What changed between the draft committee report and the plenary report

Added:(41) Article 55 is amended as follows:

Added:(a) in paragraph 1, point (b) is replaced by the following:

Added:‘(b) the liability is not a deposit as referred to in Article 108(1), points (a) or (b)’;

Added:(b) in paragraph 2, the fifth and sixth subparagraphs are replaced by the following:

Added:‘Where the resolution authority, in the context of the assessment of the resolvability of an institution or entity referred to in Article 1(1), points (b), (c) or (d), in accordance with Articles 15 and 16, or at any other time, determines that, within a class of liabilities which includes eligible liabilities, the amount of liabilities that do not include the contractual term referred to in paragraph 1 of this Article, together with the liabilities which are excluded from the application of the bail-in tool in accordance with Article 44(2) or which are likely to be excluded in accordance with Article 44(3), amounts to more than 10 % of that class, it shall immediately assess the impact of that particular fact on the resolvability of that institution or entity, including the impact on the resolvability resulting from the risk of breaching the creditor safeguards provided in Article 73 when applying write-down and conversion powers to eligible liabilities.

Added:Where the resolution authority concludes, on the basis of the assessment referred to in the fifth subparagraph of this paragraph, that the liabilities which do not include the contractual term referred to in paragraph 1 of this Article create a substantive impediment to resolvability, it shall apply the powers provided in Article 17 as appropriate to remove that impediment to resolvability.’;

Added:(c) the following paragraph is inserted:

Added:‘2a. Institutions and entities referred to in Article 1(1), point (b), (c) or (d), shall report to the resolution authority on an annual basis the following:

Added:(a) the total outstanding amounts of all liabilities governed by the law of a third country;

Added:(b) for the items referred in point (a):

Added:(i) their composition, including their maturity profile;

Added:(ii) their ranking in normal insolvency proceedings;

Added:(iii) whether the liability is excluded under Article 44(2);

Added:(iv) whether they include in the contractual provisions the term required by paragraph 1;

Added:(v) where a determination has been made that it is legally or otherwise impracticable to include the contractual recognition of bail-in clause in accordance with paragraph 2, the category of the liability pursuant to paragraph 7.

Added:Where institutions and entities are part of a resolution group, the report shall be done by the resolution entity concerning the resolution group, to the extent required by paragraph 1, second and third subparagraphs.’;

Added:(d) the following paragraph is added:

Added:‘8a. EBA shall develop draft implementing technical standards to specify procedures and uniform formats and templates for the reporting to resolution authorities referred to in paragraph 2a.

Added:EBA shall submit those draft implementing technical standards to the Commission by ... [one year from the date of entry into force of this amending Directive].

Added:Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.’;

Added:(42) Article 59 is amended as follows:

Added:(a) in paragraph 3, point (e) is replaced by the following:

Added:‘(e) extraordinary public financial support is required by the institution or the entity referred to in Article 1(1), points (b), (c) or (d), except where that support is granted in one of the forms referred to in Article 32c.’;

Added:(b) in paragraph 4, point (b) is replaced by the following:

Added:‘(b) having regard to timing, the need to implement effectively the write down and conversion powers or the resolution strategy for the resolution group, and other relevant circumstances, there is no reasonable prospect that any action, including alternative private sector measures, supervisory action or early intervention measures, other than the write down or conversion of capital instruments and eligible liabilities as referred to in paragraph 1a, would prevent the failure of the institution or the entity referred to in Article 1(1), points (b), (c) or (d), or the group within a reasonable timeframe.’;

Added:(43) Article 63 is amended as follows:

Added:(a) paragraph 1 is amended as follows:

Added:(i) point (m) is replaced by the following:

Added:‘(m) the power to require the competent authority to assess the acquirer of a qualifying holding in a timely manner by way of derogation from the time-limits laid down in Article 22 of Directive 2013/36/EU and Article 12 of Directive 2014/65/EU;’;

Added:(ii) the following point (n) is added:

Added:‘(n) the power to make requests pursuant to Article 17(5) of Regulation (EU) No 596/2014 on behalf of the institution under resolution.’;

Added:(b) in paragraph 2, point (a) is replaced by the following:

Added:‘(a) subject to Article 3(6) and Article 85(1), requirements to obtain approval or consent from any person either public or private, including the shareholders or creditors of the institution under resolution and the competent authorities for the purposes of Articles 22 to 27 of Directive 2013/36/EU;’;

Added:(44) Article 71a(3) is replaced by the following:

Added:‘3. Paragraph 1 shall apply to any financial contract which complies with all of the following:

Added:(a) the contract creates a new obligation, or materially amends an existing obligation after the entry into force of the provisions adopted at national level to transpose this Article;’

Added:(b) the contract provides for the exercise of one or more termination rights or rights to enforce security interests to which Article 33a, 68, 69, 70 or 71 would apply if the financial contract were governed by the laws of a Member State.’;

Added:(45) in Article 74(3), the following point (d) is added:

Added:‘(d) when determining the losses that the deposit guarantee scheme would have incurred had the institution been wound up under normal insolvency proceedings, apply the criteria and methodology referred to in Article 11e of Directive 2014/49/EU and in any delegated act adopted pursuant to that Article.’;

Added:(45a) in Article 84, the following paragraph is inserted:

Added:‘6a. This Article shall not preclude the exchange of information between resolution authorities and tax authorities in the same Member State to the extent that such exchange is laid down in the national law of that Member State. Where that information originates in another Member State, it shall only be disclosed with the express agreement of the relevant authority which has disclosed it.’;

Added:(46) in Article 88, the following paragraph 6a is inserted:

Added:‘6a. To facilitate the tasks referred to in Articles 10(1), 15(1) and 17(1) and to exchange any relevant information, the resolution authority of an institution with significant branches in other Member States shall establish and chair a resolution college.

Added:The resolution authority of the institution referred to in the first subparagraph shall decide which authorities participate in a meeting or in an activity of the resolution college, taking into account the relevance of the activity to be planned or coordinated for those authorities, in particular the potential impact on the stability of the financial system in the Member States concerned and the tasks referred to in the first subparagraph.

Added:The resolution authority of the institution referred to in the first subparagraph shall keep all members of the resolution college fully informed, in advance, of the organisation of such meetings, the main issues to be discussed and the activities to be considered. The resolution authority of the institution referred to in the first subparagraph shall also keep all the members of the college fully informed, in a timely manner, of the actions taken in those meetings or the measures carried out.’;

Added:(46a) in Article 90, the following paragraph is added:

Added:‘4a. Article 84 shall not preclude the exchange of information between resolution authorities and tax authorities in the same Member State to the extent that such exchange is laid down in the national law of that Member State. Where that information originates in another Member State, it shall only be disclosed with the express agreement of the relevant authority which has disclosed it.’;

Added:(47) Article 91 is amended as follows:

Added:(a) paragraph 1 is replaced by the following:

Added:‘1. Where a resolution authority decides that an institution or any entity as referred to in Article 1(1), points (b), (c) or (d), that is a subsidiary in a group, meets the conditions referred to in Article 32 or 33, that authority shall notify without delay to the group-level resolution authority, if different, to the consolidating supervisor, and to the members of the resolution college for the group in question the following information:

Added:(a) the decision that the institution or entity referred to in Article 1(1), points (b), (c) or (d), meets the conditions referred to in Article 32(1), points (a) and (b), or in Article 33(1) or (2) as applicable, or the conditions referred to in Article 33(4);

Added:(b) the outcome of the assessment of the condition referred to in Article 32(1), point (c);

Added:(c) the resolution actions or insolvency measures that the resolution authority considers to be appropriate for that institution or that entity.

Added:The information referred to in the first subparagraph may be included in the notifications communicated pursuant to Article 81(3) to the addressees referred to in the first subparagraph of this paragraph.’;

Added:(b) in paragraph 7, the second subparagraph is replaced by the following:

Added:‘EBA may, at the request of a resolution authority, assist the resolution authorities in reaching a joint decision in accordance with Article 31(2), point (c), of Regulation (EU) No 1093/2010.’;

Added:(48) in Article 92(3), the second subparagraph is replaced by the following:

Added:‘EBA may, at the request of a resolution authority, assist the resolution authorities in reaching a joint decision in accordance with Article 31(2), point (c), of Regulation (EU) No 1093/2010.’;

Added:(49) in Article 97, paragraph 4 is replaced by the following:

Added:‘4. Resolution authorities shall conclude non-binding cooperation arrangements with the relevant third-country authorities referred to in paragraph 2 of this Article where appropriate. Those arrangements shall be in line with EBA framework arrangement.