Changes from adopted text to adopted text

Removed(b) paragraphs 5 and 6 are replaced by the following:

Removed‘5. The Board, the ECB, the members of the ESCB, the national competent authorities, the ESRB, the EBA, ESMA, EIOPA and the national resolution authorities may draw up memoranda of understanding setting out a procedure governing the exchange of information. The exchange of information between the Board, the ECB and other members of the ESCB, the national competent authorities, the ESRB, the EBA, ESMA, EIOPA and the national resolution authorities shall not be deemed to infringe the requirements of professional secrecy.

Removed6. National competent authorities, the ECB, members of the ESCB, the ESRB, the EBA, ESMA, EIOPA, and the national resolution authorities shall cooperate with the Board to verify whether some or all of the information requested is already available at the time the request is made. Where such information is available, the national competent authorities, the ECB and other members of the ESCB, the ESRB, the EBA, ESMA, EIOPA, or the national resolution authorities shall provide that information to the Board.’;

Removed(30) in Article 43(1), the following point (aa) is inserted:

Removed‘(aa) the Vice-Chair appointed in accordance with Article 56;’;

Removed(30a) Article 45 is amended as follows:

Removed(a) the title is replaced by the following:

Removed‘Transparency and accountability’;

Removed(b) the following paragraph is inserted:

Removed‘3a. The Board shall publish its policies, guidelines, general instructions, guidance notes and staff working papers on resolution in general and on the resolution practices and methodologies to be applied within the Single Resolution Mechanism, as long as such publication does not entail the disclosure of confidential information.’

Removed(31) in Article 50(1), point (n) is replaced by the following:

Removed‘(n) appoint an Accounting Officer and an Internal Auditor, subject to the Staff Regulations and the Conditions of Employment, who shall be functionally independent in the performance of their duties;’;

Removed(31a) in Article 50(1), the following point is added:

Removed‘(qa) ensure that national resolution authorities are consulted on the guidelines, general instructions, policies or guidance notes establishing resolution policies, practices or resolution methodologies that those national resolution authorities will contribute to implementing.’;

Removed(32) Article 53 is amended as follows:

Removed(a) in paragraph 1, the first sentence is replaced by the following:

Removed‘The Board in its executive session shall be composed of the Chair, the Vice-Chair and the four members referred to in Article 43(1), point (b).’;

Removed(b) in paragraph 5, the words ‘Article 43(1)(a) and (b)’ are replaced by the words ‘Article 43(1), points (a), (aa) and (b)’.;

Removed(33) in Article 55, paragraphs 1 and 2 are replaced by the following:

Removed‘1. When deliberating on an individual entity or a group established in only one participating Member State, if all members referred to in Article 53(1) and (3) are not able to reach a joint agreement by consensus within a deadline set by the Chair, the Chair, the Vice-Chair and the members referred to in Article 43(1), point (b), shall take a decision by a simple majority.

Removed2. When deliberating on a cross-border group, if all members referred to in Article 53(1) and (4) are not able to reach a joint agreement by consensus within a deadline set by the Chair, the Chair, the Vice-Chair and the members referred to in Article 43(1), point (b), shall take a decision by a simple majority.’;

Removed(34) Article 56 is amended as follows:

Removed(a) in paragraph 2, point (d) is replaced by the following:

Removed‘(d) the establishment of a preliminary draft budget and a draft budget of the Board, in accordance with Article 61, and the implementation of the budget of the Board, in accordance with Article 63;’;

Removed(b) in paragraph 5, the first subparagraph is replaced by the following:

Removed‘The term of office of the Chair, of the Vice-Chair and of the members referred to in Article 43(1), point (b), shall be five years. ▌

RemovedA person who has served ▌as the Chair, the Vice-Chair or a member referred to in Article 43(1), point (b), shall not be eligible for appointment to any of the other two positions.’;

Removed(c) ▌paragraph 6 ▌is replaced by the following:

Removed▌

Removed‘6. After hearing the Board, in its plenary session, the Commission shall provide to the European Parliament a gender-balanced shortlist of candidates for the positions of Chair, Vice-Chair and members referred to in Article 43(1)(b) and inform the Council of the shortlist. The European Parliament may conduct hearings of the candidates on that shortlist. In accordance with the outcome in the European Parliament, the Commission shall submit a proposal for the appointment of the Chair, the Vice-Chair and the members referred to in Article 43(1)(b) to the European Parliament for approval. Following the approval of that proposal, the Council shall adopt an implementing decision to appoint the Chair, the Vice-Chair and the members referred to in Article 43(1)(b). The Council shall act by qualified majority.’;

Removed▌

Removed(e) in paragraph 7, the last sentence is replaced by the following:

Removed‘The Chair, the Vice-Chair, and the members referred to in Article 43(1), point (b) shall remain in office until their successors are appointed and have taken up their duties in accordance with the Council decision referred to in paragraph 6 of this Article.’;

Removed(ea) paragraph 8 is deleted.

Removed(35) Article 61 is replaced by the following:

Removed‘Article 61

RemovedEstablishment of the budget

Removed1. By 31 March each year, the Chair shall draw up a preliminary draft budget of the Board, including a statement of estimates of the Board’s revenue and expenditure for the following year, together with the establishment plan, for the following year and submit it to the Board in its plenary session.

RemovedThe Board in its plenary session shall, where necessary, adjust the preliminary draft budget of the Board together with the draft establishment plan.

Removed2. On the basis of the preliminary draft budget as adopted by the Board in its plenary session, the Chair shall draw up a draft budget of the Board and submit it to the Board in its plenary session for adoption.

RemovedBy 30 November each year, the Board in its plenary session shall adjust the draft budget submitted by the Chair, where necessary, and adopt the final budget of the Board together with the establishment plan.’;

Removed(35a) in Article 62, paragraph 3 is replaced by the following:

Removed‘3. The reponsibility for adopting internal control standards and putting in place internal control systems and procedures suitable for performing the tasks of the internal auditor shall lie with the Board in its plenary session.’;

Removed(36) in Article 69, paragraph 4 is replaced by the following:

Removed‘4. If, after the initial period referred to in paragraph 1, the available financial means fall below the target level specified in that paragraph, the regular contributions calculated in accordance with Article 70 shall be raised until the target level is reached. The Board may defer the collection of the regular contributions raised in accordance with Article 70 for up to three years to ensure that the amount to be collected reaches an amount that is proportionate to the costs of the collection process, provided that such deferral does not materially affect the capacity of the Board to use the Fund pursuant to Section 3. After the target level has been reached for the first time and where the available financial means have subsequently been reduced to less than two-thirds of the target level, those contributions shall be set at a level allowing for reaching the target level within four years.’;

Removed(37) Article 70 is amended as follows:

Removed(a) paragraph 3 is replaced by the following:

Removed‘3. The available financial means to be taken into account in order to reach the target level specified in Article 69 may include irrevocable payment commitments which are fully backed by collateral of low-risk assets unencumbered by any third-party rights, at the free disposal of and earmarked for the exclusive use by the Board for the purposes specified in Article 76(1). The share of those irrevocable payment commitments shall not exceed 30 % of the total amount of contributions raised in accordance with this Article. Within that limit, the Board shall determine annually the share of irrevocable payment commitments in the total amount of contributions to be raised in accordance with this Article.’;

Removed(b) the following paragraph 3a is inserted:

Removed‘3a. The Board shall call the irrevocable payment commitments made pursuant to paragraph 3 of this Article when the use of the Fund is needed pursuant to Article 76.

RemovedWhere an institution or entity stops being within the scope of Article 2 and is no longer subject to the obligation to pay contributions in accordance with paragraph 1 of this Article, the Board shall call the irrevocable payment commitments made pursuant to paragraph 3 and still due. If the contribution linked to the irrevocable payment commitment is duly paid at first call, the Board shall cancel the commitment and return the collateral. If the contribution is not duly paid at first call, the Board shall seize the collateral and cancel the commitment.’;

Removed(38) in Article 71(1), the second subparagraph is replaced by the following:

Removed‘The total amount of extraordinary ex-post contributions per year shall not exceed three times 12,5 % of the target level.’;

Removed(39) in Article 74, the following paragraph is inserted:

Removed‘The Board shall inform the Commission and the ECB as soon as it considers that it may be necessary to activate financial arrangements contracted for the Fund in accordance with this Article, and shall provide the Commission and the ECB with all information necessary for the performance of their tasks in respect of such financial arrangements.’;

Removed(40) Article 76 is amended as follows:

Removed(a) paragraph 3 is replaced by the following:

Removed‘3. Where the Board determines that the use of the Fund for the purposes referred to in paragraph 1 is likely to result in part of the losses of an entity referred to in Article 2 being passed on to the Fund, the principles governing the use of the Fund set out in Article 27 shall apply.’;

Removed(b) the following paragraphs 5 and 6 are added:

Removed‘5. Where the resolution tools referred to in Article 22(2), point (a) or (b), are used to transfer only part of the assets, rights or liabilities of the institution under resolution, the Board shall have a claim against the residual entity for any expense and loss incurred by the Fund as a result of any contributions made to resolution pursuant to paragraphs 1 and 2 of this Article in connection to losses which creditors would have otherwise borne.