- Question ID
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2015_2313
- Legal act
- Directive 2014/59/EU (BRRD)
- Topic
- Resolution tools and powers
- Article
-
41
- Paragraph
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2
- COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
- Not applicable
- Article/Paragraph
-
n.a.
- Type of submitter
-
Competent authority
- Subject matter
-
Referencing in Article 41
- Question
-
Should the reference made to paragraph 4 with regard to “the period” mentioned in Article 41 (2) of Directive 2014/59/EU (BRRD) not be towards paragraph 5?
- Background on the question
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Article 41 (2) of Directive 2014/59/EU (BRRD) states that “Subject to any restrictions imposed in accordance with Union or national competition rules, the management of the bridge institution shall operate the bridge institution with a view to maintaining access to critical functions and selling the institution or entity referred to in point (b), (c) or (d) of Article 1(1), its assets, rights or liabilities, to one or more private sector purchasers when conditions are appropriate and within the period specified in paragraph 4 of this Article or, where applicable, paragraph 6 of this Article.” However, paragraph 4 does not mention any period, but paragraph 5 does. Is meant to refer to paragraph 5?
- Submission date
- Final publishing date
-
- Final answer
-
Yes, this is a mistake in editing. The correct reference must be to paragraph 5 or, where applicable, paragraph 6.
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
-
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.
Disclaimer
The Q&A refers to the provisions in force on the day of their publication. The EBA does not systematically review published Q&As following the amendment of legislative acts. Users of the Q&A tool should therefore check the date of publication of the Q&A and whether the provisions referred to in the answer remain the same.