S.L. 330.9 Art. 92Group resolution.

(1) Where the Resolution Committee in its capacity as the group-level resolution authority decides that a Union parent undertaking for which it is responsible meets the conditions referred to in regulations 32 or 33 it shall notify the information referred to in regulation 91(1)(a) and (b) without delay to the consolidating supervisor, if different, and to the other members of the resolution college of the group in question.

(2) The resolution actions or insolvency measures for the purposes of regulation 91(1)(b) may include the implementation of a group resolution scheme drawn up in accordance with regulation 91(6) in any of the following circumstances:

(a) resolution actions or other measures at parent level notified in accordance with regulation 91(1)(b) make it likely that the conditions laid down in regulations 32 or 33 would be fulfilled in relation to a group entity in another Member State;

(b) resolution actions or other measures at parent level only are not sufficient to stabilise the situation or are not likely to provide an optimum outcome;

(c) one or more subsidiaries meet the conditions referred to in regulations 32 or 33 according to a determination by the European resolution authorities responsible for those subsidiaries; or

(d) resolution actions or other measures at group level will benefit the subsidiaries of the group in a way which makes a group resolution scheme appropriate.

(3) Where the actions proposed by the Resolution Committee, in its capacity as the group-level resolution authority, under sub-regulations (1) and (2) do not include a group resolution scheme, the Resolution Committee in its capacity as the group-level resolution authority shall take its decision after consulting the members of the resolution college: Provided that the decision of the group-level resolution authority shall take into account:

(a) and follow the resolution plans as referred to in regulation 13 unless the Resolution Committee and the European resolution authorities concerned assesses, taking into account circumstances of the case, that the resolution objectives will be achieved more effectively by taking actions which are not provided for in the resolution plans;

(b) the financial stability of Malta and of the Member States concerned.

(4) Where the actions proposed by the Resolution Committee, in its capacity as the group-level resolution authority, under sub-regulation (1) include a group resolution scheme, the group resolution scheme shall take the form of a joint decision of the Resolution Committee, in its capacity as the group-level resolution authority, and the European resolution authorities responsible for the subsidiaries that are covered by the group resolution scheme: Provided that where the Resolution Committee is responsible for a subsidiary that is covered by a group resolution scheme, and the action proposed by a European resolution authority acting as the group-level resolution authority in accordance with Article 92(1) of the BRRD includes a group resolution scheme, the group resolution scheme shall take the form of a joint decision of the Resolution Committee, the European resolution authority acting as the group-level resolution authority and the European resolution authority responsible for the other subsidiaries that are covered by the group resolution scheme, if any:

Provided further that the Resolution Committee may request the EBA to assist the authorities mentioned in this sub-regulation in reaching a joint decision in accordance with Article 31(c) of Regulation (EU) No 1093/2010.

(5) Where the Resolution Committee is responsible for a subsidiary that is covered by a group resolution scheme, if the Resolution Committee disagrees with or departs from the group resolution scheme proposed by the European resolution authority acting as the group-level resolution authority or considers that it needs to take independent resolution actions or measures other than those proposed in the scheme in relation to an institution or entity referred to in paragraphs (b), (c) or (d) of the definition "entity" in regulation 2(1) for reasons of financial stability, it shall set out in detail the reasons for the disagreement or the reasons to depart from the group resolution scheme, notify the European resolution authority acting as the group-level resolution authority and the relevant European resolution authorities that are covered by the group resolution scheme of the reasons and inform them about the actions or measures it intends to take: Provided that when setting out the reasons for its disagreement, the Resolution Committee shall give consideration to the resolution plans as referred to in regulation 13, the potential impact on financial stability in Malta and in the Member States concerned as well as the potential effect of the actions or measures on other parts of the group.

(6) Where the Resolution Committee is responsible for a subsidiary that is covered by a group resolution scheme and the Resolution Committee does not disagree with the group resolution scheme under sub-regulation (5), it may, together with any European resolution authorities which do not disagree with the group resolution scheme under Article 92(4) of the BRRD, reach a joint decision on a group resolution scheme covering group entities in Malta and in the relevant Member States.

(7) The joint decision referred to in sub-regulations (4) or (6) and any decisions taken by the European resolution authorities in the absence of a joint decision referred to in Article 92(4) of the BRRD shall be recognised as conclusive and applied by the Resolution Committee in Malta.

(8) The Resolution Committee shall perform all actions under this regulation without delay, and with due regard to the urgency of the situation: Provided that, where a group resolution scheme is not implemented and the Resolution Committee takes a resolution action in relation to any group entity, the Resolution Committee shall co-operate closely with the relevant European resolution authorities within the resolution college with a view to achieving a coordinated resolution strategy for all affected group entities: Provided further that where the Resolution Committee takes a resolution action in relation to any group entity, it shall inform the members of the resolution college regularly and fully about those actions or measures and their on-going progress.