in force 2020-12-28 INSERTED+1,688 −0§
Amended by Regulation (EU) 2019/877 32019R0877
applies from: unknown (an inserted provision states its own application date only in prose)
Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it and the amending act's instructions do not mention it. All are shown; none is overruled.
Article 12h is a newly added provision setting out conditions under which the Board may waive the minimum own funds and eligible liabilities requirement for a subsidiary that is not itself a resolution entity.
It sets two distinct sets of conditions for such a waiver: one applying where the subsidiary and the resolution entity are in the same participating Member State and resolution group and the resolution entity meets the requirement in Article 12f, and another applying where the subsidiary and its parent undertaking are in the same participating Member State and resolution group and the parent meets the consolidated requirement in Article 12a(1), each also requiring the absence of current or foreseen material practical or legal impediments to prompt transfer of funds or repayment of liabilities as determined under Article 21(3).
Cited: Art. 12h, v2
text before / after
inserted text (02014R0806-20201228)
Article 12h Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entities 1. The Board may waive the application of Article 12g in respect of a subsidiary of a resolution entity established in a participating Member State where: (a) both the subsidiary and the resolution entity are established in the same participating Member State and are part of the same resolution group; (b) the resolution entity complies with the requirement referred to in Article 12f; (c) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities by the resolution entity to the subsidiary in respect of which a determination has been made in accordance with Article 21(3), in particular where resolution action is taken in respect of the resolution entity. 2. The Board may waive the application of Article 12g in respect of a subsidiary of a resolution entity established in a participating Member State where: (a) both the subsidiary and its parent undertaking are established in the same participating Member State and are part of the same resolution group; (b) the parent undertaking complies on a consolidated basis with the requirement referred to in Article 12a(1) in that participating Member State; (c) there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities by the parent undertaking to the subsidiary in respect of which a determination has been made in accordance with Article 21(3), in particular where resolution action is taken in respect of the parent undertaking.