59 Amendments of Andrea COZZOLINO related to 2016/0362(COD)
Amendment 71 #
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
Directive 2014/59/EU
Article 2 – paragraph 1 – point 28
Article 2 – paragraph 1 – point 28
Amendment 74 #
Proposal for a directive
Article 1 – paragraph 4
Article 1 – paragraph 4
Directive 2014/59/EU
Article 2 – paragraph 1 – point 83b
Article 2 – paragraph 1 – point 83b
(83b) 'resolution group' means: (a) a resolution entity and its subsidiaries that are not: (i) resolution entities themselves and that are not subsidiaries of another; (ii) subsidiaries of other resolution entities; or (iii) entities established in a third country that are not included in the resolution group in accordance with the resolution plan and their subsidiaries; (b) credit institutions affiliated to a central body, the central body and any institution under the control of the central body when at least one of those entities is a resolution entity;.
Amendment 78 #
Proposal for a directive
Article 1 – paragraph 4 a (new)
Article 1 – paragraph 4 a (new)
Directive 2014/59/EU
Article 2 – paragraph 1 – point 110 a (new)
Article 2 – paragraph 1 – point 110 a (new)
4a. In Article 2(1), the following point is added: (110 a)‘material subsidiary’ means a subsidiary that on an individual or consolidated basis meets any of the following conditions: (a) the subsidiary holds more than 5% of the consolidated risk-weighted assets of its original parent undertaking; (b) the subsidiary generates more than 5% of the total operating income of its original parent undertaking; (c) the total leverage exposure measure of the subsidiary is more than 5% of the consolidated leverage exposure measure of its original parent undertaking's;
Amendment 109 #
Proposal for a directive
Article 1 – paragraph 13
Article 1 – paragraph 13
Directive 2014/59/EU
Article 17 – paragraph 3 – subparagraph 2
Article 17 – paragraph 3 – subparagraph 2
Where a substantive impediment to resolvability is due to a situation referred to in Article 141a(2) of Directive 2013/36/EU the institution shall, within two weeks of the date of receipt of a notification made in accordance with paragraph 1, propose to the resolution authority possible measures to ensure that the institution complies with Articles 45f or 45g and the requirement referred to in Article 128(6) of Directive 2013/36/EU. The two week deadline may be extended by the resolution authority, in consultation with the competent authority, taking into account the specific circumstances of the case.
Amendment 120 #
Proposal for a directive
Article 1 – paragraph 17
Article 1 – paragraph 17
Directive 2014/59/EU
Article 18 – paragraph 3 – subparagraph 2
Article 18 – paragraph 3 – subparagraph 2
Where those impediments are due to a situation referred to in Article 141a(2) of Directive 2013/36/EU, the Union parent undertaking shall, within two weeks of the date of receipt of a notification made in accordance with paragraph 2, propose to the group-level resolution authority possible measures to address or remove those impediments. The two week deadline may be extended by the resolution authority, in consultation with the competent authority, taking into account the specific circumstances of the case.
Amendment 125 #
Proposal for a directive
Article 1 – paragraph 18
Article 1 – paragraph 18
Directive 2014/59/EU
Article 27 – paragraph 1 – point i
Article 27 – paragraph 1 – point i
Amendment 138 #
Proposal for a directive
Article 1 – paragraph 19
Article 1 – paragraph 19
Directive 2014/59/EU
Article 29a
Article 29a
Amendment 166 #
Proposal for a directive
Article 1 – paragraph 20
Article 1 – paragraph 20
Directive 2014/59/EU
Article 32 – paragraph 1 – point b
Article 32 – paragraph 1 – point b
(b) having regard to timing and other relevant circumstances, there is no reasonable prospect that any alternative private sector measures, including measures by an IPS, or including an early intervention action of a DGS in accordance with Article 11 of Directive 2014/49/EU, or supervisory action, including early intervention measures or the write down or conversion of relevant capital instruments or eligible liabilities in accordance with Article 59(2) taken in respect of the institution, would prevent the failure of the institution within a reasonable timeframe;
Amendment 170 #
Proposal for a directive
Article 1 – paragraph 20 a (new)Directive 2014/59/EU
Article 1 – paragraph 20 a (new)Directive 2014/59/EU
Article 32 – paragraph 4 – subparagraph 1 – point d – introductory part
20 a. In Article 32(4), subparagraph (1), the introductory part of point (d) is replaced by the following: "(d) extraordinary public financial support is required except when, in order to remedy a serious disturbance in the economy of a Member State or one of its region and preserve financial stability, the extraordinary public financial support takes any of the following forms:"
Amendment 171 #
Proposal for a directive
Article 1 – paragraph 20 a (new)Directive 2014/59/EU
Article 1 – paragraph 20 a (new)Directive 2014/59/EU
Article 32 – paragraph 4 – subparagraph 2
20 a. In Article 32(4), the second subparagraph is replaced by the following: In each of the cases mentioned in points (d)(i), (ii) and (iii) of the first subparagraph, the guarantee or equivalent measures referred to therein shall be confined to solvent institutions and shall be conditional on final approval under the Union State aid framework. Those measures shall be of a precautionary and temporary nature and shall be proportionate to remedy the consequences of the serious disturbance and shall not be used to offset losses that the institution has incurred or is likely to incur in the near future.
Amendment 172 #
Proposal for a directive
Article 1 – paragraph 20 b (new)Directive 2014/59/EU
Article 1 – paragraph 20 b (new)Directive 2014/59/EU
Article 32 – paragraph 4 – subparagraph 3
20 b. In Article 32(4), the third subparagraph is replaced by the following: Support measures under point (d)(iii) of the first subparagraph shall be limited to injections necessary to address capital shortfall, including in the baseline scenario, established in the national, Union or SSM-wide stress tests, asset quality reviews or equivalent exercises conducted by the European Central Bank, EBA or national authorities, where applicable, confirmed by the competent authority.
Amendment 182 #
Proposal for a directive
Article 1 – paragraph 22 a (new)
Article 1 – paragraph 22 a (new)
Directive 2014/59/EU
Article 44 – paragraph 2 – subparagraph 1 – point g a (new)
Article 44 – paragraph 2 – subparagraph 1 – point g a (new)
22 a. In Article 44(2), the following point (ga) is added: “(ga) deposits by public authorities.”
Amendment 190 #
Proposal for a directive
Article 1 – paragraph 22 c (new)
Article 1 – paragraph 22 c (new)
Directive 2014/59/EU
Article 44 – paragraph 5 – point a
Article 44 – paragraph 5 – point a
22 c. In Article 44(5), point (a) is replaced by the following: "(a) a contribution to loss absorption and recapitalisation equal to an amount not less than 8 4% of the total liabilities including own funds of the institution under resolution, measured at the time of resolution action in accordance with the valuation provided for in Article 36, has been made by the shareholders and the holders of other instruments of ownership, the holders of relevant capital instruments and other eligible liabilities through write down, conversion or otherwise; and (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0059)" Or. en
Amendment 203 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 1 a (new)
Article 45b – paragraph 1 a (new)
1 a. By way of derogation from paragraph 1, liabilities issued before ... [the date of entry into force of this amending Directive] which do not meet the conditions set out in points (d) and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities of resolution entities.
Amendment 220 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 1
Article 45b – paragraph 3 – subparagraph 1
Resolution authorities may decide that the requirement referred to in Article 45f is fully or partially met by resolution entities with instruments that meet all conditions referred to in Article 72a of Regulation (EU) No 575/2013 with a view to ensure that the resolution entity can be resolved in a manner suitable to meet the resolution objectives. For each resolution entity the level of required instruments that meet all conditions referred to in Article 72 a of Regulation (EU) No 575/2013 shall not exceed the level of the requirement specified in Article 92a(1) of Regulation (EU) No 575/2013 taking into account the transitional provisions specified in Article 494 of that Regulation.
Amendment 228 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45b – paragraph 3 – subparagraph 2 – introductory part
Article 45b – paragraph 3 – subparagraph 2 – introductory part
The resolution authority's decision under this paragraph shall contains the reasons for that decision on the basis of the following elements. These reasons are:
Amendment 251 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 1 – subparagraph 1 a (new)
Article 45c – paragraph 1 – subparagraph 1 a (new)
The resolution authority shall ensure that the level of the requirement referred to in Article 45(1) is proportionate to the specificities of the business and funding models of the resolution entity, taking into account: (i) the prevalence of deposits in the funding structure; (ii) the lack of experience in issuing debt instruments due to the limited access to cross-border and wholesale capital markets; (iii) the fact that the institution will rely primarily on CET1 and capital instruments to meet the requirement referred to in Article 45(l).
Amendment 263 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – introductory part
Article 45c – paragraph 3 – subparagraph 1 – introductory part
Amendment 274 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the resolution entity at sub- consolidated resolution group level,
Amendment 279 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU at consolidated resolution group sub- consolidated levellevel after the implementation of the preferred resolution action;
Amendment 285 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point i
Article 45c – paragraph 3 – subparagraph 1 – point b – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the resolution entity's leverage ratio requirement referred to in theArticle 92(1)(d) of Regulation (EU) No 575/2013 at consolidated resolution group sub- consolidated level; and
Amendment 288 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 1 – point b – point ii
Article 45c – paragraph 3 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the resolution group resulting from resolution to restore compliance with the leverage ratio requirement referred to in Article 92(1)(d) of Regulation (EU) No 575/2013 at consolidated resolution group sub-consolidated levellevel after the implementation of the preferred resolution action.
Amendment 296 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 3 a (new)
Article 45c – paragraph 3 – subparagraph 3 a (new)
When determining the recapitalisation amounts referred to in the previous subparagraphs, the resolution authority shall: (a) use the values for the relevant total risk exposure amount or leverage ratio exposure amount as adjusted for any changes resulting from resolution actions foreseen in the resolution plan; (b) after consulting the competent authority, adjust downwards the requirement referred to in Article 104a of Directive 2013/36/EU currently applicable to the resolution entity, to determine the requirement that will be applicable to the resolution entity after the implementation of the resolution actions foreseen in the resolution plan.
Amendment 298 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 3 – subparagraph 4
Article 45c – paragraph 3 – subparagraph 4
Amendment 310 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – introductory part
Article 45c – paragraph 4 – subparagraph 1 – introductory part
4. Without prejudice to the last subparagraph, fFor entities that are not themselves resolution entities, the amount referred to in paragraph 2 shall not exceed the greater of any of the following:
Amendment 318 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point i
Article 45c – paragraph 4 – subparagraph 1 – point a – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the requirements referred to in Article 92(1)(a),(b) and (c) of Regulation (EU) No 575/2013 and Article 104a of Directive 2013/36/EU of the entity, and
Amendment 320 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point a – point ii
Article 45c – paragraph 4 – subparagraph 1 – point a – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its total capital ratio requirement referred in Article 92(1)(c) of Regulation (EU) No 575/2013 and its requirement referred to in Article 104a of Directive 2013/36/EU after the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59;
Amendment 325 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point b – point i
Article 45c – paragraph 4 – subparagraph 1 – point b – point i
(i) the amount of losses to be absorbed in resolution that corresponds to the entity's leverage ratio requirement referred to in the Article 92(1)(d) of Regulation (EU) No 575/2013, and
Amendment 327 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 1 – point b – point ii
Article 45c – paragraph 4 – subparagraph 1 – point b – point ii
(ii) a recapitalisation amount that allows the entity to restore compliance with its leverage ratio requirement referred to in the Article 92(1)(d) of Regulation (EU) No 575/2013 after the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59;
Amendment 334 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 3 a (new)
Article 45c – paragraph 4 – subparagraph 3 a (new)
When determining the recapitalisation amounts referred to in the previous subparagraphs, the resolution authority shall: (a) use the values for the relevant total risk exposure amount or leverage ratio exposure amount as adjusted for any changes resulting from actions foreseen in the resolution plan; (b) after consulting the competent authority, adjust downwards the requirement referred to in Article 104a of Directive 2013/36/EU currently applicable to the relevant entity, to determine the requirement that will be applicable to the entity after the implementation of the actions foreseen in the resolution plan.
Amendment 335 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45c – paragraph 4 – subparagraph 4
Article 45c – paragraph 4 – subparagraph 4
Amendment 389 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 1 – subparagraph 1 – introductory part
Article 45e – paragraph 1 – subparagraph 1 – introductory part
The resolution authority may give guidance to an entity to have own funds and eligible liabilities that fulfil the conditions of Article 45b(1) or 45g(3) in excess of the levels set out in Article 45c and Article 45d that provides for additional amounts for the following purposes:
Amendment 393 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 1 – subparagraph 1 – point b
Article 45e – paragraph 1 – subparagraph 1 – point b
(b) to ensure that, in the event of resolutionfollowing resolution or the exercise of the power to write down or convert relevant capital instruments and eligible liabilities in accordance with Article 59, a sufficient market confidence in the entity is sustained through capital instruments in addition to the requirement in point (b) of Article 45c(2) ('market confidence buffer').
Amendment 396 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 1
Article 45e – paragraph 2 – subparagraph 1
The amount of the guidance given in accordance with point (a) of paragraph 1 may be set only where the competent authority has already set its own guidance in accordance with Article 104b of Directive 2013/36/EU and the resolution authority determines that the requirement referred to in point (a) of Article 45c(2) would not be sufficient to absorb all the losses in resolution taking into account the entity’s business model, funding model and risk profile or to reduce or remove an impediment to resolvability or absorb losses on holdings of MREL instruments issued by other entities included in the same resolution group. The amount of the guidance given in accordance with point (a) of paragraph 1 shall not exceed the level of that guidance.
Amendment 399 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 2 – subparagraph 2
Article 45e – paragraph 2 – subparagraph 2
The amount of the guidance given in accordance with point (b) of paragraph 1 shall not exceed the amount of the combined buffermay be set when the resolution authority determines that the requirement referred to in point (6b) of Article 128 of Directive 2013/36/EU, except for the requirement referred to in point (a) of that provision, unless a higher level is necessary to ensure that, following the event of resolution, the entity continues to meet the conditions for its authorisation for an appropriate period of 45c(2) would not be sufficient to sustain market confidence and ensure both the continued provision of critical economic functions by the entity and the access to funding without recourse to extraordinary financial support other than contributions from resolution financing arrangements. The amount of the guidance given in accordance with point (b) of paragraph 1 shall not exceed the amount of the combined buffer requirement referred to in point (6) of Article 128 of Directimve that is not longer than one year2013/36/EU, except for the requirement referred to in point (a) of that provision.
Amendment 407 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45e – paragraph 3
Article 45e – paragraph 3
Amendment 416 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 1 – subparagraph 1
Article 45g – paragraph 1 – subparagraph 1
Institutions that are material subsidiaries of a resolution entity, as defined in Regulation (EU) No 575/2013, and are not resolution entities themselves, shall comply with the requirements laid down in Articles 45c to 45e on an individual basis. A resolution authority may, after having consulted the competent authority, decide to apply the requirement laid down in this Article to an entity referred to in points (a), (b), (c) or (d) of Article 1(1) that is a subsidiary of a resolution entity and is not a resolution entity itself.
Amendment 418 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 1 – subparagraph 2
Article 45g – paragraph 1 – subparagraph 2
The requirement referred to in Article 45(1)of an entity referred to in the first subparagraph shall be determined in accordance with Article 45h and on the basis of the requirements laid down in Articles 45c to 45e.
Amendment 429 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 2 – point d a (new)
Article 45g – paragraph 2 – point d a (new)
(d a) the requirement shall not exceed 75% of the requirement calculated in accordance with Article 45c.
Amendment 438 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 3 a (new)
Article 45g – paragraph 3 a (new)
3 a. By way of derogation from point (a)(ii) of paragraph 3, liabilities issued before ... [date of entry into force of this amending Directive] which do not meet the conditions set out in points (b)and (g) to (o) of Article 72b(2) of Regulation (EU) No 575/2013 may be included in the amount of own funds and eligible liabilities.
Amendment 454 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5– introductory part
Article 45g – paragraph 5– introductory part
5. The resolution authority of a material subsidiary that is not a resolution entity may fully waive the application of this Article to that subsidiary where:
Amendment 461 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point a
Article 45g – paragraph 5 – point a
(a) both the subsidiary and the resolution entity are subject to authorisation and supervision by the same Member Stateby the same competent authority;
Amendment 468 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point f
Article 45g – paragraph 5 – point f
(f) the resolution entity holds more than 50 % of the voting rights attached to shares in the capital of the subsidiary or has the right to appoint or remove a majority of the members of the management body of the subsidiary, except for credit institutions permanently affiliated to a central body;
Amendment 475 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 – point g
Article 45g – paragraph 5 – point g
Amendment 476 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragrapgh 5 – point g
Article 45g – paragrapgh 5 – point g
(g) the competent authority of the subsidiary has fully waived the application of individual capital requirements to the subsidiary under Article 7(1) or Article 10 of Regulation (EU) No 575/2013.
Amendment 479 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45g – paragraph 5 a (new)
Article 45g – paragraph 5 a (new)
5 a. By way of derogation from paragraphs 1 to 5, a material subsidiary, or an EU parent undertaking in case of non-EU GSIIs, may not benefit from a full waiver from the application of this Article, where the relevant resolution authority deems that such a requirement is necessary for the resolution strategy or because of exceptional circumstances. The decision of the resolution authority shall contain the reasons for that decision.
Amendment 494 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive2014/59/EU
Article 45i – paragraph 2 – subparagraph 1 a (new)
Article 45i – paragraph 2 – subparagraph 1 a (new)
The requirement referred to in the first subparagraph shall not apply to the guidance for the minimum requirement of own funds and eligible liabilities referred to in Article 45e.
Amendment 498 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45i – paragraph 4
Article 45i – paragraph 4
4. Public disclosure requirements shall apply at the date where the requirement referred to in Article 45(1) is fullyFor institutions to which resolution tools or the power to write down and convert relevant capital instruments and eligible liabilities have been applied, public disclosure requirements shall apply after the deadline referred to in point (o) of Article 10(7) to compliedy with for the first timethe requirement referred to in Article 45(1).
Amendment 502 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45k – paragraph 1 a (new)
Article 45k – paragraph 1 a (new)
Any breach of the guidance referred to in Article 45e shall be addressed by the relevant authorities on the basis of at least one of the powers referred to in point (a), (b) and (d) of paragraph 1.
Amendment 507 #
Proposal for a directive
Article 1 – paragraph 23
Article 1 – paragraph 23
Directive 2014/59/EU
Article 45l a (new)
Article 45l a (new)
Article 45l a Transitional and post-resolution arrangements 1. Resolution authorities, after consulting the competent authorities, shall determine an appropriate transitional period for each institution or entity referred to in points (b), (c) and (d) of Article 1(1) to comply with the MREL requirements in Articles 45f or 45g. The deadline to comply with the requirements in Articles 45f or 45g shall not be earlier than 1 January 2024. 2. When setting the transitional periods, resolution authorities shall take into account, among other relevant circumstances: (i) any relevant characteristics of the institutions, particularly the prevalence of deposits and the absence of debt instruments in the funding model; (ii) the limited access to the capital markets for eligible liabilities; (iii) the reliance on Common Equity Tier 1 to meet the requirement referred to in Article 45f; (iv) the overall conditions of the relevant banking system; (v) any possible impact of the requirements in Articles 45f or 45g on financial stability and any risk of contagion to the financial system.
Amendment 518 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – introductory part
Article 55 – paragraph 2 – subparagraph 1 – introductory part
The requirement referred to in paragraph 1 mayshall not apply where the resolution authority of a Member State determines all of the following conditions are meteither:
Amendment 523 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – point a
Article 55 – paragraph 2 – subparagraph 1 – point a
(a) that the liabilities or instruments referred to in the first subparagraph can be subject to write down and conversion powers by the resolution authority of a Member State pursuant to the law of the third country or to a binding agreement concluded with that third country; or
Amendment 528 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 1 – point c
Article 55 – paragraph 2 – subparagraph 1 – point c
Amendment 532 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 2
Article 55 – paragraph 2 – subparagraph 2
The liabilities referred to in points (b) and (c) shall not include unsecured bonds or similar debt instruments which are unsecured liabilities, Additional Tier 1 instruments, and Tier 2 instruments. Moreover, they shall be senior to the liabilities which count towards the minimum requirement for own funds and permissible liabilities.
Amendment 535 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 2 – subparagraph 3
Article 55 – paragraph 2 – subparagraph 3
The liabilities which fail to include the contractual term as required by paragraph 1 or for which, in accordance with points (b) and (c), do not include the contractual term referred to in paragraph 1 is not required, shall not be counted towards the minimum requirement for own funds and eligible liabilities.
Amendment 540 #
Proposal for a directive
Article 1 – paragraph 24
Article 1 – paragraph 24
Directive 2014/59/EU
Article 55 – paragraph 4
Article 55 – paragraph 4
4. Where an institution or entity referred to in point (b), (c) or (d) of Article 1(1) fails todoes not include in the contractual provisions governing a relevant liability a contractual term as required in accordance with paragraph 1, that failure shall not prevent the resolution authority from exercising the write down and conversion powers in relation to that liability.
Amendment 556 #
Proposal for a directive
Article 1 – paragraph 26
Article 1 – paragraph 26
Directive 2014/59/EU
Article 63 – paragraph 1a
Article 63 – paragraph 1a
1a. The period of the suspension pursuant to paragraph 1(n) shall not exceed the minimum period of time that the resolution authority considers necessary for the effective application of one or more resolution tools or for the purposes of the valuation pursuant to Article 36 and in any event shall not exceed 5 working2 calendar days.
Amendment 558 #
Proposal for a directive
Article 1 – paragraph 26
Article 1 – paragraph 26
Directive 2014/59/EU
Article 63 – paragraph 1a
Article 63 – paragraph 1a
1a. The period of the suspension pursuant to paragraph 1(n) shall not exceed the minimum period of time that the resolution authority considers necessary for the effective application of one or more resolution tools or for the purposes of the valuation pursuant to Article 36 and in any event shall not exceed 52 working days.
Amendment 583 #
Proposal for a directive
Article 9 – paragraph 1 – subparagraph 2 a (new)
Article 9 – paragraph 1 – subparagraph 2 a (new)
Member States shall apply Article 45i(2) from 1 January 2028.