S.L. 330.9 Art. 13Requirement and procedure for group resolution plans.

(1) Where the Resolution Committee acts as the group-

level resolution authority, Union parent undertakings shall submit the information that may be required in accordance with regulation

11 to the Resolution Committee. That information shall concern the

Union parent undertaking and to the extent required, each of the group entities including entities referred to in paragraphs (c) and

(d) of the definition "entity" in regulation 2(1).

(2) The Resolution Committee in its capacity as the group-level resolution authority shall, provided that confidentiality requirements laid down in these regulations are in place, transmit the information provided in accordance with this regulation to:

(a) the EBA;

(b) the Authority;

(c) the European resolution authorities of subsidiaries;

(d) the European resolution authorities of the jurisdictions in which significant branches are located insofar as is relevant to the significant branch;

(e) the relevant authorities referred to in regulations 6 and 7 of the Supervisory Consolidation Regulations; and

(f) the European resolution authorities of the Member States where the entities referred to in paragraphs (c) and (d) of the definition "entity" in regulation 2(1) are established.

(3) The information provided by the Resolution Committee in its capacity as the group-level resolution authority to the European resolution authorities and European regulatory authorities of subsidiaries, European resolution authorities of the jurisdiction in which any significant branches are located, and to the relevant authorities referred to in regulations 6 and 7 of the Supervisory

Consolidation Regulations, shall include as a minimum all information that is relevant to the subsidiary or significant branch. The information provided to the EBA shall include all information that is relevant to the role of the EBA in relation to the group resolution plans. In the case of information relating to third-country subsidiaries, the Resolution Committee in its capacity as group-level resolution authority shall not be obliged to transmit that information without the consent of the relevant third-country authority.

(4) The Resolution Committee in its capacity as group-level resolution authority, shall act jointly with the European resolution authorities referred to in sub-regulation (1), in resolution colleges and after consulting the Authority, where relevant, and the relevant European regulatory authorities, including the European regulatory authorities in which any significant branches are located, draw up and maintain group resolution plans. The Resolution Committee in its capacity as group-level resolution authority may, at its discretion, and subject to it meeting the confidentiality requirements laid down in regulation 98, involve in the drawing up and maintenance of group resolution plans third-country resolution authorities of jurisdictions in which the group has established subsidiaries or financial holding companies or significant branches as referred to in Article 51 of the CRD.

(5) Where the Resolution Committee is the group-level resolution authority, it shall review and, where appropriate update, group resolution plans, at least annually, and after any change to the legal or organisational structure, to the business or to the financial position of the group including any group entity, that could have a material effect on or require a change to the plan.

(6) The adoption of the group resolution plan shall take the form of a joint decision:

(a) where the Resolution Committee is the group-level resolution authority, of the Resolution Committee and the European resolution authorities of subsidiaries; or

(b) where the resolution authority is responsible for a subsidiary, of the Resolution Committee, the European resolution authority acting as the group-level resolution authority, and the European resolution authorities of other subsidiaries, if any: Provided that, the joint decision shall be made within four months of the date of the transmission by the group-level resolution authority of the information referred to in sub-regulation (2): Provided further that, the Resolution Committee may also request the EBA to assist the authorities mentioned in this sub-regulation in reaching a joint decision in accordance with Article 31(c) of Regulation (EU) No 1093/2010: Provided further that, where a group is composed of more than one resolution group, the planning of the resolution actions referred to in paragraph (aa) of regulation 12(3) shall be included in a joint decision as referred to in this sub-regulation.

(7) Where the Resolution Committee is the group-level resolution authority, in the absence of a joint decision between the Resolution Committee and the European resolution authorities of subsidiaries within four months, the Resolution Committee shall make its own decision on the group resolution plan. The decision shall be fully reasoned and shall take into account the views and reservations of the relevant European resolution authorities. The decision shall be provided to the Union parent undertaking by the Resolution Committee acting as the group-level resolution authority: Provided that, subject to Article 13(9) of the BRRD, where the Resolution Committee is the group-level resolution authority, if, at the end of the four-month period, any of the authorities mentioned in sub-regulation (6) has referred the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the Resolution Committee in its capacity as the group-level resolution authority shall defer its decision and await any decision that the EBA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in accordance with the decision of the EBA. The four-month period shall be deemed to be the conciliation period within the meaning of that Regulation. The matter shall not be referred to the EBA after the end of the four-month period or after a joint decision has been reached. In the absence of an EBA decision within one month, the decision of the Resolution Committee in its capacity as the group-level resolution authority shall apply.

(8) Where the Resolution Committee is responsible for a subsidiary, in the absence of a joint decision between the authorities mentioned in sub-regulation (6) within four months, the Resolution Committee shall, if it disagrees with the group resolution plan, make its own decision and, where appropriate, identify the resolution entity and draw up and maintain a resolution plan for the resolution group composed of entities under its jurisdiction. When in disagreement, the Resolution Committee, in its capacity as the resolution authority responsible for the subsidiary, shall substantiate its disagreement and shall provide full reasons for each individual decision. It shall set out the reasons for disagreeing with the proposed group resolution plan and shall take into account the views and reservations of the Authority and the other European regulatory authorities and European resolution authorities. The Resolution Committee shall notify its decision to the other members of the resolution college: Provided that, subject to Article 13(9) of the BRRD, where the Resolution Committee is responsible for a subsidiary, if, at the end of the four-month period, any of the authorities mentioned in sub-regulation (6) has referred the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the Resolution Committee shall defer its decision and await any decision that the EBA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in accordance with the decision of the EBA. The four-month period shall be deemed to be the conciliation period within the meaning of that Regulation. The matter shall not be referred to the EBA after the end of the four-month period or after a joint decision has been reached. In the absence of an EBA decision within one month, the decision of the Resolution Committee, where it is responsible for a subsidiary, shall apply.

(9) Where the Resolution Committee does not disagree with a decision taken by a relevant European resolution authority responsible for a subsidiary in accordance with Article 13(6) of the BRRD, the Resolution Committee and the other European resolution authorities which do not disagree with such a decision may reach a joint decision on a group resolution plan covering entities licensed in terms of the Banking Act and the Investment

Services Act as well as those entities authorised by the European regulatory authorities mentioned in this sub-regulation.

(10) The joint decisions referred to in sub-regulations (6) and

(9) and any decisions taken by European resolution authorities in the absence of a joint decision in accordance with Article 13(5) and

(6) of the BRRD, shall be recognised as conclusive and applied by the Resolution Committee.

(11) The Resolution Committee may, within four months of the date of transmission, request the EBA to assist the authorities mentioned in sub-regulation (4) in reaching an agreement in accordance with Article 19(3) of Regulation (EU) No 1093/2010 unless the Resolution Committee assesses that the subject matter under disagreement may in any way impinge on Malta’s fiscal responsibilities. The four-month period shall be deemed to be the conciliation period within the meaning of Regulation (EU) No 1093/2010. The matter shall not be referred to the EBA after the end of the four-month period or after a joint decision has been reached. In the absence of an EBA decision within one month, the decisions of the European resolution authority acting as the group-level resolution authority taken in accordance with Article 13(5) of the BRRD and, or, of the European resolution authorities responsible for subsidiaries taken in accordance with Article 13(6) of the BRRD shall apply.

(12) Where joint decisions are taken pursuant to sub-regulations

(6) and (9) and where the Resolution Committee or a European resolution authority, assesses that the subject matter of a disagreement regarding group resolution plans impinges on the fiscal responsibilities of Malta or of its Member State respectively, the Resolution Committee, in its capacity as the group-level resolution authority, shall initiate a reassessment of the group resolution plan, including the minimum requirement for own funds and eligible liabilities.