- Question ID
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2015_2071
- Legal act
- Directive 2014/59/EU (BRRD)
- Topic
- Other topics
- Article
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1
- Paragraph
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1
- Subparagraph
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e
- COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
- Not applicable
- Article/Paragraph
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n.a.
- Type of submitter
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Competent authority
- Subject matter
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Definition of branches of institutions that are established outside the Union
- Question
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How should “branches of institutions that are established outside the Union […]” in Article 1 (1) (e) be interpreted?
- Background on the question
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According to Article (1) (1) (e) of Directive 2014/59/EU (BRRD), the provisions of the BRRD apply to “branches of institutions that are established outside the Union […]”. This text does not appear to establish whether it is “institutions” that are established outside the Union” or it is “branches” that are established outside the Union.
- Submission date
- Final publishing date
-
- Final answer
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For the purposes of clarity Article (1) (1) (e) of Directive 2014/59/EU (BRRD) should be interpreted as meaning branches operating within the Union of Institutions established outside of the Union.
Disclaimer:
This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.
- Status
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Final Q&A
- Answer prepared by
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Answer prepared by the European Commission because it is a matter of interpretation of Union law.
- Note to Q&A
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Update 26.03.2021: This Q&A has been reviewed in the light of the changes introduced to Directive 2014/59/EU (BRRD) and continues to be relevant.