Question ID
2017_3208
Legal act
Directive 2014/59/EU (BRRD)
Topic
MREL
Article
45h
Paragraph
5
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
n.a.
Type of submitter
Competent authority
Subject matter
Particular wording used in Articles 45h(5)
Question

Is the meaning of the wording used in Articles 45h(5), second subparagraph of Directive 2014/59/EU (BRRD) ("the resolution authorities responsible for subsidiaries on an individual basis") the same as the wording "resolution authorities of the subsidiaries" used in other articles of BRRD?

Background on the question

Articles 45(8) and (10) of Directive 2014/59/EU (BRRD) uses new wording ("the resolution authorities responsible for subsidiaries on an individual basis") which is not used in other BRRD articles. It is not clear if there is a specific reason for using such wording only in the mentioned article. Is it correct that the meaning of the above mentioned wording is the same as the wording "resolution authorities of the subsidiaries" used in other articles of BRRD? If not, than what is the difference or meaning and reason for using such specific wording only in one article of BRRD?

Submission date
Final publishing date
Final answer

There is no intended difference in meaning between the wording used in Articles 45h(5), second subparagraph BRRD ("the resolution authorities responsible for subsidiaries on an individual basis") and the wording "resolution authorities of the subsidiaries" used in other articles of BRRD.

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.

Status
Final Q&A
Answer prepared by
Answer prepared by the European Commission because it is a matter of interpretation of Union law.

Disclaimer

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