Implementing regulation 2016/911 - Implementing technical standards with regard to the form and the content of the description of group financial support agreements in accordance with Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
Contents
official title
Commission Implementing Regulation (EU) 2016/911 of 9 June 2016 laying down implementing technical standards with regard to the form and the content of the description of group financial support agreements in accordance with Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms| Legal instrument | Implementing regulation |
|---|---|
| Number legal act | Implementing regulation 2016/911 |
| CELEX number i | 32016R0911 |
| Document | 09-06-2016; Date of adoption |
|---|---|
| Publication in Official Journal | 10-06-2016; OJ L 153 p. 25-27 |
| Effect | 30-06-2016; Entry into force Date pub. +20 See Art 3 |
| End of validity | 31-12-9999 |
10.6.2016 |
EN |
Official Journal of the European Union |
L 153/25 |
COMMISSION IMPLEMENTING REGULATION (EU) 2016/911
of 9 June 2016
laying down implementing technical standards with regard to the form and the content of the description of group financial support agreements in accordance with Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (1), and in particular Article 26(2) thereof,
Whereas:
(1) |
Chapter III — Title II of Directive 2014/59/EU sets rules for group financial support agreements to provide financial support among a Union parent institution, or an entity referred to in point (b), (c) or (d) of Article 1(1) of Directive 2014/59/EU and its subsidiaries in other Member States or third countries that are institutions or financial institutions covered by the consolidated supervision of the parent undertaking, provided that the entity receiving the support meets the conditions for early intervention. This allows transfers of funding in a situation where a group entity is in severe distress. To make informed investment decisions, creditors and investors need transparency regarding risks and potential obligations resulting from these agreements and the chances of a recovery of the group resulting from the support agreement. Therefore the agreement should be in a form easily accessible to the public, comparable to financial statements. |
(2) |
The general terms of the group financial support agreement to be disclosed should include relevant information, such as the maximum amount of support, the principles for calculation of the consideration for the provision of the support, a general description of the maturity profile and the maximum term of loans provided as support. However, the disclosure should respect the need for confidentiality of more specific information. |
(3) |
This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority to the Commission. |
(4) |
The European Banking Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council (2), |
HAS ADOPTED THIS REGULATION:
Article 1
Form of disclosure
Each institution that is a party to a group financial support agreement entered into pursuant Article 19 of Directive 2014/59/EU shall make disclosures in accordance with Article 2 of this Regulation on its website in a form that ensures accessibility to the public.
To the extent the institution discloses financial statements of the group the disclosure shall be made in the same form as established for the non-quantitative information included in the financial statements.
Article 2
Terms to be disclosed
-
1.Institutions shall disclose at least the following information:
(a) |
the names of the group entities being a party to the group financial support agreement; |
(b) |
the form the support may... |
More
This text has been adopted from EUR-Lex.
This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.
This page is also available in a full version containing the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and the related cases of the European Court of Justice.
The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.
The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.