S.L. 330.9 Art. 33Conditions for resolution with regard to financial institutions and holding companies.

(1) The Resolution Committee may take a resolution action in relation to a financial institution as defined in paragraph

(b) of the definition "entity" when the conditions laid down in regulation 32(1), are met with regard to both the financial institution and with regard to the parent undertaking subject to consolidated supervision.

(2) The Resolution Committee shall take a resolution action in relation to an entity referred to in paragraphs (c) or (d) of the definition "entity" in regulation 2(1), when the conditions laid down in regulation 32(1) are met by the entity mentioned above.

(3) Where the subsidiary institutions of a mixed-activity holding company are held directly or indirectly by an intermediate financial holding company:

(a) the resolution plan shall provide that the intermediate financial holding company is identified as a resolution entity; and

(b) resolution actions for the purposes of group resolution shall be taken in relation to the intermediate financial holding company:

Provided that, the Resolution Committee shall not take resolution actions for the purposes of group resolution in relation to the mixed-activity holding company.

(4) Subject to sub-regulation (3) and notwithstanding the fact that an entity referred to in paragraphs (c) or (d) of the definition "entity" in regulation 2(1) does not meet the conditions laid down in regulation 32(1), the Resolution Committee may take a resolution action with regard to such an entity where all of the following conditions are fulfilled:

(a) such an entity is a resolution entity;

(b) one or more of the subsidiaries of the entity that are institutions, but not resolution entities, comply with the conditions laid down in regulation 32(1); and

(c) assets and liabilities of the subsidiaries referred to in paragraph (b) are such that the failure of those subsidiaries threatens the resolution group as a whole, and resolution action with regard to the entity is necessary either for the resolution of such subsidiaries which are institutions or for the resolution of the relevant resolution group as a whole.