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Directive 2014/59/EU of the European Parliament and of the CouncilShow full title

Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (Text with EEA relevance)

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  1. Introductory Text

  2. TITLE I SCOPE, DEFINITIONS AND AUTHORITIES

    1. Article 1.Subject matter and scope

    2. Article 2.Definitions

    3. Article 3.Designation of authorities responsible for resolution

  3. TITLE II PREPARATION

    1. CHAPTER I Recovery and resolution planning

      1. Section 1 General provisions

        1. Article 4.Simplified obligations for certain institutions

      2. Section 2 Recovery planning

        1. Article 5.Recovery plans

        2. Article 6.Assessment of recovery plans

        3. Article 7.Group recovery plans

        4. Article 8.Assessment of group recovery plans

        5. Article 9.Recovery Plan Indicators

      3. Section 3 Resolution planning

        1. Article 10.Resolution plans

        2. Article 11.Information for the purpose of resolution plans and cooperation from the institution

        3. Article 12.Group resolution plans

        4. Article 13.Requirement and procedure for group resolution plans

        5. Article 14.Transmission of resolution plans to the competent authorities

    2. CHAPTER II Resolvability

      1. Article 15.Assessment of resolvability for institutions

      2. Article 16.Assessment of resolvability for groups

      3. Article 16a. Power to prohibit certain distributions

      4. Article 17.Powers to address or remove impediments to resolvability

      5. Article 18.Powers to address or remove impediments to resolvability: group treatment

    3. CHAPTER III Intra group financial support

      1. Article 19.Group financial support agreement

      2. Article 20.Review of proposed agreement by competent authorities and mediation

      3. Article 21.Approval of proposed agreement by shareholders

      4. Article 22.Transmission of the group financial support agreements to resolution authorities

      5. Article 23.Conditions for group financial support

      6. Article 24.Decision to provide financial support

      7. Article 25.Right of opposition of competent authorities

      8. Article 26.Disclosure

  4. TITLE III EARLY INTERVENTION

    1. Article 27.Early intervention measures

    2. Article 28.Removal of senior management and management body

    3. Article 29.Temporary administrator

    4. Article 30.Coordination of early intervention measures and appointment of temporary administrator in relation to groups

  5. TITLE IV RESOLUTION

    1. CHAPTER I Objectives, conditions and general principles

      1. Article 31.Resolution objectives

      2. Article 32.Conditions for resolution

      3. Article 32a. Conditions for resolution with regard to a central body and credit institutions permanently affiliated to a central body

      4. Article 32b. Insolvency proceedings in respect of institutions and entities that are not subject to resolution action

      5. Article 33.Conditions for resolution with regard to financial institutions and holding companies

      6. Article 33a. Power to suspend certain obligations

      7. Article 34.General principles governing resolution

    2. CHAPTER II Special management

      1. Article 35.Special management

    3. CHAPTER III Valuation

      1. Article 36.Valuation for the purposes of resolution

    4. CHAPTER IV Resolution tools

      1. Section 1 General principles

        1. Article 37.General principles of resolution tools

      2. Section 2 The sale of business tool

        1. Article 38.The sale of business tool

        2. Article 39.Sale of business tool: procedural requirements

      3. Section 3 The bridge institution tool

        1. Article 40.Bridge institution tool

        2. Article 41.Operation of a bridge institution

      4. Section 4 The asset separation tool

        1. Article 42.Asset separation tool

      5. Section 5 The bail-in tool

        1. Subsection 1 Objective and scope of the bail-in tool

          1. Article 43.The bail-in tool

          2. Article 44.Scope of bail-in tool

          3. Article 44a. Selling of subordinated eligible liabilities to retail clients

        2. Subsection 2 Minimum requirement for own funds and eligible liabilities

          1. Article 45. Application and calculation of the minimum requirement for own funds and eligible liabilities

          2. Article 45a. Exemption from the minimum requirement for own funds and eligible liabilities

          3. Article 45b. Eligible liabilities for resolution entities

          4. Article 45c. Determination of the minimum requirement for own funds and eligible liabilities

          5. Article 45d. Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs

          6. Article 45e. Application of the minimum requirement for own funds and eligible liabilities to resolution entities

          7. Article 45f. Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities

          8. Article 45g. Waiver for a central body and credit institutions permanently affiliated to a central body

          9. Article 45h. Procedure for determining the minimum requirement for own funds and eligible liabilities

          10. Article 45i. Supervisory reporting and public disclosure of the requirement

          11. Article 45j. Reporting to EBA

          12. Article 45k. Breaches of the minimum requirement for own funds and eligible liabilities

          13. Article 45l. Reports

          14. Article 45m. Transitional and post-resolution arrangements

        3. Subsection 3 Implementation of the bail-in tool

          1. Article 46.Assessment of amount of bail-in

          2. Article 47.Treatment of shareholders in bail-in or write down or conversion of capital instruments

          3. Article 48.Sequence of write down and conversion

          4. Article 49.Derivatives

          5. Article 50.Rate of conversion of debt to equity

          6. Article 51.Recovery and reorganisation measures to accompany bail-in

          7. Article 52.Business reorganisation plan

        4. Subsection 4 Bail-in tool: ancillary provisions

          1. Article 53.Effect of bail-in

          2. Article 54.Removal of procedural impediments to bail-in

          3. Article 55. Contractual recognition of bail-in

          4. Article 56.Government financial stabilisation tools

          5. Article 57.Public equity support tool

          6. Article 58.Temporary public ownership tool

    5. CHAPTER V Write down or conversion of capital instruments and eligible liabilities

      1. Article 59. Requirement to write down or convert relevant capital instruments and eligible liabilities

      2. Article 60. Provisions concerning the write down or conversion of relevant capital instruments and eligible liabilities

      3. Article 61.Authorities responsible for determination

      4. Article 62.Consolidated application: procedure for determination

    6. CHAPTER VI Resolution powers

      1. Article 63.General powers

      2. Article 64.Ancillary powers

      3. Article 65.Power to require the provision of services and facilities

      4. Article 66.Power to enforce crisis management measures or crisis prevention measures by other Member States

      5. Article 67.Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in third countries

      6. Article 68.Exclusion of certain contractual terms in early intervention and resolution

      7. Article 69.Power to suspend certain obligations

      8. Article 70.Power to restrict the enforcement of security interests

      9. Article 71.Power to temporarily suspend termination rights

      10. Article 71a. Contractual recognition of resolution stay powers

      11. Article 72.Exercise of the resolution powers

    7. CHAPTER VII Safeguards

      1. Article 73.Treatment of shareholders and creditors in the case of partial transfers and application of the bail-in tool

      2. Article 74.Valuation of difference in treatment

      3. Article 75.Safeguard for shareholders and creditors

      4. Article 76.Safeguard for counterparties in partial transfers

      5. Article 77.Protection for financial collateral, set off and netting agreements

      6. Article 78.Protection for security arrangements

      7. Article 79.Protection for structured finance arrangements and covered bonds

      8. Article 80.Partial transfers: protection of trading, clearing and settlement systems

    8. CHAPTER VIII Procedural obligations

      1. Article 81.Notification requirements

      2. Article 82.Decision of the resolution authority

      3. Article 83.Procedural obligations of resolution authorities

      4. Article 84.Confidentiality

    9. CHAPTER IX Right of appeal and exclusion of other actions

      1. Article 85.Ex-ante judicial approval and rights to challenge decisions

      2. Article 86.Restrictions on other proceedings

  6. TITLE V CROSS-BORDER GROUP RESOLUTION

    1. Article 87.General principles regarding decision-making involving more than one Member State

    2. Article 88.Resolution colleges

    3. Article 89. European resolution colleges

    4. Article 90.Information exchange

    5. Article 91.Group resolution involving a subsidiary of the group

    6. Article 92.Group resolution

  7. TITLE VI RELATIONS WITH THIRD COUNTRIES

    1. Article 93.Agreements with third countries

    2. Article 94.Recognition and enforcement of third-country resolution proceedings

    3. Article 95.Right to refuse recognition or enforcement of third-country resolution proceedings

    4. Article 96.Resolution of Union branches

    5. Article 97.Cooperation with third-country authorities

    6. Article 98.Exchange of confidential information

  8. TITLE VII FINANCING ARRANGEMENTS

    1. Article 99.European system of financing arrangements

    2. Article 100.Requirement to establish resolution financing arrangements

    3. Article 101.Use of the resolution financing arrangements

    4. Article 102.Target level

    5. Article 103.Ex-ante contributions

    6. Article 104.Extraordinary ex-post contributions

    7. Article 105.Alternative funding means

    8. Article 106.Borrowing between financing arrangements

    9. Article 107.Mutualisation of national financing arrangements in the case of a group resolution

    10. Article 108. Ranking in insolvency hierarchy

    11. Article 109.Use of deposit guarantee schemes in the context of resolution

  9. TITLE VIII PENALTIES

    1. Article 110.Administrative penalties and other administrative measures

    2. Article 111.Specific provisions

    3. Article 112.Publication of administrative penalties

    4. Article 113.Maintenance of central database by EBA

    5. Article 114.Effective application of penalties and exercise of powers to impose penalties by competent authorities and resolution authorities

  10. TITLE IX POWERS OF EXECUTION

    1. Article 115.Exercise of the delegation

  11. TITLE X AMENDMENTS TO DIRECTIVES 82/891/EEC, 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU AND 2013/36/EU AND TO REGULATIONS (EU) NO 1093/2010 AND (EU) NO 648/2012

    1. Article 116. Amendment to Directive 82/891/EEC

    2. Article 117.Amendments to Directive 2001/24/EC

    3. Article 118.Amendment to Directive 2002/47/EC

    4. Article 119.Amendment to Directive 2004/25/EC

    5. Article 120. Amendment to Directive 2005/56/EC

    6. Article 121.Amendments to Directive 2007/36/EC

    7. Article 122. Amendment to Directive 2011/35/EU

    8. Article 123. Amendment to Directive 2012/30/EU

    9. Article 124.Amendment to Directive 2013/36/EU

    10. Article 125.Amendment to Regulation (EU) No 1093/2010

    11. Article 126.Amendment to Regulation (EU) No 648/2012

  12. TITLE XI FINAL PROVISIONS

    1. Article 127.EBA Resolution Committee

    2. Article 128.Cooperation with EBA

    3. Article 129.Review

    4. Article 130.Transposition

    5. Article 131.Entry into force

    6. Article 132.Addressees

    1. ANNEX

      1. SECTION A Information to be included in recovery plans

      2. SECTION B Information that resolution authorities may request institutions to provide for the purposes of drawing up and maintaining resolution plans

      3. SECTION C Matters that the resolution authority is to consider when assessing the resolvability of an institution or group

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