S.L. 330.9 Art. 89European resolution colleges.

(1)Where a third-country institution or third-country parent undertaking has subsidiaries established in the Union or Union parent undertakings established in Malta and at least another

Member State, or two or more Union branches that are regarded as significant by Malta and at least another Member State, the Resolution Committee together with the European resolution authority where those entities are established or where those significant branches are located shall establish one single European resolution college.

(2) The European resolution college referred to in sub-regulation (1) shall perform the functions and carry out the tasks specified in regulation 88 with respect to the entities referred to in sub-regulation (1) and, in so far as those tasks are relevant, to their branches: Provided that, the tasks referred to in this sub-regulation shall include the setting of the requirement referred to in regulations 45 and 45A to 45H in relation to which the members of the European resolution college shall take into consideration the global resolution strategy, if any, adopted by third-country authorities when setting the said requirement: Provided further that, where in accordance with the global resolution strategy, subsidiaries established in the Union or a Union parent undertaking and its subsidiary institutions are not resolution entities and the members of the European resolution college agree with that strategy, subsidiaries established in the Union or, on a consolidated basis, the Union parent undertaking shall comply with the requirement of regulation 45F(1) by issuing instruments referred to in paragraphs (a) and (b) of regulation 45F(2) to their ultimate parent undertaking established in a third country, or to the subsidiaries of that ultimate parent undertaking that are established in the same third country or to other entities under the conditions set out in paragraphs (a)(i) and (b)(ii) of regulation 45F(2).

(3) Where only one Union parent undertaking holds all Union subsidiaries of a third-country institution or third-country parent undertaking, the European resolution college shall be chaired by the resolution authority of the Member State where the Union parent undertaking is established:

Provided that, where sub-regulation (5) does not apply, the resolution authority of a Union parent undertaking or a Union subsidiary with the highest value of total on-balance sheet assets held shall chair the European resolution college.

(4) Malta together with other relevant Member States may, by mutual agreement of all of the relevant parties, waive the requirement to establish a European resolution college if another group or college performs the same functions and carries out the same tasks specified in this regulation and complies with all of the conditions and procedures, including those covering membership and participation in European resolution colleges, established in Articles 89 and 90 of the BRRD: Provided that, in such a case, all references to European resolution colleges in these regulations shall also be understood as references to those other groups or colleges.

(5) Subject to sub-regulations (3) and (4), the European resolution college shall otherwise function in accordance with Article 88 of the BRRD.