S.L. 330.9 Art. 25Rightofopposition of the Authority.

(1) Before providing support in accordance with a group financial support agreement, the board of directors of a group entity that intends to provide financial support shall, where the Authority is responsible for such a group entity, notify:

(a) the Authority;

(b) where different from authorities in paragraphs (a) and (c), where applicable, the European regulatory authority acting as the consolidating supervisor;

(c) where different from paragraphs (a) and (b), the European regulatory authority of the group entity receiving the financial support; and

(d) the EBA. The notification shall include the reasoned decision of the board of directors in accordance with regulation 24 and details of the proposed financial support including a copy of the group financial support agreement.

(2) Within five business days from the date of receipt of a complete notification, the Authority being the Authority of the group entity providing financial support may agree with the provision of financial support, or may prohibit or restrict it if it assesses that the conditions for group financial support laid down in regulation 23 have not been met. A decision of the Authority to prohibit or restrict the financial support shall be reasoned.

(3) The decision of the Authority to agree, prohibit or restrict the financial support shall be immediately notified to:

(a) the consolidating supervisor being either the Authority or an European regulatory authority;

(b) the European regulatory authority of the group entity receiving the support; and

(c) the EBA: Provided that where the Authority is the consolidating supervisor it shall immediately inform other members of the supervisory college and the members of the resolution college.

(4) Where the Authority is the consolidating supervisor or where the Authority is the Authority responsible for the group entity receiving support and it has objections regarding the decision to prohibit or restrict the financial support, it may within two days refer the matter to the EBA and request its assistance in accordance with Article 31 of Regulation (EU) No 1093/2010.

(5) If the Authority, as the Authority responsible for the group entity providing financial support, does not prohibit or restrict the financial support within the period indicated in sub-regulation (2), or has agreed before the end of that period to that support, financial support may be provided in accordance with the terms submitted to the Authority.

(6) The decision of the board of directors of the institution to provide financial support shall, where the Authority is responsible for such an institution, be transmitted to:

(a) the Authority;

(b) where different from authorities in paragraphs (a) and (c), and where applicable, the consolidating supervisor;

(c) where different from paragraphs (a) and (b), the European regulatory authority of the group entity receiving the financial support; and

(d) the EBA:

Provided that where the Authority is the consolidating supervisor, it shall immediately inform the other members of the supervisory college and the members of the resolution college.

(7) If the Authority, as the Authority responsible for the group entity providing financial support, restricts or prohibits group financing support pursuant to sub-regulation (2) and where the group recovery plan in accordance with regulation 7(5) makes reference to intra-group financial support, the Authority in its capacity as the Authority of the group entity in relation to whom the support is restricted or prohibited may request the consolidating supervisor to initiate a reassessment of the group recovery plan pursuant to regulation 8 or, where a recovery plan is drawn up on an individual basis, request the group entity to submit a revised recovery plan.