S.L. 330.9 Art. 88Resolution colleges.

(1) Subject to regulation 89, where the Resolution

Committee is the group-level resolution authority, the Resolution

Committee shall establish resolution colleges to carry out the tasks referred to in regulations 12, 13, 16, 45, 45A to 45H, 91 and 92, and, where appropriate, to ensure cooperation and coordination with third-country resolution authorities. In particular, resolution colleges shall provide a framework for the Resolution Committee in its capacity as the group-level resolution authority, the other European resolution authorities and, where appropriate, the Authority, the other European regulatory authorities concerned and the consolidating supervisor to perform the following tasks:

(a) exchanging information relevant for the development of group resolution plans, for the application to groups of preparatory and preventative powers and for group resolution;

(b) developing group resolution plans pursuant to regulations 12 and 13;

(c) assessing the resolvability of groups pursuant to regulation 16;

(d) exercising powers to address or remove impediments to the resolvability of groups pursuant to regulation 18;

(e) deciding on the need to establish a group resolution scheme as referred to in regulation 91 or 92;

(f) reaching the agreement on a group resolution scheme proposed in accordance with regulation 91 or 92;

(g) coordinating public communication of group resolution strategies and schemes;

(h) coordinating the use of financing arrangements established under Title VII of the BRRD;

(i) setting the minimum requirements for groups at consolidated and subsidiary level under regulations 45, 45A to 45H. Provided that resolution colleges may be used as a forum to discuss any issues relating to cross-border group resolution.

(2) The following shall be members of the resolution college:

(a) the Resolution Committee in its capacity as the group-level resolution authority;

(b) the European resolution authorities of each Member State in which a subsidiary covered by consolidated supervision is established;

(c) the European resolution authorities where a parent undertaking of one or more institutions of the group, that is an entity referred to in paragraph (d) of the definition "entity" in regulation 2(1), are established;

(d) the European resolution authorities in which significant branches are located;

(e) the consolidating supervisor, the Authority and the European regulatory authorities of the Member States where the European resolution authority is a member of the resolution college: Provided that the Authority may decide to be accompanied by a representative from the Central Bank: Provided further that where a European regulatory authority is not the Member State’s central bank, such a European regulatory authority may decide to be accompanied by a representative from the Member State’s central bank;

(f) the Ministry responsible for Finance and, where the European resolution authorities which are members of the resolution college are not the competent ministries, the competent ministries;

(g) the authority that is responsible for the deposit guarantee scheme, where the Resolution Committee is a member of a resolution college;

(h) the EBA: Provided that the EBA shall be invited to attend the meetings of the resolution college in order to contribute to the promotion and the monitoring of the efficient, effective and consistent functioning of the resolution college: Provided further that to the extent that any voting takes place within the framework of the resolution college, the EBA shall not have any voting rights.

(3) The third-country resolution authorities where a parent undertaking or an institution established in the European Union has a subsidiary institution or a branch that would be considered to be significant were it located in the European Union may, at their request, be invited to participate in the resolution college as observers, provided that they are subject to confidentiality requirements equivalent, in the opinion of the Resolution Committee in its capacity as group-level resolution authority, to those established by regulation 98.

(4) The Resolution Committee in its capacity as the group-level resolution authority shall be the chair of the resolution college. In that capacity it shall:

(a) establish written arrangements and procedures for the functioning of the resolution college, after consulting the other members of the resolution college;

(b) coordinate all activities of the resolution college;

(c) convene and chair all its meetings and keep all members of the resolution college fully informed in advance of the organisation of meetings of the resolution college, of the main issues to be discussed and of the items to be considered;

(d) notify the members of the resolution college of any planned meetings so that they can request to participate;

(e) decide which members and observers shall be invited to attend particular meetings of the resolution college, on the basis of specific needs, taking into account the relevance of the issue to be discussed for those members and observers, in particular the potential impact on financial stability in the Member States concerned;

(f) keep all of the members of the college informed, in a timely manner, of the decisions and outcomes of those meetings.

(5) The members participating in the resolution college shall cooperate closely.

(6) The Resolution Committee in its capacity as the group-level resolution authority is not obliged to establish a resolution college if other groups or colleges perform the same functions and carry out the same tasks specified in this regulation and comply with all the conditions and procedures, including those covering membership and participation in resolution colleges, established in this regulation and in regulation 90. In such a case, all references to resolution colleges in these regulations shall also be understood as references to those other groups or colleges.

(7) Where the Resolution Committee is not a group-level resolution authority and a European resolution authority acting as a group-level resolution authority establishes a resolution college in accordance with Article 88 of the BRRD, notwithstanding paragraph (e) of Article 88(5) of the BRRD, the Resolution Committee shall be entitled to participate in the meetings of such a resolution college whenever matters subject to joint decision-making or relating to a group entity located in Malta are on the agenda.