Changes from adopted text to adopted text

Removed(b) the contract provides for the exercise of one or more termination rights or rights to enforce security interests to which Article 33a, 68, 69, 70 or 71 would apply if the financial contract were governed by the laws of a Member State.’;

Removed(45) in Article 74(3), the following point (d) is added:

Removed‘(d) when determining the losses that the deposit guarantee scheme would have incurred had the institution been wound up under normal insolvency proceedings, apply the criteria and methodology referred to in Article 11e of Directive 2014/49/EU and in any delegated act adopted pursuant to that Article.’;

Removed(45a) in Article 84, the following paragraph is inserted:

Removed‘6a. This Article shall not preclude the exchange of information between resolution authorities and tax authorities in the same Member State to the extent that such exchange is laid down in the national law of that Member State. Where that information originates in another Member State, it shall only be disclosed with the express agreement of the relevant authority which has disclosed it.’;

Removed(46) in Article 88, the following paragraph 6a is inserted:

Removed‘6a. To facilitate the tasks referred to in Articles 10(1), 15(1) and 17(1) and to exchange any relevant information, the resolution authority of an institution with significant branches in other Member States shall establish and chair a resolution college.

RemovedThe resolution authority of the institution referred to in the first subparagraph shall decide which authorities participate in a meeting or in an activity of the resolution college, taking into account the relevance of the activity to be planned or coordinated for those authorities, in particular the potential impact on the stability of the financial system in the Member States concerned and the tasks referred to in the first subparagraph.

RemovedThe resolution authority of the institution referred to in the first subparagraph shall keep all members of the resolution college fully informed, in advance, of the organisation of such meetings, the main issues to be discussed and the activities to be considered. The resolution authority of the institution referred to in the first subparagraph shall also keep all the members of the college fully informed, in a timely manner, of the actions taken in those meetings or the measures carried out.’;

Removed(46a) in Article 90, the following paragraph is added:

Removed‘4a. Article 84 shall not preclude the exchange of information between resolution authorities and tax authorities in the same Member State to the extent that such exchange is laid down in the national law of that Member State. Where that information originates in another Member State, it shall only be disclosed with the express agreement of the relevant authority which has disclosed it.’;

Removed(47) Article 91 is amended as follows:

Removed(a) paragraph 1 is replaced by the following:

Removed‘1. Where a resolution authority decides that an institution or any entity as referred to in Article 1(1), points (b), (c) or (d), that is a subsidiary in a group, meets the conditions referred to in Article 32 or 33, that authority shall notify without delay to the group-level resolution authority, if different, to the consolidating supervisor, and to the members of the resolution college for the group in question the following information:

Removed(a) the decision that the institution or entity referred to in Article 1(1), points (b), (c) or (d), meets the conditions referred to in Article 32(1), points (a) and (b), or in Article 33(1) or (2) as applicable, or the conditions referred to in Article 33(4);

Removed(b) the outcome of the assessment of the condition referred to in Article 32(1), point (c);

Removed(c) the resolution actions or insolvency measures that the resolution authority considers to be appropriate for that institution or that entity.

RemovedThe information referred to in the first subparagraph may be included in the notifications communicated pursuant to Article 81(3) to the addressees referred to in the first subparagraph of this paragraph.’;

Removed(b) in paragraph 7, the second subparagraph is replaced by the following:

Removed‘EBA may, at the request of a resolution authority, assist the resolution authorities in reaching a joint decision in accordance with Article 31(2), point (c), of Regulation (EU) No 1093/2010.’;

Removed(48) in Article 92(3), the second subparagraph is replaced by the following:

Removed‘EBA may, at the request of a resolution authority, assist the resolution authorities in reaching a joint decision in accordance with Article 31(2), point (c), of Regulation (EU) No 1093/2010.’;

Removed(49) in Article 97, paragraph 4 is replaced by the following:

Removed‘4. Resolution authorities shall conclude non-binding cooperation arrangements with the relevant third-country authorities referred to in paragraph 2 of this Article where appropriate. Those arrangements shall be in line with EBA framework arrangement.

RemovedCompetent authorities shall conclude non-binding cooperation arrangements with the relevant third-country authorities referred to in paragraph 2 of this Article where appropriate. Those arrangements shall be in line with EBA framework arrangement and shall ensure that the information disclosed to the third-country authorities is subject to a guarantee that professional secrecy requirements at least equivalent to those referred to in Article 84 are complied with.’

Removed(50) in Article 98, paragraph 1 is amended as follows:

Removed(a) the introductory sentence is replaced by the following:

Removed‘Member States shall ensure that resolution authorities and competent ministries exchange confidential information, including recovery plans, with relevant third-country authorities only if all of the following conditions are met:’;

Removed(b) the following second and third subparagraphs are added:

Removed‘Member States shall ensure that competent authorities exchange confidential information with relevant third country authorities only if the following conditions are met:

Removed(a) in relation to recovery and resolution-related information, the conditions set out in the first subparagraph;

Removed(b) in relation to other information available to the competent authorities, the conditions set out in Article 55 of Directive 2013/36/EU.

RemovedFor the purposes of the second subparagraph, recovery and resolution-related information shall include all information directly related to the tasks of competent authorities under this Directive, in particular recovery planning and recovery plans, early intervention measures and exchanges with resolution authorities regarding resolution planning, resolution plans and resolution action.’;

Removed(51) in Article 101, paragraph 2 is replaced by the following:

Removed‘2. Where the resolution authority determines that the use of the resolution financing arrangement for the purposes referred to in paragraph 1 of this Article is likely to result in part of the losses of an institution or an entity as referred to in Article 1(1), points (b), (c) or (d), being passed on to the resolution financing arrangement, the principles governing the use of the resolution financing arrangement set out in Article 44 shall apply.’;

Removed(52) in Article 102(3), the first subparagraph is replaced by the following:

Removed‘If, after the initial period of time referred to in paragraph 1 of this Article, the available financial means diminish below the target level specified in that paragraph, the regular contributions raised in accordance with Article 103 shall resume until the target level is reached. Resolution authorities may defer the collection of the regular contributions raised in accordance with Article 103 for up to three years where 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 resolution authority to use the resolution financing arrangements pursuant to Article 101. 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(53) Article 103 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 102 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 and earmarked for the exclusive use by the resolution authorities for the purposes specified in Article 101(1). The share of irrevocable payment commitments shall not exceed 30 % of the total amount of contributions raised in accordance with this Article. Within that limit, the resolution authority 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 resolution authority shall call the irrevocable payment commitments made pursuant to paragraph 3 of this Article when the use of the resolution financing arrangements is needed pursuant to Article 101.

RemovedWhere an entity stops being within the scope of Article 1 and is no longer subject to the obligation to pay contributions in accordance with paragraph 1 of this Article, the resolution authority 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 resolution authority shall cancel the commitment and return the collateral. If the contribution is not duly paid at first call, the resolution authority shall seize the collateral and cancel the commitment.’;

Removed(54) In Article 104(1), the second subparagraph is replaced by the following:

Removed‘Extraordinary ex-post contributions shall not exceed three times 12,5 % of the target level specified in Article 102.’;

Removed(55) Article 108 is amended as follows:

Removed(a) paragraph 1 is replaced by the following:

Removed‘1. Member States shall ensure that in their national laws governing normal insolvency proceedings:

Removed(a) the following have the same priority ranking, which is higher than the ranking provided for the claims of ordinary unsecured creditors:

Removed(i) deposits that are excluded from coverage under Article 5 of Directive 2014/49/EU;

Removed(ii) that part of eligible deposits of legal entities that are not micro, small and medium-sized enterprises which exceeds the coverage level provided for in Article 6 of Directive 2014/49/EU;

Removed(iii) that part of eligible deposits of central and regional governments which exceeds the coverage level provided for in Article 6 of Directive 2014/49/EU;

Removed(iv) that part of deposits of legal persons that are not micro, small or medium-sized enterprises that would be eligible deposits were they not made through branches located outside the Union of institutions established within the Union, which exceeds the coverage level provided for in Article 6 of Directive 2014/49/EU;

Removed(b) the following have the same priority ranking which is higher than the ranking provided for under point (a):

Removed(i) covered deposits;

Removed(ii) deposit guarantee schemes for their claim under Article 9(2) of Directive 2014/49/EU;

Removed(iii) eligible deposits other than those referred to in points (a)(ii) and (iii); and

Removed(iv) deposits that would be eligible deposits were they not made through branches located outside the Union of institutions established within the Union, other than those referred to in point (a)(iv).’;

Removed(b) the following paragraphs 8 and 9 are added:

Removed‘8. Where the resolution tools referred to in Article 37(3), point (a) or (b), are used to transfer only part of the assets, rights or liabilities of the institution under resolution, the resolution financing arrangement shall have a claim against the residual institution or entity referred to in Article 1(1), points (b), (c) or (d), for any expense and loss incurred by the resolution financing arrangement as a result of any contributions made to resolution pursuant to Article 101(1) in connection to losses which creditors would have otherwise borne.