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Commission Delegated Regulation (EU) 2016/1075Show full title

Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria that the competent authority is to assess as regards recovery plans and group recovery plans, the conditions for group financial support, the requirements for independent valuers, the contractual recognition of write-down and conversion powers, the procedures and contents of notification requirements and of notice of suspension and the operational functioning of the resolution colleges (Text with EEA relevance)

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Commission Delegated Regulation (EU) 2016/1075 is up to date with all changes known to be in force on or before 19 December 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

EUR 2016 No. 1075 may be subject to amendment by EU Exit Instruments made by the Bank of England under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 3. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.

EUR 2016 No. 1075 may be subject to amendment by EU Exit Instruments made by both the Prudential Regulation Authority and the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 4. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.

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  1. Introductory Text

  2. CHAPTER I COMMON PROVISIONS AND RECOVERY PLANS

    1. SECTION I Common provisions

      1. Article 1.Subject matter

      2. Article 2.Definitions

    2. SECTION II Content of recovery plans

      1. Article 3.Information to be included in a recovery plan

      2. Article 4.Summary of the key elements of the recovery plan

      3. Article 5.Governance

      4. Article 6.Strategic analysis

      5. Article 7.The description of entities covered by the recovery plan

      6. Article 8.Recovery options

      7. Article 9.Actions, arrangements and measures under recovery options

      8. Article 10.Impact assessment

      9. Article 11.Feasibility assessment

      10. Article 12.Continuity of operations

      11. Article 13.Cross references

      12. Article 14.Communication and disclosure plan

      13. Article 15.Preparatory measures

    3. SECTION III Assessment of recovery plans

      1. Article 16.Completeness of recovery plans

      2. Article 17.Quality of recovery plans

      3. Article 18.Implementation of the arrangements proposed in the recovery plans

      4. Article 19.Recovery options

      5. Article 20.Specific requirements for group recovery plans

      6. Article 21.Nature of the entity or entities being assessed

  3. CHAPTER II RESOLUTION PLANS

    1. SECTION I Content of resolution plans

      1. Article 22.Categories of information to be included in resolution plans

    2. SECTION II Assessment of resolvability

      1. Article 23.Stages of assessment

      2. Article 24.Feasibility and credibility of liquidation under normal insolvency proceedings

      3. Article 25.Identification of a resolution strategy

      4. Article 26.Assessment of feasibility of a resolution strategy

      5. Article 27.Assessment of feasibility: structure and operations

      6. Article 28.Assessment of feasibility: financial resources

      7. Article 29.Assessment of feasibility: information

      8. Article 30.Assessment of feasibility: cross-border issues

      9. Article 31.Assessment of feasibility: other potential impediments

      10. Article 32.Assessment of credibility of a resolution strategy

  4. CHAPTER III INTRA GROUP FINANCIAL SUPPORT

    1. Article 33.Prospect to redress financial difficulties

    2. Article 34.Terms of the support

    3. Article 35.Liquidity and solvency of the providing entity

    4. Article 36.Resolvability of the providing entity

  5. CHAPTER IV INDEPENDENCE OF VALUERS

    1. Article 37.Definitions

    2. Article 38.Elements of independence

    3. Article 39.Qualifications, experience, ability, knowledge and resources

    4. Article 40.Structural separation

    5. Article 41.Material common or conflicting interests

  6. CHAPTER V RESOLUTION

    1. SECTION I Contractual recognition and conversion powers

      1. Article 42.Definitions

      2. Article 43.Liabilities to which the exclusion from the obligation to include the contractual term referred to in Article 55(1) of Directive 2014/59/EU applies

      3. Article 44.Contents of the contractual term required by Article 55(1) of Directive 2014/59/EU

    2. SECTION II Notifications and notice of suspension

      1. Article 45.General requirements for notifications

      2. Article 46.Notification by the management body to a competent authority

      3. Article 47.Communication of the competent authority to the resolution authority of the received notification

      4. Article 48.Notification of assessment that an institution meets the conditions for resolution set out in points (a) and (b) of Article 32(1) of Directive 2014/59/EU

      5. Article 49.Notice

  7. CHAPTER VI RESOLUTION COLLEGES

    1. SECTION I Operational organisation of resolution colleges

      1. Article 50.Mapping and identification of resolution college members and possible observers

      2. Article 51.Third country resolution authorities as observers in the resolution college

      3. Article 52.Communication with the Union parent undertaking

      4. Article 53.Establishment and update of contact lists

      5. Article 54.Elements of written arrangements and procedures for the functioning of the resolution college

      6. Article 55.Establishment and update of written arrangements and procedures for the functioning of the resolution college

      7. Article 56.Operational aspects of college meetings and other activities

      8. Article 57.Exchange of information

      9. Article 58.Communication policy

      10. Article 59.Coordination of external communication

      11. Article 60.Emergency situations

    2. SECTION II Group resolution planning joint decisions

      1. Subsection 1 Joint decision process on group resolution plan and resolvability assessment

        1. Article 61.Planning of the steps of the joint decision process

        2. Article 62.Elements of the joint decision timetable

        3. Article 63.Preliminary dialogue on the resolution strategy

        4. Article 64.Information from the Union parent undertaking

        5. Article 65.Transmission of information from the group-level resolution authority

        6. Article 66.Development and circulation of the draft group resolution plan and resolvability assessment

        7. Article 67.Consultation with resolution college members

        8. Article 68.Discussion with the Union parent undertaking

        9. Article 69.Dialogue on the draft resolution plan and resolvability assessment

        10. Article 70.Drafting the joint decision on group resolution plan and resolvability assessment

        11. Article 71.Reaching joint decision on the group resolution plan and resolvability assessment

        12. Article 72.Communication of the joint decision and summary of the group resolution plan to the Union parent undertaking

      2. Subsection 2 Process in the absence of joint decision on group resolution plan and resolvability assessment

        1. Article 73.Partial disagreement

        2. Article 74.Elements of communication of individual decisions

        3. Article 75.Communication of individual decisions in the absence of a joint decision

      3. Subsection 3 Joint decision on measures to address substantive impediments to resolvability

        1. Article 76.Suspension of the joint decision process on the group resolution plan and resolvability assessment

        2. Article 77.Planning of the steps of the joint decision process on measures to address substantive impediments to resolvability

        3. Article 78.Consultation and communication of the report

        4. Article 79.Submission of observations of the Union parent undertaking and consultation with the authorities

        5. Article 80.Drafting the joint decision on measures to address substantive impediments to resolvability

        6. Article 81.Reaching the joint decision

        7. Article 82.Communication of the joint decision

        8. Article 83.Monitoring the application of the joint decision

      4. Subsection 4 Process in the absence of joint decision on measures to address substantive impediments to resolvability

        1. Article 84.Elements of communication of individual decisions

        2. Article 85.Communication of individual decisions in the absence of joint decision

    3. SECTION III Joint decision process on minimum requirements for own funds and eligible liabilities

      1. Subsection 1 Joint decision process

        1. Article 86.Planning of the joint decision on minimum requirements for own funds and eligible liabilities

        2. Article 87.Proposal at consolidated and Union parent undertaking level

        3. Article 88.Proposal at subsidiary level

        4. Article 89.Dialogue on the proposed minimum requirements for own funds and eligible liabilities

        5. Article 90.Drafting the joint decision on minimum requirements for own funds and eligible liabilities

        6. Article 91.Reaching the joint decision on minimum requirements for own funds and eligible liabilities

        7. Article 92.Communication of the joint decision on minimum requirements for own funds and eligible liabilities

        8. Article 93.Monitoring the application of the joint decision on minimum requirements for own funds and eligible liabilities

      2. Subsection 2 Process in the absence of a joint decision at consolidated level

        1. Article 94.Joint decisions taken at each subsidiary level in the absence of a joint decision at consolidated level

        2. Article 95.Elements of communication of individual decisions

        3. Article 96.Communication of individual decisions in the absence of joint decision

    4. SECTION IV Cross-border group resolution

      1. Subsection 1 Decision on the need for a group resolution scheme under Articles 91 and 92 of Directive 2014/59/EU

        1. Article 97.Process for deciding on the need for a group resolution scheme

        2. Article 98.Dialogue on the need for a group resolution scheme

        3. Article 99.Preparation and communication of the draft assessment or draft decision on the need for a group resolution scheme

        4. Article 100.Consultation on the draft assessment or decision on the need for a group resolution scheme

        5. Article 101.Finalisation of the assessment or the decision on the need for a group resolution scheme

      2. Subsection 2 Joint decision process on the group resolution scheme

        1. Article 102.Process of the joint decision on the group resolution scheme

        2. Article 103.Preparation and communication of the draft group resolution scheme

        3. Article 104.Consultation on the group resolution scheme

        4. Article 105.Preparation and communication of the joint decision on the group resolution scheme

        5. Article 106.Finalising the joint decision on the group resolution scheme

        6. Article 107.Communication of the joint decision to the college

      3. Subsection 3 Disagreements and decisions taken in the absence of a joint decision

        1. Article 108.Notification in case of disagreement

        2. Article 109.Decision-making process between non-disagreeing resolution authorities

  8. CHAPTER VII FINAL PROVISIONS

    1. Article 110.Entry into force

  9. Signature

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