med beaktande av Europaparlamentets och rådets direktiv 2014/59/EU av den 15 maj 2014 om inrättande av en ram för återhämtning och resolution av kreditinstitut och värdepappersföretag och om ändring av rådets direktiv 82/891/EEG och Europaparlamentets och rådets direktiv 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU och 2013/36/EU samt Europaparlamentets och rådets förordningar (EU) nr 1093/2010 och (EU) nr 648/2012, särskilt artiklarna 5.10, 6.8, 10.9, 12.6, 15.4, 23.2, 36.14, 55.3, 82.3 och 88.7, och

(1) Bestämmelserna i den här förordningen är nära knutna till varandra, eftersom de berör ramen för återhämtning och resolution enligt direktiv 2014/59/EU, från planeringsfasen för återhämtning och resolution av ett institut, genom den tidiga ingripandefasen, fram till tidpunkten för resolutionsåtgärden. För att säkerställa överensstämmelse mellan dessa bestämmelser, som bör träda i kraft samtidigt, och för att underlätta resolutionsförfarandet, är det nödvändigt för institutioner, myndigheter och marknadsaktörer, däribland investerare som inte är EU-medborgare, att få en lätt tillgänglig och god överblick över sina skyldigheter och rättigheter. Det är därför önskvärt att relevanta tekniska tillsynsstandarder enligt direktiv 2014/59/EU samlas i en enda förordning.

(2) Utöver definitionerna i direktiv 2014/59/EU behöver vissa av de tekniska termer som används definieras.

(3) Enhetliga bestämmelser om vilka uppgifter som åtminstone måste ingå i återhämtningsplanerna bör beakta men inte hindra de behöriga myndigheternas befogenheter att fastställa förenklade skyldigheter för vissa institut om innehållet och de närmare uppgifterna i återhämtningsplanerna, i enlighet med artikel 4 i direktiv 2014/59/EU.

(4) Dessa enhetliga regler bör närmare ange, utan att det påverkar tillämpningen av förenklade skyldigheter som fastställs i enlighet med artikel 4 i direktiv 2014/59/EU, den information som ska ingå i en enskild återhämtningsplan och, i enlighet med artikel 7.5 och 7.6 i direktivet, i en koncernåterhämtningsplan.

(5) Det är mycket viktigt att informationen i en återhämtningsplan är adekvat och tillräckligt specifik, beroende på om återhämtningsplanen utarbetas av institut som inte utgör en del av en koncern som är föremål för koncernbaserad tillsyn enligt artiklarna 111 och 112 i Europaparlamentets och rådets direktiv 2013/36/EU, eller om en enskild återhämtningsplan enligt artikel 7.2 i direktiv 2014/59/EU, eller en koncernåterhämtningsplan, såsom föreskrivs i artikel 7.5 och 7.6 i direktiv 2014/59/EU.

(6) För att underlätta den interna struktureringen av återhämtningsplanerna bör informationskraven samlas under ett antal avdelningar, av vilka några bör delas in i underavdelningar enligt denna förordning.

(7) För att säkerställa att återhämtningsplaner kan genomföras effektivt och, vid behov, i god tid, är det viktigt att bygga dessa planer på en god förvaltningsstruktur. Återhämtningsplanerna bör därför innehålla en beskrivning av de särskilda styrmekanismer som kommer att ingå. Det bör särskilt anges hur planen utvecklades, vem som godkände den samt hur detta är integrerat i den övergripande styrningen av institutet eller koncernen. I förekommande fall bör de åtgärder beskrivas som vidtagits för att säkerställa överensstämmelse mellan en enskild återhämtningsplan för ett dotterbolag, om tillämpligt, och koncernåterhämtningsplanen.

(8) Återhämtningsplaner är avgörande för att bedöma återhämtningsalternativens genomförbarhet. Därför bör en återhämtningsplan innehålla närmare uppgifter om beslutsprocessen när det gäller dess aktivering som en viktig del av förvaltningsstrukturen, genom ett upptrappningsförfarande med hjälp av indikatorer i den mening som avses i artikel 9 i direktiv 2014/59/EU. Eftersom varje kris har sina särdrag medför inte förekomsten av en indikator automatiskt aktivering av ett visst återhämtningsalternativ eller, mer allmänt, en automatiserad ram inom vilken ett visst återhämtningsalternativ måste genomföras i enlighet med vissa förutbestämda formkrav. Indikatorer bör snarare användas för att ange att ett upptrappningsförfarande bör inledas med en analys av det bästa sättet att hantera en krissituation. Innan dessa indikatorer uppstår bör uppgifter och riktmärken som används i reguljär riskhantering också tillämpas för att underrätta institutet eller koncernen om risken för försämring av dess finansiella situation och om att indikatorer kommer att utlösas. Medan sådana tidiga varningssignaler inte utgör indikatorer i den mening som avses i direktiv 2014/59/EU och som sådana inte innebär inträde i återhämtningsfasen eller kräver upptrappning utanför normala processer, bidrar de till att säkerställa överensstämmelsen mellan institutets regelbundna riskhantering och övervakning av indikatorerna. Återhämtningsplanen bör därför innehålla en beskrivning av hur lämpliga delar av institutets riskhantering sammanhänger med indikatorerna.

(9) Den strategiska analysen bör beakta internationella normer för återhämtningsplaner, till exempel den som utfärdats av rådet för finansiell stabilitet: Viktiga attribut för effektiva resolutionssystem för finansinstitut. Enligt dessa viktiga attribut bör den strategiska analysen identifiera institutets väsentliga och systemviktiga funktioner och beskriva de viktigaste åtgärderna för att bevara dem inom ramen för ett återhämtningsscenario. Därför bör den strategiska analysen bestå av två delar. Den första delen av den strategiska analysen bör beskriva institutet eller koncernen och dess centrala affärsområden och kritiska funktioner. Beskrivningen av institutet eller koncernen bör ge en allmän översikt av institutet eller koncernen och dess verksamhet, tillsammans med en detaljerad beskrivning av dess centrala affärsområden och kritiska funktioner. För att underlätta bedömningen av återhämtningsalternativ, t.ex. avyttringar och försäljningar av affärsområden, är det viktigt att identifiera de rättsliga enheter i vilka centrala affärsområden och kritiska funktioner återfinns, och att analysera kopplingar inom koncernen. Enligt artikel 6.1 och 6.2 i direktiv 2014/59/EU är instituten skyldiga att på ett tillfredsställande sätt påvisa för den behöriga myndigheten att återhämtningsplanen rimligen kan förväntas genomföras utan väsentliga negativa effekter på det finansiella systemet. Enligt artikel 6.2 i direktiv 2014/59/EU ska de behöriga myndigheterna bedöma i vilken utsträckning återhämtningsplanen eller de specifika alternativen i denna skulle kunna genomföras utan väsentliga negativa effekter på det finansiella systemet. Återhämtningsplanerna bör därför innehålla en beskrivning av externa sammankopplingar.

(10) Den andra delen av den strategiska analysen bör kartlägga och bedöma eventuella återhämtningsalternativ. De återhämtningsalternativ som är tillgängliga för institutet eller koncernen bör inledningsvis beskrivas utan hänvisning till ett särskilt scenario för finansiell stress. Detta är ett sätt att öka den allmänna krisberedskapen och bistå institutet eller koncernen i att reagera flexibelt på en kris. Den strategiska analysen bör sedan fastställa hur återhämtningsalternativ har testats mot särskilda fall av finansiell stress, i syfte att preliminärt bedöma vilka återhämtningsalternativ som skulle vara effektiva i vart och ett av dessa scenarier, vilket ger ett praktiskt test av återhämtningsalternativens effektivitet och indikatorernas lämplighet. Återhämtningsalternativen bör omfatta de åtgärder som institutet skulle kunna vidta när villkoren för tidigt ingripande enligt artikel 27 i direktiv 2014/59/EU är uppfyllda.

(11) Att informera om återhämtningsplanen är avgörande för att genomföra den effektivt och undvika negativa effekter på det finansiella systemet. En återhämtningsplan bör därför också innehålla ett avsnitt om kommunikation och information för att hantera både interna meddelanden till relevanta interna organ och institutets eller koncernens personal, och extern kommunikation.

(12) En återhämtningsplan kan innebära förändringar i institutets organisation, antingen för att underlätta uppdateringen av planen och dess genomförande i framtiden, för att övervaka indikatorer, eller för att processen har identifierat vissa hinder som försvårar genomförandet av återhämtningsalternativ. Dessa organisatoriska förberedande och uppföljande åtgärder som ska vidtas av institutet eller koncernen bör beskrivas i återhämtningsplanen, i syfte att underlätta en effektiv bedömning av huruvida dess genomförande är rimligt sannolik, och för att underlätta övervakningen av genomförandet både inom institutet eller koncernen och från de behöriga myndigheternas sida.

(13) Det är viktigt att specificera de minimikriterier som en behörig myndighet måste beakta vid bedömningen av återhämtningsplaner som upprättats av institut, som föreskrivs i artiklarna 6.2 och 8.1 i direktiv 2014/59/EU.

(14) Artikel 16 i Europaparlamentets och rådets förordning (EU) nr 1093/2010 bemyndigar Europeiska bankmyndigheten (EBA) att utfärda riktlinjer för att säkerställa en gemensam, enhetlig och konsekvent tillämpning av unionsrätten och kräver att behöriga myndigheter och finansinstitut som dessa riktlinjer riktar sig till gör sitt yttersta för att uppfylla dessa riktlinjer. Eftersom direktiv 2014/59/EU ger EBA befogenhet att utfärda riktlinjer i enlighet med artikel 16 i förordning (EU) nr 1093/2010, för att ytterligare specificera vissa aspekter av direktivet, bör de behöriga myndigheterna i enlighet med den artikeln ta hänsyn till de riktlinjer om scenarier för återhämtningsplanering och de indikatorer som ska ingå i återhämtningsplanerna som utfärdats av EBA genom att göra sitt yttersta för att följa dessa riktlinjer i enlighet med artikel 16.3 i förordning (EU) nr 1093/2010.

(15) Målet med återhämtningsplanering, enligt direktiv 2014/59/EU, är att kartlägga möjligheter att upprätthålla eller återställa bärkraften och den finansiella ställningen hos ett institut eller en koncern som utsätts för allvarlig stress. Kriterierna för att bedöma en återhämtningsplan bör därför syfta till att säkerställa att planen är lämplig för de enheter som den omfattar, och att planen och de alternativ som identifierats är livskraftiga och kan genomföras i vederbörlig ordning. De exakta frågor som den behöriga myndigheten måste utvärdera beror på innehållet och omfattningen av återhämtningsplanen. Enhetliga bestämmelser om vilka uppgifter som åtminstone måste ingå i återhämtningsplanerna bör fastställas, men inte hindra de behöriga myndigheternas befogenheter att fastställa förenklade skyldigheter för vissa institut i fråga om innehållet och de närmare uppgifterna i återhämtningsplanerna, i enlighet med artikel 4 i direktiv 2014/59/EU.

(16) I förekommande fall bör man fastställa ytterligare kriterier för bedömningen av koncernåterhämtningsplaner, för att återspegla de extra krav som fastställs i direktiv 2014/59/EU i fråga om sådana planer.

(17) Återhämtningsplaner bör vara fullständiga och innehålla alla uppgifter som krävs enligt direktiv 2014/59/EU, inklusive delar som specificeras ytterligare i denna förordning. Planerna bör också vara tillräckligt detaljerade och omfattande, inbegripet ett tillräckligt antal alternativ för de omständigheter som kan råda i den eller de enheter som de omfattar.

(18) Krav på innehållet i resolutionsplanerna fastställs med hänsyn tagen till det pågående arbetet för att samordna denna utveckling på global nivå genom rådet för finansiell stabilitet.

(19) Standarder för innehållet i resolutionsplanerna och bedömningen av möjligheten till resolution bör vara tillräckligt flexibla för att ta hänsyn till omständigheterna kring det institut eller den koncern som berörs, för att se till att planerna är målinriktade och användbara för genomförandet av resolutionsstrategierna.

(20) Resolutionsmyndigheterna bör bedöma huruvida likvidation under normala insolvensförfaranden är ett trovärdigt och möjligt sätt att uppnå resolutionsmålen. För att göra detta kan de behöva stödja sig på relevant expertis i insättningsgarantisystemen. Bedömningen av huruvida likvidation är möjlig och trovärdig utesluter inte att behöva utvärdera huruvida målen skulle uppnås i samma utsträckning i likvidation genom nationella insolvensförfaranden, inklusive att minimera beroendet av extraordinärt offentligt finansiellt stöd.

(21) Bedömning av resolutionsmöjligheterna är en iterativ process och är endast möjlig på grundval av en identifierad föredragen resolutionsstrategi. Resolutionsmyndigheterna skulle i slutet av processen kunna dra slutsatsen att en ändrad eller helt annan strategi är lämpligare.

(22) Varianter av den föredragna strategin bör också övervägas i syfte att beakta omständigheter som hindrar genomförandet av den föredragna resolutionsstrategin, till exempel när en strategi med samlad kontaktpunkt som använder skuldnedskrivningsverktyget inte längre är möjlig, i fall där förlusterna överstiger de kvalificerade skulder som emitterats av moderföretaget.

(23) Standarder för koncernresolutionsplaner och bedömning av möjligheten till resolution bör möjliggöra en resolutionsstrategi grundad på någon av de stiliserade metoder som anges av rådet för finansiell stabilitet och som avses i skäl 80 i direktiv 2014/59/EU. Resolutionsstrategier kan innebära att en gemensam resolutionsmyndighet tillämpar resolutionsverktyg på holdingföretaget eller moderföretaget för en koncern (en enda kontaktpunkt), omfattar mer än en resolutionsmyndighet som tillämpar resolutionsverktygen för mer än en regional eller funktionell undergrupp eller enhet i en multinationell koncern med mer än en resolutionsmyndighet (flera kontaktpunkter). eller kan kombinera aspekter av båda.

(24) I vilket fall bör resolutionsplanering och bedömning av möjligheten till resolution beakta varje stödåtgärd som krävs från resolutionsmyndigheterna utöver dem som innebär resolutionsåtgärder, exempelvis genom tillhandahållande av information, fortsatt tillhandahållande av kritiska delade tjänster eller beslut att avstå från att vidta resolutionsåtgärder, med hänsyn till de övriga resolutionsmyndigheternas rätt att agera på eget initiativ om det är nödvändigt för att uppnå den inhemska finansiella stabiliteten i avsaknad av effektiva åtgärder från ledande resolutionsmyndigheter.

(25) I avsnitt C i bilagan till direktiv 2014/59/EU fastställs ett antal frågor som måste beaktas vid bedömning av möjligheterna till resolution av ett institut eller en koncern, men är inte uttömmande och kräver ytterligare specificering.

(26) Enligt artikel 32 i direktiv 2014/59/EU bör resolutionsåtgärder endast vidtas när avvecklingen av institutet eller koncernen enligt normala insolvensförfaranden inte skulle ligga i allmänhetens intresse, och som en del av bedömningen av resolutionsmöjligheterna bör det därför övervägas om en sådan likvidation är ett alternativ till resolutionsåtgärder.

(27) I artikel 23.1 i direktiv 2014/59/EU fastställs flera villkor som måste vara uppfyllda för att ett moderinstitut, ett moderinstitut inom unionen och vissa andra företag i samma koncern och deras dotterbolag i andra medlemsstater eller tredjeländer, som är institut eller finansinstitut, på grundval av ett avtal om finansiellt stöd inom koncerner enligt kapitel III i det direktivet, ska få tillhandahålla ekonomiskt stöd i form av lån, garantier eller tillgångar att användas som säkerhet till en annan koncernenhet som uppfyller villkoren för tidigt ingripande. Enligt artikel 25.2 i direktiv 2014/59/EU får den behöriga myndigheten för den koncernenhet som ger stödet förbjuda eller begränsa tillhandahållandet av finansiellt stöd.

(28) Med beaktande av de finansiella svårigheterna i den mottagande enheten och villkoret att det ska finnas rimliga utsikter att det finansiella stödet avhjälper de finansiella svårigheterna, bör en grundlig analys genomföras av kapital- och likviditetsbehoven hos den mottagande enheten och en analys av de interna och externa orsakerna till de finansiella svårigheterna och av tidigare, aktuella och förväntade marknadsförhållanden. Denna analys bör omfatta planerade åtgärder för att ta itu med orsakerna till nödsituationen i den mottagande enheten, som effektivt kan stödja återställandet av dess finansiella situation.

(29) Ansvaret för att bedöma de olika villkoren ligger hos den enhet som ger stödet (tillhandahållande enhet) och den behöriga myndighet som ansvarar för det institut som tillhandahåller stödet. Vid bedömningen bör man väga in risken för en eventuell ogynnsam utveckling. För att kunna göra en fullständig bedömning av de förhållanden som hänför sig till den stödjande enheten bör den behöriga myndighet som ansvarar för den stödjande enheten också beakta den information och de bedömningar som tillhandahålls av den behöriga myndighet som ansvarar för den koncernenhet som tar emot det finansiella stödet.

(30) Kravet att villkoren i denna bestämmelse måste överensstämma med artikel 19.7 i direktiv 2014/59/EU bedöms med hänsyn till fallissemangsrisken för den mottagande enheten och förlusten för den stödjande enheten vid ett sådant fallissemang, på grundval av en jämförelse av situationerna med respektive utan stöd, samt ett fullständigt offentliggörande av relevant information. De bör avspegla den stödjande enhetens eget intresse enligt beskrivningen i artikel 19.7 b, som föreskriver att alla direkta eller indirekta förmåner som en part kan komma i åtnjutande av som ett resultat av det finansiella stödet kan beaktas. Detta bör kontrolleras genom en grundlig analys av kostnader och fördelar för den stödjande enheten och koncernen som helhet i dessa två scenarier.

(31) Avtal om finansiellt stöd och tillhandahållande av finansiellt stöd inom koncerner kan förbättra möjligheten till resolution av en koncern, t.ex. om de är i linje med den förlustabsorberingsmekanism som anges i resolutionsstrategin. De kan emellertid också försämra möjligheterna för genomförandet av den valda resolutionsstrategin, exempelvis om denna strategi förutser en åtskillnad mellan olika delar av koncernen. Därför bör bedömningen av inverkan på resolutionsmöjligheterna grunda sig på bedömningen av möjligheten till resolution, den enskilda resolutionsplaneringen, och, i tillämpliga fall, på den koncernresolutionsplan som fastställs genom gemensamt beslut av resolutionskollegierna.

(32) När de utför sina värderingsuppgifter för tillämpning av artiklarna 36, 49.3 och 74 i direktiv 2014/59/EU är det nödvändigt att se till att oberoende värderare inte påverkas, eller uppfattas som om de påverkas, av offentliga myndigheter, inbegripet resolutionsmyndigheten, eller av det institut eller den enhet som avses i artikel 1.1 b, c eller d i det direktivet.

(33) Det behövs därför enhetliga regler för huruvida en person ska anses vara oberoende av berörda offentliga myndigheter, inbegripet resolutionsmyndigheten, och av det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU. Dessa regler bör omfatta krav gällande den berörda personens expertis, resurser och förhållande till berörda offentliga myndigheter, inbegripet resolutionsmyndigheten, och till det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU.

(34) Oberoendet kan stärkas genom villkor som garanterar att den oberoende värderingsmannen förfogar över tillräcklig expertis och resurser. Mer specifikt bör det säkerställas att den oberoende värderingsmannen har nödvändiga kvalifikationer, kunskaper och expertis inom alla relevanta områden, i synnerhet när det gäller värdering och redovisning i banksektorn. Man bör också försäkra sig om att den oberoende värderingsmannen förfogar över, eller har tillgång till, tillräckliga personella och tekniska resurser för att utföra värderingen. Ett lämpligt sätt att få tillgång till tillräckliga mänskliga och personella resurser kan vara att engagera personal eller kontraktsanställda från andra värderingsspecialister eller advokatbyråer eller andra källor för att utföra värderingen. Om anställda eller uppdragstagare bidrar till att stödja genomförandet av värderingen bör de kontrolleras för intressekonflikter för att se till att oberoendet inte äventyras. I samtliga fall bör den oberoende värderingsmannen förbli ansvarig för resultatet av värderingen.

(35) Det bör dessutom säkerställas att den oberoende värderingsmannen också kan utföra värderingen effektivt, utan otillbörligt stöd från berörda offentliga myndigheter, inbegripet resolutionsmyndigheten, eller det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU. Tillhandahållandet av instruktioner eller riktlinjer som är nödvändiga för att stödja genomförandet av värderingen, till exempel i fråga om de metoder som föreskrivs enligt unionslagstiftningen i fråga om värdering för ändamål som rör resolution, bör inte betraktas som otillbörligt stöd där sådana instruktioner eller riktlinjer anses nödvändiga för att stödja genomförandet av värderingen. Dessutom bör bistånd som tar sådana former som att det ger det berörda institutet eller den berörda enheten tillgång till system, redovisning, obligatoriska rapporter, marknadsuppgifter, annan dokumentation eller annan hjälp till den oberoende värderingsmannen inte hindras om tillsättningsmyndigheten eller annan sådan myndighet, som får ges befogenhet att utföra denna uppgift i den berörda medlemsstaten, anser att detta är nödvändigt för att stödja genomförandet av värderingen. I enlighet med förfaranden som kan införas, bör tillhandahållande av instruktioner, riktlinjer och andra former av stöd fastställas på individuell eller samlad grund.

(36) Betalning av skälig ersättning för arbetsinsatser och ersättning för skäliga omkostnader i samband med värderingen bör inte hindras.

(37) Oberoende kan äventyras om värdering utförs av en person som är anställd av eller är ansluten till relevanta offentliga myndigheter, inbegripet resolutionsmyndigheten, eller till det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU, även i de fall då man inrättat en strukturell åtskillnad för att avvärja risker för självgranskning, egenintresse, partiskhet, förtrolighet, tillit eller skrämsel. Man behöver därför garantera att det råder en tillräcklig rättslig separation, i den meningen att den oberoende värderingsmannen inte är en anställd eller entreprenör eller i en grupp med relevanta offentliga myndigheter, inbegripet resolutionsmyndigheten, det institut eller den enhet som berörs.

(38) Det är också nödvändigt att säkerställa att den oberoende värderingsmannen inte har något väsentligt gemensamt intresse eller intressekonflikt med berörda offentliga myndigheter, inbegripet resolutionsmyndigheten, det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU, inbegripet dess företagsledning, dominerande aktieägare, koncernenheter och större fordringsägare, vilket kan vara fallet när den oberoende värderingsmannen är fordringsägare i förhållande till det berörda institutet eller den berörda enheten. Personliga relationer kan också utgöra ett väsentligt intresse.

(39) Tillsättningsmyndigheten, eller annan myndighet som får ges befogenhet att utföra uppgiften i den berörda medlemsstaten, bör följaktligen bedöma om väsentliga gemensamma eller motstridiga intressen förekommer. I denna bedömning bör den oberoende värderingsmannen underrätta tillsättningsmyndigheten, eller annan myndighet med befogenhet att utföra denna uppgift i den berörda medlemsstaten, om alla faktiska eller potentiella intressekonflikter som den anser kan, vid bedömningen av den myndigheten, utgöra ett väsentligt intresse och lämna all information som rimligtvis kan begäras av myndigheten för att underbygga denna bedömning. När det gäller juridiska personer bör oberoende bedömas i förhållande till företaget eller partnerskapet som helhet men hänsyn bör tas till varje strukturell åtskillnad och andra arrangemang som kan inrättas för att skilja de tjänstemän som kan vara involverade i värderingen från andra anställda, för att hantera risker, såsom självgranskning, egenintresse, partiskhet, förtrolighet, tillit eller hot. Om dessa risker jämfört med vidtagna skyddsåtgärder är av sådan art att personens oberoende äventyras, bör företaget eller partnerskapet inte vara oberoende värderingsman.

(40) En lagstadgad revisor som har slutfört en granskning av ett institut eller en enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU under det år som föregår den oberoende värderingsmannens bedömning för behörighet att bedriva verksamhet som värderingsman, bör under inga omständigheter betraktas som oberoende. När det gäller andra gransknings- eller värderingstjänster gällande det berörda institutet eller den berörda enheten under de år som omedelbart föregick den dag då oberoende ska bedömas, bör dessa också anses utgöra ett väsentligt gemensamt intresse eller en intressekonflikt, om det inte påvisas på ett tillfredsställande sätt för tillsättningsmyndigheten, eller annan myndighet som får ges befogenhet att utföra denna uppgift i den berörda medlemsstaten, att så inte är fallet med beaktande av alla relevanta omständigheter, inbegripet eventuell strukturell separation eller andra befintliga arrangemang.

(41) Efter utnämning är det viktigt att den oberoende värderingsmannen upprätthåller policy och förfaranden i enlighet med de tillämpliga etiska regler och yrkesmässiga normer för att identifiera alla faktiska eller potentiella intressekonflikter som värderingsmannen anser kan utgöra ett betydande gemensamt intresse eller en intressekonflikt. Tillsättningsmyndigheten, eller annan sådan myndighet som kan identifieras i den berörda medlemsstaten, bör omedelbart informeras om eventuella faktiska eller potentiella intressen som konstaterats och bör överväga huruvida någon av omständigheterna i fråga utgör ett väsentligt intresse, varvid den oberoende värderarens uppdrag avslutas och en ny värderare utses.

(42) Direktiv 2014/59/EU kräver att medlemsstaterna ger sina resolutionsmyndigheter en rad befogenheter, inklusive nedskrivnings- och konverteringsbefogenheter enligt definitionen i artikel 2.1.66 i direktivet som kan tillämpas oberoende av eller i förening med resolutionsåtgärder.

(43) Det är viktigt att säkerställa att nedskrivnings- och konverteringsbefogenheterna kan tillämpas i förhållande till samtliga skulder som inte är undantagna enligt artikel 44.2 i direktiv 2014/59/EU. För skulder som regleras av lagen i ett tredjeland, utom de som ingår i den förteckning över de skulder för vilka undantagen i artikel 55.1 i direktiv 2014/59/EU är tillämpliga, ska ett avtalsvillkor införas för att stödja tillämpningen av nedskrivnings- och konverteringsbefogenheterna avseende sådana skulder.

(44) De avtalsvillkor som avses i artikel 55.1 i direktiv 2014/59/EU bör ingå i avtal som skapar en skuld på vilken den artikeln är tillämplig, som ingåtts efter tillämpningsdagen för de bestämmelser som antagits för att införliva avdelning IV kapitel IV avsnitt 5 i direktiv 2014/59/EU.

(45) I synnerhet bör det avtalsvillkor som avses i artikel 55.1 i direktiv 2014/59/EU införas i relevanta avtal om en skuld som, när den skapas, har eller inte har full säkerhet, men där de avtalsvillkor som reglerar ansvar inte ålägger gäldenären att upprätthålla en säkerhet som helt säkrar skulden kontinuerligt i enlighet med lagstadgade krav som anges i unionsrätten eller motsvarande lagstiftning i tredjeländer.

(46) För relevanta avtal som ingicks före datumet för tillämpning av de bestämmelser som antas för att införliva avdelning IV kapitel IV avsnitt 5 i direktiv 2014/59/EU bör det avtalsvillkor inkluderas när skulder uppkommer enligt det avtalet efter det datum som fastställts för direktivets införlivande.

(47) Dessutom, för relevanta avtal som ingicks före datumet för tillämpning av de bestämmelser som antas för att införliva avdelning IV kapitel IV avsnitt 5 i direktiv 2014/59/EU, bör väsentliga ändringar som påverkar materiella rättigheter och skyldigheter för en part till avtalet medföra skyldighet att införa de avtalsvillkor som avses i artikel 55.1 i direktiv 2014/59/EU. Icke väsentliga ändringar som inte påverkar materiella rättigheter och skyldigheter för en part i ett relevant avtal ska inte vara tillräckliga för att utlösa kravet att inkludera avtalsvillkoret. I alla andra fall bör avtalsvillkor införas.

(48) För att möjliggöra en lämplig nivå av konvergens samtidigt som skillnader i de rättsliga systemen eller som följer av arten eller formen för skulden kan beaktas av resolutionsmyndigheter, institut och enheter som avses i artikel 1.1 b, c och d i direktiv 2014/59/EU, är det lämpligt att fastställa det obligatoriska innehållet för avtalsvillkor.

(49) I syfte att uppnå en enhetlig strategi i hela unionen genom att säkerställa effektiv samordning mellan de behöriga myndigheterna och genom att resolutionsmyndigheten vidtar tillräckligt informerade och snabba resolutionsbeslut, fastställs i denna förordning de förfaranden och innehållet i de anmälningar som avses i artikel 81.1, 81.2 och 81.3 i direktiv 2014/59/EU.

(50) Anmälningar ska göras via säkra elektroniska kommunikationer som avspeglar ärendets vikt och brådskande karaktär. För att främja samordning mellan parterna övervägs muntlig kommunikation på förhand och efterföljande bekräftelse av mottagandet i processen.

(51) Meddelanden bör tillhandahålla adekvat information till mottagaren för att denne omedelbart ska kunna utföra sina arbetsuppgifter; specifikt innehåll ska därför fastställas vad gäller det meddelande som ska inlämnas till den behöriga myndigheten av ledningsorganet för det institut eller den enhet som avses i artikel 1.1 b, c eller d i direktiv 2014/59/EU när den fallerar eller sannolikt kommer att fallera. Likaså bör ett sådant meddelande från den behöriga myndigheten till resolutionsmyndigheten innehålla den informationen för att göra det möjligt för den senare att fullgöra sina uppgifter. Särskilda krav på innehåll bör också tillhandahållas för meddelande av bedömningen att ett institut eller en enhet som avses i artikel 1.1 b, c eller d fallerar eller sannolikt kommer att fallera, när en sådan bedömning initieras av den behöriga myndigheten respektive resolutionsmyndigheten. I sådana fall bör meddelandet också specificera de relevanta villkor som anges i artikel 32.1 a och b i direktiv 2014/59/EU.

(52) För att berörda parter ska informeras om resolutionsåtgärder på ett harmoniskt sätt i hela unionen reglerar denna förordning de förfaranden och innehållet i den underrättelse som redogör för effekterna av en resolutionsåtgärd, inbegripet beslutet att tillfälligt avbryta eller begränsa utövandet av vissa rättigheter i enlighet med artiklarna 69, 70 och 71 i direktiv 2014/59/EU.

(53) I förordningen fastställs också innehållet i underrättelsen, med utgångspunkt i de centrala uppgifter som behöver vidarebefordras till professionella och icke-professionella kunder och borgenärer. I fråga om de delar som inte anges i denna förordning bör meddelandet överensstämma med den bredare kommunikationsstrategi som utarbetats som ett led i resolutionsplanen och som behandlas i kapitel II avsnitten I och II i denna förordning. Det är nödvändigt att anta tekniska standarder för att fastställa enhetliga, detaljerade regler för upprättandet och förfaranden som ska följas av resolutionskollegier när de utövar de funktioner och uppgifter som anges i artikel 88 i direktiv 2014/59/EU, på grund av den stora inverkan som koncernresolutionsplanering och resolution kan ha i fler än en medlemsstat.

(54) Vid inrättandet av ett resolutionskollegium är det nödvändigt att undvika dubblering av det arbete som redan utförs av den samordnande tillsynsmyndigheten och tillsynskollegiet. Det är också viktigt att se till att detta arbete anpassas för att tillgodose behoven för kollegiets verksamhet. Det är i synnerhet lämpligt att säkerställa att resolutionsmyndigheten på koncernnivå beaktar, uppdaterar och anpassar allt relevant arbete som utförts av den samordnande tillsynsmyndigheten inom ramen för tillsynskollegiet, särskilt när det gäller identifiering av berörda koncernenheter och följaktligen vilka myndigheter som ska bjudas in att bli medlemmar eller observatörer i kollegiet (nedan kallat kartläggning).

(55) Hänvisningen till andra koncerner eller kollegier som utför samma uppgifter och funktioner i enlighet med artikel 88.6 i direktiv 2014/59/EU bör anses omfatta, men inte begränsas till, krishanteringsgrupper som inrättats enligt de gemensamma principer och strategier som utvecklats av rådet för finansiell stabilitet och G20-gruppen. Det är därför viktigt att se till att resolutionsmyndigheter på koncernnivå, vid bedömningen av deras skyldighet att etablera ett resolutionskollegium, även bedömer huruvida dessa andra koncerner eller kollegier fungerar i enlighet med bestämmelserna i denna förordning.

(56) Deltagande av resolutionsmyndigheter i tredjeland som observatörer i resolutionskollegiet regleras redan genom artikel 88.3 i direktiv 2014/59/EU. Det är därför nödvändigt att organisera deras deltagande i resolutionskollegiet och i dess olika uppgifter.

(57) För att uppnå en effektiv resolutionsplanering behövs en effektiv och snabb interaktion och samarbete mellan resolutionskollegiet och bankgruppen, särskilt mellan resolutionsmyndigheten på koncernnivå och moderföretaget inom unionen. För detta ändamål förväntas resolutionsmyndigheten på koncernnivå informera moderföretaget inom unionen om inrättandet av resolutionskollegiet, dess sammansättning och om eventuella förändringar i denna sammansättning. Ett snabbt och effektivt samspel och samarbete mellan resolutionsmyndigheten på koncernnivå och moderföretaget inom unionen bör också innefatta tillräckligt utrymme för de snabba åtgärder som krävs för att bevara den finansiella stabiliteten, samt vara utformat med hänsyn tagen till att resolutionsplanering är ett förebyggande arbete som ofta innefattar komplicerade ekonomiska bedömningar.

(58) Resolutionskollegiets skriftliga rutiner och förfaranden bör innehålla tillräckliga organisatoriska bestämmelser för att säkerställa en effektiv och ändamålsenlig beslutsprocess. I synnerhet bör resolutionskollegiet erkänna behovet av att inrätta flexibla undergrupper inom resolutionskollegiet för att utföra kollegiefunktioner och se till att medlemmarna på ett lämpligt sätt kan bidra till kollegiets samtliga funktioner. I synnerhet, när det anses lämpligt att andra myndigheter än kollegiets medlemmar deltar i tillsynskollegiet som observatörer är det nödvändigt att resolutionsmyndigheten på koncernnivå säkerställer att villkoren för deltagande fastställs i de skriftliga arrangemangen och att de inte är mer gynnsamma än de som fastställs i denna förordning för kollegiets medlemmar.

(59) Resolutionskollegiets skriftliga rutiner och förfaranden bör också omfatta nödvändiga operativa bestämmelser för att se till att kollegiet gör det möjligt för resolutionsmyndigheterna att både samordna sina bidrag till tillsynskollegiet och organisera analys, behandling och utvärdering av den input som resolutionsmyndigheterna mottar från tillsynskollegiet. Skriftliga avtal bör därför helst inbegripa en kommunikationsprocess mellan tillsynskollegiet och resolutionskollegiet, framför allt mellan resolutionsmyndigheten på koncernnivå och den samordnande tillsynsmyndigheten. Skriftliga avtal bör också fastställa de förfaranden som ska följas inom resolutionskollegiet för att uppnå en gemensam förståelse i samtliga fall där samordning behövs i praktiken, men där ett gemensamt beslut inte krävs i enlighet med direktiv 2014/59/EU.

(60) Resolutionsmyndigheten på koncernnivå bör ha tillgång till all information som krävs för fullgörandet av dess uppgifter och ansvar, och bör fungera som samordnare för insamling och spridning av information från en ledamot av kollegiet, eller något koncernföretag som omfattas av sekretessbestämmelserna och bestämmelser om utbyte av sekretessbelagda uppgifter som fastställs i direktiv 2014/59/EU.

(61) För att säkerställa att de operativa förfarandena är verkningsfulla i en krissituation, bör resolutionsmyndigheten på koncernnivå genomföra testen för resolutionskollegiets arbete och bör vid behov kunna involvera moderföretaget inom unionen vid utförandet av dessa tester.

(62) Det behövs en väl anpassad och realistisk tidsplanering för samtliga gemensamma beslutsförfaranden. Varje resolutionsmyndighet som deltar i dessa processer bör tillhandahålla resolutionsmyndigheten på koncernnivå sitt bidrag i de respektive gemensamma besluten, i tid och på ett effektivt sätt och i enlighet med tidtabellen för det gemensamma beslutet.

(63) Det är nödvändigt att se till att gemensamma beslut fattas snabbt och vid rätt tidpunkt. Detta är särskilt viktigt för beslut om resolution men är också relevant för resolutionsplaneringen. Samtidigt bör man se till att alla myndigheter som deltar i den gemensamma beslutsprocessen ges tillräcklig tid att lämna synpunkter. För att skapa en lämplig balans mellan dessa två mål bör resolutionsmyndigheterna på koncernnivå ha befogenhet att lägga fram sitt förslag till de andra myndigheter som är involverade i processen och samtidigt fastställa en lämplig tidsfrist efter vars utgång det förmodas att de myndigheter som inte uttryckt invändningar samtycker. Vid fastställandet av den relevanta tidsfristen bör resolutionsmyndigheten på koncernnivå ta vederbörlig hänsyn till den faktiska tidsramen för beslutsfattandet som fastställts i lag eller som redan fastställts av kollegiet självt.

(64) För att se till att en effektiv process inrättas bör resolutionsmyndigheten på koncernnivå bära det yttersta ansvaret för att fastställa prioriteringsordningen för de steg som ska vidtas. Stegen mot ett gemensamt beslut bör fastställas, med tanke på att några av dessa steg kan utföras parallellt och andra successivt.

(65) I enlighet med artikel 13.3 i direktiv 2014/59/EU, bör koncernresolutionsplaner ses över och uppdateras åtminstone en gång per år. Man behöver emellertid också se till att koncernresolutionsplaner ses över och uppdateras på ad hoc-basis, antingen om ett sådant behov uppstår till följd av information som mottagits av tillsynskollegiet, eller på resolutionskollegiets eget initiativ.

(66) För att öka insynen i hur resolutionskollegierna fungerar bör enhetliga villkor för meddelande av de gemensamma besluten till moderföretaget inom unionen och till andra enheter inom gruppen i fråga fastställas tydligt i denna förordning. För att se till att processer och resultat är jämförbara och därigenom uppnå konvergens, är det nödvändigt att klart fastställa enhetliga regler för den process och den dokumentation som krävs för gemensamt beslutsfattande inom ramen för resolutionskollegierna.

(67) Samordning av de enskilda beslut som fattas av resolutionsmyndigheten på koncernnivå och resolutionsmyndigheterna för dotterföretag i avsaknad av ett gemensamt beslut bör också säkerställas för att resolutionskollegiet ska kunna fullgöra sin roll i enlighet med artikel 88.1 i direktiv 2014/59/EU. Det är därför nödvändigt att fastställa kollegiets funktionssätt genom rambestämmelse för resolutionsmyndigheten på koncernnivå samt för övriga myndigheter, för att eftersträva en effektiv och fungerande koncernresolutionsplanering även i avsaknad av gemensamma beslut.

(68) För att avgöra huruvida det finns ett behov av en koncernresolutionsordning bör berörda resolutionsmyndigheter som deltar i resolutionskollegiet överväga, i enlighet med artiklarna 91 och 92 i direktiv 2014/59/EU, om det finns en koncerndimension till den aktuella resolutionen. För detta ändamål bör resolutionsmyndigheten på koncernnivå sträva efter att identifiera alla enheter i koncernen som påverkas, eller som skulle kunna påverkas om en enhet i koncernen eller moderföretaget inom unionen uppfyller villkoren enligt artiklarna 32 eller 33 i direktiv 2014/59/EU.

(69) Optimala villkor för en resolution kräver att man arbetar effektivt och ändamålsenligt inom en kort tidsram. Det är därför viktigt att föreskriva att resolutionskollegiet, när man överväger behovet av en koncernresolutionsordning, också bör överväga behovet av att göra nationella finansiella arrangemang ömsesidiga. Särskilt med avseende på finansieringsplaner och tillämpningen av direktiv 2014/59/EU bör resolutionskollegiet beakta huruvida nationella finansieringsarrangemang bör vara ömsesidiga. Om de inte görs ömsesidiga bör innehållet i och utvecklingen av finansieringsplanen anpassas i enlighet med detta. För att ytterligare säkerställa effektivitet, bör resolutionsmyndigheten på koncernnivå tillåtas att ersätta sin slutliga positiva bedömning av behovet av en koncernresolutionsordning med ett förslag för en sådan ordning.

(70) Koncernresolutionsordningen bör, i den utsträckning det är möjligt och lämpligt, beakta och följa koncernresolutionsplanen, såvida resolutionsmyndigheterna inte med beaktande av omständigheterna i fallet gör bedömningen att resolutionsmålen skulle uppnås effektivare med hjälp av åtgärder som inte föreskrivs i resolutionsplanen.

(71) För samordningens skull måste alla som berörs av resolutionen av ett institut ha full insikt i och grepp om de synpunkter som meddelats och insatser som gjorts av den resolutionsmyndighet som har invändningar mot ett gemensamt beslut om koncernresolutionsordning. Därför bör den myndighet som har invändningar tydligt motivera dessa för resolutionsmyndigheten på koncernnivå.

(72) Denna förordning baseras på det förslag till tekniska standarder för tillsyn som Europeiska bankmyndigheten (EBA) har överlämnat till Europeiska kommissionen.

(73) Vid tillämpningen av de tekniska standarder om innehållet i resolutionsplanerna för institut som inte utgör en del av en koncern som är föremål för gruppbaserad tillsyn enligt artiklarna 111 och 112 i direktiv 2013/36/EU och innehållet i resolutionsplanerna för koncerner i enlighet med artiklarna 10 och 13 i direktiv 2014/59/EU, och att de tekniska tillsynsstandarder om kriterier som ska granskas för bedömningen av möjlighet till resolution av institut eller koncerner, som föreskrivs i artikel 15.4 respektive artikel 16.2 i direktiv 2014/59/EU har EBA samrått med Europeiska systemriskrådet.

(74) EBA har genomfört ett öppet offentligt samråd om de förslag till tekniska tillsynstandarder som denna förordning grundar sig på, analyserat de möjliga kostnaderna och fördelarna och begärt ett yttrande från den bankintressentgrupp som inrättats i enlighet med artikel 37 i förordning (EU) nr 1093/2010.

HÄRIGENOM FÖRESKRIVS FÖLJANDE.

Chapter I Common provisions and recovery plans

Section I Common provisions

Article1¶Subject matter

This Regulation further specifies:

1. the information to be contained in an individual recovery plan and, in accordance with paragraphs 5 and 6 of Article 7 of Directive 2014/59/EU, in a group recovery plan;

2. the minimum criteria that the competent authority is to assess with regard to both individual and group recovery plans, in accordance with paragraph 8 of Article 6 of Directive 2014/59/EU;

3. the contents of resolution plans required for institutions that are not part of a group subject to consolidated supervision pursuant to Articles 111 and 112 of Directive 2013/36/EU, and the contents of resolution plans required for groups, in accordance, respectively, with Articles 10 and 13 of Directive 2014/59/EU;

4. the matters and criteria to be examined for the assessment of the resolvability of institutions or groups, provided for, respectively in paragraph 4 of Article 15, and paragraph 2 of Article 16 of the Directive 2014/59/EU;

5. the conditions set out in points (a), (c), (e) and (i) of Article 23(1) of Directive 2014/59/EU with regard to financial support by a group entity in accordance with Article 19 of that Directive;

6. the circumstances in which a person is independent from the resolution authority and the institution or entity referred to in point (b), (c) or (d) of paragraph 1 of Article 1 of Directive 2014/59/EU for the purposes of paragraph 1 of Article 36 of that Directive and of Article 74 thereof;

7. the list of liabilities to which the exclusion from the obligation to include the contractual term referred to in paragraph 1 of Article 55 of Directive 2014/59/EU applies and the contents of the contractual term required in that paragraph;

8. the procedures and contents relating to the notifications referred to in paragraph 1, 2 and 3 of Article 81 of Directive 2014/59/EU and to the notice of suspension referred to in Article 83 of that Directive;

9. detailed rules on setting up and operational functioning of the resolution colleges for the performance of the tasks referred to in paragraph 1 of Article 88 of Directive 2014/59/EU.

Points (1), (2), (3) and (4) above are subject to the application of any simplified obligations determined in accordance with Article 4 of Directive 2014/59/EU.

Article2¶Definitions

For the purposes of this Regulation, the following definitions apply:

1. ‘individual recovery plan’ means any of the following:

a) a recovery plan drawn up in accordance with Article 5(1) of Directive 2014/59/EU by an institution that is not part of a group subject to consolidated supervision pursuant to Articles 111 and 112 of Directive 2013/36/EU;

b) a recovery plan drawn up in accordance with Article 7(2) of Directive 2014/59/EU by a subsidiary of an EU parent undertaking;

2. ‘resolution strategy’ means a set of resolution actions provided for in a resolution plan or group resolution plan;

3. ‘preferred resolution strategy’ a resolution strategy capable of best achieving the resolution objectives set out in Article 31 of Directive 2014/59/EU given the structure and the business model of the institution or group, and the resolution regimes applicable to legal entities in a group;

4. ‘qualifying eligible liabilities’ means eligible liabilities which satisfy the conditions set forth in Article 45(4) of Directive 2014/59/EU in order to be included in the amount of own funds and eligible liabilities referred to in Article 45(1) of that Directive;

5. ‘single point of entry (SPE)’ means a resolution strategy involving the application of resolution powers by a single resolution authority at the level of a single parent undertaking or of a single institution subject to consolidated supervision;

6. ‘multiple point of entry (MPE)’ means a resolution strategy involving the application of resolution powers by two or more resolution authorities to regional or functional subgroups or entities of a group;

7. ‘control’ means control as defined in point (37) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;

8. ‘qualifying holding’ means a qualifying holding as defined in point (36) of Article 4(1) of Regulation (EU) No 575/2013.

Section II Content of recovery plans

Article3¶Information to be included in a recovery plan

A recovery plan shall include at least the following items:

1. a summary of the key elements of the recovery plan, in accordance with Article 4;

2. information on governance, in accordance with Article 5;

3. a strategic analysis, in accordance with Articles 6 to 12;

4. a communication and disclosure plan, in accordance with Article 14;

5. an analysis of preparatory measures, in accordance with Article 15.

Article4¶Summary of the key elements of the recovery plan

1. The summary of the key elements of the recovery plan shall cover summaries of each of the following:

a) the recovery plan's information on governance;

b) the recovery plan's strategic analysis, including a summary of overall recovery capacity referred to in Article 12(3);

c) any material changes to the institution, group or recovery plan since the previous version of the recovery plan submitted to the competent authority;

d) the recovery plan's communication and disclosure plan;

e) the preparatory measures set out in the recovery plan.

2. For the purposes of Sections II and III of Chapter I of this Regulation, material change means any change which could impact the ability of an institution or of an EU parent undertaking or one or more of its subsidiaries to implement a recovery plan or to implement one or more recovery options contained in a recovery plan.

Article5¶Governance

The information on governance shall contain at least a detailed description of the following matters:

1. how the recovery plan was developed, including at least:

a) the role and function of persons responsible for preparing, implementing and updating each section of the plan;

b) the identity of the person who has overall responsibility for keeping the recovery plan up-to-date and a description of the process to be used for updating the recovery plan to respond to any material changes affecting the institution or group or their environment;

c) a description of how the plan is integrated in the corporate governance of the institution or group and in the overall risk management framework;

d) if the considered entity is part of a group, a description of the measures and arrangements taken within the group to ensure the coordination and consistency of recovery options at the level of the group and of individual subsidiaries;

2. the policies and procedures governing approval of the recovery plan, including at least:

a) a statement whether the recovery plan has been reviewed by an internal audit function, external auditor or risk committee;

b) confirmation that the recovery plan has been assessed and approved by the management body of the institution or EU parent undertaking responsible for submitting the plan;

3. the conditions and procedures necessary to ensure the timely implementation of recovery options, including, at least:

a) a description of the internal escalation and decision-making process that applies when the indicators have been met, to consider and determine which recovery option may need to be applied in reaction to the situation of financial stress that has materialised, including at least:

i) the role and function of persons involved in this process, including a description of their responsibilities, or, where a committee is involved in the process, the role, the responsibilities and function of committee members;

ii) the procedures that need to be followed;

iii) the time limit for the decision on taking recovery options and when and how the relevant competent authorities will be informed of the fact that the indicators have been met;

b) a detailed description of the indicators, reflecting possible vulnerabilities, weaknesses or threats to, as a minimum, the capital position, liquidity situation, profitability and risk profile of the entity or entities covered in the recovery plan;

4. the plan's consistency with the general risk management framework of the institution or group, including a description of the relevant benchmarks (early warning signals) used as part of the institution's or group's regular internal risk management process, where these benchmarks are useful to inform the management that the indicators could potentially be reached;

5. management information systems, including a description of arrangements in place to ensure that the information necessary to implement the recovery options is available for decision-making in stressed conditions in a reliable and timely way.

Article6¶Strategic analysis

1. The strategic analysis shall identify core business lines and critical functions and set out the key steps to maintaining those core business lines and critical functions in a situation of financial stress.

2. The strategic analysis shall include at least the following subsections:

a) a description of the entity or entities covered by the recovery plan, as set out in Article 7;

b) a description of recovery options, as set out in Articles 8 to 12.

Article7¶The description of entities covered by the recovery plan

1. The subsection of the strategic analysis describing the entity or entities covered by the recovery plan shall comprise the following information:

a) a general characterisation of the entity or entities covered by the recovery plan, including:

i) a description of their overall global business and risk strategy;

ii) their business model and business plan, including a list of the main jurisdictions in which they are active, including through a legal entity or a branch meeting the conditions set out in paragraph 2;

iii) their core business lines and critical functions;

iv) the process and metrics for identifying their core business lines and critical functions;

b) a mapping of the core business lines and critical functions to the legal entities and branches meeting the conditions set out in paragraph 2;

c) a detailed description of the legal and financial structures of the entity or entities covered by the plan, including an explanation of intra-group interconnectedness with respect to any legal entities or branches meeting the conditions set out in paragraph 2 and in particular a description of the following:

i) all existing material intra-group exposures and funding relationships, capital flows within the entity or entities covered by the recovery plan, intra-group guarantees that are in place and intra-group guarantees that are expected to be in place when recovery action is required;

ii) legal interconnectedness, which shall cover material legally binding agreements between entities of a group including, for example, the existence of domination agreements and profit and loss transfer agreements;

iii) operational interconnectedness, which concerns functions that are centralised in one legal entity or branch and are important for the functioning of other legal entities, branches or the group, in particular centralised information technology functions, treasury functions, risk functions or administrative functions;

iv) any existing group financial support agreements concluded in accordance with Article 19 of Directive 2014/59/EU including the parties to the agreement, the form of the financial support and the conditions associated with the provision of the financial support;

d) a description of external interconnectedness including at least:

i) significant exposures and liabilities to main counterparties;

ii) significant financial products and services which are provided by the entity or entities covered by the recovery plan to other financial market participants;

iii) significant services which third parties provide to the entity or entities covered by the recovery plan;

2. For the purposes of points (b) and (c) of paragraph 1, the reference to legal entities or branches shall be understood as a reference to legal entities or branches which:

a) substantially contribute to the profit of the entity or entities covered by the recovery plan or to their funding, or hold an important share of their assets, liabilities or capital;

b) perform key commercial activities;

c) centrally perform key operational, risk or administrative functions;

d) bear substantial risks that could, in a worst-case scenario, jeopardise the viability of the institution or group;

e) could not be disposed of or liquidated without likely triggering a major risk for the institution or group as a whole;

f) are important for the financial stability of at least one of the Member States in which they have their registered offices or operate.

Article8¶Recovery options

1. The subsection on recovery options shall include a list of all recovery options and a description of each option, as set out in Articles 9 to 12.

2. The subsection on recovery options shall set out a range of recovery options designed to respond to financial stress scenarios and which could reasonably be expected to contribute to maintaining or restoring the viability and financial position of the entity or entities covered by the recovery plan.

3. Each recovery option shall be described in a way that enables the competent authority to assess its impact and feasibility.

4. Recovery options shall include measures which are extraordinary in nature as well as measures that could also be taken in the course of the normal business of the entity or entities covered by the recovery plan.

5. Recovery options shall not be excluded for the sole reason that they would require a change to the current nature of the business of that entity or those entities.

Article9¶Actions, arrangements and measures under recovery options

1. Each recovery option shall indicate at least the following:

a) a range of capital and liquidity actions required to maintain or restore the viability and financial position of the entity or entities covered by the recovery plan which have as their primary aim ensuring the viability of critical functions and core business lines;

b) arrangements and measures the primary aim of which is to conserve or restore the institution's own funds or the group's consolidated own funds through external recapitalisations and internal measures to improve the capital position of the entity or entities covered by the recovery plan;

c) arrangements and measures to ensure that the entity or entities covered by the recovery plan have adequate access to contingency funding sources to ensure that they can carry on their operations and meet their obligations as they fall due;

d) arrangements and measures to reduce risk and leverage, or to restructure business lines including, where appropriate, an analysis of possible material divestment of assets, legal entities, or business lines;

e) arrangements and measures the primary aim of which is to achieve a voluntary restructuring of liabilities, without triggering an event of default, termination, downgrade or similar.

For the purposes of point (c), the measures shall include external measures and, where appropriate, measures that aim at reorganising the available liquidity within the group. The contingency funding sources shall include potential liquidity sources, an assessment of available collateral and an assessment of the possibility to transfer liquidity across group entities and business lines.

2. Where a recovery option does not include the actions, arrangements or measures set out in points (a) to (e) of paragraph 1, the subsection on recovery options shall contain a demonstration that those actions, arrangements or measures have been adequately considered by the institution, the Union parent undertaking or the subsidiary which drew up and submitted the plan.

Article10¶Impact assessment

Each recovery option shall contain an impact assessment that shall include, in particular, a detailed description of the processes for determining the value and marketability of the core business lines, operations and assets of the entity or entities to which the recovery option relates, and at least the following elements:

1. a financial and operational impact assessment which sets out the expected impact on solvency, liquidity, funding positions, profitability and operations of the entity or entities covered by the recovery plan; where relevant, the assessment shall clearly identify the different entities of the group which may be affected by the option or involved in its implementation;

2. an assessment of external impact and systemic consequences which sets out the expected impact on critical functions performed by the entity or entities, covered by the recovery plan, and the impact on shareholders, on customers, in particular depositors and retail investors, on counterparties and, where applicable, on the rest of the group;

3. the valuation assumptions and all other assumptions made for the purpose of the assessments in points (1) and (2), including assumptions about the marketability of assets or the behaviour of other financial institutions.

Article11¶Feasibility assessment

1. Each recovery option shall contain a feasibility assessment, which shall include at least:

a) an assessment of the risk associated with the recovery option, drawing on any experience of executing the recovery option or an equivalent measure;

b) a detailed analysis and description of any material impediment to the effective and timely execution of the plan and a description of whether and how such impediments could be overcome;

c) where applicable, an analysis of potential impediments to the effective implementation of the recovery option which result from the structure of the group or of intra-group arrangements, including whether there are substantial practical or legal impediments to the prompt transfer of own funds or the repayment of liabilities or assets within the group;

d) solutions to the potential impediments identified in points (b) and (c).

2. For the purposes of paragraph 1, a material impediment shall include any factor that could potentially negatively affect the timely execution of the recovery option including, in particular, legal, operational, business, financial, and reputational risks such as any risk of a credit rating downgrade.

Article12¶Continuity of operations

1. Each recovery option shall contain an assessment of how the continuity of operations will be ensured when implementing that option.

2. That assessment shall include an analysis of internal operations (for example, information technology systems, suppliers and human resources operations) and of the access of the entity or entities covered by the recovery plan to market infrastructure (for example, clearing and settlement facilities and payment systems). In particular, the assessment of operational contingency shall take into account:

a) any arrangements and measures necessary to maintain continuous access to relevant financial markets infrastructure;

b) any arrangements and measures necessary to maintain the continuous functioning of the operational processes of the entity or entities covered by the recovery plan, including infrastructure and IT services;

c) the expected time frame for the implementation and effectiveness of the recovery option;

d) the effectiveness of the recovery option, and the adequacy of indicators in a range of scenarios of financial stress which assesses the impact of each of these scenarios on the entity or entities covered by the recovery plan, in particular on their capital, liquidity, profitability, risk profile and operations.

3. That assessment shall identify the recovery option which could be appropriate in a specific scenario, the potential impact of the recovery option, its feasibility, including the potential impediments to its implementation, and the time frame required for its implementation.

On the basis of this information, the assessment shall describe the overall recovery capacity of the entity or entities covered by the recovery plan, being the extent to which the recovery options allow that entity or those entities to recover in a range of scenarios of severe macroeconomic and financial stress.

Article13¶Cross references

Where information set out in Article 7 has been submitted to resolution authorities pursuant to Article 11 of Directive 2014/59/EU, competent authorities may choose to accept cross references to that information as sufficient for meeting the requirement in Article 7 if they do not compromise the completeness and quality of the recovery plan, as required by Section III of Chapter I of this Regulation.

Article14¶Communication and disclosure plan

1. The communication and disclosure plan shall cover the following matters in detail:

a) internal communication, in particular to staff, works councils or other staff representatives;

b) external communication, in particular to shareholders and other investors, competent authorities, counterparties, financial markets, financial market infrastructure, depositors and the public, as appropriate;

c) effective proposals for managing any potential negative market reactions.

2. A recovery plan shall include, at least, an analysis of how the communication and disclosure plan would be implemented when one or more of the arrangements or measures set out in the recovery plan are implemented.

3. The communication and disclosure plan shall adequately consider any specific communication needs for individual recovery options.

Article15¶Preparatory measures

1. A recovery plan shall include an analysis of any preparatory measures that the entity or entities covered by it have taken or which are necessary to facilitate the implementation of the recovery plan or to improve its effectiveness together with a timeline for implementing those measures.

2. Such preparatory measures shall include any measures necessary to overcome impediments to the effective implementation of recovery options which have been identified in the recovery plan.

Section III Assessment of recovery plans

Article16¶Completeness of recovery plans

The competent authority shall assess the extent to which a recovery plan satisfies the requirements set out in Article 5 or Article 7 of Directive 2014/59/EU, respectively, and shall review the completeness of the plan based on the following:

1. whether the plan covers all the information listed in Section A of the Annex to Directive 2014/59/EU as further specified in Chapter I, Section I of this Regulation;

2. whether the plan provides information that is up to date, also with respect to any material changes to the entity or entities, in particular changes to their legal or organisational structure or their business or financial situation since the last submission of the plan, in accordance with Article 5(2) of Directive 2014/59/EU;

3. where applicable, whether the plan includes an analysis of how and when the entity or entities covered by the plan may apply, in the conditions addressed by the plan, for the use of central bank facilities and identify those assets which would be expected to qualify as collateral;

4. whether the plan adequately reflects an appropriate range of scenarios of severe macroeconomic and financial stress relevant to the specific conditions of the entity or entities that the plan covers, taking into account the guidelines issued by the EBA in accordance with Article 5(7) of Directive 2014/59/EU that further specify the range of scenarios to be used in recovery plans, by making every effort to comply with them in line with Article 16(3) of Regulation (EU) No 1093/2010;

5. whether the plan contains a framework of indicators which identifies the points at which appropriate actions referred to in the plan may be taken;

6. whether the information referred to in points (1) to (5) is provided in relation to the group as a whole;

7. whether the plan includes, where applicable, arrangements for intra-group financial support adopted pursuant to an agreement for group financial support that has been concluded in accordance with Chapter III of Directive 2014/59/EU;

8. whether for each of the scenarios of severe macroeconomic and financial stress which is reflected in the plan in accordance with Article 7(6) of Directive 2014/59/EU, the plan identifies whether there are:

a) obstacles to implementing recovery measures within the group, including at the level of individual entities covered by the plan;

b) substantial practical or legal impediments to the prompt transfer of own funds or the repayment of liabilities or assets within the group.

Article17¶Quality of recovery plans

In assessing the requirements and criteria set out in Article 5 and Article 7 of Directive 2014/59/EU, as applicable, the competent authority shall review the quality of a recovery plan based on the following:

1. the clarity of the plan is considered to be established if:

a) the plan is self-explanatory and is drafted in clear and understandable language;

b) definitions and descriptions are clear and consistent throughout the plan;

c) assumptions and valuations made within the plan are explained;

d) references to documents not contained in the plan and any annexes supplement the plan in a way which substantially contributes to identifying options to maintain or restore the financial strength and viability of the entity or entities that it covers;

2. the relevance of information contained in the plan is considered to be established if such information focuses on identifying options to maintain or restore the financial strength and viability of the institution or group;

3. the comprehensiveness of the recovery plan is considered to be established if, taking into account in particular the nature of the business of the entity or entities covered by the plan and their size and interconnectedness to other institutions and groups and to the financial system in general:

a) the plan provides a sufficient level of detail concerning the information required to be included in recovery plans pursuant to Articles 5 and 7 of Directive 2014/59/EU;

b) the plan contains a sufficiently wide range of recovery options and indicators, taking into account the guidelines issued by the EBA in accordance with Article 9(2) of Directive 2014/59/EU that further specify the indicators to be included in recovery plans, by making every effort to comply with them in line with Article 16(3) of Regulation (EU) No 1093/2010;

4. the internal consistency of the plan is considered to be established:

a) in the case of an individual recovery plan, if there is internal consistency of the plan itself;

b) in the case of a group recovery plan, if there is internal consistency of the group plan itself;

c) where plans have been required for subsidiaries on an individual basis pursuant to Article 7(2) of Directive 2014/59/EU, there is internal consistency between these plans and the group recovery plan.

Article18¶Implementation of the arrangements proposed in the recovery plans

1. When assessing the extent to which the recovery plan satisfies the criterion set out in point (a) of Article 6(2) of Directive 2014/59/EU, the competent authority shall review the following:

a) the level of integration and consistency of the plan with the general corporate governance and the internal processes of the entity or entities to which the plan applies and its/their risk management framework;

b) whether the plan contains a sufficient number of plausible and viable recovery options which make it reasonably likely that the institution or group would be able to counter different scenarios of financial distress quickly and effectively;

c) whether recovery options included in the plan set out actions which effectively address the scenarios of severe macroeconomic and financial stress reflected in accordance with Article 5(6) of Directive 2014/59/EU;

d) whether the timeline for implementing the options is realistic and is taken into account in the procedures designed to ensure implementation of recovery actions;

e) the level of the institution's or group's preparedness to redress the situation of financial stress, as determined in particular by assessing whether the preparatory measures necessary have been adequately identified and, where appropriate, those measures have been implemented or a plan to implement them has been prepared;

f) the adequacy of the range of scenarios of severe macroeconomic and financial stress against which the plan has been tested;

g) the adequacy of the processes for testing the plan against the scenarios referred to in point (f) and the extent to which the analysis of recovery options and indicators in each scenario is verified by that testing;

h) whether the assumptions and valuations made within the plan and each recovery option are realistic and plausible.

2. The plausibility of each recovery option set out in the plan as referred to in point (b) of paragraph 1 shall be assessed taking into account all of the following elements:

a) the extent to which its implementation is within the institution's or group's control and the extent to which it would rely on action by third parties;

b) whether the plan includes a sufficiently wide range of recovery options and appropriate indicators, conditions and procedures to ensure timely implementation of these options;

c) the extent to which the plan considers reasonably foreseeable impacts of the implementation of the proposed recovery option on the institution or group;

d) whether the plan and in particular the recovery options would be likely to maintain the viability of the institution or group and restore its financial soundness;

e) if applicable, the extent to which the institution or group, or competitors with similar characteristics, have managed a previous episode of financial stress with similar characteristics to the scenario being considered by using the recovery options described, in particular as regards timely implementation of recovery options and, in the case of a group recovery plan, the coordination of recovery options within the group.

Article19¶Recovery options

When assessing the extent to which the recovery plan satisfies the criterion set out in point (b) of Article 6(2) of Directive 2014/59/EU, the competent authority shall review the following:

1. whether it is reasonably likely that the plan and individual recovery options can be implemented in a timely and effective manner even in situations of severe macroeconomic or financial stress;

2. whether it is reasonably likely that the plan and particular recovery options can be implemented to an extent which sufficiently achieves their objectives without any significant adverse effect on the financial system;

3. whether the range of recovery options sufficiently reduces the risk that obstacles to implementing those options or adverse systemic effects arise due to the recovery actions of other institutions or groups being taken at the same time;

4. the extent to which the recovery options may conflict with those of institutions or groups which have similar vulnerabilities, for example due to their similar business models, strategies or scope of activity, if the options were implemented at the same time;

5. the extent to which the implementation of recovery options by several institutions or groups at the same time is likely to negatively affect the impact and feasibility of those options.

Article20¶Specific requirements for group recovery plans

When assessing the extent to which a group recovery plan satisfies the criteria set out in Article 7(4) and (6) of Directive 2014/59/EU, the competent authority shall review the following:

1. the extent to which the plan can stabilise the group as a whole and any institution of the group, in particular taking into account:

a) the availability of recovery options at the group level to restore where necessary the financial position of a subsidiary, without disturbing the group's financial soundness;

b) whether, following the implementation of a particular recovery option, the group as a whole, and any institution within the group which would be intended to continue to carry on business under that recovery option, would still have a viable business model;

c) the extent to which arrangements included in the plan ensure the coordination and consistency of measures to be taken at the level of the parent undertaking or of an institution subject to consolidated supervision pursuant to Chapter 3 of Title VII of Directive 2013/36/EU, or at the level of individual institutions, respectively. The extent to which governance processes included in the plan take into account the governance structure of individual subsidiaries and any relevant legal restrictions shall be reviewed in particular;

2. the extent to which the plan provides solutions to overcome any obstacles to the implementation of recovery measures within the group which are identified in relation to a scenario provided for in Article 5(6) of Directive 2014/59/EU; if the obstacles cannot be overcome, the extent to which alternative recovery measures could achieve the same objectives;

3. the extent to which the plan provides solutions to overcome any substantial practical or legal impediments to a prompt transfer of own funds or the repayment of liabilities or assets within the group which are identified; if the impediments cannot be overcome, the extent to which alternative recovery options could achieve the same objectives.

Article21¶Nature of the entity or entities being assessed

When assessing the overall credibility of a recovery plan in accordance with Articles 18, 19 and 20, the competent authority shall take into account the nature of the business of the entity or entities covered by the plan, their size and their interconnectedness to other institutions and groups and to the financial system in general.

Chapter II Resolution plans

Section I Content of resolution plans

Article22¶Categories of information to be included in resolution plans

A resolution plan shall contain at least the elements laid down in points (1) to (8) of this Article, including all information required under Articles 10 and 12 of Directive 2014/59/EU and any additional information necessary to enable the delivery of the resolution strategy:

1. a summary of the plan, including a description of the institution or group and a summary of items referred to in points (2) to (8);

2. a description of the resolution strategy considered in the plan, including:

a) identification of the different resolution actions foreseen under the plan;

b) identification of the legal entity or entities to which resolution actions would be applied;

c) identification of any critical functions or core business lines which will be maintained and any which are expected to be separated from other functions;

d) an estimation of the time frame for executing each material aspect of the plan, as required pursuant to point (d) of Article 10(7) of Directive 2014/59/EU;

e) a detailed description of any variants of the preferred resolution strategy considered to address circumstances in which the preferred strategy cannot be implemented;

f) a description of the decision-making process for implementing the resolution strategy, including the time frame required for decisions;

g) for group resolution plans, arrangements for cooperation and coordination between resolution and other relevant authorities of Member States in which group entities are located or have significant branches and relevant authorities of third countries in which group entities are located, in lines with the written arrangements and procedure as set out in Chapter VI, Section I;

3. a description of the information, and the arrangements for the provision of this information, necessary in order to effectively implement the resolution strategy, including at least:

a) a description of the information, and processes for ensuring availability in an appropriate timescale of that information required for the purposes of valuation, in particular pursuant to Articles 36 and 49 of Directive 2014/59/EU, and market ability, in particular pursuant to the marketing requirements for the sale of business and bridge bank tools;

b) a mapping of critical functions and core business lines to legal entities which identifies in particular the critical functions and core business lines carried out by entities subject to resolution actions and the critical functions or core business lines spread across legal entities which would be separated by implementation of the resolution strategy;

c) a description of the arrangements for the sharing of information between resolution authorities and other relevant authorities, including where relevant authorities in other Member States or in third countries, in accordance with Article 90 of Directive 2014/59/EU;

d) a detailed description of arrangements for ensuring that information pursuant to Article 11 of Directive 2014/59/EU is up to date and available to resolution authorities when required;

4. a description of arrangements to ensure operational continuity of access to critical functions during resolution, including at least the description of:

a) critical shared systems and operations which need to be continued to maintain continuity of critical functions and arrangements for ensuring the contractual and operational robustness of their provision in resolution;

b) internal and external interdependencies which are critical to the maintenance of operational continuity;

c) arrangements for ensuring any access to payment systems or other financial infrastructures necessary to maintain critical functions, including an assessment of the portability of client positions;

5. a description of the financing requirements and financing sources necessary for the implementation of the resolution strategy foreseen in the plan, including at least:

a) the description of financing, funding and liquidity requirements implied by the resolution strategy;

b) the description of potential sources of resolution funding, including the terms of financing, preconditions for their use, the timing of their availability, the entities to which they may provide financing, and any collateral requirements;

c) where relevant, a description and analysis of how and when an institution or group may apply, in the conditions addressed by the resolution plan, for the use of central bank facilities (other than emergency liquidity assistance or other assistance on non-standard terms) in resolution, including identification of available collateral;

d) for groups, the description of any principles agreed for sharing responsibility for financing between sources of funding in different jurisdictions, including between sources of funding in different Member States pursuant to point (f) of Article 12(3) of Directive 2014/59/EU;

6. plans for communication with critical stakeholder groups, including at least:

a) the management, owners, and staff of the institution or group including procedures for consultation with staff and, where applicable, dialogue with social partners in the resolution process, and an assessment of the impact of the plan on employees;

b) customers, media and the general public;

c) depositors, shareholders, bondholders, counterparties, financial market infrastructures, and other affected market participants;

d) any administrative or judicial bodies from whom approval or authorisation critical to implementing the resolution strategy is required;

e) any advisors required to implement the resolution strategy;

7. the conclusions of the assessment of resolvability, including at least:

a) whether or not the institution or group is currently resolvable;

b) a summary of the conclusions of the liquidation assessment required in point (a) of Article 23(1);

c) a detailed description of any impediments to resolvability identified, and of any measures proposed by the institution or group or required by the resolution authority to address or remove those impediments;

d) a quantified assessment of any change to minimum requirements for eligible liabilities, or the appropriate location of eligible liabilities, that is required to remove or address impediments to resolvability, taking into account the criteria specified in Article 45(6) of Directive 2014/59/EU and further specified in the delegated acts adopted pursuant to Article 45(2) of Directive 2014/59/EU;

8. any opinion expressed by the institution or group in relation to the resolution plan.

Section II Assessment of resolvability

Article23¶Stages of assessment

1. Resolution authorities shall assess resolvability based on the following consecutive stages:

a) assessment of the feasibility and credibility of the liquidation of the institution or group under normal insolvency proceedings in accordance with Article 24;

b) selection of a preferred resolution strategy for assessment in accordance with Article 25;

c) assessment of the feasibility of the selected resolution strategy in accordance with Articles 26 to 31;

d) assessment of the credibility of the selected resolution strategy in accordance with Article 32.

2. Where the resolution authority considers that it is clear that institutions or groups pose similar risks to the financial system or that the circumstances in which their liquidation is unlikely to be feasible are similar, that resolution authority may conduct the assessment of the feasibility and credibility of the liquidation of those institutions or groups in a similar or identical manner.

The types of institutions referred to in the first subparagraph may in particular be determined in accordance with the criteria referred to in Article 98(1)(j) of Directive 2013/36/EU.

3. Where a resolution authority concludes that it may not be feasible or credible to wind up the institution or group entities under normal insolvency proceedings, or that resolution action may otherwise be necessary in the public interest because winding up under normal insolvency proceedings would not meet the resolution objectives to the same extent, it shall identify a preferred resolution strategy which is appropriate for the institution or group on the basis of information provided by the institution or group pursuant to Article 11 of Directive 2014/59/EU and the criteria set out in this Regulation. To the extent necessary, it shall also identify variant strategies to address circumstances in which the strategy would not be feasible or credible.

4. The assessments of the feasibility and credibility of the preferred resolution strategy shall include assessment of any variant strategies proposed as part of that strategy.

5. Resolution authorities shall request from the institution or group in accordance with Article 11 of Directive 2014/59/EU such additional information as is necessary to carry out the assessments of the preferred and variant strategies.

6. Where appropriate, a resolution authority shall revise the preferred resolution strategy or consider alternative strategies on the basis of a completed assessment of feasibility and of the credibility of a preferred resolution strategy referred to in paragraph 4.

7. Where a resolution authority revises the preferred resolution strategy it shall assess the feasibility and the credibility of that revised preferred resolution strategy in accordance with Articles 26 and 27 respectively.

Article24¶Feasibility and credibility of liquidation under normal insolvency proceedings

1. Resolution authorities shall assess the feasibility and credibility of liquidation of the institution or group under normal insolvency proceedings, as well as the impact that liquidation would have in the reliance on extraordinary public financial support as compared to resolution.

2. When assessing the credibility of liquidation, resolution authorities shall consider the likely impact of the liquidation of the institution or group on the financial systems of any Member State or of the Union to ensure the continuity of access to critical functions carried out by the institution or group and achieving the resolution objectives of Article 31 of Directive 2014/59/EU. For this purpose, resolution authorities shall take into account the functions performed by the institution or group and assess whether liquidation would be likely to have a material adverse impact on any of the following:

a) financial market functioning and market confidence;

b) financial market infrastructures, in particular:

i) whether the sudden cessation of activities would constrain the normal functioning of financial market infrastructures in a manner which negatively impacts the financial system as a whole;

ii) whether and to what extent financial market infrastructures could serve as contagion channels in the liquidation process;

c) other financial institutions, in particular:

i) whether liquidation would raise the funding costs of or reduce the availability of funding to other financial institutions in a manner which presents a risk to financial stability;

ii) the risk of direct and indirect contagion and macroeconomic feedback effects;

d) the real economy and in particular the availability of critical financial services.

3. If the resolution authority concludes that liquidation is credible, it shall assess the feasibility of liquidation.

4. For this purpose resolution authorities shall consider whether the institution's or group's systems are able to provide the information required by the relevant deposit guarantee schemes for the purposes of providing payment to covered deposits in the amounts and time frames specified in Directive 2014/49/EU of the European Parliament and of the Council, or where relevant in accordance with equivalent third country deposit guarantee schemes, including on covered deposit balances.

Resolution authorities shall also assess whether the institution or the group has the capability required to support the deposit guarantee schemes' operations, in particular by distinguishing between covered and non-covered balances on deposit accounts.

Article25¶Identification of a resolution strategy

1. Resolution authorities shall assess whether a candidate resolution strategy is appropriate to achieve the resolution objectives given the structure and business model of the institution or group, and the resolution regimes applicable to legal entities in a group. A resolution action may be taken in the public interest if it is necessary for the achievement of and is proportionate to one or more of the resolution objectives and winding up of the institution under normal insolvency proceedings would not meet those resolution objectives to the same extent.

2. In particular for groups, resolution authorities shall assess whether it would be more appropriate to apply a single point of entry or a multiple point of entry strategy.

3. For these purposes resolution authorities shall consider at least the following matters:

a) what resolution tools would be used under the preferred resolution strategy and whether those resolution tools are available for legal entities to which the resolution strategy proposes to apply them;

b) the amount of qualifying eligible liabilities under the proposed resolution strategy, the risk of not contributing to loss absorption or recapitalisation, and the legal entities issuing those qualifying eligible liabilities, taking into account that:

i) single point of entry is more likely to be appropriate if sufficient externally issued eligible liabilities, or liabilities expected to contribute to loss absorption and recapitalisation under the proposed resolution strategy are issued by the top parent or group holding company;

ii) multiple point of entry is more likely to be appropriate if the group's eligible liabilities or liabilities expected to contribute to loss absorption and recapitalisation under the proposed resolution strategy are issued by more than one entity or regional or functional subgroup in the group which would be resolved;

c) the contractual or other arrangements in place for losses to be transferred between legal entities in a group;

d) the operational structure and business model of the institution or group, and in particular whether it is highly integrated or has a decentralised structure with a high degree of separation between different parts of the institution or group, taking into account that:

i) single point of entry is more likely to be appropriate if a group operates in a highly integrated manner, including by having centralised liquidity management, risk management, treasury functions, or IT and other critical shared services;

ii) multiple point of entry is more likely to be appropriate if a group's operations are divided into two or more clearly identifiable subgroups, each of which is financially, legally or operationally independent from other parts of the group, and any critical operational dependencies on other parts of the group are based on robust arrangements that ensure their continued operation in the event of resolution;

e) the enforceability of resolution tools which would be applied, in particular in third countries;

f) whether the resolution strategy requires supporting action by other authorities, in particular in third countries, or requires such authorities to refrain from independent resolution actions; and whether any such actions are feasible and credible for those authorities.

4. Resolution authorities shall assess whether variants of the resolution strategy are necessary to address scenarios or circumstances where the resolution strategy cannot be feasibly and credibly implemented.

5. Resolution authorities shall consider the extent to which any variant strategy is likely to achieve the resolution objectives and in particular ensure the continuity of critical functions.

Measures to remove impediments to variants of the resolution strategy shall only be implemented if they do not impair the feasible and credible implementation of the preferred resolution strategy.

Article26¶Assessment of feasibility of a resolution strategy

1. Resolution authorities shall assess whether it is feasible to apply the selected resolution strategy effectively in an appropriate time frame and shall identify potential impediments to the implementation of the selected resolution strategy.

2. Resolution authorities shall consider impediments to the short-term stabilisation of the institution or group. Resolution authorities shall also consider any foreseeable impediments to a business reorganisation which is required pursuant to Article 52 of Directive 2014/59/EU or otherwise likely to be required if the resolution strategy envisages all or part of the institution or group being restored to long-term viability.

3. Impediments shall be classified in at least the following categories:

a) structure and operations;

b) financial resources;

c) information;

d) cross-border issues;

e) legal issues.

Article27¶Assessment of feasibility: structure and operations

Resolution authorities shall consider at least the following issues in assessing whether there are potential impediments to resolution related to the structure and operations of the institution or group:

1. matters addressed in points 1 to 7, 16, 18 and 19 of Section C of the Annex to Directive 2014/59/EU;

2. dependencies of material entities and core business lines on infrastructure, information technology, treasury or finance functions, employees or other critical shared services;

3. whether governance, control, and risk management arrangements are consistent with any planned changes to the structure of the institution or group;

4. whether the legal and franchise structure of the institution or group is consistent with any planned changes to the business structure of the institution or group;

5. whether appropriate resolution tools are available with respect to each legal entity as required to deliver the resolution strategy.

Article28¶Assessment of feasibility: financial resources

Resolution authorities shall consider at least the following issues in assessing whether there are potential impediments to resolution related to financial resources:

1. matters addressed in points 13, 14, 15 and 17 of Section C of the Annex to Directive 2014/59/EU;

2. the need to identify and quantify the amount of any liabilities which are likely under the preferred resolution strategy not to contributing to loss absorption or recapitalisation, considering at a minimum the following factors:

i) maturity;

ii) subordination ranking;

iii) the types of holders of the instrument, or the instrument's transferability;

iv) legal impediments to loss absorbency such as lack of recognition of resolution tools under foreign law or existence of set-off rights;

v) other factors creating risk that the liabilities would be exempted from absorbing losses in resolution;

vi) the amount and issuing legal entities of qualifying eligible liabilities or other liabilities which would absorb losses;

3. the size of funding needs in the run-up to and during resolution, the availability of sources of funding, and impediments to the transfer of funds as required within the institution or group;

4. whether appropriate arrangements are specified for losses to be transferred to legal entities to which resolution tools would be applied from other group companies, including where relevant an assessment of the amount and loss-absorbency of intragroup funding.

Article29¶Assessment of feasibility: information

Resolution authorities shall consider at least the following issues in assessing whether there are potential impediments to resolution related to information:

1. matters addressed in points 8 to 12 of Section C of the Annex to Directive 2014/59/EU;

2. the capability of the institution or group to provide information on the amount, and location within the group, of assets which would be expected to qualify as collateral for central bank facilities;

3. the capability of the institution or group to provide information to carry out a valuation to determine the amount of write-down or recapitalisation required.

Article30¶Assessment of feasibility: cross-border issues

Resolution authorities shall consider at least the following issues in assessing whether there are potential impediments to resolution related to cross-border issues:

1. matters addressed in point 20 of Section C of the Annex to Directive 2014/59/EU;

2. existence of adequate processes for coordination and communication and assurances on actions to be taken between home and host authorities, including in third countries, to enable delivery of the resolution strategy;

3. whether law in relevant home and host jurisdictions overrides contractual termination rights in financial contracts that are triggered solely by the failure and resolution of an affiliated company.

Article31¶Assessment of feasibility: other potential impediments

The following legal issues shall be considered in assessing potential impediments to resolution:

1. whether requirements for regulatory approvals or authorisations necessary to deliver the resolution strategy can be met in a timely manner;

2. whether significant contractual documentation permits termination of contracts on entry into resolution;

3. whether contractual obligations which cannot be disapplied by the resolution authority prohibit any transfer of assets and/or liabilities envisaged in the resolution strategy.

Article32¶Assessment of credibility of a resolution strategy

1. After assessing the feasibility of the selected resolution strategy, resolution authorities shall assess its credibility, taking into consideration the likely impact of resolution on the financial systems and real economies of any Member State or of the Union, with a view to ensuring the continuity of critical functions carried out by the institution or group. The assessment shall include evaluation of matters addressed in points 21 to 28 of Section C of the Annex to Directive 2014/59/EU.

2. In conducting this assessment, resolution authorities shall consider the likely impact of the implementation of the resolution strategy on the financial systems of any Member State or of the Union. For this purpose, resolution authorities shall take into account the functions performed by the institution or group and assess whether implementation of the resolution strategy would be likely to have a material adverse impact on any of the following:

a) financial market functioning, and in particular market confidence;

b) financial market infrastructures, and in particular:

i) whether the sudden cessation of activities would constrain the normal functioning of financial market infrastructures in a manner which negatively impacts the financial system as a whole;

ii) whether and to what extent financial market infrastructures could serve as contagion channels in the liquidation process;

c) other financial institutions, and in particular:

i) whether liquidation would raise the funding costs of or reduce the availability of funding to other financial institutions in a manner which presents a risk to financial stability;

ii) the risk of direct and indirect contagion and macroeconomic feedback effects;

d) the real economy and in particular on the availability of financial services.

Chapter III Intra group financial support

Article33¶Prospect to redress financial difficulties

1. The condition of a reasonable prospect that the support provided significantly redresses the financial difficulties of the group entity receiving the financial support (‘receiving entity’) shall be considered as being met, where such prospect of redress is supported by the following elements:

a) the capital and liquidity needs of the receiving entity identified by a description of the capital and liquidity situation of the receiving entity and a projection of its capital and liquidity needs are covered for a sufficient period of time, taking into account all other relevant financial sources from which those needs could be met, the timescale required to redress the financial difficulties and the term of the support;

b) the analysis of the financial situation and of the internal and external causes for the financial difficulties, in particular of the business model and the risk management of the receiving entity, and of past, present and expected market conditions does not contradict the prospect of redress;

c) an action plan describing measures for the redress of the financial situation of the receiving entity, including where necessary a revision of its business model and risk management;

d) the underlying assumptions in the descriptions and projections mentioned in points (a), (b) and (c) are coherent and plausible and take into account the stressed condition of the receiving entity, the current market conditions and potential adverse developments.

2. When assessing the condition referred to in paragraph 1, the competent authority referred to in Article 25(2) of Directive 2014/59/EU shall take into account information and assessments provided by the competent authority responsible for the receiving entity.

Article34¶Terms of the support

1. The terms, including consideration, for providing the financial support shall be deemed to be in compliance with Article 19(7) of Directive 2014/59/EU, if the following conditions are met:

a) the terms adequately reflect:

i) the default risk of the receiving entity;

ii) the seniority of the claim;

iii) the expected loss for the group entity providing the support (‘providing entity’) in the event of a default of the receiving entity;

iv) in case of a loan or committed facility, the maturity profile, based on a full disclosure of all relevant and up-to-date information by the receiving entity and further information available to the providing entity;

b) the terms reflect the best interest of the providing entity in accordance with Article 19(7) of Directive 2014/59/EU and the relation of benefits, risks and costs taken into account when determining the best interest, including direct or indirect benefits that may accrue to the providing entity as a result of the provision of financial support and of the benefits for the group from this provision.

For the purposes of point (a)(iv), an anticipated temporary impact on market prices arising from events external to the group does not need to be taken into account, if a plausible projection of the market situation supports the assumption that the extent of this impact and its duration do not jeopardise the ability of the receiving entity to meet all of its liabilities as they fall due.

2. The assessment of the conditions referred to in points (a) and (b) of paragraph 1 shall be based on a comparative analysis of the default risk of the receiving entity for each of the cases if the support is or is not provided.

The analysis of the default risk shall be based on the elements set out in Article 33. This analysis is without prejudice to considering, for the purpose of the assessment of the relation of benefits, risks and costs on a case-by-case basis and at the discretion of the competent authority responsible for the providing entity, further elements that the providing entity would consider in a credit assessment when deciding on granting a loan on the basis of all information available to the providing entity.

3. The assessment shall include potential damage to franchise, refinancing and reputation and benefits from an efficient use and fungibility of the group's capital resources and its refinancing conditions.

To the extent possible, the benefits and costs taken into account in determining the best interest shall be quantified in monetary terms. In addition, the discount granted to the receiving entity compared to market terms shall be quantified, including in relation to haircuts on collateral or interest rates.

4. When assessing the best interest, any binding commitments in the financial support agreement sustaining the assumptions on the future business model and risk management of the receiving entity shall be taken into account.

5. The competent authority shall take into account information and assessments provided by the competent authority responsible for the receiving entity.

Article35¶Liquidity and solvency of the providing entity

1. Subject to the condition specified in point (g) of Article 23(1) of Directive 2014/59/EU, the provision of the financial support shall be considered not to jeopardise the liquidity or solvency of the providing entity if, following the provision of the financial support:

a) the assets of the providing entity can be reasonably expected to be at all times higher than its liabilities;

b) the providing entity can be reasonably expected to comply with the following:

i) to be able to pay all of its liabilities as they fall due;

ii) not to infringe the requirements on solvency and liquidity under Directive 2013/36/EU and Regulation (EU) No 575/2013 in a way that would justify the withdrawal of the authorisation by the competent authority.

2. The assessment shall take into account the default risk of the receiving entity and the loss for the providing entity resulting from the default of the receiving entity also having regard to a potential adverse development. The assessment shall comply with the appropriate prudential requirements of proper risk management for the providing entity.

Article36¶Resolvability of the providing entity

1. The provision of the financial support shall be considered not to undermine the resolvability of the providing entity, if the provision of the financial support does not make the implementation of the resolution strategy for the providing entity as set out in the resolution plan substantively less feasible or less credible, in accordance with the assessment under Articles 15 and 16 of Directive 2014/59/EU.

That assessment shall take into account in particular the impact of the provision of the financial support on:

a) the potential absorption of losses within the group after the resolution conditions have been met;

b) the interconnectedness of the providing entity with the receiving entity;

c) the risk of contagion within the group;

d) the group's complexity increased by the provision of the financial support;

e) the capital and liquidity situation of the providing entity.

2. If providing entities are not fully informed about a preferred resolution strategy, they shall perform the assessment referred to in paragraph 1 on the basis of the information available to them about the resolution plan.

3. The competent authorities and resolution authorities responsible for the providing entity shall cooperate closely in determining the impact of the group financial support on the resolvability of the providing entity.

Chapter IV Independence of valuers

Article37¶Definitions

For the purposes of this Chapter, the following definitions apply:

1. ‘appointing authority’ means the legal or natural person responsible for selecting and appointing the independent valuer for the purposes of conducting the valuation referred to in Article 36(1) or Article 74(1) of Directive 2014/59/EU;

2. ‘relevant entity’ means an institution or an entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU whose assets and liabilities are to be valued pursuant to Article 36 or 74 of Directive 2014/59/EU;

3. ‘relevant public authority’ means the appointing authority, the resolution authority or the authorities referred to in points (a) to (h) of Article 83(2) of Directive 2014/59/EU, and the first authority referred to in point (i) of Article 83(2) of Directive 2014/59/EU.

Article38¶Elements of independence

A legal or natural person may be appointed as a valuer. The valuer shall be deemed to be independent from any relevant public authority and the relevant entity where all the following conditions are met:

1. the valuer possesses the qualifications, experience, ability, knowledge and resources required and can carry out the valuation effectively without undue reliance on any relevant public authority or the relevant entity in accordance with Article 39;

2. the valuer is legally separated from the relevant public authorities and the relevant entity in accordance with Article 40;

3. the valuer has no material common or conflicting interest within the meaning of Article 41.

Article39¶Qualifications, experience, ability, knowledge and resources

1. The independent valuer shall possess the necessary qualifications, experience, ability and knowledge in all matters considered relevant by the appointing authority.

2. The independent valuer shall hold, or have access to, such human and technical resources as the appointing authority considers appropriate to carry out the valuation. The assessment of adequacy of resources shall take into account the nature, size and complexity of the valuation to be performed.

3. In relation to the conduct of the valuation the independent valuer shall not:

a) seek nor take instructions or guidance from any relevant public authority or the relevant entity;

b) seek nor accept financial or other advantages from any relevant public authority or the relevant entity.

4. Paragraph 3 shall not prevent:

a) the provision of instructions, guidance, premises, technical equipment or other forms of support where, in the assessment of the appointing authority, or such other authority as may be empowered to conduct this task in the Member State concerned, this is considered necessary for achieving the goals of the valuation;

b) the payment to the independent valuer of such remuneration and expenses as are reasonable in connection with the conduct of the valuation.

Article40¶Structural separation

1. The independent valuer shall be a person separate from any relevant public authority, including the resolution authority, and the relevant entity.

2. For the purposes of paragraph 1, the following requirements shall apply:

a) in relation to natural persons, the independent valuer shall not be an employee or contractor of any relevant public authority or the relevant entity;

b) in relation to legal persons, the independent valuer shall not belong to the same group of companies as any relevant public authority or the relevant entity.

Article41¶Material common or conflicting interests

1. The independent valuer shall not have an actual or potential material interest in common or in conflict with any relevant public authority or the relevant entity.

2. For the purposes of paragraph 1 an actual or potential interest shall be deemed material whenever, in the assessment of the appointing authority or such other authority as may be empowered to perform this task in the Member State concerned, it could influence, or be reasonably perceived to influence, the independent valuer's judgement in carrying out the valuation.

3. For the purposes of paragraph 1 interests in common or in conflict with at least the following parties shall be relevant:

a) the senior management and the members of the management body of the relevant entity;

b) the legal or natural persons who control or have a qualifying holding in the relevant entity;

c) the creditors identified by the appointing authority, or such other authority as may be empowered to perform this task in the Member State concerned, to be significant on the basis of the information available to the appointing authority or such other authority as may be empowered to perform this task in the Member State concerned;

d) each group entity.

4. For the purposes of paragraph 1 at least the following matters shall be relevant:

a) the provision by the independent valuer of services, including the past provision of services, to the relevant entity and the persons referred to in paragraph 3, and in particular the link between those services and the elements relevant for the valuation;

b) personal and financial relationships between the independent valuer and the relevant entity and the persons referred to in paragraph 3;

c) investments or other material financial interests of the independent valuer;

d) in relation to legal persons, any structural separation or other arrangements that shall be put in place to address any threats to independence such as self-review, self-interest, advocacy, familiarity, trust or intimidation, including arrangements to differentiate between those staff members who may be involved in the valuation and other staff members.

5. Without prejudice to paragraphs 3 and 4, a person shall be deemed to have an actual material interest in common or in conflict with the relevant entity where the independent valuer, in the year preceding the date on which that person's eligibility to act as independent valuer is assessed, has completed a statutory audit of the relevant entity pursuant to Directive 2006/46/EC of the European Parliament and of the Council.

6. Any person considered for the position of independent valuer, or appointed as an independent valuer shall:

a) maintain, in accordance with any applicable codes of ethics and professional standards, policies and procedures to identify any actual or potential interest which may be considered to constitute a material interest in accordance with paragraph 2;

b) without delay notify the appointing authority or such other authority as may be empowered to perform the task referred to in paragraph 2 in the Member State concerned of any actual or potential interest which the independent valuer considers may, in the assessment of the authority, be considered to amount to a material interest in accordance with paragraph 2;

c) take appropriate steps to ensure that none of the staff or other persons involved in carrying out the valuation have any material interest of a kind as referred to in paragraph 2.

Chapter V Resolution

Section I Contractual recognition and conversion powers

Article42¶Definitions

For the purposes of this Chapter V, Section I, the following definitions apply:

1. ‘material amendment’ means, in relation to a relevant agreement, as defined in point 2 of this Article, entered into before the date of application of the national provisions transposing Section 5 of Chapter IV of Title IV of Directive 2014/59/EU, an amendment, including an automatic amendment, made after that date and affecting the substantive rights and obligations of a party to a relevant agreement; amendments which do not affect the substantive rights and obligations of a party to a relevant agreement include a change to the contact details of a signatory or the addressee for the service of documents, typographical changes to correct drafting errors or automatic adjustments of interest rates;

2. ‘relevant agreement’ means any agreement, including the terms of a capital instrument, creating a liability to which Article 55(1) of Directive 2014/59/EU applies.

Article43¶Liabilities to which the exclusion from the obligation to include the contractual term referred to in Article 55(1) of Directive 2014/59/EU applies

1. For the purposes of point (a) of the first subparagraph of Article 55(1) of Directive 2014/59/EU, a secured liability shall not be considered as an excluded liability where, at the time at which it is created, it is:

a) not fully secured;

b) fully secured but governed by contractual terms that do not oblige the debtor to maintain the liability fully collateralised on a continuous basis in compliance with regulatory requirements of Union law or of a third country law achieving effects that can be deemed equivalent to Union law.

2. For purposes of point (d) of the first subparagraph of Article 55(1) of Directive 2014/59/EU, liabilities issued or entered into after the date of application of the provisions adopted by Member States for the transposition of Section 5 of Chapter IV of Title IV of Directive 2014/59/EU in a Member State shall comprise:

a) liabilities created after that date, regardless of whether they are created under relevant agreements entered into before that date, including under master or framework agreements between the contracting parties governing multiple liabilities;

b) liabilities created before or after that date under relevant agreements entered into before that date and which are subject to a material amendment;

c) liabilities under debt instruments issued after that date;

d) liabilities under debt instruments issued before or after that date under relevant agreements entered into before that date and which are subject to a material amendment.

3. For the purposes of the second subparagraph of Article 55(1) of Directive 2014/59/EU, a resolution authority shall determine that the requirement to include a contractual term in a relevant agreement shall not apply where it is satisfied that the law of the third country concerned or a binding agreement concluded with that third country provides for an administrative or judicial procedure which:

a) at the request of the resolution authority, or at the initiative of the third country administrative or judicial authority whose law governs the liability or instrument, enables such duly empowered third country administrative or judicial authority, within a period which the resolution authority determines will not compromise the effective application of the write-down and conversion powers by that authority to do either of the following:

i) recognise and give effect to the exercise of the write-down and conversion powers by the resolution authority;

ii) support through the application of relevant powers the exercise of the write-down and conversion powers by the resolution authority;

b) provides that the grounds on which a third country administrative or judicial authority may refuse to recognise or support the exercise of the write-down and conversion powers pursuant to point (a) are clearly stated and are limited to one or more of the following exceptional cases:

i) the recognition or support of the exercise of the write-down and conversion powers by the resolution authority would have adverse effects on financial stability in the third country concerned;

ii) the recognition or support of the exercise of the write-down and conversion powers by the resolution authority would result in third country creditors, in particular depositors located and payable in that third country, being treated less favourably than creditors, and depositors located or payable in the Union, with similar rights under applicable Union law;

iii) recognition or support would have material financial implications for the third country concerned;

iv) recognition or support of the exercise of write-down and conversion powers by the resolution authority would have effects contrary to the public order of the third country concerned.

4. For the purposes of the application of the second subparagraph of Article 55(1) of Directive 2014/59/EU, the resolution authority shall assess that the grounds referred to in paragraph 3(b) would not prevent the recognition or support of the exercise of the write-down and conversion powers in all circumstances where such powers are applied.

Article44¶Contents of the contractual term required by Article 55(1) of Directive 2014/59/EU

Contractual term in a relevant agreement shall include the following:

1. the acknowledgement and acceptance by the counterparty of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU, that the liability may be subject to the exercise of write-down and conversion powers by a resolution authority;

2. a description of the write-down and conversion powers of each resolution authority in accordance with the national law transposing Section 5 of Chapter IV of Title IV of Directive 2014/59/EU or, where applicable, under Regulation (EU) No 806/2014 of the European Parliament and of the Council, in particular the powers set out in points (e), (f), (g) and (j) of Article 63(1) of Directive 2014/59/EU;

3. the acknowledgement and acceptance by the counterparty of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU:

a) that it is bound by the effect of an application of the powers referred to in point (b), including:

i) any reduction in the principal amount or outstanding amount due, including any accrued but unpaid interest, in respect of the liability of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU under the relevant agreement;

ii) the conversion of that liability into ordinary shares or other instruments of ownership;

b) that the terms of the relevant agreement may be varied as necessary to give effect to the exercise by a resolution authority of its write-down and conversion powers and such variations will be binding on the counterparty of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU;

c) that ordinary shares or other instruments of ownership may be issued to or conferred on the counterparty of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU, as a result of the exercise of the write-down and conversion powers;

4. the acknowledgement and acceptance by the counterparty of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU, that the contractual term is exhaustive on the matters described therein to the exclusion of any other agreements, arrangements or understandings between the counterparties relating to the subject matter of the relevant agreement.

Section II Notifications and notice of suspension

Article45¶General requirements for notifications

(1). Notifications submitted under Articles 81(1), (2), (3) and 83(2) of Directive 2014/59/EU shall be in writing and transmitted by adequate and safe electronic means.

(2). The relevant authorities referred to in paragraphs 1, 2 and 3 of Article 81 of Directive 2014/59/EU and in Article 83(2) shall specify the contact details for submitting a notification and make these publicly available.

(3). Before sending a notification, the sender may make contacts orally with the relevant authorities referred to in paragraphs 1, 2 and 3 of Article 81 of Directive 2014/59/EU to inform them that a notification is being submitted.

(4). For the purpose of notifications referred to in points (a), (b), (c), (d), (h) and (j) of Article 81(3) of Directive 2014/59/EU and in points (a), (b), (f) and (h) of Article 83(2) thereof, competent authorities and resolution authorities shall use the language in common use for cooperation with the consolidating supervisor and the group level resolution authority.

(5). The relevant authorities referred to in paragraphs 1, 2 and 3 of Article 81 of Directive 2014/59/EU and in Article 83(2) thereof shall acknowledge receipt of the notification to the sender specifying the date and time of receipt as recorded by the recipient and the contact details of the staff handling the notification.

Article46¶Notification by the management body to a competent authority

(1). The notifications submitted by the management body of an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU to a competent authority, shall include:

a) the name, the address of the registered office and, where available, the legal entity identifier of the institution or entity sending the notification;

b) the name and address of the registered office of the immediate and ultimate parent undertaking of that institution or entity, where relevant;

c) the relevant information and analyses that the management body took into account when performing the assessment for determining that the conditions under Article 32(4) of Directive 2014/59/EU have been met;

d) a copy of the management body's written resolution confirming its assessment that the institution or the entity is failing or likely to fail;

e) any additional information that the management body considers relevant to its assessment.

(2). The notification pursuant to Article 81(1) of Directive 2014/59/EU shall be communicated immediately to the competent authority following the decision by the management body that an institution or entity referred to in point (b), (c) or (d) of Article 1(1) of that Directive is failing or likely to fail.

Article47¶Communication of the competent authority to the resolution authority of the received notification

Upon receipt of the notification referred to in Article 46, the competent authority shall immediately send the following information to the resolution authority:

1. a copy of the notification received including all the information referred to in Article 46(1);

2. the details of crisis prevention measures or actions referred to in Article 104 of Directive 2013/36/EU that the competent authority has taken or requires the institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU to take, where relevant;

3. any additional supporting documents the competent authority deems necessary for the resolution authority to be able to take an informed decision.

Article48¶Notification of assessment that an institution meets the conditions for resolution set out in points (a) and (b) of Article 32(1) of Directive 2014/59/EU

1. The notification of a competent authority or resolution authority for the purposes of Article 81(3) of Directive 2014/59/EU shall include:

a) the name of the institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU to which the notification relates;

b) the information set out in points (a) and (b) of Article 46(1);

c) a summary of the assessment required in points (a) and (b) of Article 32(1) of Directive 2014/59/EU.

2. The notification shall be made without delay following a determination that the conditions referred to in points (a) and (b) of Article 32(1) of Directive 2014/59/EU have been met.

3. The competent authority shall, without delay, provide the resolution authority with any additional information that the resolution authority may request in order to complete its assessment.

Article49¶Notice

1. The notice referred to in paragraph 4 of Article 83 of Directive 2014/59/EU to be published by the resolution authority, shall include:

a) the name, the address of the registered office and, where available, the legal entity identifier of the institution or of the entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU under resolution;

b) the name and address of the registered office of the immediate and ultimate parent undertaking of that institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU, where relevant;

c) a list of the names of other group entities and related branches in respect of which resolution actions exercise their effects, including, to the extent possible, information on branches located in third countries;

d) a summary of the relevant resolution actions that are taken, the dates from which those resolution actions take effect and in particular their effects on retail customers and which includes the following:

i) information on the access to deposits according to Directive 2014/49/EU on deposit guarantee schemes held at the institution affected by the resolution action;

ii) information on the access to other clients' assets or funds within the meaning of point (e) of Article 31(2) of Directive 2014/59/EU, held at the institution affected by the resolution action;

iii) information on the contractual payment or delivery obligations subject to suspension under Article 69 of Directive 2014/59/EU, including the commencement and expiration of the suspension period, where applicable;

iv) information on the secured creditors of the institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU under resolution subject to restrictions on the enforcement of security interest including the commencement and expiration of that restriction period in accordance with Article 70 of Directive 2014/59/EU, where applicable;

v) information on the contractual parties affected by the temporary suspension of termination rights including the commencement and expiration of the suspension period under Article 71 of Directive 2014/59/EU, where applicable;

e) the confirmation of the ordinary course of contractual commitments, including repayment schedules, not subject to suspensions under Articles 69, 70 and 71 of Directive 2014/59/EU;

f) the point of contact within the institution where customers and creditors can seek further information and updates on the institution or entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU and its operations.

2. The notice shall be published as soon as reasonably practical after taking a resolution action.

Chapter VI Resolution colleges

Section I Operational organisation of resolution colleges

Article50¶Mapping and identification of resolution college members and possible observers

1. For the purposes of identifying the members and potential observers of the resolution college, the group-level resolution authority shall conduct the mapping of group entities referred to in Article 1(1) of Directive 2014/59/EU, taking into account the mapping of that group as performed by the consolidating supervisor in accordance with Article 2 of Commission Delegated Regulation (EU) 2016/98 and Article 2 of Commission Implementing Regulation (EU) 2016/99.

2. Upon finalisation of the mapping referred to in paragraph 1, the group-level resolution authority shall communicate the list of members and potential observers to the resolution college.

3. The group-level resolution authority shall review and update the mapping of group entities and the list of members and potential observers at least annually. It shall also review and update the mapping and the list of members and potential observers following any material change to the legal or organisational structure of the group or to its business.

4. When assessing whether to establish a resolution college in accordance with Article 88(6) of Directive 2014/59/EU, the group-level resolution authority shall also consider whether that other group or college operates in accordance with this Regulation.

Article51¶Third country resolution authorities as observers in the resolution college

1. Upon receipt of a relevant request from a third country resolution authority as referred to in Article 88(3) of Directive 2014/59/EU, the group-level resolution authority shall communicate the request to the resolution college.

2. The communication shall be accompanied by all of the following:

a) the opinion of the group-level resolution authority, also having regard to point (b), on the equivalence of the confidentiality and professional secrecy regime applicable to the candidate observer;

b) the terms and conditions of observers' participation in the resolution college that shall be included in the written arrangements and procedures as proposed by the group-level resolution authority;

c) the view of the group-level resolution authority as to the significance of the relevant branch, if the candidate is a third-country resolution authority for a branch;

d) the setting of a time limit, upon the expiration of which consent shall be assumed: within that time limit any disagreeing resolution college member referred to in Article 88(2)(b), (c) or (d) of Directive 2014/59/EU may express its fully reasoned objection to the opinion of the group-level resolution authority referred to in point (a) of this paragraph.

3. When an objection is expressed, the group-level resolution authority shall take it into account before making its final decision. For that purpose, it may also request the explicit views of the members of the college referred to Article 88(2)(b), (c) and (d) of Directive 2014/59/EU and take into account the majority of the views thereon.

4. When the group-level resolution authority makes the decision to invite the resolution authority of the third country, it shall send an invitation to the candidate observer. The invitation shall be accompanied by the terms and conditions of participation as an observer set out in the written arrangements. The candidate receiving the invitation shall be considered an observer upon acceptance of the invitation, which shall be deemed as acceptance of the terms and conditions of participation.

5. Following acceptance, the group-level resolution authority shall transmit an updated outcome of the mapping referred in Article 50 to the resolution college.

Article52¶Communication with the Union parent undertaking

1. The group-level resolution authority shall ensure regular interaction and cooperation with the Union parent undertaking to enhance the efficient and effective functioning of the resolution college.

2. The group-level resolution authority shall communicate to the Union parent undertaking the establishment of the resolution college and a list of its members and observers, as well as any change to the members and observers of the resolution college.

Article53¶Establishment and update of contact lists

1. The group-level resolution authority shall maintain and share with the resolution college members and observers contact details of nominated persons from each member and observer for the purpose of performing resolution college tasks.

The contact details should also include out-of-hours contact details to be used for emergency situations and in particular for the purpose of deciding on the need to establish and agree on a group resolution scheme.

2. The group-level resolution authority shall ensure that it receives from all college members and observers contact details of the relevant contact persons and is informed without undue delay on all relevant changes.

Article54¶Elements of written arrangements and procedures for the functioning of the resolution college

1. The written arrangements and procedures pursuant to Article 88(5)(a) of Directive 2014/59/EU shall include at least the following elements:

a) a description of the group, the Union parent undertaking, the subsidiaries and significant branches;

b) the identification of the college members and observers;

c) a description of the general resolution college framework for cooperation between authorities and coordination of activities and tasks.

2. The general framework for cooperation and coordination shall include all of the following:

a) a description of the different resolution college substructures for the performance of different tasks, where relevant. For that purpose, in particular with regard to college members concluding joint decisions, the group-level resolution authority shall consider the need of organising the resolution college in various substructures;

b) an identification of the college members and observers participating in specific college activities. For that purpose, the group-level resolution authority shall ensure that the various college substructures, including substructures involving observers, shall not result in constraining or pre-empting the process of the joint decision-making in particular with regard to those members of the college who are required to conclude joint decisions in accordance with the relevant provisions of Directive 2014/59/EU;

c) a description of the framework, the terms and conditions of the participation of the observers in the resolution college, including terms and conditions of their involvement in the various dialogues and processes of the college as well as their rights and obligations with regard to exchanging information having regard to Articles 90 and 98 of Directive 2014/59/EU. The group-level resolution authority shall ensure that the general framework and terms and conditions of the observers' participation are not more favourable than the framework, terms and conditions set out for college members in accordance with this Regulation and the relevant written arrangements of the particular college;

d) a description of cooperation and coordination arrangements in emergency situations, especially of systemic nature, which may pose threats to the viability of any of the group entities;

e) a description of the processes to be followed, when joint decision is not required but the formation of a common understanding within the resolution college or within any of its substructures appears necessary;

f) a description of the arrangements for exchanging information including the relevant scope, frequency and communication channels having regard to Articles 90 and 98 of Directive 2014/59/EU and to the role of the group-level resolution authority as the coordinator for collecting and disseminating information amongst college members and observers;

g) a description of relevant information to be shared with resolution college members and observers in particular in relation to resolution planning, resolvability assessment and other tasks referred to in Article 88(1) of Directive 2014/59/EU also having regard to Articles 90 and 98 of Directive 2014/59/EU and to the role of the group-level resolution authority;

h) a description of the arrangements for the treatment of confidential information having regard to Articles 90 and 98 of Directive 2014/59/EU;

i) a description of procedures for hosting regular and ad hoc physical meetings;

j) a description of the method for coordinating the input to be provided independently by the resolution authorities to the supervisory college or to the consolidating supervisor, where required by legislation or on an own initiative basis;

k) a description of the method for communicating the input referred to in point (j), in particular a description of the relevant role of the group-level resolution authority in communicating that input to the consolidating supervisor;

l) a description of the communication policy with the consolidating supervisor, the competent authorities in the relevant Member States, the Union parent undertaking and the entities of the group referred to in Article 58;

m) any other agreement concerning the functioning of the resolution college; and

n) any provisions covering discontinuance arrangements.

Article55¶Establishment and update of written arrangements and procedures for the functioning of the resolution college

1. The group-level resolution authority shall prepare its proposal for the written arrangements and procedures for the functioning of the resolution college in accordance with Article 54.

2. The group-level resolution authority shall communicate its proposal to the members of the resolution college for consultation, inviting them to provide their opinion and indicating the time-line for the submission of those opinions.

3. The group-level resolution authority shall take into account the opinions of the members of the resolution college and reason its decision when not taking them into account.

4. Upon finalisation the group-level resolution authority shall communicate the written arrangements and procedures for the functioning of the resolution college to the members of the resolution college.

5. Written arrangements and procedures for the functioning of the resolution college shall be reviewed and updated, in particular after any substantive changes in the composition of the resolution college.

6. While updating the general written arrangements and procedures for the functioning of the resolution college, the group-level resolution authority and the other members of the college shall follow the procedure set out in paragraphs 1 to 5.

Article56¶Operational aspects of college meetings and other activities

1. The resolution colleges shall convene at least one meeting in person per year. The group-level resolution authority with the consent of all members of the college, having taken into account the specificities of the group, may determine a different frequency of physical meetings of the resolution college.

2. The group-level resolution authority shall organise other college activities on a regular basis, in particular where a dialogue between college members is required.

3. The group-level resolution authority shall prepare and communicate to college members the agenda and objectives of planned meetings and other activities.

4. All resolution college members participating in college meetings or other activities shall ensure that the appropriate representatives, according to the objectives of the meeting and other activities of the resolution college, participate in these meetings and other activities and that these representatives shall be empowered to commit their authorities, to the maximum extent possible, in case decisions are expected to be taken in these meetings or other activities.

5. The group-level resolution authority shall ensure that relevant documents are circulated well in advance before a particular meeting or activity of the resolution college.

6. Outcomes and decisions of college meetings or other activities shall be documented in writing and communicated to college members in due time.

Article57¶Exchange of information

1. Subject to Articles 90 and 98 of Directive 2014/59/EU, the group-level resolution authority and the members of the college shall ensure that they exchange all essential and relevant information, whether received from a group entity, a competent authority, a resolution authority or any other designated authority or any other source.

2. That information shall be adequate and accurate, as well as shared in a timely manner to enable and facilitate the efficient, effective and full performance of the tasks of resolution college members in both going concern and emergency situations.

3. For the purpose of effective and efficient coordination between the supervisory and resolution college, the group-level resolution authority and the consolidating supervisor shall exchange all information required to ensure that colleges fulfil their role set out in Article 116 of Directive 2013/36/EU and Article 88 of Directive 2014/59/EU.

4. The group-level resolution authority receiving information referred to in paragraphs 1 and 2 shall transmit it to the members of the resolution college.

5. Where the college is organised in different substructures, the group-level resolution authority shall keep all resolution college members fully informed, in a timely manner, on the actions taken or the measures carried out in those college substructures.

6. If not provided for otherwise, any ordinary means of communication may be used, preferring secure means of communication, in particular where sensitive information is being transmitted. For publicly available information, it shall be sufficient that the group-level resolution authority provides the reference to such information.

7. Where a secure resolution college website exists, the use of this website shall be the main means of communication.

8. Articles 50 to 76 of this Regulation shall not affect the information gathering powers of the competent or resolution authorities.

Article58¶Communication policy

1. The group-level resolution authority shall be the authority responsible for communication with the Union parent undertaking and the consolidating supervisor, where the latter is different from the group-level resolution authority.

2. The resolution authorities referred to in Article 88(2)(b), (c) and (d) of Directive 2014/59/EU shall be the authorities responsible for the communication with the entities and the competent authorities in the respective Member States.

Article59¶Coordination of external communication

1. The members of the resolution college shall coordinate their external communications related to group resolution strategies and schemes.

2. For the purpose of coordination of the external communication, the members of the resolution college shall agree at least on the following:

a) allocation of responsibilities for coordinating external communication, during a going concern situation, in a situation where an institution or group is considered as failing or likely to fail, and in a resolution situation;

b) determining the level of information to be disclosed on group resolution strategies;

c) coordination of public statements in situations where an institution or group is considered as failing or likely to fail;

d) coordination of public statements related to resolution actions taken including the publication of orders or instruments by which the resolution actions were taken or notices summarising the effects of resolution actions.

Article60¶Emergency situations

1. The group-level resolution authority shall establish and regularly test operational procedures for the functioning of the resolution college in emergency situations, in particular systemic ones, which may pose threats to the viability of any of the group entities.

2. Operational procedures referred to in paragraph 1 shall cover at least the following elements:

a) secure means of communication to be used;

b) set of information to be exchanged;

c) relevant persons to be contacted;

d) communication procedures to be followed by the relevant college members.

Section II Group resolution planning joint decisions

Subsection 1 Joint decision process on group resolution plan and resolvability assessment

Article61¶Planning of the steps of the joint decision process

1. Prior to the start of the joint decision process, the group-level resolution authority and the resolution authorities of subsidiaries shall agree on a timetable of steps to be followed in that process (‘joint decision timetable’).

In the case of a failure to agree on that timetable, the group-level resolution authority shall set the joint decision timetable after considering the views and reservations expressed by the resolution authorities of subsidiaries.

2. The joint decision timetable shall be updated at least annually and shall include all of the following steps to be implemented in a sequence agreed between the group-level resolution authority and the resolution authorities of subsidiaries:

a) preliminary dialogue between the group-level resolution authority and the resolution authorities of subsidiaries on the resolution strategy of the group, in preparation of the joint decision on the group resolution plan and resolvability assessment;

b) request information necessary to the Union parent undertaking for the drawing up of the group resolution plan and the performance of the resolvability assessment in accordance with Article 11 of Directive 2014/59/EU;

c) submission of the information requested in point (b) of this paragraph by the Union parent undertaking directly to the group-level resolution authority in accordance with Article 13(1) of Directive 2014/59/EU;

d) transmission of the information that the group-level resolution authority receives from the Union parent undertaking to the authorities referred to in Article 13(1) of Directive 2014/59/EU and indication of a time limit for any additional information requests;

e) submission of contributions for the development of the group resolution plan and the resolvability assessment by the resolution authorities of subsidiaries to the group-level resolution authority;

f) submission of the draft group resolution plan and the draft resolvability assessment from the group-level resolution authority to the resolution college members;

g) submission of possible comments on the draft group resolution plan and on the draft resolvability assessment from the resolution college members to the group-level resolution authority;

h) discussion with the Union parent undertaking on the draft group resolution plan and its resolvability assessment, where that is deemed appropriate by the group-level resolution authority;

i) dialogue between the group-level resolution authority and the resolution authorities of subsidiaries on the draft group resolution plan and its resolvability assessment;

j) circulation of the draft joint decision document on the group resolution plan and on the resolvability assessment by the group-level resolution authority to the resolution authorities of subsidiaries;

k) dialogue on the draft joint decision document on the group resolution plan and on the resolvability assessment between the group-level resolution authority and the resolution authorities of subsidiaries;

l) reaching joint decision on the group resolution plan and on the resolvability assessment;

m) communication of the conclusion of the joint decision to the Union parent undertaking along with a summary of the key elements of the group resolution plan.

3. The timetable shall:

a) reflect the scope and complexity of each step of the joint decision process;

b) take into account the timetable of other joint decisions organised within the resolution college;

c) take into account, to the extent possible, the timetable of other joint decisions organised within the relevant supervisory college, in particular the timetable of the joint decision on the review and assessment of the group recovery plan in accordance with Article 8(2) of Directive 2014/59/EU.

Article62¶Elements of the joint decision timetable

1. When drafting the joint decision timetable, the authorities involved or the group-level resolution authority when acting alone shall take into account Articles 16(3) and 17(2) of Directive 2014/59/EU on the need for simultaneous assessment of resolvability and suspension of the process to address substantive impediments and shall ensure that the relevant time limits provided in the joint decision timetable are adjusted accordingly.

2. When drafting the joint decision timetable, the group-level resolution authority shall have regard to the terms and conditions of the observers' participation as set out in the resolution college written arrangements and in respective provisions of Directive 2014/59/EU.

3. The following aspects of the timetable shall be communicated from the group-level resolution authority to the Union parent undertaking:

a) an estimated date when the request of the information necessary for drawing up of the group resolution plan and performing the resolvability assessment is expected to be made in accordance with Article 61(2)(b) and the time limit for submission of that information in accordance with Article 61(2)(c);

b) an estimated date for the organisation of the discussion referred to in Article 61(2)(h), where relevant;

c) an estimated date for the communication referred to in Article 61(2)(m).

Article63¶Preliminary dialogue on the resolution strategy

The group-level resolution authority shall organise a preliminary dialogue with the resolution authorities of subsidiaries to perform all of the following:

1. discuss a preliminary proposal on the resolution strategy for the group;

2. verify whether any of the information necessary for the development of the group resolution plan and the resolvability assessment is already available to any of the competent authorities, and share this information in accordance with Article 11(2) of Directive 2014/59/EU;

3. determine the additional information to be requested from the Union parent undertaking;

4. agree on any contributions needed from the resolution authorities of subsidiaries to the group-level resolution authority for the development of the group resolution plan and the performance of the resolvability assessment.

Article64¶Information from the Union parent undertaking

1. The group-level resolution authority shall request from the Union parent undertaking all the necessary information in accordance with Article 11 of Directive 2014/59/EU, taking into account the outcome of the dialogue provided for in Article 63.

2. The group-level resolution authority shall communicate clearly to the Union parent undertaking the entities of the group to which this information relates and applies, as well as the time limit for the provision of such information.

3. The Union parent undertaking shall provide the information requested to the group-level resolution authority in a timely manner, but no later than within the time limit specified under paragraph 2.

4. The group-level resolution authority may ask for additional information from the Union parent undertaking, both before transmitting information to the authorities referred to in Article 13(1) of Directive 2014/59/EU and after that, whenever Article 66(2) of this Regulation applies.

Article65¶Transmission of information from the group-level resolution authority

1. The group-level resolution authority shall, without undue delay, transmit information received in accordance with Article 64 to the authorities referred to in Article 13(1) of Directive 2014/59/EU and shall invite them to provide comments within a specific time limit on whether additional information is required.

2. Any authority receiving information may request additional information from the group-level resolution authority within the time limit specified under paragraph 1, where the receiving authority deems the additional information to be relevant to the entity or the branch under its jurisdiction for the purpose of the development and maintenance of the group resolution plan and performance of the resolvability assessment. In such case, the relevant provisions of Article 64 shall apply accordingly.

3. The transmission of information from the group-level resolution authority to the authorities referred in paragraph 2 shall not be deemed complete until the actual transmission of both the initial and the subsequent information.

4. The group-level resolution authority shall, taking into account paragraph 3, communicate to the resolution college the starting date of the four-month period for reaching the joint decision on the group resolution plan and resolvability assessment in accordance with Article 13(4) of Directive 2014/59/EU.

5. The group-level resolution authority and the authorities referred to in Article 13(1) of Directive 2014/59/EU shall exchange additional information necessary to facilitate the drawing up of the group resolution plan and the performance of the resolvability assessment, subject to the confidentiality requirements laid down in Articles 90 and 98 of Directive 2014/59/EU.

Article66¶Development and circulation of the draft group resolution plan and resolvability assessment

1. The resolution authorities of subsidiaries shall provide to the group-level resolution authority their contributions to the group resolution plan and resolvability assessment in a timely manner and in any event by the time limit specified in the joint decision timetable pursuant to Article 61(2)(e).

2. The group-level resolution authority shall develop the draft group resolution plan in accordance with Article 12 of Directive 2014/59/EU, taking into account any contributions submitted by the resolution authorities of subsidiaries.

3. The group-level resolution authority shall circulate the draft group resolution plan and resolvability assessment to the college members in a timely manner, however no later than within the time limit specified under Article 61(2)(f).

Article67¶Consultation with resolution college members

1. College members consulted by the group-level resolution authority shall provide their comments on the draft group resolution plan and the resolvability assessment within the time limit specified under Article 61(2)(g).

2. In particular, the relevant competent authorities referred to in Articles 115 and 116 of Directive 2013/36/EU shall provide their opinion with regard to the assessment of the resolvability of the entities in their jurisdiction.

3. Where any of the authorities considers that there are substantive impediments to the resolvability of the group or any of its entities, it shall communicate its assessment to the group-level resolution authority in a timely manner and in any event by the time limit specified under Article 61(2)(g).

4. The group-level resolution authority shall transmit to the resolution authorities of subsidiaries the comments received from the other resolution college members, including comments on the assessment of the resolvability of the entities in their jurisdiction expressed by these authorities.

Article68¶Discussion with the Union parent undertaking

When the group-level resolution authority organises a discussion on the draft group resolution plan and resolvability assessment with the Union parent undertaking pursuant to Article 61(2)(h) it shall do so in a timely manner and in any event within the time limits specified in the relevant step of the joint decision timetable. The group-level resolution authority shall communicate to the resolution authorities of subsidiaries any observations submitted by the Union parent undertaking during this consultation.

Article69¶Dialogue on the draft resolution plan and resolvability assessment

1. The group-level resolution authority shall organise a dialogue on the draft group resolution plan and resolvability assessment with the resolution authorities of subsidiaries in a timely manner pursuant to Article 61(2)(i), however no later than within the time limit specified in the joint decision timetable.

2. The dialogue shall include issues of assessment of the group's resolvability and shall facilitate the identification of possible substantive impediments to resolvability, taking into account any observations submitted by the Union parent undertaking. For that purpose, the group-level resolution authority shall inform the resolution authorities of subsidiaries on its own assessment on the resolvability of the group and shall take into account the opinion expressed by other college members.

3. Based on the dialogue referred to in paragraph 1, the group-level resolution authority shall finalise the group resolution plan and the performance of the resolvability assessment. Changes applied to the draft group resolution plan and resolvability assessment shall reflect the outcome of the dialogue.

4. Where substantive impediments to resolvability are identified Article 76(1) applies.

Article70¶Drafting the joint decision on group resolution plan and resolvability assessment

The group-level resolution authority shall prepare a draft joint decision on the group resolution plan and resolvability assessment. The draft joint decision shall set out all of the following:

1. the names of the group-level resolution authority and the resolution authorities of subsidiaries reaching the joint decision on the group resolution plan and resolvability assessment;

2. the names of the resolution authorities and competent authorities consulted in the drawing up and maintenance of the group resolution plan and the performance of the resolvability assessment, in particular:

a) the names of the resolution authorities of significant branches and the resolution authorities of Member States where the entities referred to in Article 1(1)(c) and (d) of Directive 2014/59/EU are established;

b) the names of the relevant competent authorities referred to in Articles 115 and 116 of Directive 2013/36/EU;

c) the names of the observers where those observers were involved in the joint decision process in accordance with the terms and conditions of observers' participation as noted in the written arrangements;

3. the name of the Union parent undertaking and the group entities covered by the group resolution plan and resolvability assessment, and to which the joint decision relates and applies;

4. the references to the applicable Union and national law relating to the preparation, finalisation and application of the joint decision on group resolution plan and resolvability assessment;

5. the date of the adoption of the joint decision on the group resolution plan and resolvability assessment, and of any relevant update thereof;

6. the group resolution plan and resolvability assessment including any measures to address or remove substantive impediments to resolvability in accordance to Article 17(4), (5) and (6) and Article 18 of Directive 2014/59/EU, subject to which the joint decision is taken. Where Union parent undertaking or any of its entities are in the process of implementing those measures, then information on the timeline for their implementation shall be also provided;

7. a summary of views expressed by the authorities consulted in the joint decision process on the group resolution plan and its resolvability assessment;

8. where the EBA has been consulted during the joint decision process, an explanation of any deviation from the advice of the EBA.

Article71¶Reaching joint decision on the group resolution plan and resolvability assessment

1. The group-level resolution authority shall send the draft joint decision on the group resolution plan and resolvability assessment to the resolution authorities of subsidiaries without undue delay setting a time limit for the resolution authorities of subsidiaries to provide their written agreement to that joint decision, which may be sent by electronic means of communication.

2. Upon their receipt of the draft joint decision the resolution authorities of subsidiaries not disagreeing shall transmit their written agreement to the group-level resolution authority within the time limit specified under paragraph 1.

3. The final joint decision shall consist of the joint decision document drafted in accordance with Article 70 and of the written agreements referred to in paragraph 2 of this Article and the one of the group-level resolution authority attached thereto and shall be provided to the resolution authorities of subsidiaries agreeing with the joint decision by the group-level resolution authority.

4. The group-level resolution authority shall communicate the joint decision on the group resolution plan and resolvability assessment to the resolution college.

Article72¶Communication of the joint decision and summary of the group resolution plan to the Union parent undertaking

1. The group-level resolution authority shall communicate the joint decision and a summary of the key elements of the group resolution plan, including the resolvability assessment, to the management body of the Union parent undertaking in a timely manner and in any event by the time limit specified in the joint decision timetable pursuant to Article 61(2)(m).

2. The group-level resolution authority shall inform the resolution authorities of subsidiaries about that communication.

3. The group-level resolution authority may discuss the joint decision on group resolution plan and resolvability assessment with the Union parent undertaking to explain the details of that decision.

Subsection 2 Process in the absence of joint decision on group resolution plan and resolvability assessment

Article73¶Partial disagreement

1. Where one or more of the resolution authorities of subsidiaries disagree with the group resolution plan and resolvability assessment, the group-level resolution authority and the resolution authorities of subsidiaries which do not disagree pursuant to Article 13(7) of the Directive 2014/59/EU shall follow all relevant steps set out in Articles 70, 71 and 72 for drafting, reaching and communicating the joint decision on the group resolution plan and resolvability assessment.

2. The joint decision taken on the group resolution plan and resolvability assessment shall be set out in a document that contains all of the items set out in Article 70.

3. A summary of views expressed by the resolution authorities of subsidiaries who were involved in the initial joint decision process on the group resolution plan and resolvability assessment but disagreed to it shall be included. In particular, the summary shall include references to all issues that led to disagreement.

Article74¶Elements of communication of individual decisions

1. In the absence of a joint decision between the resolution authorities within four months in accordance with Article 13(5) of Directive 2014/59/EU, the decision taken by the group-level resolution authority on the group resolution plan and resolvability assessment shall be communicated in writing to the resolution college members by means of a document containing all of the following items:

a) the name of the group-level resolution authority;

b) the name of the Union parent undertaking;

c) references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;

d) the date of the decision;

e) the group resolution plan and resolvability assessment including any measures to address or remove substantive impediments to resolvability in accordance to Article 17(4), (5) and (6) of Directive 2014/59/EU, subject to which the decision is taken. Where the Union parent undertaking is in the process of implementing those measures, the timeline for their implementation shall be also provided;

f) the names of the resolution college members and observers involved, in accordance with the terms and conditions of observers' participation, in the joint decision process on the group resolution plan and resolvability assessment, along with a summary of the views expressed by those authorities and information on issues leading to disagreement;

g) comments of the group-level resolution authority on the views expressed by resolution college members and observers, in particular on issues leading to disagreement.

2. In the absence of a joint decision between the resolution authorities within four months in accordance with Article 13(6) of Directive 2014/59/EU, the resolution authorities drawing up individual resolution plans shall transmit to the group-level resolution authority a document that contains all of the following items:

a) the name of the resolution authority taking the decision;

b) the name of the entity or entities under the jurisdiction of the resolution authority to which the decision relates and applies;

c) references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;

d) the date of the decision;

e) the resolution plan and the assessment of resolvability of the entities under their jurisdiction including any measures to address or remove substantive impediments to resolvability in accordance to Article 17(4), (5) and (6) of Directive 2014/59/EU, subject to which the decision is taken. Where the entities are in the process of implementing these measures, then the timeline for their implementation shall be also provided;

f) the name of the group-level resolution authority along with explanations on the reasons for disagreement with the proposed group resolution plan and resolvability assessment.

3. Where the EBA has been consulted, the decisions taken in the absence of a joint decision in accordance with Article 13(5) and (6) of Directive 2014/59/EU shall include an explanation as to why the advice of the EBA was not followed.

Article75¶Communication of individual decisions in the absence of a joint decision

1. In the absence of a joint decision between the group-level resolution authority and the resolution authorities of subsidiaries within the time period referred to in Article 13(4) of Directive 2014/59/EU, all decisions referred to in Article 13(5) and (6) of that Directive shall be communicated in writing by the relevant resolution authorities of subsidiaries to the group-level resolution authority, by the latest of the following dates:

a) the date one month after the expiry of the time period referred to in Article 13(4) of Directive 2014/59/EU;

b) the date one month after the provision of any advice by the EBA following a request for consultation in accordance with the third subparagraph of Article 13(4) of Directive 2014/59/EU;

c) the date one month after any decision taken by the EBA in accordance with the second subparagraph of Article 13(5) or Article 13(6) of Directive 2014/59/EU or any other date set by the EBA in such a decision.

2. The group-level resolution authority shall notify without undue delay its own decision and the decisions referred to in paragraph 1 to the other resolution college members.

Subsection 3 Joint decision on measures to address substantive impediments to resolvability

Article76¶Suspension of the joint decision process on the group resolution plan and resolvability assessment

1. When the group-level resolution authority identifies substantive impediments to resolvability or assents to an opinion on identified substantive impediments expressed by any of the authorities having been consulted on the group resolution plan and resolvability assessment, the group-level resolution authority shall suspend the joint decision process in accordance with Article 17(2) of Directive 2014/59/EU and shall notify its decision to the resolution college members.

2. The group-level resolution authority shall start re-conducting the joint decision process on the group resolution plan including the performance of its resolvability assessment, as soon as the joint decision process referred to in Article 18 of Directive 2014/59/EU on measures to address or remove substantive impediments to resolvability has been completed.

Article77¶Planning of the steps of the joint decision process on measures to address substantive impediments to resolvability

1. Prior to the start of the joint decision process on measures to address or remove substantive impediments to resolvability, the group-level resolution authority and the resolution authorities of subsidiaries shall agree on a timetable of steps to be followed in the joint decision timetable.

In the case of a failure to agree on that timetable, the group-level resolution authority shall set the joint decision timetable after considering the views and any reservations expressed by the resolution authorities of subsidiaries.

2. The joint decision timetable shall include the following steps:

a) preparation and circulation of the report on substantive impediments identified in accordance with Article 18(2) of Directive 2014/59/EU by the group-level resolution authority in consultation with the consolidating supervisor and the EBA;

b) submission of the report pursuant to Article 18(2) of Directive 2014/59/EU from the group-level resolution authority to the Union parent undertaking, the resolution authorities of subsidiaries, and the resolution authorities of jurisdictions in which significant branches are located;

c) date when the Union parent undertaking submits to the group-level resolution authority its observations and alternative measures to remedy the substantive impediments, if any, in accordance with Article 18(3) of Directive 2014/59/EU;

d) dialogue between the group-level resolution authority and the resolution authorities of subsidiaries and other resolution college members, on any observations or alternative measures to remedy the substantive impediments proposed by the Union parent undertaking pursuant to Article 18(3) of Directive 2014/59/EU, as appropriate;

e) development of the draft joint decision on measures to address or remove substantive impediments to resolvability;

f) finalisation of the joint decision on measures to address or remove substantive impediments to resolvability; and

g) communication of the joint decision on measures to address or remove substantive impediments to resolvability.

3. The joint decision timetable shall be reviewed and updated by the group-level resolution authority in order to reflect the extension of the joint decision process where the Union parent undertaking submits observations and proposes any alternative measures to address or remove substantive impediments to resolvability in accordance to Article 18(3) of Directive 2014/59/EU.

4. When drafting the joint decision timetable, the group-level resolution authority shall have regard to the terms and conditions of the observers' participation as set out in the resolution college written arrangements and in the respective provisions of Directive 2014/59/EU.

5. The group-level resolution authority shall communicate to the Union parent undertaking those aspects of the joint decision timetable that envisage the involvement of the Union parent undertaking.

Article78¶Consultation and communication of the report

1. The group-level resolution authority shall prepare a draft report on substantive impediments to resolvability in accordance with Article 18(2) of Directive 2014/59/EU and shall transmit it to the consolidating supervisor, the EBA, the competent authorities and the resolution authorities of the subsidiaries and of jurisdictions in which significant branches are located.

It may also submit the draft report to other resolution college members and observers, as appropriate and in the manner agreed and detailed in the resolution college written arrangements and procedures.

2. Comments and views received shall be considered by the group-level resolution authority for the purposes of the finalisation of the report. The group-level resolution authority shall provide full reasoning in relation to any deviation from a view or comment made by the EBA or by the consolidating supervisor.

3. Upon finalisation, the report shall be provided to the Union parent undertaking.

4. The group-level resolution authority shall communicate to the resolution college the start of the four-month period for reaching the joint decision on measures to address substantive impediments to resolvability.

Article79¶Submission of observations of the Union parent undertaking and consultation with the authorities

1. Where the Union parent undertaking submits observations and proposes to the group-level resolution authority, within four months of the date of receipt of the report in accordance with Article 18(3) of Directive 2014/59/EU, alternative measures to remedy the substantive impediments to resolvability, the group-level resolution authority shall forward those observations and measures to other college members without undue delay and in any case within 10 days.

2. The group-level resolution authority shall, having regard to paragraph 1, communicate to the resolution college the extension of the time period for reaching the joint decision on measures to address substantive impediments to resolvability in accordance with Article 18(3) and (5) of Directive 2014/59/EU.

3. While circulating the observations and alternative measures submitted by the Union parent undertaking, the group-level resolution authority shall set a time limit for submission of comments.

4. Where authorities do not provide their comments by the time limit referred to in paragraph 3, the group-level resolution authority shall presume that these authorities do not have any comments on the observations and alternative measures submitted by the Union parent undertaking and shall proceed further.

5. The group-level resolution authority shall provide, as soon as possible and without undue delay, to the resolution authorities of subsidiaries any comments submitted by the other resolution college members and shall discuss with them the proposed measures to address substantive impediments to resolvability.

6. The group-level resolution authority and the resolution authorities of subsidiaries shall in addition duly discuss and consider the potential impact of the proposed measures on all entities that are part of the group, on all the Member States where the group operates, and on the Union as a whole.

Article80¶Drafting the joint decision on measures to address substantive impediments to resolvability

1. The group-level resolution authority shall, taking into account the outcome of the dialogue under Article 79(5) and (6), as appropriate, prepare a draft joint decision on measures to address or remove substantive impediments to resolvability.

2. The draft joint decision shall set out all of the following items:

a) the name of the Union parent undertaking and the group entities to which the joint decision relates and applies;

b) the names of the group-level resolution authority and the resolution authorities of subsidiaries reaching the joint decision;

c) the names of the relevant competent authorities and the names of the resolution authorities of significant branches that have been consulted on the resolvability of the group, on the measures to address or remove substantive impediments, and on the observations and alternative measures, if any, submitted by the Union parent undertaking;

d) the names of the observers where those observers were involved in the joint decision process in accordance with the terms and conditions of observers' participation as noted in the written arrangements;

e) the references to the applicable Union and national law relating to the preparation, finalisation and application of the joint decision;

f) the date of the joint decision;

g) the measures pursuant to Article 17(5) and (6) of 2014/59/EU decided by the group-level resolution authority and the resolution authorities of subsidiaries and the time period within which the respective group entities shall address these measures;

h) where the measures proposed by the Union parent undertaking are not accepted or are partially accepted by the group-level resolution authority and the resolution authorities of subsidiaries, an explanation of how the measures proposed by the Union parent undertaking are assessed as not fit to remove the substantive impediments to resolvability and how the measures referred to in point (g) would effectively reduce or remove the substantive impediments to resolvability;

i) a summary of views expressed by the authorities consulted in the joint decision process;

j) where the EBA has been consulted during the joint decision process, an explanation of any deviation from the advice of the EBA.

Article81¶Reaching the joint decision

1. The group-level resolution authority shall send the draft joint decision on measures to address substantive impediments to resolvability to the resolution authorities of subsidiaries without undue delay setting a time limit for the resolution authorities of subsidiaries to provide their written agreement to that joint decision, which may be sent by electronic means of communication.

2. Upon receipt of the draft joint decision the resolution authorities of subsidiaries not disagreeing with it shall transmit their written agreement to the group-level resolution authority within the time limit set out in paragraph 1.

3. The final joint decision shall consist of the joint decision document drafted in accordance with Article 80 and of the written agreements referred to in paragraph 2 of this Article and the one of the group-level resolution authority attached thereto and shall be provided to the resolution authorities of subsidiaries agreeing with the joint decision by the group-level resolution authority.

4. The group-level resolution authority shall communicate the joint decision on measures to address substantive impediments to resolvability to the resolution college.

Article82¶Communication of the joint decision

1. The group-level resolution authority shall communicate the joint decision to the management body of the Union parent undertaking in a timely manner and in any event by the time limit specified in the joint decision timetable pursuant to Article 77(2)(g). The group-level resolution authority shall inform the resolution authorities of subsidiaries about that communication.

2. Where some of the measures taken in accordance to Article 17(5) and (6) of Directive 2014/59/EU are addressed to specific entities of the group other than the Union parent undertaking, the resolution authorities of subsidiaries shall provide to the management bodies of those entities under their jurisdiction the respective parts of the joint decision on measures to address substantive impediments to resolvability, in a timely manner and in any event by the time limit specified in the joint decision timetable pursuant to Article 77(2)(g).

3. The group-level resolution authority may discuss details of the content and the application of the joint decision on measures to address substantive impediments to resolvability with the Union parent undertaking.

4. The resolution authorities of subsidiaries may discuss details of the content and the application of the joint decision on measures to address substantive impediments to resolvability with the entities under their jurisdictions.

Article83¶Monitoring the application of the joint decision

1. The group-level resolution authority shall communicate the outcome of the discussion, if any, referred to in Article 82(3) to the resolution authorities of subsidiaries.

2. The resolution authorities of subsidiaries shall communicate the outcome of the discussion, if any, referred to in Article 82(4) to the group-level resolution authority.

3. The group-level resolution authority and the resolution authorities of subsidiaries shall monitor the application of the joint decision on measures to address substantive impediments to resolvability that are relevant to each of the entities of the group for which they are respectively responsible.

Subsection 4 Process in the absence of joint decision on measures to address substantive impediments to resolvability

Article84¶Elements of communication of individual decisions

1. In the absence of a joint decision on measures to address substantive impediments to resolvability as referred to in Article 18(6) of Directive 2014/59/EU, the decision taken by the group-level resolution authority shall be communicated in writing without undue delay to the resolution college members by means of a document containing all of the following items:

a) the name of the group-level resolution authority taking the decision;

b) the name of the Union parent undertaking to which the decision relates and applies;

c) references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;

d) the date of the decision;

e) the measures pursuant to Article 17(5) and (6) of Directive 2014/59/EU decided by the group-level resolution authority and the time limit within which those measures shall be addressed;

f) where the measures proposed by the Union parent undertaking are not accepted or are partially accepted by the group-level resolution authority, an explanation of how the measures proposed by the Union parent undertaking are assessed as not fit to remove the substantive impediments to resolvability and how the measures set out in point (e) of this paragraph would effectively reduce or remove the substantive impediments to resolvability;

g) the names of resolution college members and observers involved, in accordance with the terms and conditions of observers' participation, in the joint decision process on measures to address substantive impediments to resolvability along with a summary of the views expressed by these authorities and information on issues leading to disagreement;

h) comments of the group-level resolution authority on the views expressed by the resolution college members and observers, in particular on issues leading to disagreement.

2. Resolution authorities deciding on measures to be taken by subsidiaries at individual level in the absence of a joint decision shall transmit to the group-level resolution authority a document that contains all of the following items:

a) the name of the resolution authority taking the decision;

b) the name of the entities under the jurisdiction of the resolution authority to which the decision relates and applies;

c) references to the applicable Union and to the national law relating to the preparation, finalisation and application of the decision;

d) the date of the decision;

e) the measures pursuant to Article 17(5) and (6) of Directive 2014/59/EU decided by the resolution authority and the time limit within which the respective entities shall address these measures;

f) where the measures proposed by the subsidiaries in accordance with Article 17(3) and (4) of Directive 2014/59/EU are not accepted or are partially accepted by the resolution authorities of subsidiaries respectively, an explanation of how the measures proposed by these subsidiaries are assessed as not fit to remove the substantive impediments to resolvability and how the measures set out in point (e) of this paragraph would effectively reduce or remove the substantive impediments to resolvability;

g) the name of the group-level resolution authority along with explanations on the reasons for disagreement with the measures proposed by the group-level resolution authority to address substantive impediments to resolvability.

3. Where the EBA has been consulted, the decisions taken in the absence of a joint decision shall include an explanation as to why the advice of the EBA was not followed.

Article85¶Communication of individual decisions in the absence of joint decision

1. In the absence of a joint decision between the group-level resolution authority and the resolution authorities of subsidiaries within the time period referred to in Article 18(5) of Directive 2014/59/EU, all decisions referred to in Article 18(6) and Article 18(7) of that Directive shall be communicated in writing by the relevant resolution authorities of subsidiaries to the group-level resolution authority by the latest of the following dates:

a) the date one month after the expiry of the time period referred to in Article 18(5) of Directive 2014/59/EU, as applicable;

b) the date one month after the provision of any advice by the EBA following a request for consultation in accordance with the second subparagraph of Article 18(5) of Directive 2014/59/EU;

c) the date one month after any decision taken by the EBA in accordance with the third subparagraph of Article 18(6) or second subparagraph of Article 18(7) of Directive 2014/59/EU or any other date set by the EBA in such a decision.

2. The group-level resolution authority shall communicate without undue delay its own decision and the decisions referred to in paragraph 1 to the other resolution college members.

Section III Joint decision process on minimum requirements for own funds and eligible liabilities

Subsection 1 Joint decision process

Article86¶Planning of the joint decision on minimum requirements for own funds and eligible liabilities

1. Prior to the initiation of the joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level, the group-level resolution authority and the resolution authorities of subsidiaries shall agree on a timetable of steps to be followed in that process (hereinafter ‘minimum requirements for own funds and eligible liabilities joint decision timetable’).

In case of disagreement, the group-level resolution authority shall set the minimum requirements for own funds and eligible liabilities joint decision timetable after considering the views and reservations expressed by the resolution authorities of subsidiaries.

For the purpose of taking in parallel the joint decision on minimum requirements with the development and maintenance of the group resolution plan as required by Article 45(15) of Directive 2014/59/EU, the minimum requirements for own funds and eligible liabilities joint decision timetable shall be organised taking into account the timetable for the joint decision on group resolution plan and resolvability assessment.

In particular, the group-level resolution authority and the resolution authorities of subsidiaries shall consider that the four-month period for the reach of the joint decision on minimum requirements for own funds and eligible liabilities starts at the same time as the joint decision on group resolution plan and resolvability assessment.

2. The minimum requirements for own funds and eligible liabilities joint decision timetable shall be updated on a regular basis and shall include at least the following steps:

a) submission of the group-level resolution authority's proposal on the minimum requirements for own funds and eligible liabilities at consolidated and parent entity level to the resolution authorities of subsidiaries and to the consolidating supervisor;

b) submission of resolution authorities of subsidiaries' proposals on the minimum requirements for own funds and eligible liabilities for the entities under their jurisdiction at individual level to the group-level resolution authority and the respective competent authorities;

c) dialogue between the group-level resolution authority and the resolution authorities of subsidiaries on the proposed minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level, as well as with the resolution authorities of jurisdictions where significant branches are established;

d) preparation and submission by the group-level resolution authority of the draft joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level to the resolution authorities of subsidiaries;

e) dialogue on the draft joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level with the Union parent undertaking and the subsidiaries of the group, where required by the legislation of a Member State;

f) reaching the joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level;

g) communication of the joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and subsidiary level to the Union parent undertaking.

3. The minimum requirements for own funds and eligible liabilities joint decision timetable shall:

a) reflect the scope and complexity of each step of the joint decision process;

b) take into account the timetable of other joint decisions organised within the resolution college;

c) take into account, to the extent possible, the timetable of other joint decisions organised within the relevant supervisory college, in particular the timetable of the joint decisions on institution-specific prudential requirements in accordance with Article 113 of Directive 2013/36/EU;

The minimum requirements for own funds and eligible liabilities joint decision timetable shall be reviewed in light of and reflect the outcome of the resolvability assessment, especially when that assessment results in measures to remove or address substantive impediments to resolvability that may have immediate effect on the minimum requirements for own funds and eligible liabilities at consolidated or entity level.

4. When drafting the minimum requirements for own funds and eligible liabilities joint decision timetable, the group-level resolution authority shall have regard to the terms and conditions of the observers' participation as set out in the resolution college written arrangements and in the respective provisions of Directive 2014/59/EU.

5. The group-level resolution authority and the resolution authorities of subsidiaries shall communicate to the Union parent undertaking and the entities of the group for which they are respectively responsible an indicative date for the dialogue referred to in paragraph 2(e), where relevant.

6. The group-level resolution authority and the resolution authorities of subsidiaries shall communicate to the Union parent undertaking and the entities of the group for which they are respectively responsible an estimated date for the communication referred to in paragraph 2(g).

Article87¶Proposal at consolidated and Union parent undertaking level

1. The group-level resolution authority shall communicate to the resolution authorities of subsidiaries and the consolidating supervisor its proposal on:

a) the minimum requirement for own funds and eligible liabilities to be met, at all times, by the Union parent undertaking, unless use of waiver has been granted in accordance with Article 45(11) of Directive 2014/59/EU;

b) the minimum requirement for own funds and eligible liabilities applied at consolidated level.

2. The proposal referred to in paragraph 1 shall be reasoned, especially with regard to the assessment criteria referred to in points (a) to (f) of Article 45(6) of Directive 2014/59/EU.

3. The group-level resolution authority shall indicate a time limit for receipt of reasoned written comments by the consolidating supervisor, especially with regard to the assessment criteria referred to in points (a) to (f) of Article 45(6) of Directive 2014/59/EU. Where the consolidating supervisor does not provide any comments within the time limit set, the group-level resolution authority shall presume that the consolidating supervisor does not have any comments on its proposal under paragraph 1.

4. The group-level resolution authority shall provide as soon as possible to the resolution authorities of subsidiaries any comments submitted by the consolidating supervisor.

Article88¶Proposal at subsidiary level

1. The resolution authorities of subsidiaries shall communicate to the group-level resolution authority and the respective competent authorities their proposal on the minimum requirement for own funds and eligible liabilities to be met, at all times, by the group's subsidiaries on an individual basis, unless use of waivers has been granted in accordance with Article 45(12) of Directive 2014/59/EU.

2. The proposal referred to in paragraph 1 shall be reasoned, especially with regard to the assessment criteria referred to in points (a) to (f) of Article 45(6) of Directive 2014/59/EU.

3. The resolution authorities of subsidiaries shall agree with the group-level resolution authority and indicate a time limit for receipt of written and fully reasoned comments from the competent authorities in their jurisdiction, especially with regard to the assessment criteria referred to in points (a) to (f) of Article 45(6) of Directive 2014/59/EU. Where the competent authorities do not provide any comments within that time limit set, the resolution authorities of the subsidiaries shall presume that these competent authorities do not have any comments on the respective proposals under paragraph 1.

4. The resolution authorities of subsidiaries shall provide as soon as possible to the group-level resolution authority any comments submitted by the competent authorities.

Article89¶Dialogue on the proposed minimum requirements for own funds and eligible liabilities

1. The group-level resolution authority shall organise a dialogue with the resolution authorities of subsidiaries on the proposed minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level.

2. The group-level resolution authority and the resolution authorities of subsidiaries shall discuss the reconciliation of the proposed minimum requirements for own funds and eligible liabilities at consolidated level with the proposed requirements at the level of the parent and of each subsidiary.

Article90¶Drafting the joint decision on minimum requirements for own funds and eligible liabilities

1. The group-level resolution authority shall prepare a draft joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level, taking into account the use of waivers, if any, under Article 45(11) or (12) of Directive 2014/59/EU. The draft joint decision shall set out all of the following items:

a) the names of the group-level resolution authority and the resolution authorities of subsidiaries reaching the joint decision on the minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level;

b) the names of the consolidating supervisor and other competent authorities that have been consulted;

c) the names of the observers where those observers were involved in the joint decision process in accordance with the terms and conditions of observers' participation as noted in the written arrangements;

d) the name of the Union parent undertaking and the group entities to which the joint decision relates and applies;

e) the references to the applicable Union and national law relating to the preparation, finalisation and reach of the joint decision; references to any additional criteria provided by the Member States on the basis of which the minimum requirement for own funds and eligible liabilities shall be determined;

f) the date of the draft joint decision, and of any relevant update thereto;

g) the minimum requirement on own funds and eligible liabilities at consolidated level, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU;

h) the minimum requirement on own funds and eligible liabilities at the level of the Union parent undertaking, unless use of waivers in accordance with Article 45(11) of Directive 2014/59/EU is granted, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU;

i) the minimum requirement on own funds and eligible liabilities at each subsidiary on an individual basis, unless use of waivers in accordance with Article 45(12) of Directive 2014/59/EU has been granted, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU.

2. Where the decision that relates to the minimum requirement on own funds and eligible liabilities provides that this is partially met at consolidated or individual level for the Union parent undertaking or any of the group's subsidiaries through contractual bail-in instruments, the decision shall also include details demonstrating the satisfaction of the resolution authorities that the instruments qualify as contractual bail-in instruments in accordance with the criteria set out in Article 45(14) of Directive 2014/59/EU.

Article91¶Reaching the joint decision on minimum requirements for own funds and eligible liabilities

1. The group-level resolution authority shall send the draft joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level to the resolution authorities of subsidiaries without undue delay setting a time limit for the resolution authorities of subsidiaries to provide their written agreement, to that joint decision, which may be sent by electronic means of communication.

2. Upon receipt of the draft joint decision the resolution authorities of subsidiaries not disagreeing with it shall transmit their written agreement to the group-level resolution authority within the time limit set out in paragraph 1.

3. The final joint decision shall consist of the joint decision document drafted in accordance with Article 90 and of the written agreements referred to in paragraph 2 of this Article and the one of the group-level resolution authority attached thereto and shall be provided to the resolution authorities of subsidiaries agreeing with the joint decision by the group-level resolution authority.

4. The group-level resolution authority shall communicate the joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level to the resolution college.

Article92¶Communication of the joint decision on minimum requirements for own funds and eligible liabilities

1. The group-level resolution authority shall communicate the joint decision to the management body of the Union parent undertaking in a timely manner and in any event before the time limit specified in the joint decision timetable pursuant to Article 86(3)(g). The group-level resolution authority shall inform the resolution authorities of subsidiaries about this communication.

2. The resolution authorities of subsidiaries shall provide to the management bodies of the entities under their jurisdiction the respective parts of the joint decision, in a timely manner and in any event within the time limit specified in the joint decision timetable pursuant to Article 86(3)(g).

3. The group-level resolution authority may discuss details of the content and the application of the joint decision with the Union parent undertaking.

4. The resolution authorities of subsidiaries may discuss details of the content and the application of the respective parts of the joint decision with the entities under their jurisdictions.

Article93¶Monitoring the application of the joint decision on minimum requirements for own funds and eligible liabilities

1. The group-level resolution authority shall communicate the outcome of the discussion referred to in Article 92(3) to resolution authorities of subsidiaries where the Union parent undertaking is required to take specific actions in order to meet the minimum requirement for own funds and eligible liabilities at consolidated or individual basis.

2. The resolution authorities of subsidiaries shall communicate the outcome of the discussion referred to in Article 92(4) to the group-level resolution authority where the group's subsidiaries under their jurisdiction are required to take specific actions in order to meet the minimum requirement for own funds and eligible liabilities at consolidated or individual basis.

3. The group-level resolution authority shall forward the outcome of the process referred to in paragraph 2 to the other resolution authorities of subsidiaries.

4. The group-level resolution authority and the resolution authorities of subsidiaries shall monitor the application of the joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level, for all entities of the group subject to the joint decision, and at consolidated level.

Subsection 2 Process in the absence of a joint decision at consolidated level

Article94¶Joint decisions taken at each subsidiary level in the absence of a joint decision at consolidated level

In the absence of a joint decision at consolidated or parent entity level in accordance with Article 45(9) of Directive 2014/59/EU, the group-level resolution authority and the resolution authorities of subsidiaries shall endeavour to reach a joint decision on the level of the minimum requirement of own funds and eligible liabilities to be applied to each respective subsidiary at individual level.

The joint decision shall take into account the minimum requirement on own funds and eligible liabilities set at consolidated and parent entity level by the group-level resolution authority, and shall follow all steps, other than the ones concerning setting up the minimum requirements for own funds and eligible liabilities at consolidated or parent entity level, of Articles 90 to 93, for drafting, reaching, communicating and monitoring the application of the joint decision on the level of the minimum requirement of own funds and eligible liabilities to be applied to each respective subsidiary at an individual level.

Article95¶Elements of communication of individual decisions

1. In the absence of a joint decision, the decision on the minimum requirements for own funds and eligible liabilities at consolidated and parent entity level taken by the group-level resolution authority shall be communicated in writing to the resolution college members by means of a document that contains all of the following items:

a) the name of the group-level resolution authority;

b) the name of the Union parent undertaking and the names of other entities in that jurisdiction to which the joint decision applies;

c) references to the applicable Union and national law relating to the preparation, finalisation and application of the decision and in particular references to any additional criteria provided by the Member State, in which the Union parent undertaking is authorised, on the basis of which the minimum requirement for own funds and eligible liabilities are determined;

d) the date of the decision;

e) the minimum requirement on own funds and eligible liabilities at consolidated level, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level, having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU;

f) the minimum requirement on own funds and eligible liabilities at the level of the Union parent undertaking, unless use of waivers in accordance to Article 45(11) is granted, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level, having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU;

g) the names of the resolution college members and observers involved, in accordance with the terms and conditions of observers' participation, in the joint decision process, along with a summary of the views expressed by those authorities and information on issues leading to disagreement;

h) comments of the group-level resolution authority on the views expressed by the resolution college members and observers, in particular on issues leading to disagreement;

i) where the decision that relates to the minimum requirement on own funds and eligible liabilities provides that such requirement is partially met at consolidated or individual level for the Union parent undertaking through contractual bail-in instruments, the decision shall also include details demonstrating the satisfaction of the group-level resolution authority that the instruments qualify as a contractual bail-in instruments in accordance to the criteria set in Article 45(14) of Directive 2014/59/EU.

2. In the absence of a joint decision, the resolution authorities of subsidiaries taking their own decisions on the minimum requirement of own funds and eligible liabilities at individual level shall transmit to the group-level resolution authority a document that contains all of the following items:

a) the name of the resolution authority of the subsidiary taking the decision;

b) the name of the group's subsidiaries under its jurisdiction to which the decision relates and applies;

c) references to the applicable Union and national law relating to the preparation, finalisation and application of the decision and in particular, references to any additional criteria provided by the Member States, in which those group's subsidiaries are authorised, on the basis of which the minimum requirement for own funds and eligible liabilities are determined;

d) the date of the decision;

e) the minimum requirement on own funds and eligible liabilities to be applied to the subsidiary at individual level, and a time limit to reach that level, where applicable, along with appropriate reasoning for setting the minimum requirement on own funds and eligible liabilities at that level having regard to the assessment criteria referred to in Article 45(6)(a) to (f) of Directive 2014/59/EU;

f) the name of the group-level resolution authority along with a summary of the views it expressed and information on issues leading to disagreement;

g) comments of the resolution authority of the subsidiary on the views expressed by the group-level resolution authority, in particular on issues leading to disagreement;

h) where the decision that relates to the minimum requirement on own funds and eligible liabilities provides that such requirement is partially met at the subsidiary level through contractual bail-in instruments, the decision shall also include details demonstrating the satisfaction of the respective resolution authority of the subsidiary that the instruments qualify as a contractual bail-in instruments in accordance to the criteria set in Article 45(14) of Directive 2014/59/EU.

3. Where the EBA has been consulted, the decisions taken in the absence of a joint decision shall include an explanation as to why the advice of the EBA was not followed.

Article96¶Communication of individual decisions in the absence of joint decision

1. In the absence of a joint decision on minimum requirements for own funds and eligible liabilities at consolidated, parent and each subsidiary level between the group-level resolution authority and the resolution authorities of subsidiaries within the time period referred to in Article 45(9) or (10) of Directive 2014/59/EU, all decisions taken shall be communicated in writing by the relevant resolution authorities of subsidiaries to the group-level resolution authority by the latest of the following dates:

a) the date one month after the expiry of the time period referred to in Article 45(9) or (10) of Directive 2014/59/EU, as applicable;

b) the date one month after the provision of any advice by the EBA following a request for consultation in accordance with the second subparagraph of Article 18(5) of Directive 2014/59/EU;

c) the date one month after any decision taken by the EBA in accordance with the third subparagraph of Article 45(9) or the fifth subparagraph of Article 45(10) of Directive 2014/59/EU or any other date set by the EBA in such a decision.

2. The group-level resolution authority shall communicate without undue delay its own decision and the decisions referred to in paragraph 1 to the other resolution college members.

Section IV Cross-border group resolution

Subsection 1 Decision on the need for a group resolution scheme under Articles 91 and 92 of Directive 2014/59/EU

Article97¶Process for deciding on the need for a group resolution scheme

The process for the assessment of the need for a group resolution scheme shall comprise the following steps to be implemented:

1. dialogue, where possible, on the need for a group resolution scheme and for mutualising financing arrangements;

2. draft assessment or draft decision on the need for a group resolution scheme by the group-level resolution authority and communication to the members of the resolution college;

3. consultation on the draft assessment or draft decision on the need for a group resolution scheme among the members of the resolution college;

4. finalisation of the assessment or the decision on the need for a group resolution scheme and communicating to the resolution college.

Article98¶Dialogue on the need for a group resolution scheme

1. After receiving the notification referred to in point (a) or (h) of Article 81(3) of Directive 2014/59/EU, the group-level resolution authority shall endeavour to organise a dialogue in accordance with paragraphs 2 and 3 of this Article involving at least those members of the college who are the resolution authorities of the subsidiaries.

2. For the purposes of paragraph 1, the group-level resolution authority shall transmit the following information to the members:

a) the notification received;

b) its proposal on the topics referred to in paragraph 3;

c) the time limit by which the dialogue should be concluded.

3. The dialogue shall concern the following:

a) whether, in accordance with Article 91 or 92 of Directive 2014/59/EU, the resolution of the subsidiary, or of the Union parent undertaking respectively, would have group dimensions and would require the drawing up of a group resolution scheme;

b) whether the financing plan shall be based on mutualisation of national financing arrangements in accordance with Article 107 of Directive 2014/59/EU.

Article99¶Preparation and communication of the draft assessment or draft decision on the need for a group resolution scheme

1. For the purposes of assessing the need for a group resolution scheme in the context of paragraphs 1 to 4 of Article 91 of Directive 2014/59/EU, the group-level resolution authority shall prepare its draft assessment following receipt of the notification referred to in Article 91(1) of that Directive.

2. For the purposes of deciding that a group resolution scheme is not needed, as referred to in Article 92(2) of Directive 2014/59/EU, the group-level resolution authority shall prepare its draft decision after assessing that the Union parent undertaking meets the conditions referred to in Articles 32 and 33 of that Directive and that none of the conditions referred to in points (a) to (d) of Article 92(1) of Directive 2014/59/EU applies.

3. The group-level resolution authority shall take into account the outcome of the dialogue, where applicable, for preparing the draft assessment or decision.

4. The group-level resolution authority shall provide its draft assessment or decision to the resolution college setting out:

a) for the purposes of Article 91 of Directive 2014/59/EU, its opinion on the likely impact of the notified resolution actions or of the insolvency measures on the group and on group entities in other Member States, and, in particular, whether the resolution actions or the other measures would make it likely that the conditions for resolution would be satisfied in relation to a group entity in another Member State;

b) for the purposes of Article 92 of Directive 2014/59/EU, its opinion on the non-applicability of any of the conditions for a group resolution scheme as referred to in Article 92(1) of that Directive taking due account of conditions referred to in paragraph 2 of that Article;

c) its opinion on the need to mutualise the financing arrangements for the purposes of the financing plan in accordance with Article 107 of Directive 2014/59/EU.

5. The group-level resolution authority shall attach to its draft assessment or decision all relevant material information, which it has received under Article 81, 82, 91 or 92 of Directive 2014/59/EU and shall set a clear time limit by which members of the resolution college shall express concerns or views divergent from the draft assessment or decision.

6. The draft assessment or decision shall be prepared and communicated by the group-level resolution authority to the resolution college, without undue delay and, where applicable, respecting the time limit set out in Article 91 of Directive 2014/59/EU.

Article100¶Consultation on the draft assessment or decision on the need for a group resolution scheme

1. The members of the resolution college receiving the draft assessment or draft decision shall express their material diverging views or concerns, if any.

2. Material divergent views and concerns shall be clearly set out in writing, which may be submitted in electronic format, and shall be fully reasoned.

3. Material divergent views and concerns shall only be expressed, without undue delay recognising the urgency of the situation and by the set time limit.

4. Upon expiry of the time limit, the group-level resolution authority shall presume consent of the members who did not express any material divergent views or concerns.

Article101¶Finalisation of the assessment or the decision on the need for a group resolution scheme

1. Upon expiry of the time limit for consultation, and without undue delay taking into account the time limit set out in Article 91 of Directive 2014/59/EU, where applicable, the group-level resolution authority shall finalise its assessment or decision on the need for a group resolution scheme.

The final assessment or decision shall also include an opinion on the need to mutualise national financing arrangements for the purposes of the financing plan in accordance with Article 107 of Directive 2014/59/EU and it shall take into account concerns and divergent views expressed during consultation with amendments as appropriate.

2. The group-level resolution authority shall provide reasoning for the assessment or for the decision that a group resolution scheme is not needed only if material divergent views and concerns had been raised during consultation.

3. The group-level resolution authority shall provide an explanation as to why the final assessment did not follow the advice of EBA, if EBA has been consulted.

4. The group-level resolution authority shall, without undue delay, communicate its final assessment or decision to the members of the resolution college involved in the process.

5. Where it considers that a group resolution scheme is needed, the group-level resolution authority may decide not to communicate its final assessment or decision as provided for in paragraph 4 and proceed to apply the procedure for preparing the group resolution scheme set out in Article 102.

Subsection 2 Joint decision process on the group resolution scheme

Article102¶Process of the joint decision on the group resolution scheme

The process to reach a joint decision on the group resolution scheme proposed under Article 91(4) or Article 92(1) of Directive 2014/59/EU shall comprise the following steps to be implemented:

1. preparation of the draft group resolution scheme by the group-level resolution authority and communication to the resolution college members;

2. consultation on the draft group resolution scheme at least among the resolution authorities of the entities covered by the group resolution scheme;

3. preparation and communication of the joint decision on the group resolution scheme, by the group-level resolution authority to the resolution authorities of the subsidiaries covered by the group resolution scheme;

4. finalisation of the joint decision on the group resolution scheme pursuant to Article 91(7) or of Article 92(3) of Directive 2014/59/EU;

5. communication of the outcome of the joint decision to the resolution college members.

Article103¶Preparation and communication of the draft group resolution scheme

1. The draft group resolution scheme shall be drawn up by the group-level resolution authority in accordance with Article 91(6) of Directive 2014/59/EU and shall include the following elements:

a) a description of the measures, if any, that need to be implemented in order to ensure that the group resolution scheme can be operationalised;

b) a description of legal or regulatory preconditions to be fulfilled, if any, for carrying out the group resolution scheme;

c) the time frame for executing the group resolution scheme as well as the timing and sequencing of each resolution action to be undertaken;

d) the allocation of tasks and responsibilities for the coordination of the resolution actions, external communication and internal communication to the members of the resolution college and contact information of the members of the resolution college;

e) a financing plan, on the basis of Article 107 of Directive 2014/59/EU, as appropriate and taking into account the need for mutualisation of the financing arrangements.

2. For the purposes of point (a) of Article 91(6) of Directive 2014/59/EU, the group-level resolution authority shall ensure that the draft group resolution scheme includes:

a) an explanation why an alternative option to the resolution plan, pursuant to Article 13 of Directive 2014/59/EU, must be followed, including why the proposed actions are considered to more efficiently achieve the resolution objectives and principles referred to in Articles 31 and 34 of that Directive than the strategy and resolution actions provided for in the resolution plan;

b) an identification and description of elements of the group resolution scheme which depart from the resolution plan referred to Article 13 of Directive 2014/59/EU.

3. The group-level resolution authority shall provide the draft resolution scheme to the members of the resolution college, without undue delay and with a time limit:

a) for consultation in accordance with Article 104;

b) for finalising the joint decision on the group resolution scheme in accordance with Article 106.

4. The group-level resolution authority shall develop and communicate the draft group resolution scheme without undue delay and taking into account the time limits of Article 91 of Directive 2014/59/EU where applicable.

5. The group-level resolution authority shall ensure that the time limits set out in paragraph 3 shall be adequate for the authorities to express their views taking into account the time limit set out in Article 91 of Directive 2014/59/EU, as applicable.

Article104¶Consultation on the group resolution scheme

1. The members of the resolution college receiving the draft group resolution scheme in accordance with Article 103(3) shall express their material diverging views or concerns, if any.

2. Material divergent views and concerns may address all aspects of the draft group resolution scheme, including:

a) impediments, if any, in national law or otherwise to carrying out the group resolution scheme in accordance with the strategy and resolution actions;

b) any relevant updates to the information submitted for the mutualisation of the financing arrangements that could impact carrying out the financing plan;

c) the impact of the group resolution scheme or of the financing plan on the subsidiaries covered by the group resolution scheme in their respective Member State.

3. Material divergent views and concerns shall be clearly set out in writing, which may include electronic format, and shall be fully reasoned.

Material divergent views and concerns shall be expressed without undue delay recognising the urgency of the situation and by the time limit set in Article 103(3).

4. Upon expiry of the time limit, the group-level resolution authority shall presume that all members who did not express divergent views or concerns have agreed to the group resolution scheme.

Article105¶Preparation and communication of the joint decision on the group resolution scheme

1. Upon expiry of the time limit for consultation, the group-level resolution authority shall prepare the draft joint decision on the group resolution scheme in accordance with Articles 91 and 92 of Directive 2014/59/EU and, as applicable, Article 107 thereof.

2. For the draft joint decision, the group-level resolution authority shall consider and take into account all concerns and divergent views expressed during the consultation and it shall make amendments to the group resolution scheme as appropriate.

3. The group-level resolution authority shall provide reasoning on:

a) how it has handled the material divergent views and concerns expressed by the resolution authorities of the subsidiaries covered by the group resolution scheme for the purposes of the draft joint decision;

b) why and to what extent the advice of the EBA was not followed in the group resolution scheme, if a consultation with the EBA has been held.

4. The draft joint decision shall include the following elements:

a) the names of the group-level resolution authority and the resolution authorities responsible for the subsidiaries covered by the group resolution scheme;

b) the name of the Union parent undertaking and a list of all entities within the group to which the group resolution scheme relates to and applies;

c) the references to the applicable Union and national law relating to the preparation, finalisation and application of the joint decision on the group resolution scheme;

d) the date of the draft joint decision on the group resolution scheme;

e) the final group resolution scheme, including any reasoning if needed in accordance with paragraph 3.

5. The group-level resolution authority shall send the draft joint decision on the group resolution scheme without undue delay to the resolution authorities of the entities covered by the group resolution scheme setting a time limit for providing their agreement to the joint decision on the group resolution scheme.

Article106¶Finalising the joint decision on the group resolution scheme

1. The resolution authorities receiving the joint decision in accordance with Article 105(5) and not disagreeing with it shall provide to the group-level resolution authority written evidence of their agreement, which may be sent by electronic means, before the established time limit.

2. The final joint decision on the group resolution scheme shall consist of the final joint decision and the written evidence of agreement attached thereto.

Article107¶Communication of the joint decision to the college

1. The final joint decision shall be transmitted without undue delay by the group-level resolution authority to the resolution authorities of the subsidiaries covered by the group resolution scheme.

2. A summary of the joint decision on the group resolution scheme shall be communicated by the group-level resolution authority to members of the resolution college.

Subsection 3 Disagreements and decisions taken in the absence of a joint decision

Article108¶Notification in case of disagreement

1. Where a resolution authority disagrees with or departs from the group resolution scheme proposed by the group-level resolution authority or considers that it needs to take independent resolution actions or measures for reasons of financial stability pursuant to Article 91(8) and Article 92(4) of Directive 2014/59/EU, that resolution authority shall notify the group-level resolution authority of the disagreement without undue delay.

2. The notification referred to in paragraph 1 shall include the following:

a) the name of the resolution authority;

b) the name of the entity under the jurisdiction of the resolution authority;

c) the date of the notification;

d) the name of the group-level resolution authority;

e) a statement of the resolution authority on its disagreement, or departure from the group resolution scheme, or of its consideration that independent resolution actions or measures are appropriate for the entity or entities under its jurisdiction;

f) a detailed reasoning for the elements of the group resolution scheme with which the resolution authority is in disagreement, or from which it departs, or an explanation of why it considers that independent resolution action or measures are appropriate;

g) a detailed description of the actions or measures that the resolution authority will take, including the timing and sequencing of actions.

3. The group-level resolution authority shall notify the other members of the resolution college of the notification referred to in paragraph 2.

Article109¶Decision-making process between non-disagreeing resolution authorities

1. Resolution authorities which do not disagree as set out in Article 91(9) and Article 92(5) of Directive 2014/59/EU shall proceed as provided for in Articles 106 and 107 of this Regulation and conclude a joint decision among themselves.

2. The joint decision shall contain all the elements referred to in Articles 106 and 107 in addition to the information on disagreement received in accordance with Article 108(2).

Chapter VII Final provisions

Article110¶Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

1 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).

2 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).

3 Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings (OJ L 224, 16.8.2006, p. 1.)

4 Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).

5 Commission Delegated Regulation (EU) 2016/98 of 16 October 2015 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards for specifying the general conditions for the functioning of colleges of supervisors (OJ L 21, 28.1.2016, p. 2).

6 Commission Implementing Regulation (EU) 2016/99 of 16 October 2015 laying down implementing technical standards with regard to determining the operational functioning of the colleges of supervisors according to Directive 2013/36/EU of the European Parliament and of the Council (OJ L 21, 28.1.2016, p. 21).