in force 2022-11-14 INSERTED+1,631 −0§
Amended by Regulation (EU) 2022/2036 32022R2036
applies from: unknown (an inserted provision states its own application date only in prose)
Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.
This article is entirely new text, setting out a derogation from Article 72e(4) that allows a resolution authority of a parent institution, after considering the opinion of relevant subsidiary resolution authorities, to permit an adjusted calculation of amounts mi using alternative definitions of ri and wi based on risk-based and non-risk-based capital requirements applicable to a third-country subsidiary.
It also adds a second paragraph specifying conditions under which such permission may be granted where the subsidiary is in a third country lacking an applicable local resolution regime, namely the absence of practical or legal impediments to asset transfer or a third-country authority opinion confirming such transfer is possible.
Cited: Art. 477a, v2
text before / after
inserted text (02013R0575-20230101)
Article 477a Deductions from eligible liabilities items 1. By way of derogation from Article 72e(4) and until 31 December 2024, the resolution authority of a parent institution, after duly considering the opinion of the resolution authorities or relevant third-country authorities of any subsidiaries concerned, may permit that the adjusted amount mi be calculated by using the following definition of ri, and wi: ri the total risk-based capital requirement applicable to subsidiary i in the third country where it has its head office, insofar as that requirement is met with instruments that would be considered own funds under this Regulation; wi the total non-risk-based Tier 1 capital requirement applicable to subsidiary i in the third country where it has its head office, insofar as that requirement is met with instruments that would be considered Tier 1 capital under this Regulation. 2. The resolution authority may grant the permission referred to in paragraph 1 where the subsidiary is established in a third country that does not yet have in place an applicable local resolution regime if at least one of the following conditions is met: (a) there is no current or foreseen material practical or legal impediment to the prompt transfer of assets from the subsidiary to the parent institution; (b) the relevant third-country authority of the subsidiary has provided an opinion to the resolution authority of the parent institution that assets equal to the amount to be deducted by the subsidiary in accordance with Article 72e(4), second subparagraph, could be transferred from the subsidiary to the parent institution.