Article 39

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Bank Recovery and Resolution Directive (BRRD) > TITLE IV > CHAPTER IV > Section 2 > Article 39
Title:
Article 39
Description: 
Sale of business tool: procedural requirements
Main content: 
 
 
2. Without prejudice to the Union State aid framework, where applicable, the marketing referred to in paragraph 1 shall be carried out in accordance with the following criteria:
 
(a) it shall be as transparent as possible and shall not materially misrepresent the assets, rights, liabilities, shares or other instruments of ownership of that institution that the authority intends to transfer, having regard to the circumstances and in particular the need to maintain financial stability;
 
(b) it shall not unduly favour or discriminate between potential purchasers;
 
(c) it shall be free from any conflict of interest;
 
(d) it shall not confer any unfair advantage on a potential purchaser;
 
(e) it shall take account of the need to effect a rapid resolution action;
 
(f) it shall aim at maximising, as far as possible, the sale price for the shares or other instruments of ownership, assets, rights or liabilities involved.
Subject to point (b) of the first subparagraph, the principles referred to in this paragraph shall not prevent the resolution authority from soliciting particular potential purchasers.
 
Any public disclosure of the marketing of the institution or entity referred to in point (b), (c) or (d) of Article 1(1) of this Directive that would otherwise be required in accordance with Article 17(1) of Regulation (EU) No 596/2014 may be delayed in accordance with Article 17(4) or (5) of that Regulation.
 
 
 
Subject areas: