Qualifications, experience, ability, knowledge and resources
- Independent valuer must be qualified, resourced and independent
Retained EU Law
2016
United Kingdom
Commission Delegated Regulation (EU) 2016/1075 of 23 March 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria that the competent authority is to assess as regards recovery plans and group recovery plans, the conditions for group financial support, the requirements for independent valuers, the contractual recognition of write-down and conversion powers, the procedures and contents of notification requirements and of notice of suspension and the operational functioning of the resolution colleges (Text with EEA relevance)
At a glance
What's here
5 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Structural separation
- Choose an independent valuer who is separate from any public authority or the relevant entity
Material common or conflicting interests
- Independent valuers must avoid conflicts of interest and notify appointing authority
Notification by the management body to a competent authority
- Notify competent authority if your institution is failing or likely to fail
Information from the Union parent undertaking
- Provide requested information to the resolution authority within the specified time limit
Browse 105 other sections — procedural / definitional / commencement
Subject matter
Definitions
Information to be included in a recovery plan
Summary of the key elements of the recovery plan
Governance
Strategic analysis
The description of entities covered by the recovery plan
Recovery options
Actions, arrangements and measures under recovery options
Impact assessment
Feasibility assessment
Continuity of operations
Cross references
Communication and disclosure plan
Preparatory measures
Completeness of recovery plans
Quality of recovery plans
Implementation of the arrangements proposed in the recovery plans
Recovery options
Specific requirements for group recovery plans
Nature of the entity or entities being assessed
Categories of information to be included in resolution plans
Stages of assessment
Feasibility and credibility of liquidation under normal insolvency proceedings
Identification of a resolution strategy
Assessment of feasibility of a resolution strategy
Assessment of feasibility: structure and operations
Assessment of feasibility: financial resources
Assessment of feasibility: information
Assessment of feasibility: cross-border issues
Assessment of feasibility: other potential impediments
Assessment of credibility of a resolution strategy
Prospect to redress financial difficulties
Terms of the support
Liquidity and solvency of the providing entity
Resolvability of the providing entity
Definitions
Elements of independence
Definitions
Liabilities to which the exclusion from the obligation to include the contractual term referred to in Article 55(1) of Directive 2014/59/EU applies
Contents of the contractual term required by Article 55(1) of Directive 2014/59/EU
General requirements for notifications
Communication of the competent authority to the resolution authority of the received notification
Notification of assessment that an institution meets the conditions for resolution set out in points (a) and (b) of Article 32(1) of Directive 2014/59/EU
Notice
Mapping and identification of resolution college members and possible observers
Third country resolution authorities as observers in the resolution college
Communication with the Union parent undertaking
Establishment and update of contact lists
Elements of written arrangements and procedures for the functioning of the resolution college
Establishment and update of written arrangements and procedures for the functioning of the resolution college
Operational aspects of college meetings and other activities
Exchange of information
Communication policy
Coordination of external communication
Emergency situations
Planning of the steps of the joint decision process
Elements of the joint decision timetable
Preliminary dialogue on the resolution strategy
Transmission of information from the group-level resolution authority
Development and circulation of the draft group resolution plan and resolvability assessment
Consultation with resolution college members
Discussion with the Union parent undertaking
Dialogue on the draft resolution plan and resolvability assessment
Drafting the joint decision on group resolution plan and resolvability assessment
Reaching joint decision on the group resolution plan and resolvability assessment
Communication of the joint decision and summary of the group resolution plan to the Union parent undertaking
Partial disagreement
Elements of communication of individual decisions
Communication of individual decisions in the absence of a joint decision
Suspension of the joint decision process on the group resolution plan and resolvability assessment
Planning of the steps of the joint decision process on measures to address substantive impediments to resolvability
Consultation and communication of the report
Submission of observations of the Union parent undertaking and consultation with the authorities
Drafting the joint decision on measures to address substantive impediments to resolvability
Reaching the joint decision
Communication of the joint decision
Monitoring the application of the joint decision
Elements of communication of individual decisions
Communication of individual decisions in the absence of joint decision
Planning of the joint decision on minimum requirements for own funds and eligible liabilities
Proposal at consolidated and Union parent undertaking level
Proposal at subsidiary level
Dialogue on the proposed minimum requirements for own funds and eligible liabilities
Drafting the joint decision on minimum requirements for own funds and eligible liabilities
Reaching the joint decision on minimum requirements for own funds and eligible liabilities
Communication of the joint decision on minimum requirements for own funds and eligible liabilities
Monitoring the application of the joint decision on minimum requirements for own funds and eligible liabilities
Joint decisions taken at each subsidiary level in the absence of a joint decision at consolidated level
Elements of communication of individual decisions
Communication of individual decisions in the absence of joint decision
Process for deciding on the need for a group resolution scheme
Dialogue on the need for a group resolution scheme
Preparation and communication of the draft assessment or draft decision on the need for a group resolution scheme
Consultation on the draft assessment or decision on the need for a group resolution scheme
Finalisation of the assessment or the decision on the need for a group resolution scheme
Process of the joint decision on the group resolution scheme
Preparation and communication of the draft group resolution scheme
Consultation on the group resolution scheme
Preparation and communication of the joint decision on the group resolution scheme
Finalising the joint decision on the group resolution scheme
Communication of the joint decision to the college
Notification in case of disagreement
Decision-making process between non-disagreeing resolution authorities
Entry into force
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