Article 62 Partial transfers: protection of trading, clearing and settlement systems
1. Member States shall ensure that the application of a resolution tool does not affect the operation of systems and rules of systems covered by Directive 98/26/EC, where the resolution authority does either of the following: (a) transfers some, but not all of the assets, rights or liabilities of an undertaking under resolution to another entity; (b) uses the ancillary powers referred to in Article 43 to cancel or amend the terms of a contract to which the undertaking under resolution is a party or to substitute a recipient as a party. 2. A transfer, cancellation or amendment as referred to in paragraph 1 of this Article shall not: (a) revoke a transfer order in contravention of Article 5 of Directive 98/26/EC; (b) modify or negate the enforceability of transfer orders and netting as required by Articles 3 and 5 of Directive 98/26/EC, the use of funds, securities or credit facilities as required by Article 4 of that Directive or the protection of collateral security as required by Article 9 of that Directive.
Article 63 Notification requirements
1. Member States shall require the administrative, management or supervisory body of an entity as referred to in Article 1(1), points (a) to (e), to notify the supervisory authority where those bodies consider that the entity referred to in Article 1(1), points (a) to (e), is failing or likely to fail, within the meaning specified in Article 19(4). 2. Supervisory authorities shall inform the resolution authorities concerned of: (a) any notifications received under paragraph 1 of this Article, under Article 136, Article 138(1) and Article 139(1) of Directive 2009/138/EC; (b) any actions the supervisory authority requires the entity referred to in Article 1(1), points (a) to (e), to take pursuant to the exercise of the powers it has under Article 15 or 16 of this Directive, and under Article 136a, Article 137, Article 138(3) and (5), Article 139(3), and Articles 140, 141 and 144 of Directive 2009/138/EC; (c) any extension of the recovery period pursuant to Article 138(4) of Directive 2009/138/EC. The supervisory authorities shall also provide the resolution authorities with a copy of the recovery plan that the entity referred to in Article 1(1), points (a) to (e), of this Directive has submitted pursuant to Article 138(2) of Directive 2009/138/EC, a copy of the finance scheme that the entity referred to in Article 1(1), points (a) to (e), of this Directive has submitted pursuant to Article 139(2) of Directive 2009/138/EC and the supervisory authorities’ opinion on those documents, as applicable. 3. A supervisory authority or resolution authority that determines that the conditions referred to in Article 19(1), points (a) and (b), are met in relation to an entity referred to in Article 1(1), points (a) to (e), shall communicate that determination without delay to the following authorities, if different: (a) the resolution authority for that entity; (b) the supervisory authority for that entity; (c) the supervisory authority of any Member State where that entity carries out significant cross-border activities; (d) the resolution authority of any Member State where that entity carries out significant cross-border activities; (e) the insurance guarantee scheme to which that entity is affiliated, where applicable and where necessary to enable the functions of the insurance guarantee scheme to be discharged; (f) where applicable, the group-level resolution authority; (g) the competent ministry; (h) where applicable, the group supervisor; (i) the European Systemic Risk Board and the designated national macroprudential authority; (j) where the entity is part of a financial conglomerate, the relevant resolution authority designated in accordance with Article 3 of Directive 2014/59/EU and the relevant competent authority within the meaning of Directive 2013/36/EU of the European Parliament and of the Council ( 24 ) and Regulation (EU) No 575/2013.
Article 64 Decision of the resolution authority
1. On receiving a communication from the supervisory authority pursuant to Article 63(3), or on its own initiative, the resolution authority shall determine whether the conditions of Article 19(1) or Article 20(3) are met in respect of the entity referred to in Article 1(1), points (a) to (e), in question. 2. A decision to take or not to take resolution action in relation to an entity as referred to in Article 1(1), points (a) to (e), shall contain the reasons for that decision. Where a decision to take a resolution action is taken, the decision shall also include the following information: the resolution action, and, where appropriate, the determination to apply for winding-up, the appointment of an administrator or any other measure under applicable normal insolvency proceedings or other resolution measures, subject to Article 26(7), under national law.
Article 65 Procedural obligations of resolution authorities
1. Member States shall ensure that, as soon as reasonably practicable after taking a resolution action, resolution authorities comply with the requirements laid down in paragraphs 2 and 3. 2. Resolution authorities shall notify the undertaking under resolution and the following authorities, if different, of the resolution action referred to in paragraph 1: (a) the supervisory authority for the undertaking under resolution; (b) the supervisory authority of any branch of the undertaking under resolution; (c) the central bank of the Member State in which the undertaking under resolution is established; (d) where applicable, the insurance guarantee scheme to which the undertaking under resolution is affiliated; (e) where applicable, the group-level resolution authority; (f) the competent ministry; (g) where applicable, the group supervisory authority; (h) the European Systemic Risk Board and the designated national macroprudential authority; (i) the Commission, the European Central Bank, EIOPA, ESMA and EBA; (j) where the undertaking under resolution is an institution as defined in Article 2, point (b), of Directive 98/26/EC, the operators of the systems in which it participates; (k) where the undertaking in resolution is part of a financial conglomerate, the relevant resolution authority designated in accordance with Article 3 of Directive 2014/59/EU and the relevant competent authority within the meaning of Directive 2013/36/EU and Regulation (EU) No 575/2013. 3. The resolution authority shall publish or ensure the publication of a copy of the order or instrument by which the resolution action is taken, or a notice summarising the effects of the resolution action, including the effects on policy holders and, where applicable, the terms and period of suspension or restriction referred to in Articles 49, 50 and 51, by the following means: (a) on its official website; (b) on the website of the supervisory authority, if different from the resolution authority, and on the website of EIOPA; (c) on the website of the undertaking under resolution; (d) where the shares, other instruments of ownership or debt instruments of the undertaking under resolution are admitted to trading on a regulated market, the means used for the disclosure of regulated information concerning the undertaking under resolution in accordance with Article 21(1) of Directive 2004/109/EC of the European Parliament and of the Council ( 25 ) . 4. Where the shares, instruments of ownership or debt instruments are not admitted to trading on a regulated market, the resolution authority shall ensure that the documents providing proof of the instruments referred to in paragraph 3 are sent to the shareholders and creditors of the undertaking under resolution that are known through the registers or databases of the undertaking under resolution and which are available to the resolution authority.
Article 66 Confidentiality
1. Member States shall ensure that the requirements of professional secrecy are binding in respect of the following persons, authorities and bodies and that no confidential information is disclosed by any of them: (a) resolution authorities; (b) supervisory authorities and EIOPA; (c) competent ministries; (d) special managers appointed in accordance with Article 44 of this Directive; (e) potential acquirers that have been contacted by the supervisory authorities or solicited by the resolution authorities, irrespective of whether that contact or solicitation was made as a preparation for the use of the sale-of-business tool, and irrespective of whether the solicitation resulted in an acquisition; (f) auditors, accountants, legal and professional advisors, valuers and other experts directly or indirectly engaged by the resolution authorities, supervisory authorities, competent ministries or by the potential acquirers referred to in point (e); (g) bodies which administer insurance guarantee schemes; (h) the body in charge of the financing arrangements; (i) central banks and other authorities involved in the resolution process; (j) a bridge undertaking or an asset and liability management vehicle; (k) any other person who provides or has provided services directly or indirectly, permanently or occasionally, to persons referred to in points (a) to (j); (l) senior management, members of the administrative, management and supervisory body, and employees of the bodies or entities referred to in points (a) to (j) before, during and after their appointment. (m) the relevant resolution authority designated in accordance with Article 3 of Directive 2014/59/EU and the competent authority within the meaning of Regulation (EU) No 575/2013. 2. Without prejudice to the generality of the requirements under paragraph 1, Member States shall ensure that the persons referred to in paragraph 1 are prohibited from disclosing confidential information received during the course of their professional activities, or received from a supervisory authority or resolution authority in connection with that authority’s functions, to any person or authority, unless in the following situations: (a) the disclosure is made in the exercise of their functions under this Directive; (b) the disclosure is made in summary or collective form in such a way that individual entities referred to in Article 1(1), points (a) to (e), cannot be identified; (c) the disclosure is made with the express and prior consent of the authority or the entity referred to in Article 1(1), points (a) to (e), which provided the information. Member States shall ensure that the persons referred to in paragraph 1 assess the possible effects of disclosing information on the public interest in relation to financial, monetary or economic policy, on the commercial interests of natural and legal persons, on the purposes of inspections, on investigations and on audits. The procedure for assessing the effects referred to in the second subparagraph shall include a specific assessment of the effects of any disclosure of the contents and details of pre-emptive recovery plans and resolution plans as referred to in Articles 5, 7, 9, 10 and 12 and the result of any assessment carried out under Articles 6, 8 and 13. Member States shall ensure that any person or entity referred to in paragraph 1 is subject to civil liability in the event of an infringement of this Article. 3. Member States shall ensure that the persons referred to in paragraph 1, points (a), (b), (c), (g), (i) and (j), have internal rules in place to ensure compliance with the confidentiality requirements laid down in paragraphs 1 and 2, including rules to secure secrecy of information between persons directly involved in the resolution process. 4. Paragraphs 1 to 3 of this Article shall not prevent: (a) employees and experts of the bodies or entities referred to in paragraph 1, points (a) to (i), from sharing information among themselves within each body or entity; (b) resolution authorities and supervisory authorities, including their employees and experts, from sharing information with each other and with other Union resolution authorities, other Union supervisory authorities, competent ministries, central banks, insurance guarantee schemes, authorities responsible for normal insolvency proceedings, authorities responsible for maintaining the stability of the financial system in Member States through the use of macroprudential rules, persons charged with carrying out statutory audits of accounts, EIOPA, or, subject to Article 80, third-country authorities that carry out functions that are equivalent to the functions carried out by resolution authorities, or, subject to strict confidentiality requirements, to a potential acquirer for the purpose of planning or carrying out a resolution action; (c) the exchange of information between resolution authorities and tax authorities in the same Member State to the extent that such exchange is allowed by national law; where that information originates in another Member State, it shall be exchanged only with the express consent of the authority from which the information originates. 5. Member States may authorise the exchange of information with any of the following: (a) subject to strict confidentiality requirements, any other person where necessary for the purpose of planning or carrying out a resolution action; (b) parliamentary enquiry committees in their Member State, courts of auditors in their Member State and other entities in charge of enquiries in their Member State, under appropriate conditions; (c) national authorities responsible for overseeing payment systems, the authorities responsible for normal insolvency proceedings, the authorities entrusted with the public duty of supervising other financial sector entities, the authorities responsible for the supervision of financial markets, credit institutions and investment firms and inspectors acting on their behalf, the authorities of Member States responsible for maintaining the stability of the financial system in Member States through the use of macroprudential rules, the authorities responsible for protecting the stability of the financial system, and persons charged with carrying out statutory audits. 6. Paragraphs 1 to 5 shall be without prejudice to national law concerning the disclosure of information for the purposes of legal proceedings in criminal or civil cases. 7. EIOPA shall, by 29 January 2027, issue guidelines in accordance with Article 16 of Regulation (EU) No 1094/2010 to specify how information should be provided in summary or collective form for the purposes of paragraph 2, point (b), of this Article.
Article 67 Ex ante judicial approval and rights to challenge decisions
1. Member States may require that a decision to take a crisis prevention measure or a crisis management measure is subject to ex ante judicial approval, provided that in respect of a decision to take a crisis management measure, in accordance with national law, the procedure relating to the application for approval and the court’s consideration is expeditious. 2. Member States shall provide in national law for a right of appeal against a decision to take a crisis prevention measure or a decision to exercise any power, other than a crisis management measure, under this Directive. 3. Member States shall ensure that all persons affected by a decision to take a crisis management measure have the right to appeal against that decision. Member States shall ensure that the review of a crisis management measure is expeditious and that national courts use the economic assessments of the facts carried out by the resolution authority as a basis for their own assessment. 4. The right to appeal referred to in paragraph 3 shall be subject to the following requirements: (a) the lodging of an appeal shall not entail any automatic suspension of the effects of the challenged decision; (b) the decision of the resolution authority shall be immediately enforceable and shall give rise to a rebuttable presumption that a suspension of its enforcement would be against the public interest. Where it is necessary to protect the interests of third parties acting in good faith who have acquired shares, other instruments of ownership, assets, rights or liabilities of an undertaking under resolution by virtue of the use of resolution tools or the exercise of resolution powers by a resolution authority, the annulment of a decision of a resolution authority shall not affect any subsequent administrative acts or transactions concluded by the resolution authority concerned which were based on the annulled decision. In that case, remedies for a wrongful decision or action by the resolution authorities shall be limited to compensation for the loss suffered by the applicant as a result of the annulled decision or act.
Article 68 Restrictions on other proceedings
1. Without prejudice to Article 64(2), second subparagraph, Member States shall ensure with respect to an undertaking under resolution or an entity referred to in Article 1(1), points (a) to (e), in relation to which the conditions for resolution referred to in Article 19(1) or Article 20(3) have been determined to be met, that normal insolvency proceedings shall not be commenced except at the initiative of the resolution authority and that a decision placing an entity referred to in Article 1(1), points (a) to (e), into normal insolvency proceedings shall be taken only with the consent of the resolution authority. 2. For the purposes of paragraph 1, Member States shall ensure that: (a) supervisory authorities and resolution authorities are notified without delay of any application for the opening of normal insolvency proceedings in relation to an entity referred to in Article 1(1), points (a) to (e), irrespective of whether that undertaking or entity is under resolution or whether a decision has been made public in accordance with Article 65(3) and (4); (b) the application for the opening of normal insolvency proceedings is not determined unless the notifications referred to in point (a) have been made and either of the following occurs: (i) the resolution authority has notified the authorities responsible for normal insolvency proceedings that it does not intend to take any resolution action in relation to the entity referred to in Article 1(1), points (a) to (e); (ii) a period of seven days beginning with the date on which the notifications referred to in point (a) were made has expired. 3. Without prejudice to any restriction on the enforcement of security interests imposed pursuant to Article 50, Member States shall ensure that, if necessary for the effective application of resolution tools and the effective exercise of resolution powers, resolution authorities may request a court to apply a stay for an appropriate period in accordance with the objective pursued, on any judicial action or proceeding in which an undertaking under resolution is or becomes a party.
Article 69 General principles regarding decision-making involving more than one Member State
Member States shall ensure that, when making decisions or taking action pursuant to this Directive which may have an impact in one or more other Member States, their authorities have regard to the following general principles: (a) when taking resolution action, decision-making is efficient and resolution costs are kept as low as possible; (b) decisions are made and action is taken in a timely manner and with due urgency when required; (c) resolution authorities, supervisory authorities and other authorities cooperate with each other to ensure that decisions are made and action is taken in a coordinated and efficient manner; (d) the roles and responsibilities of relevant authorities within each Member State are defined clearly; (e) due consideration is given to the interests, potential impact of any decisions, actions or inactions and negative effects on policy holders, financial stability, fiscal resources, insurance guarantee schemes, financing arrangements and negative economic and social effects in all the Member States where the ultimate parent undertaking and its subsidiary undertakings operate or where they carry out significant cross-border activities; (f) due consideration is given to the objectives of balancing the interests of the various Member States involved and of avoiding unfairly prejudicing or unfairly protecting the interests of particular Member States; (g) resolution authorities, when taking resolution actions, take into account and follow the group resolution plans, unless the resolution authorities consider, taking into account the circumstances of the case, that the resolution objectives will be achieved more effectively by taking actions which are not provided for in the resolution plans; (h) a proposed decision or action is transparent whenever that decision or action is likely to have implications on the policy holders, real economy, financial stability, fiscal resources, and, where relevant, insurance guarantee schemes and financing arrangements of any Member State concerned.
Article 70 Resolution colleges
1. Group-level resolution authorities shall establish resolution colleges to carry out the tasks referred to in Articles 10, 11, 14, 16, 73 and 74, and, where appropriate, to ensure cooperation and coordination with third-country resolution authorities. In particular, resolution colleges shall provide a framework for the group-level resolution authority, the other resolution authorities and, where appropriate, supervisory authorities and group supervisors concerned, to perform the following tasks: (a) exchanging information that is relevant for the development of group resolution plans and for the exercise of resolution powers with respect to groups; (b) developing group resolution plans; (c) assessing the resolvability of groups pursuant to Article 14; (d) exercising powers to address or remove impediments to the resolvability of groups pursuant to Article 16; (e) deciding on the need to establish a group resolution scheme as referred to in Article 73 or 74; (f) reaching the agreement on a group resolution scheme proposed in accordance with Article 73 or 74; (g) coordinating public communication of group resolution strategies and schemes; (h) coordinating the use of any insurance guarantee schemes or financing arrangements. In addition, resolution colleges may be used as a forum to discuss any issues relating to cross-border group resolution. 2. The following shall be members of the resolution college: (a) the group-level resolution authority; (b) the resolution authorities of each Member State in which a subsidiary undertaking covered by group supervision is established; (c) the resolution authorities of Member States where a parent undertaking of one or more undertakings of the group that is an entity as referred to in Article 1(1), point (b), (d) or (e), are established; (d) the group supervisor and the supervisory authorities of the Member States where the resolution authority is a member of the resolution college; (e) the competent ministries, where the resolution authorities which are members of the resolution college are not the competent ministries; (f) where relevant, the authority that is responsible for the insurance guarantee scheme of a Member State, where the resolution authority of that Member State is a member of the resolution college; (g) EIOPA, subject to the second subparagraph; (h) the resolution authorities in Member States where the insurance or reinsurance undertakings of the group carry out significant cross-border activities. For the purposes of the first subparagraph, point (g), EIOPA shall contribute to promoting and monitoring the efficient, effective and consistent functioning of resolution colleges and convergence across resolution colleges. EIOPA shall be invited to attend the meetings of the resolution college for that purpose. EIOPA shall not have any voting rights. For the purposes of the first subparagraph, point (h), the participation of the resolution authorities shall be limited to achieving the objectives of an efficient exchange of information. 3. The resolution authorities of third countries where a parent undertaking or an undertaking established in the Union has a subsidiary insurance or reinsurance undertaking or a branch that would be considered to be significant were it located in the Union may be invited to participate in the resolution college as observers, provided that those authorities are subject to confidentiality requirements that are, in the opinion of the group-level resolution authority, equivalent to those laid down in Article 80. 4. Where the group is or is part of a financial conglomerate, the authorities designated in accordance with Article 3 of Directive 2014/59/EU concerned shall be invited to the resolution college as observers. 5. The group-level resolution authority shall be the chair of the resolution college. In that capacity it shall: (a) establish written arrangements and procedures for the functioning of the resolution college, after having consulted the other members of the resolution college; (b) coordinate all activities of the resolution college; (c) convene and chair all the meetings of the resolution college and keep all members of the resolution college fully informed in advance of the organisation of meetings of the resolution college, of the main issues to be discussed and of the items to be considered; (d) notify the members of the resolution college of any planned meetings so that they can request to participate; (e) decide which members and observers shall be invited to attend particular meetings of the resolution college, on the basis of specific needs, taking into account the relevance of the issue to be discussed for those members and observers; (f) keep all of the members of the college informed, in a timely manner, of the decisions and outcomes of those meetings. Notwithstanding the first subparagraph, point (e), resolution authorities shall be entitled to participate in resolution college meetings whenever matters subject to joint decision-making or relating to a group entity located in their Member State are on the agenda. 6. Group-level resolution authorities shall not be obliged to establish a resolution college if other groups or colleges perform the same functions and carry out the same tasks specified in paragraph 1 and comply with all the conditions and procedures, including those covering membership and participation in resolution colleges, laid down in this Article and in Article 72. In such a case, all references to resolution colleges in this Directive shall be understood as references to those other groups or colleges. 7. EIOPA shall develop draft regulatory technical standards to specify the operational functioning of the resolution colleges for the performance of the tasks referred to in paragraph 1. EIOPA shall submit those draft regulatory technical standards to the Commission by 29 July 2026. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010.
Article 71 European resolution colleges
1. Where a third-country insurance or reinsurance undertaking or third-country parent undertaking has Union subsidiary undertakings established in two or more Member States, or two or more Union branches of a third-country undertaking that are regarded as significant by two or more Member States, the resolution authorities of the Member States where those Union subsidiary undertakings are established or where those Union branches of a third-country undertaking are located may establish a European resolution college. 2. The European resolution college shall perform the functions and carry out the tasks specified in Article 70 with respect to the Union subsidiary undertakings and, insofar as those tasks are relevant, to Union branches of a third-country undertaking referred to in paragraph 1 of this Article and shall otherwise function in accordance with the rules laid down in Article 70. 3. Where only one parent undertaking established in a Member State holds all Union subsidiary undertakings of a third-country insurance or reinsurance undertaking or third-country parent undertaking, the European resolution college shall be chaired by the resolution authority of the Member State where that parent undertaking is established. Where the first subparagraph does not apply, the resolution authority of the Member State in which a Union subsidiary undertaking with the highest value of total on-balance sheet assets is established shall chair the European resolution college.
Article 72 Information exchange
1. Subject to Article 66, resolution authorities and supervisory authorities shall provide one another on request with all the information relevant for the exercise of the other authorities’ tasks under this Directive. 2. The group-level resolution authority shall coordinate the flow of all relevant information between resolution authorities. In particular, the group-level resolution authority shall provide the resolution authorities in other Member States with all the relevant information in a timely manner to facilitate the exercise of the tasks referred to in Article 70(1), second subparagraph, points (b) to (h). 3. A resolution authority shall not transmit information that has been provided by a third-country supervisory or resolution authority unless that third-country supervisory or resolution authority has consented to such transmission.
Article 73 Group resolution involving a subsidiary undertaking of the group
1. A resolution authority shall notify the information listed in paragraph 2 without delay to the group-level resolution authority, if different, to the group supervisor, and to the members of the resolution college concerned where: (a) the resolution authority decides that an insurance or reinsurance undertaking that is a subsidiary undertaking of a group, is failing or likely to fail; or (b) the resolution authority has been informed by the supervisory authority that a decision has been made that an insurance or reinsurance undertaking that is a subsidiary undertaking of a group, is failing or likely to fail; or (c) a resolution authority decides that an entity as referred to in Article 1(1), points (a) to (e), that is a subsidiary undertaking of a group, meets the conditions for resolution laid down in Article 19(1) or Article 20(3). 2. The information to be notified pursuant to paragraph 1 shall be the following: (a) the decision determining that the insurance or reinsurance undertaking is failing or likely to fail; (b) the decision that the entity referred to in Article 1(1), points (a) to (e), meets the conditions for resolution laid down in Article 19(1) or Article 20(3); (c) the resolution actions or insolvency measures that the resolution authority considers to be appropriate for the entity referred to in Article 1(1), points (a) to (e). 3. On receiving the notification referred to in paragraph 1, the group-level resolution authority, after having consulted the other members of the resolution college concerned, shall assess the likely impact of the resolution actions or other measures notified pursuant to paragraph 2, point (c), on the group and on group entities in other Member States, and whether the resolution actions or other measures would make it likely that the conditions for resolution referred to in Article 19(1) or Article 20(3) would be satisfied in relation to a group entity in another Member State. 4. Where the group-level resolution authority assesses that the resolution actions or other measures notified pursuant to paragraph 2, point (c), would not make it likely that the conditions laid down in Article 19(1) or Article 20(3) would be satisfied in relation to a group entity in another Member State, the resolution authority responsible for the entity referred to in Article 1(1), points (a) to (e), may take the resolution actions or other measures that it notified. 5. Where the group-level resolution authority assesses that the resolution actions or other measures notified pursuant to paragraph 2, point (c), would make it likely that the conditions laid down in Article 19(1) or Article 20(3) would be satisfied in relation to a group entity in another Member State, the group-level resolution authority shall, after receiving the notification referred to in paragraph 1, propose a group resolution scheme within five days and submit that scheme to the resolution college. That five-day period may be extended with the consent of the resolution authority which made the notification. 6. In the absence of an assessment by the group-level resolution authority within five days, or a longer period that has been agreed, after having received the notification referred to in paragraph 1, the resolution authority which made the notification may take the resolution actions or other measures that it notified. 7. The group resolution scheme referred to in paragraph 5 shall: (a) outline the resolution actions that the resolution authorities concerned should take in relation to the ultimate parent undertaking or particular group entities to meet the resolution objectives and to comply with the general principles governing resolution laid down in Article 22; (b) specify how the resolution actions referred to in point (a) should be coordinated; (c) establish a financing plan which takes into account the group resolution plan and the principles for sharing responsibility set out in that group resolution plan in accordance with Article 10(2), point (e). 8. Subject to paragraph 9, the group resolution scheme shall take the form of a joint decision of the group-level resolution authority and the resolution authorities responsible for the subsidiary undertakings that are covered by the group resolution scheme. EIOPA 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 1094/2010. 9. A resolution authority that disagrees with the group resolution scheme proposed by the group-level resolution authority or that considers that, for reasons of protection of the collective interest of policy holders, the real economy and financial stability, it needs to take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an entity referred to in of Article 1(1), points (a) to (e), shall: (a) set out in detail the reasons for the disagreement or the reasons to depart from the group resolution scheme; (b) notify the group-level resolution authority and the other resolution authorities that are covered by the group resolution scheme of the reasons referred to in point (a); (c) inform the group-level resolution authority and the other resolution authorities that are concerned by the group resolution scheme about the resolution actions or measures it will take. When setting out the reasons for its disagreement, the resolution authority shall take into consideration the group resolution plans, the potential impact of the resolution actions or measures it will take on policy holders, the real economy and financial stability in the Member States concerned, and the potential effect of those resolution actions or measures on other parts of the group. 10. Resolution authorities that agree with the group resolution scheme proposed by the group-level resolution authority may reach a joint decision on a group resolution scheme covering group entities in those resolution authorities’ Member States without the participation of the disagreeing resolution authorities. 11. The joint decisions referred to in paragraphs 8 and 10 and the resolution actions or measures taken in accordance with paragraph 9 shall be recognised as conclusive and applied by the resolution authorities in the Member States concerned. 12. Resolution authorities shall take all resolution actions and measures referred to in this Article without delay, and with due regard to the urgency of the situation. 13. Where a group resolution scheme is not implemented, resolution authorities shall, when taking resolution actions in relation to any group entity, cooperate closely within the resolution college to achieve a coordinated resolution strategy for all the group entities that are failing or likely to fail. 14. Resolution authorities that take any resolution action in relation to any group entity shall inform the members of the resolution college regularly and fully about those actions or measures and their on-going progress.
Article 74 Group resolution involving an ultimate parent undertaking
1. A group-level resolution authority that decides that an ultimate parent undertaking for which it is responsible meets the conditions referred to in Article 19(1) or Article 20(3) shall notify the information referred to in Article 73(2) to the group supervisor and to the other members of the resolution college of the group in question without delay. The resolution actions or insolvency measures referred to in Article 73(2), point (c), may include the implementation of a group resolution scheme drawn up in accordance with Article 73(7) in any of the following circumstances: (a) the resolution actions or measures at parent level notified in accordance with Article 73(2), point (c), make it likely that the conditions laid down in Article 19(1) or Article 20(3) would be fulfilled in relation to a group entity in another Member State; (b) resolution actions or other measures at parent level only are not sufficient to stabilise the situation or are not likely to provide an optimum outcome; (c) the resolution authorities have determined that one or more subsidiary undertakings for which they are responsible meet the conditions referred to in Article 19(1) or Article 20(3); (d) resolution actions or other measures at group level will benefit the subsidiary undertakings of the group in a way that makes a group resolution scheme appropriate. 2. Where the actions or measures proposed by the group-level resolution authority do not contain a group resolution scheme, the group-level resolution authority shall take its decision after having consulted the members of the resolution college. 3. Where the actions or measures proposed by the group-level resolution authority do contain a group resolution scheme, the group resolution scheme shall take the form of a joint decision of the group-level resolution authority and the resolution authorities responsible for the subsidiary undertakings that are covered by the group resolution scheme. EIOPA 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 1094/2010. 4. A resolution authority that disagrees with or departs from the group resolution scheme proposed by the group-level resolution authority or considers that, for reasons of financial stability, it needs to take independent resolution actions or measures other than those proposed in the group resolution scheme in relation to an entity as referred to in Article 1(1), points (a) to (e) shall: (a) set out in detail the reasons for the disagreement or the reasons to depart from the group resolution scheme; (b) notify the group-level resolution authority and the other resolution authorities that are covered by the group resolution scheme of the reasons referred to in point (a); (c) inform the group-level resolution authority and the other resolution authorities that are covered by the group resolution scheme about the actions or measures it intends to take. When setting out the reasons for its disagreement, the resolution authority concerned shall give due consideration to the group resolution plans, the potential impact of the independent resolution actions or measures it will take on financial stability, fiscal resources, insurance guarantee schemes and any financing arrangements in the Member States concerned and the potential effect of the resolution actions or other measures on other parts of the group. 5. Resolution authorities that agree with the group resolution scheme proposed by the group-level resolution authority may reach a joint decision on a group resolution scheme covering group entities in their respective Member States without the participation of the disagreeing resolution authorities. 6. The joint decision referred to in paragraph 3 or 5 and the resolution actions and measures referred to in paragraph 4 shall be recognised as conclusive and applied by the resolution authorities in the Member States concerned. 7. Authorities shall perform all resolution actions and measures referred to in paragraphs 1 to 6 without delay, and with due regard to the urgency of the situation. 8. Where a group resolution scheme is not implemented, resolution authorities shall, when taking resolution action in relation to any group entity, cooperate closely within the resolution college to achieve a coordinated resolution strategy for all affected group entities. 9. Resolution authorities that take resolution action in relation to any group entity shall inform the members of the resolution college regularly and fully about those actions or measures and their on-going progress.
Article 75 Agreements with third countries
1. In accordance with Article 218 TFEU, the Commission may submit to the Council proposals for the negotiation of agreements with one or more third countries regarding the means of cooperation between the resolution authorities and the third-country authorities concerned, including the sharing of information in connection with recovery and resolution planning in relation to insurance and reinsurance undertakings, third-country insurance and reinsurance undertakings, and groups. 2. The agreements referred to in paragraph 1 shall seek to ensure the establishment of processes and arrangements between resolution authorities and the third-country authorities concerned for cooperation in carrying out some or all of the tasks and exercising some or all of the powers referred to in Article 79. 3. Member States may enter into bilateral agreements with a third country, to the extent that such bilateral agreements are not inconsistent with this Title, regarding the matters referred to in paragraphs 1 and 2 until the entry into force of an agreement as referred to in paragraph 1 with the relevant third country.
Article 76 Recognition and enforcement of third-country resolution proceedings
1. This Article shall apply in respect of third-country resolution proceedings unless and until an international agreement as referred to in Article 75(1) enters into force with the third country concerned. It shall also apply following the entry into force of such an international agreement with the third country concerned to the extent that recognition and enforcement of third-country resolution proceedings is not governed by that agreement. 2. The resolution authority concerned shall decide whether to recognise and enforce, except as provided for in Article 77, third-country resolution proceedings relating to a Union subsidiary undertaking or a Union branch of a third-country undertaking or a parent undertaking. The decision shall give due consideration to the interests of each Member State where a third-country insurance or reinsurance undertaking or parent undertaking operates, and in particular to the potential impact of the recognition and enforcement of the third-country resolution proceedings on the other parts of the group and on the policy holders, the real economy and the financial stability in those Member States. 3. Member States shall ensure that resolution authorities are, as a minimum, empowered to do the following: (a) exercise the resolution powers in relation to the following: (i) assets of a third-country insurance or reinsurance undertaking or parent undertaking that are located in their Member State or governed by the law of their Member State; (ii) rights or liabilities of a third-country insurance or reinsurance undertaking that are booked by the Union branch of a third-country undertaking in their Member State or governed by the law of their Member State, or where claims in relation to such rights and liabilities are enforceable in their Member State; (b) perfect, including to require another person to take action to perfect, a transfer of shares or other instruments of ownership in a Union subsidiary undertaking established in that Member State; (c) exercise the powers in Article 49, 50 or 51 in relation to the rights of any party to a contract with an entity referred to in paragraph 1 of this Article, where such powers are necessary in order to enforce third-country resolution proceedings; and (d) render unenforceable any right to terminate or accelerate contracts, or affect the contractual rights, of entities referred to in paragraph 2 and of other group entities, where such a right arises from resolution action taken in respect of the third-country insurance or reinsurance undertaking, the parent undertaking of such entities, or other group entities, whether taken by the third-country resolution authority itself or otherwise pursuant to legal or regulatory requirements concerning resolution arrangements in that country, provided that the substantive obligations under the contract, including payment and delivery obligations, and provision of collateral, continue to be performed. 4. Resolution authorities may take, where necessary in the public interest, resolution action with respect to a parent undertaking where the relevant third-country authority determines that an insurance or reinsurance undertaking that is a subsidiary undertaking of that parent undertaking and that is incorporated in that third country meets the conditions for resolution under the law of that third country. To that end, Member States shall ensure that resolution authorities are empowered to use any resolution power in respect of that parent undertaking, and Article 48 shall apply. 5. The recognition and enforcement of third-country resolution proceedings shall be without prejudice to any normal insolvency proceedings under national law applicable, where appropriate, in accordance with this Directive.
Article 77 Right to refuse recognition or enforcement of third-country resolution proceedings
The resolution authority may refuse to recognise or to enforce third-country resolution proceedings pursuant to Article 76 if it considers: (a) that the third-country resolution proceedings would have adverse effects on financial stability in the Member State in which the resolution authority is based or that the proceedings would have adverse effects on financial stability in another Member State; (b) that independent resolution action under Article 78 in relation to a Union branch of a third-country undertaking is necessary to achieve one or more of the resolution objectives; (c) that creditors would not receive the same treatment as third-country creditors with similar legal rights under the third-country home resolution proceedings; (d) that recognition or enforcement of the third-country resolution proceedings would have material fiscal implications for the Member State; or (e) that the effects of such recognition or enforcement would be contrary to the national law.
Article 78 Resolution of Union branches of third-country undertakings
1. Member States shall ensure that resolution authorities have the powers necessary to act in relation to a Union branch of a third-country undertaking that is not subject to any third-country resolution proceedings or that is subject to third-country proceedings and one of the circumstances referred to in Article 77 applies. Member States shall ensure that Article 48 applies to the exercise of such powers. 2. Member States shall ensure that the powers required in paragraph 1 may be exercised by resolution authorities where the resolution authority considers that action is necessary in the public interest and one or more of the following conditions is met: (a) the Union branch of a third-country undertaking no longer meets, or is likely not to meet, the conditions imposed by national law for its authorisation and operation within that Member State and there is no prospect that any private sector, supervisory or relevant third-country action would restore the branch to compliance or prevent failure in a reasonable timeframe; (b) the third-country insurance or reinsurance undertaking is, in the opinion of the resolution authority, unable or unwilling, or is likely to be unable, to pay its obligations to Union creditors, or obligations that have been created or booked through the branch, such as payments to policy holders or beneficiaries, as they fall due and the resolution authority is satisfied that no third-country resolution proceedings or insolvency proceedings have been or will be initiated in relation to that third-country insurance or reinsurance undertaking in a reasonable timeframe; (c) the relevant third-country authority has initiated third-country resolution proceedings in relation to the third-country insurance or reinsurance undertaking, or has notified to the resolution authority its intention to initiate such a proceeding. 3. Where a resolution authority takes an independent action in relation to a Union branch of a third-country undertaking, it shall have regard to the resolution objectives and take the action in accordance with the following principles and requirements, insofar as they are relevant: (a) the principles set out in Article 22; (b) the requirements relating to the application of the resolution tools in Title III, Chapter II.
Article 79 Cooperation with third-country authorities
1. This Article shall apply in respect of cooperation with a third country unless and until an international agreement as referred to in Article 75(1) enters into force with the relevant third country. It shall also apply following the entry into force of such an international agreement to the extent that the subject matter of this Article is not governed by that agreement. 2. EIOPA may conclude non-binding framework cooperation arrangements with relevant third-country authorities. The framework cooperation agreements shall establish processes and arrangements between the participating authorities for sharing information necessary for and cooperation in carrying out some or all or the following tasks and exercising some or all of the following powers in relation to insurance or reinsurance undertakings or groups: (a) the development of resolution plans in accordance with Articles 9 to 12 and similar requirements under the law of the relevant third countries; (b) the assessment of the resolvability of such insurance and reinsurance undertakings and groups, in accordance with Articles 13 and 14 and similar requirements under the law of the relevant third countries; (c) the application of powers to address or remove impediments to resolvability pursuant to Articles 15 and 16 and any similar powers under the law of the relevant third countries; (d) the application of preventive measures pursuant to Article 141 of Directive 2009/138/EC and similar powers under the law of the relevant third countries; (e) the application of resolution tools and exercise of resolution powers and similar powers exercisable by the relevant third-country authorities. 3. Supervisory or resolution authorities, where appropriate, may conclude cooperation arrangements with relevant third-country authorities in line with the EIOPA framework arrangement referred to in paragraph 2. 4. Member States shall notify EIOPA of any cooperation arrangements that resolution authorities and supervisory authorities have concluded in accordance with this Article.
Article 80 Exchange of confidential information
1. Member States shall ensure that resolution authorities, supervisory authorities and competent ministries exchange confidential information, including pre-emptive recovery plans, with relevant third-country authorities only if the following conditions are met: (a) those third-country authorities are subject to requirements and standards of professional secrecy at least considered to be equivalent, in the opinion of all the authorities concerned, to those imposed by Article 66. (b) the information is necessary for the performance by the relevant third-country authorities of their resolution functions under national law that are comparable to those under this Directive and, subject to point (a), is not used for any other purposes. For the purposes of point (a), insofar as the exchange of information relates to personal data, the handling and transmission of such personal data to third-country authorities shall be governed by the applicable Union and national data-protection law. 2. Where confidential information originates in another Member State, resolution authorities, supervisory authorities and competent ministries shall not disclose that information to relevant third-country authorities unless the following conditions are met: (a) the relevant authority of the Member State where the information originated (the originating authority) agrees to that disclosure; (b) the information is disclosed only for the purposes permitted by the originating authority.
Article 81 Financing arrangements
1. Each Member State shall establish one or more financing arrangements to ensure that the resolution authority has at its disposal adequate funds through ex ante or ex post contributions or a combination thereof from insurance and reinsurance undertakings authorised in that Member State and from Union branches of third-country undertakings located in the territory of that Member State to cover at least the payment of the difference to shareholders, policy holders, beneficiaries, claimants or other creditors referred to in Article 57. Member States may provide for the possibility to use financing arrangements referred to in the first subparagraph also to cover other costs associated with the use of resolution tools, insofar as the use of financing arrangements is necessary for the achievement of the resolution objectives. Member States may use the same administrative structure for their financing arrangements as for their insurance guarantee schemes, taking into account Regulation (EC) No 883/2004 of the European Parliament and of the Council ( 26 ) . 2. Member States shall ensure that the use of financing arrangements complies with the principles laid down in Article 22. 3. Where the undertaking under resolution operates within the Union under the right of establishment or the freedom to provide services, the relevant financing arrangement of the Member State in which the undertaking is authorised shall be used to provide compensation to shareholders, policy holders, beneficiaries, claimants or other creditors in accordance with Article 57. 4. Member States shall notify the Commission and EIOPA of the established financing arrangements.
Article 82 Administrative penalties and other administrative measures
1. Without prejudice to the powers of resolution and supervisory authorities laid down in this Directive and Directive 2009/138/EC and the right of Member States to provide for and impose criminal penalties, Member States shall lay down rules on administrative penalties and other administrative measures applicable where the national provisions transposing this Directive have not been complied with, and shall take all measures necessary to ensure that they are implemented. Member States that decide not to lay down rules for administrative penalties or other administrative measures for infringements which are subject to national criminal law shall communicate to the Commission the criminal law provisions concerned. The administrative penalties and other administrative measures provided for shall be effective, proportionate and dissuasive. 2. Member States shall ensure that, in the event of an infringement, administrative penalties or other administrative measures can be applied, subject to the conditions laid down in national law, to the members of the administrative, management or supervisory body, and to other natural persons who under national law are responsible for the infringement. 3. The powers to impose administrative penalties and other administrative measures provided for in this Directive shall be attributed to resolution authorities or to supervisory authorities, depending on the type of infringement. Resolution authorities and supervisory authorities shall have all information-gathering and investigatory powers that are necessary for the exercise of their respective functions. In the exercise of their powers to impose administrative penalties or other administrative measures, resolution authorities and supervisory authorities shall cooperate closely to ensure that administrative penalties or other administrative measures produce the desired results and coordinate their action when dealing with cross-border cases. 4. Resolution authorities and supervisory authorities shall exercise their administrative powers to impose penalties and other administrative measures in accordance with this Directive and national law in any of the following ways: (a) directly; (b) in collaboration with other authorities; (c) under their responsibility by delegation to other authorities; (d) by application to the competent judicial authorities. 5. Member States shall ensure that decisions taken by the resolution authorities and supervisory authorities in accordance with this Title are subject to a right of appeal.
Article 83 Specific provisions on administrative penalties and other administrative measures
1. Member States shall ensure that their laws, regulations and administrative provisions provide for administrative penalties and other administrative measures at least in respect of the following situations: (a) an infringement of Articles 5 or 7 by failing to draw up, maintain and update pre-emptive recovery plans and group pre-emptive recovery plans; (b) an infringement of Article 12 by failing to provide all the information necessary for the development of resolution plans; (c) an infringement of Article 63(1) by the failure of the administrative, management or supervisory body of an entity referred to in Article 1(1), points (a) to (e), to notify the supervisory authority when that entity is failing or likely to fail. 2. Member States shall ensure that, in the cases referred to in paragraph 1, the administrative penalties and other administrative measures that can be applied include at least the following: (a) a public statement indicating the natural person, the entity as referred to in Article 1(1), points (a) to (e), an ultimate parent undertaking or other legal person responsible for the infringement and the nature of the infringement; (b) an order requiring the natural or legal person responsible to cease the conduct and to desist from a repetition of that conduct; (c) a temporary ban on any member of the administrative, management or supervisory body or senior management of the entity referred to in Article 1(1), points (a) to (e), or any other natural person, who is held responsible, to exercise functions in an entity referred to in Article 1(1), points (a) to (e); (d) in the case of a legal person, administrative fines of up to 10 % of the total annual turnover of that legal person in the preceding business year; (e) in the case of a natural person, administrative fines of up to EUR 5 000 000, or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on 28 January 2025; (f) administrative fines of up to twice the amount of the benefit derived from the infringement where that benefit can be determined. For the purposes of the first subparagraph, point (d), where the legal person is a subsidiary undertaking of a parent undertaking, the relevant turnover shall be the total annual turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year.
Article 84 Publication of administrative penalties and other administrative measures
1. Member States shall ensure that resolution authorities and supervisory authorities publish on their official website at least any administrative penalties and other administrative measures imposed by those authorities for infringing the national provisions transposing this Directive where such administrative penalties or other administrative measures have not been the subject of an appeal or where the right of appeal has been exhausted. Such publication shall be made without undue delay after the natural or legal person is informed of that administrative penalty or other administrative measure. The publication shall contain information on the type and nature of the infringement and the identity of the natural or legal person on whom the administrative penalty or other administrative measure is imposed. Where Member States permit publication of administrative penalties and other administrative measures against which there is an appeal, resolution authorities and supervisory authorities shall, without undue delay, publish on their official websites information on the status of that appeal and the outcome thereof. 2. Where the resolution authority or supervisory authority considers that the publication of the identity of the legal persons, or identity or personal data of natural persons would be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where such a publication would jeopardise the stability of financial markets or an ongoing investigation, the resolution authority or supervisory authority shall do any of the following: (a) defer the publication of the decision imposing the administrative penalty or other administrative measures until the reasons for that deferral cease to exist; (b) publish the decision imposing the administrative penalty or other administrative measures on an anonymous basis in accordance with national law where such anonymous publication would ensure the effective protection of the personal data concerned; (c) not publish the decision imposing the administrative penalty or other administrative measures where the resolution authority or supervisory authority is of the opinion that publication in accordance with point (a) or (b) would be insufficient to ensure either of the following: (i) that the stability of financial markets is not jeopardised; (ii) the proportionality of the publication of such data with regard to measures which are deemed to be of a minor nature. Resolution authorities and supervisory authorities shall ensure that any publication in accordance with this Article remains on their official website for a period of at least five years. Personal data contained in the publication shall be kept on the official website of the resolution authority or the supervisory authority only for the period which is necessary according to applicable data-protection rules.
Article 85 Maintenance of central database by EIOPA
1. Subject to the professional secrecy requirements referred to in Article 66, resolution authorities and supervisory authorities shall inform EIOPA of all administrative penalties and other administrative measures imposed by them under Article 83 and of the status of that appeal and outcome thereof. EIOPA shall maintain and keep updated a central database of penalties and other administrative measures reported to it by resolution authorities, solely to enable those resolution authorities to exchange information, which shall be accessible to those resolution authorities only. EIOPA shall maintain and keep updated a central database of penalties and other administrative measures reported to it by supervisory authorities, solely to enable those supervisory authorities to exchange information, which shall be accessible to those supervisory authorities only. 2. EIOPA shall maintain and keep updated a webpage with the following information or links to that information: (a) each resolution authority’s publication of penalties; (b) each supervisory authority’s publication of penalties under Article 84; (c) the period for which each Member State publishes penalties.
Article 86 Effective application of penalties and exercise of powers to impose penalties by supervisory authorities and resolution authorities
Member States shall ensure that, when determining the type of administrative penalties or other administrative measures and the level of administrative fines, the supervisory authorities and resolution authorities take into account all relevant circumstances, including where appropriate: (a) the gravity and the duration of the infringement; (b) the degree of responsibility of the natural or legal person responsible; (c) the financial strength of the natural or legal person responsible; (d) the amount of profits gained or losses avoided by the natural or legal person responsible, insofar as those profits or losses can be determined; (e) the losses for third parties, including policy holders, caused by the infringement, insofar as those losses can be determined; (f) the level of cooperation of the natural or legal person responsible with the supervisory authority and the resolution authority; (g) previous infringements by the natural or legal person responsible. For the purposes of the first subparagraph, point (c), the indicators of financial strength of a natural or legal person shall include the total turnover of the responsible legal person or the annual income of the responsible natural person.
Article 87 Amendments to Directive 2002/47/EC
Directive 2002/47/EC is amended as follows: (1) in Article 1, paragraph 6 is replaced by the following: ‘6. Articles 4 to 7 of this Directive shall not apply to any restriction on the enforcement of financial collateral arrangements or any restriction on the effect of a security financial collateral arrangement, any close out netting or set-off provision that is imposed by virtue of Title IV, Chapter V or VI, of Directive 2014/59/EU of the European Parliament and of the Council ( *1 ) , or of Title V, Chapter III, Section 3, or Chapter IV of Regulation (EU) 2021/23 of the European Parliament and of the Council ( *2 ) , or of Title III, Chapter III, Section 4, or Chapter IV of Directive (EU) 2025/1 of the European Parliament and of the Council ( *3 ) , or to any such restriction that is imposed by virtue of similar powers in the law of a Member State to facilitate the orderly resolution of any entity as referred to in paragraph 2, point (d), of this Article which is subject to safeguards at least equivalent to those set out in Title IV, Chapter VII, of Directive 2014/59/EU and in Title V, Chapter V, of Regulation (EU) 2021/23. ( *1 ) 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 ( OJ L 173, 12.6.2014, p. 190 )." ( *2 ) Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 ( OJ L 22, 22.1.2021, p. 1 )." ( *3 ) Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 ( OJ L, 2025/1, 8.1.2025, ELI: http://data.europa.eu/eli/dir/2025/1/oj ).’;"
Article 88 Amendment to Directive 2004/25/EC
In Article 4(5) of Directive 2004/25/EC, the third subparagraph is replaced by the following: ‘Member States shall ensure that Article 5(1) of this Directive does not apply in the case of application of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council ( *4 ) , in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council ( *5 ) or in Title III of Directive (EU) 2025/1 of the European Parliament and of the Council ( *6 ) .
Article 89 Amendments to Directive 2007/36/EC
In Article 1 of Directive 2007/36/EC, paragraph 4 is replaced by the following: ‘4. Member States shall ensure that this Directive does not apply in the case of the application of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council ( *7 ) , in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council ( *8 ) or in Title III of Directive (EU) 2025/1 of the European Parliament and of the Council ( *9 ) .
Article 90 Amendments to Directive 2014/59/EU
Directive 2014/59/EU is amended as follows: (1) in Article 2(1) the following points are added: ‘(110) “insurance resolution authority” means a resolution authority as defined in Article 2, point (12), of Directive (EU) 2025/1 of the European Parliament and of the Council ( *10 ) ; (111) “insurance supervisory authority” means a supervisory authority as defined in Article 13, point (10), of Directive 2009/138/EC of the European Parliament and of the Council ( *11 ) ; (112) “financial conglomerate” means a financial conglomerate as defined in Article 2, point (14), of Directive 2002/87/EC of the European Parliament and of the Council ( *12 ) ; ( *10 ) Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 ( OJ L, 2025/1, 8.1.2025, ELI: http://data.europa.eu/eli/dir/2025/1/oj )." ( *11 ) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) ( OJ L 335, 17.12.2009, p. 1 )." ( *12 ) Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council ( OJ L 35, 11.2.2003, p. 1 ).’;"
Article 91 Amendment to Directive (EU) 2017/1132
Directive (EU) 2017/1132 is amended as follows: (1) in Article 84, paragraph 3 is replaced by the following: ‘3. Member States shall ensure that Article 49, Article 58(1), Article 68(1), (2) and (3), the first subparagraph of Article 70(2), and Articles 72 to 75, 79, 80 and 81 of this Directive do not apply in the case of application of the resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council ( *13 ) , in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council ( *14 ) or in Title III of Directive (EU) 2025/1 of the European Parliament and of the Council ( *15 ) . ( *13 ) 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 ( OJ L 173, 12.6.2014, p. 190 )." ( *14 ) Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 ( OJ L 22, 22.1.2021, p. 1 )." ( *15 ) Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 ( OJ L, 2025/1, 8.1.2025, ELI: http://data.europa.eu/eli/dir/2025/1/oj ).’;" (2) Article 86a is amended as follows: (a) in paragraph 3, point (b) is replaced by the following: ‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) 2025/1.’ ; (b) in paragraph 4, point (c) is replaced by the following: ‘(c) the subject of crisis prevention measures as defined in Article 2(1), point (101), of Directive 2014/59/EU, in Article 2, point (48), of Regulation (EU) 2021/23 or Article 2, point (79), of Directive (EU) 2025/1.’ ; (4) Article 120 is amended as follows: (a) in paragraph 4, point (b) is replaced by the following: ‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) 2025/1.’ ; (b) in paragraph 5, point (c) is replaced by the following: ‘(c) the subject of crisis prevention measures as defined in Article 2(1), point (101), of Directive 2014/59/EU, in Article 2, point (48), of Regulation (EU) 2021/23 or in Article 2, point (79), of Directive (EU) 2025/1.’ ; (5) Article 160a is amended as follows: (a) in paragraph 4, point (b) is replaced by the following: ‘(b) the company is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU, in Title V of Regulation (EU) 2021/23 or in Title III of Directive (EU) 2025/1.’ ; (b) in paragraph 5, point (c) is replaced by the following: ‘(c) the subject of crisis prevention measures as defined in Article 2(1), point (101), of Directive 2014/59/EU, in Article 2, point (48), of Regulation (EU) 2021/23 or in Article 2, point (79), of Directive (EU) 2025/1.’.
Article 92 Amendment to Regulation (EU) No 1094/2010
Regulation (EU) No 1094/2010 is amended as follows: (1) in Article 4, point (2), point (i) is replaced by the following: ‘(i) supervisory authorities as defined in Article 13, point (10), of Directive 2009/138/EC, resolution authorities as defined in Article 2, point (12), of Directive (EU) 2025/1 of the European Parliament and of the Council ( *16 ) , and competent authorities as defined in Article 6, point (8), of Directive (EU) 2016/2341 of the European Parliament and of the Council ( *17 ) and as referred to in Directive (EU) 2016/97 of the European Parliament and of the Council ( *18 ) ; ( *16 ) Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 ( OJ L, 2025/1, 8.1.2025, ELI: http://data.europa.eu/eli/dir/2025/1/oj )." ( *17 ) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) ( OJ L 354, 23.12.2016, p. 37 )." ( *18 ) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution ( OJ L 26, 2.2.2016, p. 19 ).’;"
Article 93 Amendment to Regulation (EU) No 648/2012
In Article 81(3), first subparagraph, of Regulation (EU) No 648/2012, the following point is added: ‘(s) the resolution authorities designated under Article 3 of Directive (EU) 2025/1 of the European Parliament and of the Council ( *19 ) .
Article 94 Amendment to Regulation (EU) No 806/2014
In Article 88 of Regulation (EU) No 806/2014, paragraph 6 is replaced by the following: ‘6. This Article shall not prevent the Board, the Council, the Commission, the ECB, the national resolution authorities or the national competent authorities, including their employees and experts, from sharing information with each other and with competent ministries, central banks, deposit guarantee schemes, investor compensation schemes, authorities responsible for normal insolvency proceedings, insurance resolution authorities, insurance supervisory authorities, resolution and competent authorities from non-participating Member States, EBA, or, subject to Article 33 of this Regulation, third-country authorities that carry out functions equivalent to those of a resolution authority, or, subject to strict confidentiality requirements, with a potential purchaser for the purposes of planning or carrying out a resolution action.’.
Article 95 Amendment to Regulation (EU) 2017/1129
In Article 1(5) of Regulation (EU) 2017/1129, point (c) is replaced by the following: ‘(c) securities resulting from the conversion or exchange of other securities, own funds, or eligible liabilities by a resolution authority due to the exercise of a power referred to in Article 53(2), Article 59(2) or Article 63(1) or (2) of Directive 2014/59/EU or the exercise of a power referred to in Article 39(2) or Article 42(1) or (2) of Directive (EU) 2025/1 of the European Parliament and of the Council ( *20 ) ;
Article 96 EIOPA Resolution Committee
1. EIOPA shall create a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1094/2010 to prepare EIOPA decisions as referred to in Article 44 of that Regulation, including decisions about draft regulatory technical standards and draft implementing technical standards concerning tasks that have been conferred on resolution authorities in accordance with this Directive. That internal committee shall be composed of the resolution authorities referred to in Article 3 of this Directive. 2. For the purposes of this Directive, EIOPA shall cooperate with EBA and ESMA within the framework of the Joint Committee of the European Supervisory Authorities established in Article 54 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010. 3. For the purposes of this Directive, EIOPA shall ensure structural separation between the resolution committee and other functions referred to in Regulation (EU) No 1094/2010. The resolution committee shall promote the development and coordination of resolution plans and develop methods for the resolution of entities as referred to in Article 1(1) of this Directive that are failing.
Article 97 Cooperation with EIOPA
1. Member States shall ensure that the supervisory and resolution authorities cooperate with EIOPA for the purposes of this Directive in accordance with Regulation (EU) No 1094/2010. 2. Member States shall ensure that the supervisory and resolution authorities, without delay, provide EIOPA with all the information necessary to carry out its duties in accordance with Article 35 of Regulation (EU) No 1094/2010.
Article 98 Insurance guarantee schemes
By 29 January 2027, the Commission, after having consulted EIOPA, shall submit a report to the European Parliament and to the Council assessing the appropriateness of minimum common standards for insurance guarantee schemes within the Union. That report shall at least: (a) assess the state of play of insurance guarantee schemes in Member States (coverage level, types of insurance covered, triggers); (b) discuss policy options, including the different policy options such as using insurance guarantee schemes to continue or to liquidate insurance policies, thereby taking due account of the differences in insurance products in various Member States; (c) assess the necessity of introducing and, where appropriate, outline the steps necessary to introduce a minimum baseline for insurance guarantee schemes across the Union. The report shall be accompanied by a legislative proposal where appropriate.
Article 99 Review
By 29 January 2030, the Commission, after having consulted EIOPA, shall submit a report to the European Parliament and to the Council on the application of this Directive. The report shall in particular: (a) evaluate whether, and to what extent, the objectives of this Directive have been achieved with regard to the functioning of the internal market and the strengthening of the financial system in the Union in the light of market and economic developments; (b) assess the state of play of resolution financing arrangements; (c) assess the necessity of introducing, and, where appropriate, outline the steps necessary to introduce, minimum harmonised definitions on the level of covered policies and eligible claimants and policies; (d) analyse the experience of information sharing between authorities competent for the supervision or resolution of insurance and reinsurance undertakings and credit institutions in cases where the entity referred to in Article 1(1), points (a) to (e), is part of a financial conglomerate; (e) assess the feasibility of and the preconditions for allowing financial conglomerates to draft single group (pre-emptive) recovery plans for the entire conglomerate as well as for resolution authorities to draft single group resolution plans for the entire financial conglomerate; (f) analyse the merits of a further harmonisation of the crisis management framework for insurance and reinsurance undertakings. The report shall be accompanied by a legislative proposal where appropriate.
Article 100 Transposition
1. By 29 January 2027, Member States shall adopt and publish the measures necessary to comply with Articles 1 to 91, 96 and 97 of this Directive. They shall immediately inform the Commission thereof. They shall apply those measures from 30 January 2027. When Member States adopt those measures, they shall include a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made. 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
Article 101 Entry into force and application
1. This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union . 2. Articles 92 to 95 shall apply from 30 January 2027.
Article 102 Addressees
This Directive is addressed to the Member States.