S.L. 330.9 Art. 81Notification requirements. S.L. 371.16 S.L. 370.15

(1) The board of directors of an institution or any entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) shall be required to notify the Authority where they consider that the institution or the entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) is failing or likely to fail, within the meaning specified in regulation 32(4).

(2) The Authority shall inform the Resolution Committee and any relevant European resolution authorities of any notifications received under sub-regulation (1), and of any crisis prevention measures, or any actions referred to in regulation 9 of the Banking Act (Supervisory Review) Regulations and Schedule III of the Investment Services Act (Supervisory Review) Regulations, they require an institution or an entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) to take.

(3) Where the Authority or Resolution Committee determines that the conditions referred to in regulation 32(1)(a) and (b) are met in relation to an institution or an entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1), it shall communicate that determination without delay to the following authorities:

(a) where different, the Resolution Committee for that institution or entity referred to in paragraphs (b), (c) or

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

(b) where different, the Authority for that institution or entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1);

(c) the European regulatory authority of any branch of that institution or entity referred to in paragraphs (b),

(c) or (d) of the definition "entity" in regulation 2(1);

(d) the European resolution authority of any branch of that institution or entity referred to in paragraphs (b), (c) or

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

(e) the Central Bank;

(f) the deposit guarantee scheme to which a credit institution is affiliated where necessary to enable the functions of the deposit guarantee scheme to be discharged;

(g) where different, the body in charge of the resolution financing arrangements where necessary to enable the functions of the resolution financing arrangements to be discharged;

(h) where applicable, the European resolution authority acting as the group-level resolution authority;

(i) the Ministry responsible for Finance;

(j) where the institution or the entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) is subject to supervision on consolidated basis under Chapter 3 of Title VII of the CRD, the European regulatory authority acting as the consolidating supervisor; and

(k) the ESRB and the Central Bank.

(4) Where the transmission of information referred to in sub-regulation (3)(f) and (g) does not guarantee the appropriate level of confidentiality, the Authority or the Resolution Committee shall establish alternative communication procedures that achieve the same objectives while ensuring the appropriate level of confidentiality.