Directive 2014/59/EU of the European Parliament and of the CouncilDangos y teitl llawn
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (Text with EEA relevance)
Introductory Text
TITLE I SCOPE, DEFINITIONS AND AUTHORITIES
Article 1.Subject matter and scope
Article 2.Definitions
Article 3.Designation of authorities responsible for resolution
TITLE II PREPARATION
CHAPTER I Recovery and resolution planning
Section 1 General provisions
Article 4.Simplified obligations for certain institutions
Section 2 Recovery planning
Article 5.Recovery plans
Article 6.Assessment of recovery plans
Article 7.Group recovery plans
Article 8.Assessment of group recovery plans
Article 9.Recovery Plan Indicators
Section 3 Resolution planning
Article 10.Resolution plans
Article 11.Information for the purpose of resolution plans and cooperation from the institution
Article 12.Group resolution plans
Article 13.Requirement and procedure for group resolution plans
Article 14.Transmission of resolution plans to the competent authorities
CHAPTER II Resolvability
Article 15.Assessment of resolvability for institutions
Article 16.Assessment of resolvability for groups
Article 16a. Power to prohibit certain distributions
Article 17.Powers to address or remove impediments to resolvability
Article 18.Powers to address or remove impediments to resolvability: group treatment
CHAPTER III Intra group financial support
Article 19.Group financial support agreement
Article 20.Review of proposed agreement by competent authorities and mediation
Article 21.Approval of proposed agreement by shareholders
Article 22.Transmission of the group financial support agreements to resolution authorities
Article 23.Conditions for group financial support
Article 24.Decision to provide financial support
Article 25.Right of opposition of competent authorities
Article 26.Disclosure
TITLE III EARLY INTERVENTION
Article 27.Early intervention measures
Article 28.Removal of senior management and management body
Article 29.Temporary administrator
Article 30.Coordination of early intervention measures and appointment of temporary administrator in relation to groups
TITLE IV RESOLUTION
CHAPTER I Objectives, conditions and general principles
Article 31.Resolution objectives
Article 32.Conditions for resolution
Article 32a. Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body
Article 32b. Insolvency proceedings in respect of institutions and entities that are not subject to resolution action
Article 33.Conditions for resolution with regard to financial institutions and holding companies
Article 33a. Power to suspend certain obligations
Article 34.General principles governing resolution
CHAPTER II Special management
Article 35.Special management
CHAPTER III Valuation
Article 36.Valuation for the purposes of resolution
CHAPTER IV Resolution tools
Section 1 General principles
Article 37.General principles of resolution tools
Section 2 The sale of business tool
Article 38.The sale of business tool
Article 39.Sale of business tool: procedural requirements
Section 3 The bridge institution tool
Article 40.Bridge institution tool
Article 41.Operation of a bridge institution
Section 4 The asset separation tool
Article 42.Asset separation tool
Section 5 The bail-in tool
Subsection 1 Objective and scope of the bail-in tool
Article 43.The bail-in tool
Article 44.Scope of bail-in tool
Article 44a. Selling of subordinated eligible liabilities to retail clients
Subsection 2 Minimum requirement for own funds and eligible liabilities
Article 45. Application and calculation of the minimum requirement for own funds and eligible liabilities
Article 45a. Exemption from the minimum requirement for own funds and eligible liabilities
Article 45b. Eligible liabilities for resolution entities
Article 45c. Determination of the minimum requirement for own funds and eligible liabilities
Article 45d. Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs
Article 45e. Application of the minimum requirement for own funds and eligible liabilities to resolution entities
Article 45f. Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities
Article 45g. Waiver for a central body and credit institutions permanently affiliated to a central body
Article 45h. Procedure for determining the minimum requirement for own funds and eligible liabilities
Article 45i. Supervisory reporting and public disclosure of the requirement
Article 45j. Reporting to EBA
Article 45k. Breaches of the minimum requirement for own funds and eligible liabilities
Article 45l. Reports
Article 45m. Transitional and post-resolution arrangements
Subsection 3 Implementation of the bail-in tool
Article 46.Assessment of amount of bail-in
Article 47.Treatment of shareholders in bail-in or write down or conversion of capital instruments
Article 48.Sequence of write down and conversion
Article 49.Derivatives
Article 50.Rate of conversion of debt to equity
Article 51.Recovery and reorganisation measures to accompany bail-in
Article 52.Business reorganisation plan
Subsection 4 Bail-in tool: ancillary provisions
Article 53.Effect of bail-in
Article 54.Removal of procedural impediments to bail-in
Article 55. Contractual recognition of bail-in
Article 56.Government financial stabilisation tools
Article 57.Public equity support tool
Article 58.Temporary public ownership tool
CHAPTER V Write down or conversion of capital instruments and eligible liabilities
Article 59. Requirement to write down or convert relevant capital instruments and eligible liabilities
Article 60. Provisions concerning the write down or conversion of relevant capital instruments and eligible liabilities
Article 61.Authorities responsible for determination
Article 62.Consolidated application: procedure for determination
CHAPTER VI Resolution powers
Article 63.General powers
Article 64.Ancillary powers
Article 65.Power to require the provision of services and facilities
Article 66.Power to enforce crisis management measures or crisis prevention measures by other Member States
Article 67.Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in third countries
Article 68.Exclusion of certain contractual terms in early intervention and resolution
Article 69.Power to suspend certain obligations
Article 70.Power to restrict the enforcement of security interests
Article 71.Power to temporarily suspend termination rights
Article 71a. Contractual recognition of resolution stay powers
Article 72.Exercise of the resolution powers
CHAPTER VII Safeguards
Article 73.Treatment of shareholders and creditors in the case of partial transfers and application of the bail-in tool
Article 74.Valuation of difference in treatment
Article 75.Safeguard for shareholders and creditors
Article 76.Safeguard for counterparties in partial transfers
Article 77.Protection for financial collateral, set off and netting agreements
Article 78.Protection for security arrangements
Article 79.Protection for structured finance arrangements and covered bonds
Article 80.Partial transfers: protection of trading, clearing and settlement systems
CHAPTER VIII Procedural obligations
Article 81.Notification requirements
Article 82.Decision of the resolution authority
Article 83.Procedural obligations of resolution authorities
Article 84.Confidentiality
CHAPTER IX Right of appeal and exclusion of other actions
Article 85.Ex-ante judicial approval and rights to challenge decisions
Article 86.Restrictions on other proceedings
TITLE V CROSS-BORDER GROUP RESOLUTION
Article 87.General principles regarding decision-making involving more than one Member State
Article 88.Resolution colleges
Article 89. European resolution colleges
Article 90.Information exchange
Article 91.Group resolution involving a subsidiary of the group
Article 92.Group resolution
TITLE VI RELATIONS WITH THIRD COUNTRIES
Article 93.Agreements with third countries
Article 94.Recognition and enforcement of third-country resolution proceedings
Article 95.Right to refuse recognition or enforcement of third-country resolution proceedings
Article 96.Resolution of Union branches
Article 97.Cooperation with third-country authorities
Article 98.Exchange of confidential information
TITLE VII FINANCING ARRANGEMENTS
Article 99.European system of financing arrangements
Article 100.Requirement to establish resolution financing arrangements
Article 101.Use of the resolution financing arrangements
Article 102.Target level
Article 103.Ex-ante contributions
Article 104.Extraordinary ex-post contributions
Article 105.Alternative funding means
Article 106.Borrowing between financing arrangements
Article 107.Mutualisation of national financing arrangements in the case of a group resolution
Article 108. Ranking in insolvency hierarchy
Article 109.Use of deposit guarantee schemes in the context of resolution
TITLE VIII PENALTIES
Article 110.Administrative penalties and other administrative measures
Article 111.Specific provisions
Article 112.Publication of administrative penalties
Article 113.Maintenance of central database by EBA
Article 114.Effective application of penalties and exercise of powers to impose penalties by competent authorities and resolution authorities
TITLE IX POWERS OF EXECUTION
Article 115.Exercise of the delegation
TITLE X AMENDMENTS TO DIRECTIVES 82/891/EEC, 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU AND 2013/36/EU AND TO REGULATIONS (EU) NO 1093/2010 AND (EU) NO 648/2012
Article 116. Amendment to Directive 82/891/EEC
Article 117.Amendments to Directive 2001/24/EC
Article 118.Amendment to Directive 2002/47/EC
Article 119.Amendment to Directive 2004/25/EC
Article 120. Amendment to Directive 2005/56/EC
Article 121.Amendments to Directive 2007/36/EC
Article 122. Amendment to Directive 2011/35/EU
Article 123. Amendment to Directive 2012/30/EU
Article 124.Amendment to Directive 2013/36/EU
Article 125.Amendment to Regulation (EU) No 1093/2010
Article 126.Amendment to Regulation (EU) No 648/2012
TITLE XI FINAL PROVISIONS
Article 127.EBA Resolution Committee
Article 128.Cooperation with EBA
Article 129.Review
Article 130.Transposition
Article 131.Entry into force
Article 132.Addressees
ANNEX
SECTION A Information to be included in recovery plans
SECTION B Information that resolution authorities may request institutions to provide for the purposes of drawing up and maintaining resolution plans
SECTION C Matters that the resolution authority is to consider when assessing the resolvability of an institution or group