What changed between the adopted text of 24 Apr 2024 and the adopted text of 26 Mar 2026

Removed:(13) Article 12g is amended as follows:

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

Removed:(i) the second subparagraph is replaced by the following:

Removed:‘The Board, after having consulted the competent authorities, including the ECB, may decide to apply the requirement laid down in this Article to an entity as referred to in Article 2, point (b), and to a financial institution as referred to in Article 2, point (c), that is a subsidiary of a resolution entity but is not itself a resolution entity.’;

Removed:(ii) in the third subparagraph, the words ‘first subparagraph’ are replaced by the words ‘first and second subparagraphs’;

Removed:(b) the following paragraph 4 is added:

Removed:‘4. 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, where established pursuant to Article 89 of Directive 2014/59/EU, agree with that strategy, subsidiaries established in the Union or, on a consolidated basis, the Union parent undertaking, shall comply with the requirement of Article 12a(1) by issuing the instruments referred to in paragraph 2, points (a) and (b), of this Article to any of the following:

Removed:(a) their ultimate parent undertaking established in a third country;

Removed:(b) the subsidiaries of that ultimate parent undertaking that are established in the same third country;

Removed:(c) other entities under the conditions set out in paragraph 2, points (a)(i) and (b)(ii), of this Article.’;

Removed:(14) Article 12k is amended as follows:

Removed:(a) ▌ the following paragraph is ▌inserted:

Removed:‘1a. By way of derogation from Article 12a(1), the Board shall determine appropriate transitional periods for entities to comply with the requirements in Articles 12f or 12g, or with the requirements that result from the application of Article 12c(4), (5) or (7), as appropriate, if institutions or entities are subject to those requirements following the entry into force of [this amending Regulation]. The deadline for entities to comply with the requirements in Articles 12f or 12g or the requirements that result from the application of Article 12c(4), (5) or (7) shall be ... [four years from the date of application of this amending Regulation].

Removed:The Board shall determine intermediate target levels for the requirements in Articles 12f or 12g or for the requirements that result from the application of Article 12c(4), (5) or (7), as appropriate, that entities referred to in the first subparagraph of this paragraph shall comply with by ... [two years from the date of application of this amending Regulation]. The intermediate target levels, as a rule, shall ensure a linear build-up of own funds and eligible liabilities towards the requirement.

Removed:The Board may set a transitional period that ends after ... [four years from the date of application of this amending Regulation] where duly justified and appropriate on the basis of the criteria referred to in paragraph 7, taking into consideration:

Removed:(a) the development of the entity’s financial situation;

Removed:(b) the prospect that the entity will be able to ensure compliance in a reasonable timeframe with the requirements in Articles 12f or 12g or with a requirement that results from the application of Article 12c(4), (5) or (7); and

Removed:(c) whether the entity is able to replace liabilities that no longer meet the eligibility or maturity criteria, and if not, whether that inability is of an idiosyncratic nature or is due to market-wide disturbance.’;

Removed:(b) in paragraph 3, point (a), the words ‘the Board or the national resolution authority’ are replaced by the words ‘the Board’;

Removed:(c) in paragraph 4, the words ‘G-SII’ are replaced by the words ‘G-SII or a non-EU G-SII’;

Removed:(d) in paragraphs 5 and 6, the words ‘the Board and the national resolution authorities’ are replaced by the words ‘the Board’;

Removed:(15) Article 13 is replaced by the following:

Removed:‘Article 13

Removed:Early intervention measures

Removed:1. The ECB shall consider without undue delay and, if appropriate, shall apply early intervention measures where an entity as referred to in Article 7(2)(a) meets any of the following conditions:

Removed:(a) the entity meets the conditions referred to in Article 102 of Directive 2013/36/EU or in Article 16(1) of Regulation (EU) No 1024/2013 and either of the following applies:

Removed:(i) the entity has not taken the remedial actions required by the ECB, including the measures referred to in Article 104 of Directive 2013/36/EU, Article 16(2) of Regulation (EU) No 1024/2013 or Article 49 of Directive (EU) 2019/2034;

Removed:(ii) the ECB deems that remedial actions other than early intervention measures are insufficient to address the problems▌;

Removed:(b) the entity infringes or is likely to infringe in the 12 months following the assessment of the ECB the requirements laid down in Title II of Directive 2014/65/EU, in Articles 3 to 7, 14 to 17, or 24, 25 and 26 of Regulation (EU) No 600/2014, or in Articles 12f or 12g of this Regulation.

Removed:Where there is a significant deterioration of conditions, or adverse circumstances arise or new information is obtained about an entity, the ECB may determine that the condition referred to in the first subparagraph, point (a)(ii), is met without having previously taken other remedial actions, including the exercise of the powers referred to in Article 104 of Directive 2013/36/EU or in Article 16(2) of Regulation (EU) No 1024/2013.

Removed:For the purposes of the first subparagraph, point (b), the ECB, or, as appropriate, the competent authority under Directive 2014/65/EU, or the Board shall inform the national competent authority without delay of the infringement or likely infringement.

Removed:2. For the purposes of paragraph 1, early intervention measures shall include the following:

Removed:(a) the requirement for the management body of the entity to do either of the following:

Removed:(i) to implement one or more of the arrangements or measures set out in the recovery plan;

Removed:(ii) to update the recovery plan in accordance with Article 5(2) of Directive 2014/59/EU where the circumstances that led to the early intervention are different from the assumptions set out in the initial recovery plan and to implement one or more of the arrangements or measures set out in the updated recovery plan within a specific timeframe;

Removed:(b) the requirement for the management body of the entity to convene or, if the management body fails to comply with that requirement, convene directly, a meeting of shareholders of the entity, and in both cases set the agenda and require certain decisions to be considered for adoption by the shareholders;

Removed:(c) the requirement for the management body of the entity to draw up an action plan, in accordance with the recovery plan where applicable, for negotiation on restructuring of debt with some or all of its creditors;

Removed:(d) the requirement to change the legal structure of the institution;

Removed:(e) the requirement to remove or replace the senior management or management body of the entity in its entirety or with regard to individuals, in accordance with Article 13a;

Removed:(f) the appointment of one or more temporary administrators to the entity, in accordance with Article 13b;

Removed:(fa) the requirement for the management body of the entity to draw up a plan that the entity can implement where the relevant corporate body decides to initiate the voluntary winding down of the entity.

Removed:3. The ECB shall choose the appropriate and timely early intervention measures based on what is proportionate to the objectives pursued, having regard to the seriousness of the infringement or likely infringement and the speed of the deterioration in the financial situation of the entity, among other relevant information.

Removed:4. For each of the measures referred to in paragraph 2, the ECB shall set a deadline that is appropriate for completion of that measure and that enables the ECB to evaluate its effectiveness.

Removed:The evaluation of the measure shall be carried out immediately after the deadline is reached and shared with the Board and relevant national resolution authorities. Where the evaluation concludes that the measures have not been fully implemented or are not effective, the ECB or the relevant national competent authority shall make an assessment of the condition referred to in Article 18(1), point (a), after having consulted the Board and the relevant national resolution authority.

Removed:5. Where a group includes entities established in participating Member States as well as in non-participating Member States, the ECB shall represent the national competent authorities of the participating Member States for the purposes of consultation and cooperation with non-participating Member States in accordance with Article 30 of Directive 2014/59/EU.

Removed:Where a group includes entities established in participating Member States and subsidiaries established, or significant branches located, in non-participating Member States, the ECB shall communicate any decisions or measures referred to in Articles 13 to 13c relevant to the group to the competent authorities or the resolution authorities of the non-participating Member States, as appropriate, in a timely manner.’;

Removed:(16) the following Articles 13a, 13b and 13c are inserted:

Removed:‘Article 13a

Removed:Replacement of the senior management or management body

Removed:For the purposes of Article 13(2), point (e), the new senior management or management body, or individual members of those bodies, shall be appointed in accordance with Union and national law and be subject to the approval of the ECB.

Removed:Article 13b

Removed:Temporary administrator

Removed:1. For the purposes of Article 13(2), point (f), the ECB may, based on what is proportionate in the circumstances, appoint any temporary administrator to do either of the following:

Removed:(a) temporarily replace the management body of the entity;

Removed:(b) work temporarily with the management body of the entity.

Removed:The ECB shall specify its choice under points (a) or (b) at the time of appointment of the temporary administrator.

Removed:For the purposes of the first subparagraph, point (b), the ECB shall further specify at the time of the appointment of the temporary administrator the role, duties and powers of that temporary administrator and any requirements for the management body of the entity to consult or to obtain the consent of the temporary administrator prior to taking specific decisions or actions.

Removed:The ECB shall make public the appointment of any temporary administrator, except where the temporary administrator does not have the power to represent or make decisions on behalf of the entity.

Removed:Any temporary administrator shall fulfil the requirements set out in Article 91(1), (2) and (8) of Directive 2013/36/EU. The assessment by the ECB of whether the temporary administrator complies with those requirements shall be an integral part of the decision to appoint that temporary administrator.

Removed:2. The ECB shall specify the powers of the temporary administrator at the time of his or her appointment, based on what is proportionate in the circumstances. Such powers may include some or all of the powers of the management body of the entity, under the statutes of the entity and under national law, including the power to exercise some or all of the administrative functions of the management body of the entity. The powers of the temporary administrator in relation to the entity shall comply with the applicable company law. Such powers may be adjusted in the event of a change in circumstances by the ECB.