ZBB 2024, 16
How to make a SPE resolution strategy work in the EU
Contents
- I. Two models of resolution actions
- II. Executive order
- III. Exercising control over the institution
- IV. Group financial support agreements
- V. Conditions for resolution
- VI. Entity view vs. group view
- VII. Insolvency and bail-in hierarchy
- VIII. Conclusion
- *
- *)Dr. rer. nat., Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Frankfurt/M.
- **
- **)Dr. iur., LL.M. (Edinburgh), Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Frankfurt/M.
- 1
- 1)“Single point of entry (SPE)” means a resolution strategy involving the application of resolution powers by a single resolution authority at the level of a single parent undertaking or of a single institution subject to consolidated supervision (Article 2(5) of Commission Delegated Regulation (EU) 2016/1075).
- 2
- 2)“Multiple point of entry (MPE)” means a resolution strategy involving the application of resolution powers by two or more resolution authorities to regional or functional subgroups or entities of a group (Article 2(6) of Commission Delegated Regulation (EU) 2016/1075).
- 3
- 3)A resolution entity is a legal person established in a participating Member State of the Banking Union respectively in the European Union, which, in accordance with Article 8 of the SRMR (Article 12 of the BRRD), is identified by the resolution authority as an entity in respect of which the resolution plan provides for resolution action (Article 3(1)(24a) of the SRMR, Article 2(1)(83a) of the BRRD).
- 4
- 4)A resolution group is a resolution entity and its subsidiaries that are not (i) resolution entities themselves; (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 (Article 3(1)(24b) of the SRMR, Article 2(1)(83b) of the BRRD).
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