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Transfer of assets, rights and liabilities to the bridge institution / asset management vehicle

Why do Articles 40(11) and 42(12) of Directive 2014/59/EU (BRRD) explicitly exclude the liability of, respectively, the bridge institution’s and asset management vehicle’s management body or senior management vis-à-vis shareholders, creditors of the institution under resolution and other third parties whose assets, rights or liabilities are not transferred, whilst such exclusion is not provided for in Article 38(13) BRRD, when the resolution tool applied is the sale of assets?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2316 | Topic: Resolution tools and powers | Date of submission: 22/09/2015 | Date of publication: 21/01/2022

Clarification of “access to critical functions”

How should “access to critical functions” in Article 41 (2) of Directive 2014/59/EU (BRRD) be interpreted?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2312 | Topic: Resolution tools and powers | Date of submission: 22/09/2015 | Date of publication: 21/01/2022

Branches of institutions that are established outside the Union

Does the notion of “branches of institutions that are established outside the Union” according to Article 1(1)(e) of Directive 2014/59/EU (BRRD) refer to Union branches of third-country institutions?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2016_2578 | Topic: Other topics | Date of submission: 20/01/2016 | Date of publication: 21/01/2022

MREL regarding liabilities governed by the law of a third-country

What are the obligations of an institution regarding liabilities governed by the law of a third-country and how are the requirements of Article 55 of Directive 2014/59/EU (BRRD) assessed? Should the competent authority or the resolution authority be in charge of gathering and assessing the evidence?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2437 | Topic: MREL | Date of submission: 20/10/2015 | Date of publication: 21/01/2022

Winding up of a bridge institution

With regard to the operation of the bridge institution as set out in Article 41 of Directive 2014/59/EU (BRRD), should a bridge institution be wound up even if it is not insolvent?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2311 | Topic: Resolution tools and powers | Date of submission: 22/09/2015 | Date of publication: 21/01/2022

Determination made by competent authority

Must the “determination made by competent authority”, mentioned in Article 32(1)(a) of the Directive 2014/59/EU (BRRD), be enshrined in a formal decision of the competent authority?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2177 | Topic: Resolution objectives and triggers | Date of submission: 28/07/2015 | Date of publication: 21/01/2022

Liability in the context of special management

In the case of special management, is the resolution authority liable for the acts of the special manager that the former had appointed and / or is the appointed special manager directly liable for their acts?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2184 | Topic: Special management | Date of submission: 29/07/2015 | Date of publication: 21/01/2022

Declaration of insolvency / bankruptcy

When the entity is failing or likely to fail and the public interest condition referred to in Directive 2014/59/EU (BRRD) is not fulfilled, who is supposed to take initiative for the purpose of the entity’s bankruptcy motion? How do the determination under Article 82(2) BRRD and the assessment of resolvability under Articles 15 and 16 BRRD relate to each other?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2176 | Topic: Resolution objectives and triggers | Date of submission: 28/07/2015 | Date of publication: 21/01/2022

Determination the failure of an institution

If, when performing the valuation under Article 36 of Directive 2014/59/EU (BRRD), the resolution authority finds that the conditions for resolution or for the write down or conversion of capital instruments and eligible liabilities in accordance with Article 59 are not met, can it ‘reverse’ the competent authority’s determination that the institution is failing or likely to fail?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2174 | Topic: Resolution objectives and triggers | Date of submission: 28/07/2015 | Date of publication: 21/01/2022

Clarification on formal decision

Should the determination to be made by the resolution authority under Articles 32(1), 32a and 33 of Directive 2014/59/EU (BRRD) on whether the conditions for resolution are met be enshrined in a formal decision? If so, should the latter be a separate decision from the decision on the actions to take?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2175 | Topic: Resolution objectives and triggers | Date of submission: 28/07/2015 | Date of publication: 21/01/2022

Prohibition for institutions to enter into agreements with third country counterparties

Can Article 17 of Directive 2014/59/EU (BRRD) be considered a sufficient basis for supervisors to prohibit institutions to enter into agreements with third country counterparties which do not accept having cross border contractual recognition language in their contracts as regards bail-in and stays on early termination rights?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2101 | Topic: Resolution plans | Date of submission: 06/07/2015 | Date of publication: 21/01/2022

Stating in law that banks’ activities are always in the public interest

Is it compliant with Directive 2014/59/EU (BRRD) if the national transposition measure provides that it is always in the public interest to take resolution action in relation to all credit institutions?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2173 | Topic: Resolution objectives and triggers | Date of submission: 28/07/2015 | Date of publication: 21/01/2022

Clarification on the scope of application to address or remove impediments to resolvability

Does the procedure for addressing or removing impediments to resolvability in Article 17 of Directive 2014/59/EU (BRRD) apply on an individual basis only or on a group basis as well?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2100 | Topic: Resolution plans | Date of submission: 06/07/2015 | Date of publication: 21/01/2022

Suspension of resolution plan updates

How do Articles 15(3) and 17(2) of Directive 2014/59/EU (BRRD) interact with each other?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2099 | Topic: Resolution plans | Date of submission: 06/07/2015 | Date of publication: 21/01/2022

Inclusion of mixed-activity holding companies into group resolution plans

Under which conditions should group resolution plans capture mixed-activity holding companies?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2097 | Topic: Resolution plans | Date of submission: 06/07/2015 | Date of publication: 21/01/2022

Clarification to the wording “joint decisions should be taken by national authorities concerned” in Recital 98

Could you clarify what is meant by the wording “joint decisions should be taken by national authorities concerned” in Recital 98, and in particular what is meant by the provision “joint decision shall be recognised as conclusive and applied by the other resolution authorities concerned”?

Legal act: Directive 2014/59/EU (BRRD)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2015_2070 | Topic: Cross-border resolution | Date of submission: 29/06/2015 | Date of publication: 21/01/2022

Dealing with leasing (car leasing) in the calculation of the structural liquidity ratio (NSFR)

Can leasing contracts (e.g. car leasing), which are accounted for as tangible fixed assets according to national accounting standards, be treated in the NSFR according to the actual inflow/cash flow?

Legal act: Regulation (EU) No 575/2013 (CRR)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2019_4780 | Topic: Liquidity risk | Date of submission: 14/06/2019 | Date of publication: 21/01/2022

Liquid asset received as a component of a pool of collateral in securities transaction (reverse repo or collateral swap).

Is Article 30(6)(c) of the DR(EU) 2015/61 also applicable to Level 1 HQLA that can be substituted by Level 2 HQLA?

Legal act: Regulation (EU) No 575/2013 (CRR)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Delegated Regulation (EU) 2015/61 - DR with regard to liquidity coverage requirement

ID: 2017_3280 | Topic: Liquidity risk | Date of submission: 02/05/2017 | Date of publication: 21/01/2022

Definition of “aggregate liabilities” and “total liabilities” in the context of the 5% threshold

Do the terms “aggregated liabilities” and “total liabilities” used in the calculation of the 5% threshold for multi-currency reporting, refer to on-B/S liabilities in accordance with the applicable accounting framework referring to Article 24 CRR only or does it include contingent liabilities booked in the off-B/S as well?

Legal act: Regulation (EU) No 575/2013 (CRR)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Not applicable

ID: 2016_2679 | Topic: Liquidity risk | Date of submission: 17/03/2016 | Date of publication: 21/01/2022

Financial Customers

When assessing the primary activities of any legal entity to assess whether these activities fall within the list of activities that define an entity as a "financial customer" (Annex I), should the activity of the entity being assessed include intragroup activity with other controlled entities within the same group or should intragroup activities with other controlled entities within the same group be excluded?

Legal act: Regulation (EU) No 575/2013 (CRR)

COM Delegated or Implementing Acts/RTS/ITS/GLs: Delegated Regulation (EU) 2015/61 - DR with regard to liquidity coverage requirement

ID: 2016_2996 | Topic: Liquidity risk | Date of submission: 16/11/2016 | Date of publication: 21/01/2022