Federal Law On The Rehabilitation And Management Of Banks, As Well As Amendments Of The Banking Act, The Financial Market Authority Act, The Insolvency Act, Of The Adoption Act, Of Wertpapie...

Original Language Title: Bundesgesetz über die Sanierung und Abwicklung von Banken sowie Änderung des Bankwesengesetzes, des Finanzmarktaufsichtsbehördengesetzes, der Insolvenzordnung, des Übernahmegesetzes, des Wertpapie...

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2014_I_98/BGBLA_2014_I_98.html

98. Federal law issued the Federal law on the rehabilitation and settlement by banks with the Banking Act, the financial market Authority Act, the insolvency regulations, the adoption Act, the securities supervision Act 2007, this alternative investment funds Manager law, the rating agency enforcement Act and the stability levy Act be changed as well as the Bank intervention and restructuring Act is repealed

The National Council has decided:

Table of contents



Article 1





Implementation note







Article 2





Federal law on the rehabilitation and settlement banks article 3





Amendment of the Banking Act







Article 4





Amendment of the financial market Authority Act







Article 5





Amendment of the insolvency procedure







Article 6





Amendment of the adoption Act







Article 7





Amendment of the securities supervision Act 2007







Article 8





Modification of the alternative investment fund manager law







Article 9





Amendment of the rating agency enforcement Act







Article 10





Amend the stability levy Act







Article 11





Repeal of the Bank intervention and restructuring Act





Article 1

Implementation note

With this federal law will be



1. the policy 2014/59/EC establishing a framework for the rehabilitation and management of credit institutions and investment firms and on the amendment of Directive 82/891/EEC, 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/EC and the Regulation (EU) no 1093/2010 and (EU) No. 648/2012 , OJ No. L 173 of the 12.6.2014 S. 190, and 2. Article 92 of 2014/65/EU directive on markets in financial instruments, as well as amending Directives 2002/92/EC and 2011/61/EC, OJ No. L 173 of the 12.6.2014 p. 349, implemented.

Article 2

Federal law on the rehabilitation and settlement by banks (rehabilitation and settlement Act - BaSAG)

Table of contents



Style / article subject / title 1 part of General provisions § 1 subject matter and scope article 2 definitions article 3.
The resolution authority and the competent Ministry 2. part preparation 1 main piece quantity and settlement planning 1 section General provisions § 4 determination of the contents of the plan section 5 revocation simplified requirements § 6 concessions for members of credit unions and institutional security systems § 7 mandatory schedule of the members of credit institutions networks and institutional security systems 2. section remediation planning § 8 redevelopment plan § 9 contents of the remediation plan § 10 indicators of the rehabilitation plan § 11 updated of restructuring plan section 12 assessment of the restructuring plan § 13 improvements of the reorganisation plan § 14 method of removal of defects or potential obstacle § 15.
Group restructuring plan § 16 content of the Group restructuring plan § 17 evaluation of group restructuring plan through a joint decision, when consolidating supervisory authority, the FMA is § 18 evaluation of group restructuring plan through a joint decision, if not consolidating supervisory authority, the FMA is section 3 settlement planning § 19 settlement plan § 20 contents of the execution plan § 21 participation in the creation of the settlement plans § 22 Group settlement plan § 23 content of the Group settlement plan § 24 procedure in the creation of Group settlement plans § 25 for group processing plans , if the resolution authority is for the group processing competent authority § 26 for group processing plans, if the resolution authority for carrying out group is not competent authority 2 main piece processing ability § 27 evaluation of the processing ability of institutions § 28 evaluation of the processing ability of groups, § 29 powers to reduce and to eliminate obstacles to the ability of processing § 30 powers to reduce and to eliminate obstacles to the processing ability of groups , if the resolution authority is for the group processing competent authority § 31 powers to reduce and to eliminate obstacles to the processing ability of groups when the resolution authority for the group processing is not competent authority 3 main piece of intra-group financial support section 32. Agreement concerning intra-group funding § 33. admissibility and contents of an agreement concerning intra-group funding § 34. examination procedures concerning the proposed agreement on intra-group financial support , when consolidating supervisory authority, the FMA is § 35. examination procedures concerning the proposed agreement on intra-group funding, if not consolidating supervisory authority, the FMA is § 36. consent of the shareholders to the proposed agreement § 37. forwarding to the settlement authorities § 38. conditions for granting intra-group financial support § 39. decision on the grant of financial assistance § 40. display intended provide of intra-group financial assistance § 41. decision of the supervisory authority concerning the granting of intra-group financial support through a company based in Austria § 42. participation of the FMA When deciding on providing intra-group financial support from a company established in another Member State § 43. disclosure requirements 3. part of early intervention § 44. early intervention measures § 45. dismissal of members of the Executive Board, the Supervisory Board and of the higher management § 46. provisional administrator § 47. coordination of early intervention powers and appointment of a provisional liquidator in part of Group 4. processing 1 piece of main goals, requirements, and general principles § 48. processing objectives § 49. conditions for a settlement § 50th order processing actions § 51. failure of institutions § 52. processing requirements in Reference on CRR banks and holding companies § 53. General principles for a settlement main piece 2 review § 54. General provisions § 55. evaluation criteria and documents § 56. assessment purposes § 57. Provisional and final evaluation 3. main piece processing powers § 58. General powers § 59. disruption of legal proceedings in civil cases and suspension of a decision of by a court in civil § 60th party Exchange § 61. provision of services and facilities § 62. powers in relation to assets situated in third countries , Rights, liabilities, shares or other ownership title § 63. exclusion of certain contractual conditions in early intervention and processing § 64. power to the suspension of payment or delivery obligations § 65. powers to restrict security rights § 66. power to the temporary suspension of termination rights § 67. take control § 68. settlement administrator § 69. conversion into a joint-stock company 4 main piece instrument of participation of holders of relevant instruments § 70. commitment to decrease sensitivity and conversion § 71. conditions for the participation of holders of relevant instruments § 72. determination of the conditions for the application of Instruments of down letters and conversion of relevant instruments groups § 73. implementation of down letters and conversion-related instruments 5. main piece of management instruments 1 section General § 74. General principles 2. section instrument of company sale § 75. application of the instruments of the company sale § 76. other legal effect of the instruments of the company sale § 77. procedures for the instrument of the company sale 3. section instrument of bridges Institute § 78. application of the instruments of the bridges Institute article 79.
The bridge institution § 80. operation of the bridges Institute § 81. other provisions for the bridges Institute 4. section instrument of derecognition of assets § 82. application of the instrument of derecognition of assets section 83.
The reduction unit § 84. operation of the reduction unit 5. section instrument of creditor participation § 85. application of the instrument of creditor participation § 86. Berücksichtigungsfähige liabilities § 87. compensation contributions of the resolution financing mechanism § 88. evaluation of the amount of creditor participation § 89. treatment of shareholders § 90. sequence of down letters and conversion (pay cascade of loss of) § 91. application of the participation of creditors on debt instruments from derivatives § 92. conversion rate § 93. creation, approval, and implementation of a reorganization plan § 94. requirements to the reorganization plan 6 section further provisions § 95. effect § 96. cancellation of admission to trading article 97.

Admission to trading of newly-issued securities § 98. contractual recognition in third countries § 99. application of instruments of the FinStaG 7 section minimum amount of own funds and liabilities capable of taking into account § 100 minimum amount of own funds and capable of taking into account liabilities on an individual institution basis § 101. minimum amount of own funds and capable of taking into account liabilities on a consolidated basis § 102. minimum amount of own funds and capable of taking into account liabilities for subsidiary companies on an individual basis § 103. reticle of the minimum amount of own funds and liabilities capable of taking into account § 104. compliance with the minimum contractual instruments § 105. verification of adherence to the minimum 6 main piece
Protection provisions § 106. treatment of shareholders and creditors for partial transfers and application of the instrument of creditor participation § 107. evaluation of different treatment § 108. protection for shareholders and creditors § 109. protections for counterparties in partial capital transfers § 110. protection of agreements about financial collateral arrangements, set-off and netting agreements § 111. protection by securing agreements § 112. protection structured settlement funding mechanisms and covered bonds § 113. partial transfers: protection of trading, clearing and settlement systems 7 piece of main procedure § 114. reporting obligations § 115. decision-making the resolution authority § 116. proceedings before the resolution authority § 117. inapplicability of law rules § 118. appeal procedure § 119. restrictions of bankruptcy proceedings and other procedures 8 main piece of non-disclosure and exchange of information § 120. confidentiality § 121. permissible information sharing § 122. Exchange of confidential information with third country authorities 5. part settlement funding mechanism § 123. creation of a settlement financing mechanism § 124. use of settlement funding mechanism § 125. target level of settlement funding mechanism § 126. achievement of the target level § 127. extraordinary subsequently fine contributions § 128. alternative financing options § 129. borrowing under settlement funding mechanisms § 130. mutual assistance of the national settlement funding mechanisms in group processing § 131. rank of deposits in the insolvency of rank in the section 132.
Use of deposit protection schemes in the framework of processing 6 part cross-border processing of Group 1 section cross-border decision-making and information; Management colleges § 133. General principles of the decision with the participation of more than one Member State § 134. management colleges § 135. members of the Management Board § 136. organisation of the Management College § 137. European settlement colleges § 138. Exchange of information between authorities 2. section group settlement relating to a subsidiary of the Group § 139. transmission of information on the processing conditions § 140. approach if the resolution authority not responsible for group processing competent authority § 141. approach , if the resolution authority the competent authority § 142. for carrying out groups group processing concept § 143. immediate implementation of measures 3. section groups processing in connection with an EU parent company § 144. approach, if the resolution authority not responsible for group processing competent authority § 145. approach, if the resolution authority the competent authority § 146. immediate implementation of measures 7 is for the group processing part of relations with third countries § 147. agreements with third countries § 148. cooperation with third-country authorities § 149. recognition and enforcement of procedures by third countries § 150 refusal to recognise or enforcement procedures by third countries § 151. processing of EU branches 8 part of penal provisions and other measures § 152. penalty provisions § 153. penal provisions concerning legal persons § 154. extension of the limitation period and enforcement of decisions § 155. publication of law violations and fines § 156. messages to the EBA § 157. other measures § 158. effective prosecution of breaches of the Law § 159. use of collected fines 9 part costs, transitional and final provisions § 160. cost determination § 161. transitional provisions § 162. removal company § 163. linguistic equal treatment § 164. references § 165. fees and charges § 166. enforcement § 167. entry into force

Annex to section 9 information that must be included in the recovery plan Appendix to § 21 information that can request the resolution authority for the creation and updating of management plans at the institutes system to § 27 aspects of the resolution authority in assessing the processing ability of an institution to involve the has part 1

General terms and conditions

Subject matter and scope

§ 1 (1) is the Federal law on the rehabilitation and settlement of the following companies to apply:



1 Institute;

2. CRR financial institutes, the subsidiary of a CRR credit institution or a CRR securities firm or a company according to Z 3 or 4 and in the supervision of the parent company on a consolidated basis in accordance with articles 6 to 17 of the Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 646/2012 of the European Parliament and of the Council OJ No. L 176 of the 27.6.2013 S. 1, are included.

3. financial holding companies and mixed financial holding companies and mixed holding companies;

4. parent financial holding company in a Member State, mixed parent financial holding company in a Member State, EU parent financial holding companies and mixed EU parent financial holding companies;

5. branches of institutions which are established outside the Union, in accordance with the special conditions laid down in this law.

According to legal entity Z 2 to 4 is this federal law to apply only if they a group of credit institutions according to § 30 Bankwesengesetz - BWG, BGBl. No. 532/1993, belong to.

(2) for the implementation of this federal law the resolution authority and the FMA in accordance with the principle of proportionality on the following properties of a company referred to in paragraph 1 have to be taken into account: 1. the nature of its business activities, 2. its shareholding structure, 3. its legal form, 4. risk profile, 5. be its size and its legal status, 6 its interdependence with other institutions or the financial system in General, 7 the scope and the complexity of its activities , 8. its membership in an institutional system that the meets the needs of article 113 paragraph 7 of the Regulation (EU) No. 575/2013, or in other common systems of mutual solidarity in accordance with article 113 paragraph 6 of Regulation (EU) No. 575/2013 and 9 whether it investment services or investment activities in accordance with article 4 para 1 No. 2 of 2014/65/EU directive provides.

Definitions

§ 2. Within the meaning of this Federal Act, the following definitions shall apply:



1 processing: Application of a management instrument to achieve one or more objectives of settlement pursuant to § 48 para 2;

2. CRR credit institutions: credit institutions in accordance with article 4 para 1 No. 1 of the Regulation (EU) No. 575/2013, with the exception of the companies referred to in article 2 paragraph 5 of Directive 2013/36 on the access to the activity of credit institutions and the supervision of credit institutions and investment firms, to the amendment of Directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC of the European Parliament and of the Council , OJ No. L 176 of the 27.6.2013 p. 338;

3. CRR investment firms: investment firms referred to in article 4 para 1 No. 2 of the Regulation (EU) No. 575/2013, which in art. 3 par. 6 No. 3 of securities supervision Act 2007 - WAG 2007, Gazette I no. 60/2007, subject to specified requirements of the initial capital.

4. CRR financial institution: a financial institution referred to in article 4 paragraph 1 No. 26 of the Regulation (EU) No. 575/2013;

5. subsidiary company: a subsidiary company in accordance with article 4 para 1 No. 16 of the Regulation (EU) No. 575/2013;

6. parent company: a parent undertaking in accordance with article 4 para 1 No. 15, lit. of Regulation (EU) No. 575/2013;

7. consolidated basis: the basis of the consolidated position in accordance with article 4 para 1 No. 47 of Regulation (EU) No. 575/2013;

8 Institute-related backup system: a regulation, the requirements in accordance with article 113 paragraph 7 of the Regulation (EU) No. 575/2013 is sufficient;

9 financial holding company: a financial holding company in accordance with article 4 para 1 No. 20 of the Regulation (EU) No. 575/2013;

10 mixed financial holding company: a mixed financial holding company in accordance with article 4 para 1 No. 21 of the Regulation (EU) No. 575/2013;

11 mixed holding company: a mixed holding company in accordance with article 4 para 1 No. 22 of the Regulation (EU) No. 575/2013;

12.

Parent financial holding company in a Member State: a parent financial holding company in a Member State in accordance with article 4 para 1 No. 30 of the Regulation (EU) No. 575/2013;

13 EU parent financial holding company: an EU parent financial holding company in accordance with article 4 paragraph 1 of the Regulation (EU) No. 31 No. 575/2013;

14 mixed parent financial holding company in a Member State: a mixed parent financial holding company in a Member State in accordance with article 4 para 1 No. 32 of Regulation (EU) No. 575/2013;

15 mixed EU parent financial holding company: a mixed EU parent financial holding company in accordance with article 4 para 1 No. 33 of Regulation (EU) No. 575/2013;

16 processing targets: the settlement objectives referred to in article 48, paragraph 2;

17 branch: a branch office in accordance with article 4 para 1 No. 17 of the Regulation (EU) No. 575/2013;

18th resolution authority: the authority designated in accordance with article 3, paragraph 1;

19 settlement instrument: one of the settlement instruments referred to in section 74, paragraph 2;

20 processing power: one in the articles 58 to 69 above powers;

21 competent authority: a competent authority in accordance with article 4 para 1 No. 40 of Regulation (EU) No. 575/2013 and the European Central Bank in the performance of the it by Regulation (EC) No. of 1024/2013 to transfer special tasks relating to the prudential supervision of credit institutions on the European Central Bank of Council, OJ No. L 287 of the 29.10.2013 p. 63, special tasks;

22 ministries: finance ministries or other ministries of the Member States, which are responsible at national level ever after the national responsibilities for economic, financial and budgetary decisions and paragraph 5 of Directive 2014/59/EC designated in accordance with article 3;

23 Institute: a CRR credit institution (No. 2) or a CRR investment firm (Z 3);

24 Board: Board pursuant to § 2 Z 1a Banking Act;

25 business manager: Managing Director according to § 2 Z 1 BWG;

26 Board of Directors: Supervisory Board or a supervisory settling otherwise by law or statute;

27 higher management: senior management in accordance with § 2 Z 1B BWG;

28 group: a parent undertaking and its subsidiaries;

29 cross-border Group: a group whose individual companies operating in more than one Member State are established;

30 extraordinary financial support from public funds: State aid in accordance with article 107 paragraph 1 TFEU or other public funding at the supranational level, which, if she were followed at the national level, would be important as State aid, to maintain or restore the viability, liquidity or solvency of an institution or a company referred to in article 1, paragraph 1 Z 2-4 or a group , which belongs to the Institute or the company, granted;

31. emergency liquidity assistance: the provision of Central Bank money by a Central Bank or the granting of other assistance from the an increase in Central Bank money can arise for a solvent institution or CRR financial institution or a group solvent institutions or CRR financial institutions with temporary liquidity problems, with this operation in the course of monetary policy;

32. systemic crisis: a problem of the financial system, bringing potentially serious drawbacks for the internal market and the real economy, where all kinds of financial intermediaries, markets and infrastructure can be potentially in some degree of systemic importance;

33. companies of the Group: a legal entity which is part of a group;

34. recovery plan: an in accordance with §§ 8 and 9 by an Institute created and written on redevelopment plan;

35. Group restructuring plan: a created pursuant to sections 15 and 16 and written on group rehabilitation plan;

36. important branch: a branch office, paragraph 1 of Directive 2013/36/EC in a host Member State deemed to be significant; considered in accordance with article 51

37. critical functions: activities, services or businesses, whose setting due to the size, market share, the external and internal linkages, the complexity or the cross-border activities of an institution or group in one or more Member States has the interruption of services essential for the real economy or a problem on the financial stability resulted in especially overlooking the substitutability between of these activities, services or business;

38. core business: operations and related services, which represent major sources of revenue, profits, or the franchise value for an institution or group, who belongs to an institution;

39. consolidating supervisor: a consolidating supervisor in accordance with article 4 para 1 No. 41 of the Regulation (EU) No. 575/2013;

40. capital: capital in accordance with article 4 para 1 No. 118 of Regulation (EU) No. 575/2013.

41. requirements for a settlement: the conditions referred to in paragraph 49 and 52;

42. processing measure: the decision on the settlement of an institution or a company pursuant to section 1 para 1 No. 2 to 4 in accordance with section 49 or section 52, the application of a management instrument or powers one or more processing;

43. management plan: a management plan created pursuant to §§ 19 and 20 for the institution;

44. group processing: a) either institution subject to management measures at the level of a parent company or one of supervision on a consolidated basis, b) or the coordination of the application of management instruments and the exercise of powers of settlement by management authorities in relation to a group that fulfil the conditions for a settlement.

45. group management plan: a plan created in accordance with the articles 22 to 26 for a group process;

46. for the group processing authority: the resolution authority in the Member State in which is located the consolidating supervisor. The consolidating supervisor is the ECB, the competent authority for the group processing is the resolution authority in the Member State, without application of the Regulation (EU) No. 1024/2013 the consolidating supervisor would resides;

47. management concept: a plan elaborated according to § 142 for the purposes of the processing of a group;

48. Management College: a college furnished under section 134, which performs the tasks referred to in paragraph 134;

49. debt pursuant to § 58 para 1 Nos. 7 and 10: bonds and other forms of transferable debt instruments, instruments, that a debt is established or recognised, and instruments, giving rise to a claim for the purchase of debt securities;

50th parent institution in a Member State: a parent institution in a Member State in accordance with article 4 para 1 No. 28 of the Regulation (EU) No. 575/2013;

51. EU parent institution: an EU parent institution in accordance with article 4 para 1 No. 29 of the Regulation (EU) No. 575/2013;

52. capital requirements: the requirements laid down in articles 92 to 98 of Regulation (EU) No. 575/2013;

53. supervisory College: a supervisory College in accordance with article 116 of Directive 2013/36/EC or in accordance with § 77 b BWG;

54. legal framework of the Union State aid: the legal framework, by articles 107, 108 and 109 TFEU as well as all on the basis of article 108 paragraph 4 or article adopted Union acts, including guidelines, notices and announcements, is dictated by 109 TFEU

55. instrument of derecognition of assets: the mechanism for the implementation of a transfer of assets, rights or liabilities a run-off Institute in accordance with article 82 and 83 by the resolution authority to a reduction unit;

56. mining unit: a corporation that meets the requirements laid down in article 83, paragraph 1;

57. instrument of creditor involvement: the mechanism for the exercise of the Herabschreibungs - and conversion powers according to § 85 through a resolution authority in relation to liabilities of a run-off Institute;

58. instrument of business sale: the mechanism for the implementation of a transfer of the shares issued by a run-off Institute or other title or the assets, rights or liabilities a run-off Institute on a purchaser, where this is not a bridge institution, in accordance with § 75 by the management authority;

59. Institute of bridges: a legal entity that complies with the requirements laid down in article 78, paragraph 3;

60. instrument of the Institute of bridges: the mechanism for the transfer of shares or other property titles, which were issued by a run-off Institute or of assets, rights or liabilities of a run-off institution in accordance with section 78 on a bridge institution;

61. title: shares, other instruments for the transfer of property rights, instruments which can be converted in shares or property title or establish a right to the acquisition of shares or other ownership titles, and instruments that constitute a legal claim to shares or other property title;

62. shareholders: shareholders or holders of other title;

63.

Transmission powers: in article 58, paragraph 1 Z 3 or 4 mentioned powers, shares, other title, debt, assets, rights or liabilities - in any combination - a run-off Institute on a receiving entity to transfer;

64. central counterparty: a central counterparty in accordance with article 2 of Regulation (EU) No. 1 No. 648/2012 on OTC derivatives, central counterparties and trade repositories of the European Parliament and of the Council OJ No. L 201 of the 27.7.2012 p. 1;

65. derivative: a derivative in accordance with article 2 of Regulation (EU) No. 5 No. 648/2012;

66. Herabschreibungs - and conversion powers: in article 70, paragraph 1 and article 58, paragraph 1 powers referred to Z 5-10;

67. secured liabilities: liabilities for which a security was ordered in particular, if for a closed - or singling out law proceedings of insolvency, cannot make particular liabilities covered bonds, including mortgage after the Mortgage Bank Act - HypBG, dRGBl. S 375/1899, bank bonds sound according to the law of 27 December 1905, sound bank debentures relating to FBSchVG, RGBl. No. 213/1905, and mortgage bonds under the Pfandbrief Act - PfandbriefG, dRGBl. I S 492/1927, including derivatives businesses in coverage under these federal laws, as far as secured debt at least through the value of the fuse for this ordered or covered;

68. instruments of hard core capital: capital instruments, the the conditions laid down in article 28 para 1 to 4, article 29 paragraph 1 to 5 or article 31 paragraph 1 of the Regulation (EU) No. 575/2013 meet;

69. instruments of the additional core capital: capital instruments, the meet the conditions referred to in article 52 paragraph 1 of the Regulation (EU) No. 575/2013;

70. an aggregated amount: the aggregate amount that the resolution authority in determining underlying sets that are capable of taking into account liabilities in accordance with article 88, paragraph 1 to dismiss or convert;

71. taking into account eligible liabilities: liabilities and capital instruments other than those of hard core capital, of additional core capital and supplementary capital of an institution or business pursuant to section 1 para 1 Z 2-4, which is not excluded the instrument of creditor involvement on the basis of § 86 para 2 from the scope;

72. Insert safety device: a deposit protective device, by a Member State in accordance with article 4 of Directive 2014/49/EC on deposit guarantee schemes of the European Parliament and of the Council OJ No. L 173 of the 12.6.2014 introduced S. 149, and officially recognized;

73. instruments of the supplementary capital: capital or subordinated loans, no. 575/2013 meet the conditions laid down in article 63 of Regulation (EU);

74. relevant instruments: for the purposes of part 4 main pieces 5 section 5 and section 4 main pieces 4 instruments of the additional core capital and supplementary capital.

75. conversion rate: the factor that determines the number of shares or other ownership title to a liability of a specific category with reference to either a single instrument of this category or a specific unit of the value of a debt is converted;

76. affected creditor: a creditor whose Forderung relates to a liability that; reduced or converted into shares or other ownership title through the exercise of the Herabschreibungs - or conversion powers in the course of use of the instrument of creditor involvement

77. affected holder: a holder of property titles whose title Z 8 powers referred to were extinguished. the exercise of in article 58, paragraph 1

78. relevant parent institution: a parent institution in a Member State, an EU parent institution, a financial holding company, a mixed financial holding company, a mixed holding company, a parent financial holding company in a Member State, an EU parent financial holding company, a mixed parent financial holding company in a Member State or a mixed EU parent financial holding company, on which the instrument of creditor participation; applied

79th accepting legal entity: the entity transferred to the shares, any other title, debt, assets, rights or liabilities - in any combination -; one in handling the Institute

80. business day: any day except Saturday, Sunday and legal party carrying in the Member State concerned;

81. Kündigungsrecht: the right to terminate the right to early due position, termination, set-off or netting of liabilities or a similar provision that allows or causes that an obligation of a Contracting Party is suspended, is changed or expires, a provision which a usually resulting contractual obligation can result in no longer a contract;

82. in processing institution: an institution, a CRR financial institution, a financial holding company, a mixed financial holding company, a mixed holding company, a parent holding company in a Member State, an EU parent holding company, a mixed parent financial holding company in a Member State or a mixed EU parent financial holding company, in that a settlement measure is taken

83. EU subsidiaries: an Institute that is established in a Member State and is affiliated with the institution of a third country or a third country parent undertaking;

84. EU parent company: an EU parent institution, an EU parent financial holding company or a mixed EU parent financial holding company;

85. third country institution: an undertaking based located in a third country and would covered by the definition of "institution", if it were established in the Union.

86. third country parent company: a parent company, a financial holding company or a mixed parent financial holding company, which is established in a third country;

87. third country procedures: a measure provided for by the law of a third country to handle the failure of a third-country institution, or a third-country undertaking, which are similar in their objectives and expected results with the implementation measures provided for in this federal law;

88. EU - branch: a located in a Member State branch of a third-country institution;

89. the third country authority: a third country authority that performs functions that are similar to the functions that are perceived by management authorities or competent authorities on the basis of this federal law;

90. group processing financing mechanism: the settlement funding mechanism of the Member State, the competent authority for the group processing is located;

91. back-to-back transaction: a transaction between companies within a group for the purpose of full or partial transfer of the risks arising from another transaction between one of these companies and a third party;

92. intra-group guarantee: a contract by which a company assumes a guarantee for the fulfillment of obligations of any other company of the group to a third party;

93. safe deposits: secured deposits in accordance with article 2 para 1 No. 5 of the directive 2014/49/EC;

94. refundable deposit: refundable deposits in accordance with article 2 para 1 No. 4 of the directive 2014/49/EC;

95. covered bonds: an instrument referred to in article 52 paragraph 4 of Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS) of the European Parliament and of the Council OJ No. L 302 of the 17.11.2009 S. 32;

96. financial collateral in the form of transfer of ownership: financial collateral in the form of title transfer pursuant to § 3 para 1 No. 2 of the financial security law - FinSG, Federal Law Gazette I no. 117/2003;

97. netting agreement: an agreement on the existence of a number of demands or obligations can be converted into a single net claim, including close-out netting agreements, where in the event of a (defined as and equal to where) enforcement event prematurely due to the obligations of the parties or terminated, and converted into a single net claim, or replaced by such. This includes Z 14 fall also set-off as a result of termination pursuant to § 3 para 1 lit. a FinSG and set-off pursuant to § 12 of the finality Act, Federal Law Gazette I no. 123/1999;

98. netting agreement: an agreement on the existence of two or more claims or obligations between the run-off Institute and a counterparty can be offset;

99. financial contracts: following contracts and agreements: a) value of paper contracts, including aa) contracts on the purchase, sale or borrowing securities, a group of securities or a value paper index bb) options on a security, a group of securities or a securities index, cc) a repurchase agreement or a reverse repurchase agreement with such a security, such a group of securities or a such securities index;

b)

(Goods contracts, including aa) contracts on the purchase, sale or borrowing a merchandise, a category of goods or goods index for future delivery, bb) options to a product, a group of goods, or goods index, cc) a repurchase agreement or a reverse repurchase agreement with such goods, such a group of goods or such goods index.

(c) futures contracts (futures and forwards), including contracts (except contracts for goods) for the purchase, the sale or the transfer of a commodity or an other good, a service, a right or a share at a fixed price at a future date, d) swap agreements, which include in particular the following: aa) interest rate swaps and options, cash or other foreign exchange agreements, currencies, a stock market index or a stock, a debt index or a debt , Indices of goods or goods, weather, emissions or inflation, bb) earnings -, credit-spread - or credit-swaps, cc) agreements or transactions, the a the subject to sublit. similar to AA or bb mentioned agreements and are widely used on the swap or derivative markets;

(e) credit agreements between banks with a maturity of three months or less;

(f) agreements for the see the lit. a through e listed contracts or agreements;

100th crisis prevention mechanism: the exercise of powers to the statement of the Elimination of shortcomings or obstacles to the restructuring capacity according to § 14 para 2 and 3, the exercise of powers to the reduction or the Elimination of obstacles to the ability of processing in accordance with section 29 or section 30 and 31, the use of early intervention measures referred to in section 44, the appointment of a provisional liquidator pursuant to § 46 or the exercise of the Herabschreibungs - or conversion powers pursuant to section 70;

101. crisis management measure: a measure of the processing or the appointment of an administrator of settlement pursuant to section 68 or a person referred to in article 93, paragraph 2 or article 68, paragraph 1;

102. remedial capacity: the ability of an institution, restore its financial stability after a substantial deterioration of its financial situation;

103. depositor: a depositor in accordance with article 2 para 1 No. 6 of Directive 2014/49/EC;

104. investor: an investor referred to in article 1 paragraph 4 of Directive 97/9/EC on systems for the indemnification of investors of the European Parliament and of the Council OJ No. L 84 of the 26.3.1997 S. 22;

105. designated national macro-prudential authority: the authority which is entrusted with the implementation of the macro-prudential policy according to recommendation B No. 1 of the recommendation of the European systemic risk Board by December 22, 2011 on the macro-prudential mandate of national authorities (ESRB/2011/3);

106. microenterprises and small and medium-sized enterprises: microenterprises and small and medium-sized companies in the definition on the basis of the turnover criterion referred to in article 2 paragraph 1 of the annex to recommendation 2003/361/EC of the European Commission concerning the definition of micro-businesses, as well as the small and medium-sized enterprises; OJ No. L 124 of 20.5.2003 p.36.

107. regulated market: a regulated market referred to in § 1 No. 8 WAG 2007;

108. EEW: European banking supervisory authority within the meaning of Regulation (EU) no 1093/2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Decision 2009/78/EC of the European Parliament and of the Council, OJ No. L 331 of the 15.12.2010 S. 12.

The resolution authority and the competent Ministry

3. (1) the FMA is the resolution authority for Austria for the purposes of this federal law. As far as handling administrative tasks, powers and duties of the FMA be given by this federal law, it has to perceive this in compliance with the conditions referred to in paragraph 3 and 4 and it is called "Resolution authority" in this federal law.

(2) the Federal Ministry of finance is responsible Ministry of Austria in accordance with article 3 paragraph 5 of 2014/59/EU directive.

(3) the FMA to form a separate organization unit within its organizational structure for the performance of their duties as the management authority referred to in paragraph 1. While the FMA in its organizational of structure has to ensure that this organizational unit can be operating completely independent from all other organizational units of the FMA and no conflicts of interest between settlement activity and the in the FMABG laid down other activities of the FMA may occur. The head of the organizational unit entrusted with the processing activity is within the framework of organizational structure and only this directly to submit to the Executive Board of the FMA report to. The FMA has to make sure that employees of organizational unit entrusted with the processing activity cannot simultaneously exercise functions or duties under other in the FMABG specified activities of the FMA.

(4) the FMA has to make sure that the organizational unit entrusted with the settlement activities and the organizational units that perform the other activities laid down in the FMABG, the FMA, closely cooperate in the preparation, planning and application of management decisions. The Austrian National Bank has the resolution authority according to § 79 para. 3 Banking Act provided at any time automation-supported access to the common database to allow. Also has the Oesterreichische Nationalbank of the resolution authority to request to provide all analysis results and information from their ongoing analysis of individual banks in accordance with § 79 para 4a BWG.

(5) the FMA, the management authority and the Austrian National Bank work closely to effectively fulfill of their respective tasks in accordance with this federal law. Section 79 BWG is with the provision to apply, that the the tasks of the Austrian National Bank regulated there for the area of banking supervision apply the rehabilitation and management of enterprises in accordance with § 1 para 1, for the purposes of this federal law to the area; the §§ 54 to 79, 81-83, 85 to 92, 95 to 98, 114 to 131 and 152 to 159 of this federal law are excluded. The resolution authority can exceptionally perform all required tests, opinions and analyses also bank auditors, accountants, accounting firms and other experts; Provision of information by the resolution authority to that of their representative is permitted, insofar as this is relevant to the fulfilment of the mission.

(6) the resolution authority has decisions to inform the Federal Minister of Finance on it. Decisions associated with immediate fiscal impact or systemic effects, has the resolution authority prior to the implementation of the decision to obtain the approval of the Federal Minister of finance.

(7) in all decisions which meet the FMA or the management authority in accordance with this federal law, the potential impact of the decision in all Member States, in which the affected institution or the affected group is active, to take into account and are careful to take, that the negative effects on the financial stability and the negative economic and social consequences in the Member States are kept to a minimum.

(8) the resolution authority has to inform the EBA, that it was determined in Austria as a resolution authority para 1 2014/59/CE directive in accordance with article 3. The report shall include a description of the roles and responsibilities carried out by the management authority.

(9) by way of derogation from article 3, paragraph 1 official liability Act - AHG, BGBl. 20/1949, can no. of the organs and staff of the FMA, including the staff of the management authority, and of the organs and staff of the Oesterreichische Nationalbank, which carry out tasks according to this federal law, only desires Radebe set if they have intentionally committed the infringement.

(10) which has the FMA that you each is no. 21 as the competent authority in accordance with article 2 with tasks entrusted to this federal law, only as far as perceive powers and duties as the exercise under the provisions of Regulation (EU) No. 1024/2013 reserved not the European Central Bank.

(11) the FMA and the resolution authority have to cooperate for the purposes of this Federal Act in accordance with the Regulation (EU) No. 1093/2010 with the EBA. In particular, the FMA and the resolution authority of the EBA in accordance with article 35 of Regulation (EU) have to provide no. 1093/2010 information necessary for the performance of their duties.


(12) the FMA in the enforcement of the provisions of this Federal Act, including the enactment and enforcement of national regulations on this basis, to take account of the European convergence of supervisory tools and supervisory procedures. To this end, the FMA in the activities of the EBA has to participate, to cooperate with the ESRB, the guidelines and recommendations and other measures adopted by the EBA to be applied, as well as by the ESRB in accordance with article 16 of the Regulation (EU) no 1092/2010 on the financial supervision of the European Union at the macro level and the establishment of a European Committee for systemic risks, OJ No. L 331 of the 15.12.2010 to comply with S. 1, outspoken warnings and recommendations. The FMA can deviate from these guidelines and recommendations, unless for legitimate reasons, in particular conflict with federal regulations, there are.

2 part

Preparation

1. main piece

Rehabilitation and settlement planning

1 section

General terms and conditions

Determination of the content of the plan

4. (1) has the FMA with regard to redevelopment plans and the resolution authority has in terms of settlement plans to set the following:



1. the content and level of detail to create rehabilitation and settlement plans;

2. set the time to the the first renovation and management plans are to create and update frequency these plans, which may be less is intended as those in article 11, paragraph 1, section 19 paragraph 2 and article 22, paragraph 2;

3. the content and level of detail of the information in accordance with § 9 para 4, § 21, and section 22 as well as Appendix to § to be presented 9 and Appendix to § 21 of the institutions; and 4 the level of detail for the evaluation of the ability of processing in accordance with §§ 27 and 28, as well as Appendix to § 27.

In determining the content of the plan, the FMA and the resolution authority on the criteria set out in section 1 para 2 have carefully to take.

(2) the FMA and the resolution authority have in the determination referred to in paragraph 1 to consider the following:



1. the impact of the failure of an institution due to the nature of its business activities, its shareholding structure, its legal form, its risk profile, his size and his legal status, its linkages with other institutions or the financial system, the scope and the complexity of its activities, its membership in an institutional guarantee scheme in accordance with article 113 para 7 of the Regulation (EU) No. 575/2013 or other common systems of mutual solidarity in accordance with article 113 paragraph 6 of Regulation (EU) No. 575/2013 and the provision of investment services or the exercise of activities in accordance with article 4 para 1 No. 2 of 2014/65/EU directive could; have and 2 that question, whether the failure and subsequent recovery in a bankruptcy procedure would likely significant adverse effects on the financial markets, other institutions, the funding conditions, or the economy as a whole.

(3) the FMA and the resolution authority have to catch an expert statement of the Austrian National Bank in the determination referred to in paragraphs 1 and 2. The FMA may for the purpose of determining in accordance with paragraphs 1 and 2, and the resolution authority for the purpose of determining pursuant to paragraph 1 Nos. 3 and para. 2 a regulation adopted, if these specifications for a wide variety of institutions will be cancelled.

(4) the FMA and the management authority shall inform the EBA in how they apply paragraph 1 and 2 as well as the §§ 6 and 7 on the Institute in their territory.

Withdrawal of simplified requirements

5. (1) If simplified requirements concerning the contents of the plan has set the FMA or the management authority in accordance with article 4, paragraph 1, so you can revoke them at any time and set full requirements, which are to meet the institutions within a reasonable time.

(2) the FMA and the resolution authority have to ensure that its powers to apply for this federal law Krisenpräventions-or crisis management measures, are not affected by simplified requirements laid down in accordance with article 4, paragraph 1, concerning the contents of the plan.

Facilities for members of credit unions and institutional security systems

The requirements of the second and third section are § 6 (1) to Institute, which fully or partially exempt from compliance with regulatory requirements on an individual institution basis, in accordance with article 10 of Regulation (EU) No. 575/2013 of a central organization are assigned to not applicable. The requirements of the second and third section are the Central Organisation on the basis of the consolidated situation of the central body and of it in accordance with article 10 of Regulation (EU) No. 575 / 2013 associated institutions to comply. The second and third section is to apply subject to the proviso that the term "Group" also a central organization, which includes its associated institutions referred to in article 10 of Regulation (EU) No. 575/2013 and its affiliates, and the terms "Parent undertaking", "EU parent company" or "institutions subject to a supervision on a consolidated basis pursuant to article 111 of Directive 2013/36/EU" include also the Central Organization.

(2) on institutions that belong to an Institute-based backup system, the requirements of the second section are not to apply. The requirements of the second section are to abide by the Central Institute of the institutional system with the involvement of those institutions, which belong to the institutional system. The second section is to apply subject to the proviso that the term "Group" includes also a central institution, the institutions participating in the institutional system and its affiliates, and the terms "Parent undertaking", "EU parent company" or "a supervision on a consolidated basis pursuant to article 111 of Directive 2013/36/EU entities" include the Central Institute.

(3) the FMA can apply at any time, even if the conditions referred to in paragraph 1 or 2, in accordance with the second section its own redevelopment plans institutes, and can create management plans in accordance with the third section the resolution authority for such institutions.

Compulsory development plan of the members of credit institutions networks and institutional security systems

§ 7 (1) by way of derogation from article 6, paragraph 1 have Institute associated No. 575/2013 of a central organisation in accordance with article 10 of Regulation (EU), to create their own renovation plans in accordance with the second section and subject to own processing plans according to the third section, if they



1 the European Central Bank in accordance with article 6 paragraph 4 of the Regulation (EU) No. 1024/2013 directly supervised by be or 2. have a significant proportion of the financial system of in Austria.

(2) by way of derogation from article 6 par. 2 have institutions that belong to an Institute-based backup system to create their own restructuring plans, in accordance with the second section when they



1 the European Central Bank in accordance with article 6 paragraph 4 of the Regulation (EU) No. 1024/2013 directly supervised by be or 2. have a significant proportion of the financial system of in Austria.

(3) percentage of institutions in the financial system applies for the purposes of paragraph 1 and 2 as significant if the institution meets one of the following conditions:



1. the total value of the assets of the Institute is over EUR 30 billion; or 2 that exceeds 20 vH ratio of the entire assets of the Institute to Austria's gross domestic product, and the total value of these assets is not less than 5 billion euro.

2. section

Remediation planning

Redevelopment plan

§ 8 (1) has any institution headquartered in Switzerland, which is not part of a group that is subject to a supervision on a consolidated basis in accordance with articles 111 and 112 of Directive 2013/36/EC, to create a remediation plan and continually update.

(2) the restructuring plan has to present, which are to ensure that by the Institute, financial stability can be restored if a significant deterioration of the financial situation of the Institute.

(3) the restructuring plan must not assume the possibility of access to extraordinary financial support from public funds, or the receipt of such assistance. It should be analyzed in however in the redevelopment plan, where appropriate, how and when the Institute under the conditions laid down in the plan may apply for the use of Central-Bank facilities. Assets will be pointed out for this purpose, which is expected to serve as collateral.

(4) the directors have to bring the Supervisory Board, the recovery plan before it is submitted to the FMA.

Content of the rehabilitation plan

The renovation plan has 9 (1) suitable conditions and procedures to contain, so that remedial measures can be performed in a timely manner and a wide range of remedial options available.

(2) the restructuring plan has to take into account various scenarios of significant macroeconomic and financial impact with respect to the specific conditions of the Institute. This includes system-wide events and impact scenarios limited to certain legal persons or groups.


(3) the restructuring plan has to cover, that could make the Institute if qualify for early intervention in accordance with article 44 measures.

(4) without prejudice to the provisions of the first section, the restructuring plan has to contain the information of the annex to section 9. The FMA can apply at the Institute the inclusion of additional information. Furthermore, the FMA can the Institute apply, detailed records of financial contracts, where the Institute's party to lead.

Indicators of the restructuring plan

§ 10 (1) all redevelopment plans under this section must contain a framework of indicators created by the Institute, which is set from the thresholds referred to in the plan, appropriate measures can be taken. These indicators are to consider, where appropriate, in cooperation with the other competent authorities of the FMA within the framework of the assessment referred to in article 12 or the §§ 17 and 18.

(2) the indicators can be qualitative or quantitative. You must refer to the financial situation and risk-bearing capacity of the Institute and be easy to monitor. The Institute has about appropriate procedures to have to regularly monitor the indicators.

(3) institutions may take measures of the recovery plan, if the requirements of the respective indicators are not met, if the Managing Director of the Institute deemed appropriate under the specific circumstances. Likewise institutions in compliance with the requirements of the relevant indicators can refrain from take the measures provided for in the rehabilitation plan for this when the Managing Director of the Institute take such measures under the specific circumstances deem inappropriate.

(4) the Institute has a decision, to take a measure of the reorganisation plan or to refrain from an action of the rehabilitation plan, to show the FMA without delay in writing.

Update of the restructuring plan

§ 11 (1) has the updated of restructuring plan by the Institute to be carried out at least once a year. The FMA is entitled to apply an update at a shorter interval to the Institute.

(2) the restructuring plan is to update without delay and to submit the FMA, after a change in the legal or organizational structure of the Institute, its activities or its financial situation has taken place, if the change could impact significantly on the recovery plan.

Evaluation of the restructuring plan

Section 12 (1) has an Institute that is required in accordance with section 8 or section 15 to produce a restructuring plan, to present this the FMA. While the Institute of the FMA has credibly prove that Z 1 to 3 of the recovery plan meets the criteria referred to in paragraph 2.

(2) the FMA has to consider the restructuring plan within six months of submission and after consulting the competent authorities of those Member States of that through the recovery plan affected major branches of the concerned Institute located where, to assess whether



1. the requirements laid down in sections 8, 9 and 11 are met, 2. is the application of the proposed regulations, taking into account the measures preparatory taken or planned by the Institute, with overwhelming probability, to maintain the viability and the financial situation of the institution or group of institutions, or revert back to and 3. the plan and the specific remedial options in the plan with overwhelming probability in financial stress situations quickly and effectively can be implemented , in as far as possible thorough prevention of significant adverse effects on the financial system, even in scenarios, the other institutions would give rise, making redevelopment plans in the same period.

(3) in assessing the adequacy of the restructuring plan, the FMA is to consider whether the capital and financing structure of the Institute in a reasonable proportion to the complexity of its organizational structure and its risk profile is available.

(4) the FMA has to submit the restructuring plan of resolution authority. The resolution authority may review the remediation plan to determine measures in the recovery plan which have an adverse affect on the processing ability of the Institute, and make recommendations in this regard of the FMA.

Improvement of the restructuring plan

§ 13 (1) the logical_test restructuring plan, that there is any significant defects, or that significant obstacles of implementation, the FMA has to request the Institute or the EU parent company of the group to improve the rehabilitation plan. § 13 para 3 of the General Administrative Procedure Act - AVG, Federal Law Gazette No. 51/1991, is to apply mutatis mutandis. On behalf of improving, the FMA has to inform the Institute, which parts of the rehabilitation plan are deficient.

(2) the deadline for the improvement in two months, the FMA may extend the time limit at the request of the Institute or of the EU parent company for another month.

(3) before issuing an improvement order, the FMA has the Institute or the EU parent company to give the possibility to comment on the preliminary evaluation results.

Method of removal of defects or potential obstacle

Section 14 (1) when the assessment of improved restructuring plan, that shortcomings or potential obstacles does not adequately were removed, the FMA can apply the Institute to make certain changes in the plan.

(2) the FMA has to apply the Institute, to show changes on its business within a reasonable time frame and to undertake to resolve deficiencies or potential barriers in the implementation of the recovery plan,



1. If the Institute failure to comply with an improvement order pursuant to article 13 or 2. If the FMA when assessing improved restructuring plan to the result, that eliminated the deficiencies indicated in accordance with article 13, paragraph 1 or potential obstacles in a reasonable manner, and not by a statement referred to in paragraph 1 are eliminated.

(3) If an institution to implement an arrangement referred to in paragraph 2 within the time frame applied if the FMA to assess, that the shortcomings or potential obstacles with the measures proposed by the institution not in an appropriate manner can be eliminated, the FMA can apply at the Institute, to take measures which regards it as necessary and proportionate, taking into account the seriousness of the shortcomings and obstacles, and the impact of measures on the activities of the Institute. The FMA, notwithstanding the section 70 can taking to take the following measures paragraph 4a to 4 c BWG, the Institute:



1. the reduction of the risk profile of the institution, including liquidity risk;

2. providing of timely recapitalisation measures;

3. the review of its strategy and its organisation structure;

4. change the funding strategy of the Institute, so that increases the resistance of the core business areas and critical functions.

5. the change of the corporate Constitution of the Institute.

The arrangement of these measures has by decision to be made. In the grounds of the decision, in particular the proportionality of the measures to explain is.

Group restructuring plan

Section 15 (1) EU parent company headquartered in Germany, that the consolidated supervision of the FMA are subject to have to create a group restructuring plan, and to submit to the FMA. § 11 shall apply. The Managing Director of the EU parent company responsible for the creation of the Group restructuring plan; the Supervisory Board of the EU parent company has to check the Group restructuring plan and to approve before the EU parent company submit this to the FMA.

(2) the Group restructuring plan has a reorganization plan for the entire group under the leadership of the EU parent company to exist. There are measures to implement, the implementation of which may be required at the level of the EU parent company and each individual subsidiary.

(3) the FMA as consolidating supervisor shall transmit the Group restructuring plan following authorities if the confidentiality requirements laid down in sections 120 to 122 are guaranteed:



1. the relevant competent authorities referred to in articles 115 and 116 of Directive 2013/36/EC;

2. the competent authorities of the Member States where significant branches are located, as far as this branches of the Group restructuring plan have been affected;

3. the management authority;

4. handling bodies of the subsidiary companies.

Content of the Group restructuring plan

Section 16 (1) which has groups redevelopment plan to set out what measures in the case of a load



1. the stabilization of the group as a whole or an institution of the group can be reached, 2. the causes of the deterioration of the financial situation can be remedied, and 3. a healthy financial position of the group as a whole or an institution of the group can be recovered.

In the creation of the Group restructuring plan, the financial situation of other companies of the group is at the same time to take into account.


(2) the Group restructuring plan has to provide regulations that ensure the coordination and coherence of action that are at the level of the EU parent, to Nos. 3 and 4, at the level of the subsidiaries and at the level of major branches meet at the level of the companies referred to in article 1, paragraph 1.

(3) the Group restructuring plan and those recovery plans be created for individual subsidiaries within the group, have the requirements one §§ 8 and 9, as well as, where appropriate, arrangements for intra-group financial support, which is provided on the basis of an agreement in accordance with the third main piece on intra-group funding, to contain reorganization plan in accordance with to meet.

Evaluation of group restructuring plan through a joint decision if the FMA is consolidating supervisor

Section 17 (1) has the FMA as consolidating supervisor to check the Group restructuring plan together with the competent authorities of the subsidiaries referred to in paragraph 2 and to evaluate. In the assessment of the Group restructuring plan is to proceed according to the sections 12 to 16 and are the potential effects of the reorganisation measures on financial market stability in all Member States, in which the Group operates, be taken into account. In testing and assessment, the competent authorities in accordance with article 116 of Directive 2013/36/EC and the competent authorities of the major branches of the Group restructuring plan concerned are to listen to.

(2) which has as a consolidating supervisor FMA to strive, with the competent authorities of the subsidiary companies within four months after the submission of the Group restructuring plan pursuant to § 15 ABS. 3 to make a joint decision about:



1. the testing and evaluation of group restructuring plan, 2 which has question of whether to create a rehabilitation plan on an individual basis to institutions that are part of a group, and 3. the Elimination of defects or potential obstacle, to be carried out according to the procedures in accordance with sections 13 and 14.

The FMA as consolidating supervisor can request from the EBA, lit them pursuant to article 31. (c) of Regulation (EU) to support no. 1093/2010 this, to bring about a common decision.

(3) is four months after the submission of the Group restructuring plan pursuant to § 15 ABS. 3 no joint decision pursuant to paragraph 2 No. 1 or by the EU parent company in accordance with § 13 and 14 measures to be taken, the FMA as consolidating supervisor, subject to paragraph 4 is alone on such matters to decide. In this case, the FMA is the points of view expressed by the other competent authorities within the four-month period and reserved to take into account in its decision. The FMA as consolidating supervisor has their decision to give the EU parent company and other competent authorities.

(4) has one of the competent authorities referred to in paragraph 2 within four months after the submission of the Group restructuring plan the EBA pursuant to article 19 of Regulation (EU) no 1093/2010 with one in para 2 Z 1 or § 15 para 3 Z 1, 2 or 4 matters referred to concerned, the FMA as consolidating supervisor has to reset its decision pursuant to paragraph 3 until a decision of the EBA. As soon as a decision of the EBA is taken, the FMA has to make its decision in accordance with paragraph 3 in accordance with the decision of the EBA. The four-month period after the delivery of the Group restructuring plan pursuant to § 15 ABS. 3 applies in this procedure than arbitration phase in accordance with article 19 No. 1093/2010 paragraph 2 of Regulation (EU) the EBA within one month after this conciliation stage no decision, has to decide the FMA as consolidating supervisor alone in accordance with paragraph 3. After the four-month period after delivery of group restructuring plan to the competent authorities in accordance with article 15, paragraph 3, or if there was a joint decision, the EBA may no longer petition No. 1093/2010 pursuant to article 19 of Regulation (EU).

(5) the FMA joint decisions in accordance with paragraph 2, or article 8 paragraph 4 of the directive to recognize as final paragraph 5 of the 2014/59/CE directive 2014/59/EC and decisions in accordance with article 8 and to apply.

Evaluation of group restructuring plan through a joint decision if the FMA is not consolidating supervisor

Section 18 (1) receives a group restructuring plan the FMA as competent authority in accordance with article 116 of Directive 2013/36/EC, or as the competent authority for a major branch in Austria by the consolidating supervisor, it has to submit an opinion to the consolidating supervisor four months after submission of the Group restructuring plan.

(2) the FMA receives as the competent authority of a subsidiary established in Austria by the consolidating supervisor has a group restructuring plan to seek it, about four months after submission of the Group restructuring plan with the consolidating supervisor and the competent authorities of the other subsidiaries of the group to make a joint decision:



1. the examination and evaluation of group restructuring plan, 2 who has question whether to create a rehabilitation plan on an individual basis to institutions that are part of a group, and 3. the Elimination of defects or potential obstacle, to be carried out according to the procedures in accordance with sections 13 and 14.

(3) the FMA as competent authority of a subsidiary established in Austria may apply for the EBA, lit them pursuant to article 31. (c) of Regulation (EU) to support no. 1093/2010 this, to bring about a joint decision pursuant to paragraph 2. As the FMA within four months can after delivery of the Group restructuring plan or to a common decision the EBA pursuant to article 19 of Regulation (EU) no 1093/2010 with a the deal in para. 2 Z 1 or § 14 para 3 Z 1, 2 or 4 mentioned matters.

(4) is four months after submission of the Group restructuring plan to the FMA as competent authority of a subsidiary established in Austria no joint decision of the competent authorities regarding the issue of whether to create a rehabilitation plan on an individual basis to institutions that are subject to the jurisdiction of the FMA, or regarding the issue of whether measures to eliminate a defect or potential obstacle at the level of the subsidiary companies established in Austria in accordance with sections 13 and 14 shall apply , above, the FMA alone to decide these matters subject to the provisions of paragraph 5.

(5) has the FMA as competent authority of a subsidiary established in Austria or one of the competent authorities referred to in paragraph 2 within four months after the submission of the Group restructuring plan the EBA pursuant to article 19 of Regulation (EU) No. 1093/2010 a the in para. 2 Z 1 or § 14 para 3 Z 1, 2 or 4 matters referred to dealt , the FMA as competent authority for subsidiary established in Austria has to reset its decision in accordance with paragraph 4 until a decision by the EBA. As soon as a decision of the EBA is taken, the FMA has to make their decisions in accordance with paragraph 4, in accordance with the decision of the EBA. The four-month period after the delivery of the Group restructuring plan to the FMA is in this procedure a conciliation phase pursuant to article 19 paragraph 2 of the Regulation (EU) No. 1093/2010 has the EBA within one month after this conciliation stage no decision, the FMA as for subsidiary company established in Austria to decide authority alone, in accordance with paragraph 4 and is effective this decision for the subsidiaries established in Austria.

(6) the FMA can make a joint decision about a group restructuring plan businesses under their jurisdiction the group with other competent authorities, with which there is no disagreement in accordance with paragraph 4.

(7) the FMA as final to recognize common decisions in accordance with paragraph 2 or 6 and the decision referred to in article 8 paragraph 3 and paragraph 4 of 2014/59/CE directive and to apply.

3. section

Settlement planning

Settlement plan

Section 19 (1) has the resolution authority for each Institute established in Austria, which is not part of a group, articles 111 and 112 of the directive is subject to 2013/36/EC of supervision on a consolidated basis in accordance with, to create a management plan in accordance with the provisions of the first section. Prior to construction of the settlement plan, the FMA and the management authorities of the countries in which the settlement plan affected major branches of the concerned Institute located, the resolution authority is to be consulted. The institutions concerned have prompted by the resolution authority in the creation and updating of management plans to participate.


(2) the settlement plan is at least annually to review and, where appropriate, to update; the same applies to essential changes to the legal or organizational structure of the Institute, its business or its financial situation, which could significantly affect the effectiveness of the plan or in any other way require its amendment. To this end, institutions and the FMA of the resolution authority have to communicate promptly any change, that requires a revision or update.

(3) the resolution authority has to submit the settlement plan in its latest form to the competent authorities.

Contents of the execution plan

Section 20 (1) in the framework of the settlement plan shows all major obstacles of processing the resolution authority and explained, if this is necessary and proportionate, the relevant measures, that these obstacles can be eliminated in accordance with the second main piece.

(2) without prejudice to the provisions of the 1st section options for the application are in the settlement plan at 3, 4 and 5.  Main piece of the 4th part of the Federal law processing instruments provided for and powers to the respective institution to present.

(3) in the settlement plan, relevant scenarios are taken into account, including the cases where the failure event of idiosyncratic nature is or occurs in times of general financial instability or system-wide events. In the settlement plan may be not assumed following measures:



1. the granting of extraordinary financial support from public funds through the application of the resolution financing mechanism provided in accordance with section 123, or 2 an of the Central Bank's emergency liquidity assistance, or 3 a liquidity support of Central Bank based on non-standard conditions as regards security, maturity and interest rates.

(4) in the settlement plan is to analyse how and when an Institute under the conditions referred to in the plan may apply for the use of Central-Bank facilities, and there are to show assets, which is expected to come as collateral into consideration.

(5) the settlement plan has anyway, as far as possible along with quantified data, to include:



1 representation. a summary of the main elements of the plan;

2. representation a summary of the significant changes occurred since submission of the last settlement plan of the Institute;

3. models to as critical functions and core businesses legally and economically be separated to the extent necessary by other functions could after a failure of the Institute to ensure their continuation;

4. an estimate of the time frame for the implementation of each of the key aspects of the plan;

5. a detailed representation in accordance with paragraph 1 and section 27 assessment of processing ability;

6. a description of any as per § 29 of demanded measures to reduce or remove obstacles for the handling ability, identified in the assessment made in accordance with section 27;

7. a description of the procedures for determining the value and marketability of the critical functions, the core business area and the assets of the institution;

8. a detailed description of measures which ensures that the information proportionate in accordance with § 21 is up-to-date and always available the management authorities;

9 explanations of the resolution authority about how the settlement options could be financed, may be understood from the following: a) the granting of extraordinary financial support from public funds through the application of the resolution financing mechanism provided in accordance with section 123, or b) emergency liquidity the Central Bank or c) liquidity support of Central Bank on the basis of any conditions in relation to collateral, term and interest rates;

10. a detailed description of the different processing strategies of that could be applied in the context of the different possible scenarios and the time horizons;

11 understanding of critical interdependencies;

12. a description of the options for maintaining access to payment and clearing services and other infrastructure and an evaluation of the transferability of customer positions;

13. an analysis of the impact of the plan on the staff of the Institute including costs related to an assessment and a description of the planned measures for the introduction of procedures for the consultation of the staff during the implementation process, if necessary, taking into account the national systems for the dialogue with social partners;

14. a plan for communicating with the media and the public;

15. the minimum requirements for the own resources referred to in article 100, paragraph 1 and liabilities capable of taking into account, as well as, where appropriate, a date for reaching this level;

16. where appropriate, the minimum requirements for the own resources referred to in article 100, paragraph 1 and contractual instruments of creditor participation, as well as, where appropriate, a date for reaching this level;

17. a description of the essential processes and systems for the continuation of the business operations of the Institute;

18. where appropriate, opinions of the Institute to the settlement plan.

The information referred to in subpara 1 must be disclosed to the concerned Institute.

(6) the resolution authority can require the keeping of detailed records of financial contracts Z 2-4, which it is a party by an institution or a company referred to in article 1, paragraph 1. The resolution authority may set a time limit within which the Institute or the company in accordance with section 1, paragraph 1 must be Z 2 to 4 able to submit the records; Z 2-4 are on all institutions and all companies in accordance with § 1 para 1 same time limits to apply. The management authority may decide to set different deadlines for different types of financial contracts in accordance with § 2 Z 99. This paragraph is without prejudice to the other rights of information of the FMA.

Participation in the preparation of management plans

Section 21 (1) can encourage the Institute the resolution authority to participate in the necessary extent in the preparation of management plans, and to submit all the information necessary for the creation and implementation of management plans the resolution authority directly or through the FMA. The resolution authority can request in particular that in annex to article 21 of the institutions as well as other information information referred to and analysis.

(2) the FMA has in cooperation with the resolution authority to consider whether some or all of the information to be provided in accordance with paragraph 1 already exists. Insofar as such information is already available, the FMA has the resolution authority to allocate.

Group management plan

§ 22 (1) is the resolution authority the authority responsible for the group management, it has together with the in section 24 para 2 No. 2, 3 and 5 settlement authorities referred in the context of settlement councils in accordance with the procedures referred to in §§ 24 and 25 - after consultation of the relevant competent authorities, including the competent authorities of the Member States of the Group settlement plan affected significant branches are - on the basis of the information received in accordance with section 21 to create a group management plan and update. The resolution authority as a competent authority for the group processing can involve settlement authorities in the preparation and updating of the Group settlement plans at its discretion and under the condition that they comply with the confidentiality obligations of article 98 of the 2014/59/CE directive, from third countries, where the Group has subsidiaries or holding companies or significant branches referred to in article 51 of Directive 2013/36/EC.

(2) the resolution authority is the authority responsible for the group management, it has to ensure that the Group settlement plans are reviewed at least annually and, if necessary, updated. In addition, there is an update of the Group settlement plan to carry, even if a change in the legal or organizational structure, the business or the financial position of the group as a whole or of any single company in the group, could have a significant impact on the group management plan.

(3) the resolution authority as the authority responsible for the group management has always to convey the Group settlement plan in the latest form to the relevant competent authorities.

Content of the Group settlement plan

Section 23 (1) group management plans have a plan for the management of the group under the leadership of the EU parent company as a whole, either through processing at the level of the EU parent company or by separation and processing of the subsidiary companies, to cover. In the Group settlement plan are measures to show for the processing



1 of the EU parent company, 2nd of the subsidiaries, the Group belong to and in the Union resident Z 2-4, 3 of the companies referred to in article 1, paragraph 1, 4.

the subsidiary, which belong to the Group and are resident outside of the Union, subject to the provisions of article 122 and the 7th part of this Federal Act.

(2) the Group settlement plan has to include the following content:



1 management measures to be taken in relation to a company, and that both processing measures in relation to in article 1, paragraph 1 Z 2, 3 or 4 companies mentioned, its parent company and subsidiaries also coordinated settlement measures in relation of subsidiaries within the framework of the scenarios envisaged in article 20, para. 3;

2. an analysis of to what extent could be applied in the Union-based companies of the group the settlement instruments in a coordinated manner and the processing powers in a coordinated way, certain deferred operations or activities that are provided by several companies within the group, or certain companies of the Group exercised, inter alia through measures to facilitate the acquisition of the group as a whole, by a third party, , as well as a collection of possible obstacles to the coordinated functioning;

3. a representation of appropriate arrangements for cooperation and coordination with the relevant authorities of third countries and the implications for the settlement within the EU, provided that company belong to a group, that are registered in third countries;

4. a presentation of the measures which are needed to facilitate a settlement at the group level, provided that the processing requirements are met, including a legal and economic separation of certain features or operations;

5. a representation of all additional measures listed in this federal law and the 2014/59/CE directive, which intends to apply the authority responsible for the group management on the management of the Group;

6 information on possible financing of the Group settlement measures and, if the settlement funding mechanism is required, setting out the principles for a breakdown of the financing responsibilities between funding sources in several Member States; in the settlement plan may be assumed not by the following: a) the granting of extraordinary financial support from public funds through the application of the resolution financing mechanism provided in accordance with section 123, b) emergency liquidity the Central Bank or c) liquidity support of Central Bank based on non-standard conditions as regards security, maturity and interest rates.

These principles must be based on fair and balanced criteria and take account in particular section 130 subsection 5 and the impact on financial stability in all the Member States concerned.

(3) the assessment of the management of the group in accordance with § 28 is at the same time making the creation and updating of the Group settlement plan in accordance with section 22. A detailed description of the evaluation of the ability of processing in accordance with § 28 the Group settlement plan is attached. The Group settlement plan may have no disproportionate impact on a Member State.

Procedures for the creation of Group settlement plans

24. (1) EU parent companies having their seat in Austria, have the information requested in accordance with section 21, to submit the resolution authority as the authority responsible for the group management. This information is in terms of on the EU parent company and, if necessary, to make each company of the group, including the company pursuant to section 1 para 1 No. 2 to 4 available.

(2) the resolution authority is the authority responsible for the group management, it has to transmit the information referred to in paragraph 1 to the following authorities, if the confidentiality requirements laid down in sections 120 to 122 are guaranteed:



1. the EBA, 2. subsidiary settlement authorities, 3. the management authorities of the Member States and third countries, in which the information referred to in paragraph 1 are affected major branches, 4. the relevant competent authorities referred to in articles 115 and 116 of Directive 2013/36/EC, 5. the management authorities of the Member States, where the company pursuant to section 1 para 1 No. 2 to 4 are based.

The information, presented the resolution authority as the authority responsible for the group management by the authorities according to Z 2-4, have to contain at least all of the information that are for the subsidiary or the important branch of concern. The information provided to the EBA have included all information, which are responsible for the tasks of the EBA in the groups implementation plans relevant. Is information about third country subsidiaries, the resolution authority as the authority responsible for the group management can make the transmission of this information by the consent of the respective supervisory authority or resolution authority of the third country.

For group processing plans, if the resolution authority is the competent authority for the group processing

Section 25 (1) is the authority responsible for the groups handling the resolution authority, it has to seek with the settlement authorities four months after transmission of the information in accordance with § 24 para 2, after consultation of the relevant competent authorities, including the competent authorities of the Member States where significant branches a common decision concerning the adoption are located, the subsidiaries of the Group settlement plan to meet. The management authorities and the other processing can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.

(2) no common decision of the management authorities is four months after the date of transmission of the information referred to in section 24 para 2 through the resolution authority as a competent authority for the group processing, has the resolution authority as the authority responsible for the group processing, subject to the procedure referred to in paragraph 3 or 4, alone, to decide on the adoption of the Group settlement plan. The decision is justified and has to take into account the positions and reserved other management authorities. The resolution authority as the authority responsible for the group management has the decision to submit the EU parent company.

(3) has one of the settlement authorities four months after the date of transmission of the information referred to in section 24 para 2 No. 1093/2010 with the matter concerned the EBA in accordance with article 19 of Regulation (EU), has the resolution authority as a competent authority for the group processing through their decision referred to in paragraph 2 to the precipitation of a decision to postpone the EBA. As soon as a decision of the EBA is taken, the resolution authority as the authority responsible for the group management has to take its decision in accordance with paragraph 2 in accordance with the decision of the EBA. The four-month period after the submission of information in accordance with § 24 para 2 applies in this procedure a conciliation phase pursuant to article 19 para 2 No. 1093/2010 including regulation (EU) the EBA within one month after this conciliation period no decision, has to decide the resolution authority as the authority responsible for the Group Management alone, in accordance with paragraph 2.

(4) one of the competent authorities of the settlement comes to the assessment that the contentious issue in any way could affect the fiscal responsibilities of the own Member State, the EBA not referred to in paragraph 3 may be consulted. The resolution authority as the authority responsible for the group management has to initiate a reassessment of the Group settlement plan including the minimum requirements for capital, and liabilities capable of taking into account in such cases.

(5) the resolution authority has common decisions in accordance with paragraph 1 and decisions in accordance with article 13 para. 6 and 7 of the directive 2014/59/EC as final to recognise and to apply.

For group processing plans, if the resolution authority is not the authority responsible for the group management

§ 26 (1) is the FMA within the framework of article 13 paragraph 2 of the directive 2014/59/EC establishing a group settlement plan as consolidating supervisor or a competent authority for a subsidiary in Austria or prompted a significant branch to comment, she has this call to follow.

(2) is along the resolution authority that has competent management authority, for a subsidiary company in Austria to seek it, four months after the submission of the information referred to in article 13 paragraph 1 of Directive 2014/59/EC to make a joint decision on the acceptance of the Group settlement plan with the other management authorities. The management authorities and the other processing can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.


(3) the resolution authority can 2014/59/EEC to the management authority or to the meeting of a joint decision that EBA No. 1093/2010 with the matter concerned pursuant to article 19 of Regulation (EU) four months after the submission of the information referred to in article 13 paragraph 1 of the directive. This does not apply if the resolution authority or one of the other affected management authorities come to the assessment that the contentious issue in any way could affect the fiscal responsibilities of the respective Member State.

(4) paragraph 1 of the directive is four months after the submission of the information referred to in article 13 2014/59/EC on the resolution authority no joint decision referred to in paragraph 2, the resolution authority subject to the provisions of paragraph 5 alone has to decide to create a management plan for the subsidiaries established in Austria, and, where appropriate, to update. In this case, the decision of the management authority has a collection of the reasons which have opposed the proposed group management plan to contain, and to take into account the positions expressed by the competent authorities and management authorities and reserved. The resolution authority has its decision to inform the members of the Management Board.

(5) has one of the affected management authorities within four months of submission of the information referred to in article 13 para 1 of 2014/59/EU directive the EBA pursuant to article 19 of Regulation (EU) No. 1093/2010 with the matter concerned, has to reset the resolution authority of its decision in accordance with paragraph 4 to the precipitation of a decision by the EBA, unless , one of the affected management authorities has come to the assessment that the contentious issue in any way could affect the fiscal responsibilities of their respective Member State. As soon as a decision of the EBA is taken, the resolution authority has to take its decision in accordance with paragraph 4, in accordance with the decision of the EBA. The four-month period after the submission of the information referred to in article 13 para 1 2014/59/CE directive applies in this procedure a conciliation phase pursuant to article 19 paragraph 2 of the Regulation (EU) No. 1093 / 2010 the EBA within one month after this conciliation phase contains no decision, has to decide the resolution authority alone, in accordance with paragraph 4. After the four-month deadline for transmission of the information referred to in article 13 paragraph 1 of 2014/59/EU directive or if there was a joint decision, the EBA may no longer petition No. 1093/2010 pursuant to article 19 of Regulation (EU).

(6) the resolution authority can make a joint decision about a group settlement plan businesses under their jurisdiction the group with other affected management authorities, with which there is no disagreement in accordance with paragraph 4 or 5.

(7) the resolution authority has common decisions in accordance with paragraph 2 and 6 and decisions in accordance with article 13 paragraph 5 and paragraph 6 of the directive 2014/59/EC as final to recognise and to apply.

2. main piece

Processing ability

Evaluation of the processing ability of institutions

§ 27. The resolution authority after consultation with the FMA and the management authorities of the territories where it affected major branch offices are located, has to assess to what extent an institution that belongs to any group, is capable of handling. When evaluating one must not by the granting



1. extraordinary financial support from public funds be assumed about the application of the resolution financing mechanism provided in accordance with section 123, 2. emergency liquidity, the Central Bank, or 3. liquidity support of Central Bank based on non-standard conditions as regards security, maturity and interest rates.

An institution is considered to be capable of processing if the resolution authority considers it feasible and credible, to utilize the Institute in the course of bankruptcy proceedings or settle it by application of different implementation instruments and powers for going as far as possible avoid of significant adverse effects - also in the context of general financial instability or system-wide events - on the financial system of in Austria, or in other Member States or of the Union, and in an effort , to ensure the continuation of certain by the institution of exercised critical functions. The resolution authority has in due time to inform the EBA when it comes to assessing that an institution is not capable of handling.

(2) for the purposes of assessing the ability of processing referred to in paragraph 1, the resolution authority has to consider at least the aspects referred to in annex to section 27.

(3) the resolution authority has the ability of of handling assessment in accordance with paragraphs 1 and 2 at the same time with the creation and updating of the settlement plan in accordance with §§ 19 and 20 and for the purposes of making. Article 21, paragraph 1 shall apply.

Evaluation of the processing ability of groups

Section 28 (1) the resolution authority the authority responsible for the group management, it has jointly with the management authorities of subsidiary companies, which are subject to supervision on a consolidated basis and after consultation with the FMA and the competent authorities of the subsidiary companies and the management authorities of the territories where it affected major branch offices are located, to evaluate to what extent unsuccessful groups are capable of handling their responsibility. When evaluating one must not by the granting



1. extraordinary financial support from public funds be assumed about the application of the resolution financing mechanism provided in accordance with section 123, 2. emergency liquidity, the Central Bank, or 3. liquidity support of Central Bank based on non-standard conditions as regards security, maturity and interest rates.

A group is considered capable of handling if it is feasible and credible of the affected management authorities, to exploit the companies of the group in the course of bankruptcy proceedings or to unwind the companies of the group by application of management tools and powers for going as far as possible avoid of significant adverse effects - also in the context of general financial instability or system-wide events - on the financial systems of the Member States , in which the companies of the group are established, the other Member States or of the Union, and in an effort to ensure the continuation of certain of the companies of the Group exercised critical functions if these easily in time can be outsourced, or by other measures. The resolution authority as the authority responsible for the group management has in due time to inform the EBA if she reached the conclusion that a group is not capable of handling.

(2) for the purposes of assessing the processing ability of groups, the resolution authority has to verify at least the aspects referred to in annex to section 27 together with the other authorities of the concerned settlement.

(3) the resolution authority has the evaluation of processing ability at the same time and in the procedure for establishing, to make updating and evaluation of the Group settlement plan in accordance with the articles 22 to 25. The review of the management of the group is to consider the settlement councils under section 134.

Powers to reduce and to eliminate obstacles to the ability of processing

Section 29 (1) the resolution authority on the basis of an assessment carried out in accordance with section 27 determines that there are significant barriers of the processing ability of the Institute, it has the concerned Institute this, writing of the FMA and the management authorities of the territories where significant branches are located.

(2) within four months after receipt of a notification referred to in paragraph 1, the institution of the resolution authority has to propose appropriate measures which the main obstacles mentioned in the communication referred to in paragraph 1 should be eliminated or at least mined.

(3) the resolution authority has to assess whether the are suitable measures referred to in paragraph 2, to eliminate the main obstacles in question, or at least reducing after hearing of the FMA.

(4) the resolution authority is in its assessment in accordance with paragraph 3 concludes that the proposed measures are appropriate to eliminate the main obstacles in question, or at least reducing, the resolution authority has to arrange the Institute, immediately to implement the measures referred to in paragraph 2. Comes the resolution authority in its assessment in accordance with paragraph 3 concludes that the proposed measures are not suitable to eliminate the main obstacles in question, or at least to reduce, the resolution authority has to set one or more alternative measures to eliminate or reduce the barriers in question pursuant to paragraph 5 and 6 and in writing to inform the Institute. The Institute has to produce a plan that outlines how the measures laid down by the resolution authority will be implemented in this case within a month.


(5) the issuing of the resolution authority to alternative measures referred to in paragraph 4, second sentence, must be necessary and proportionate in question handling barriers to reduce or to eliminate, and while the threat of financial stability through the obstacles of this settlement, as well as the impact of alternative measures on business activities, the stability and the ability of the Institute to make a contribution to the economy into account. Second sentence has the resolution authority prior to fixing a measure referred to in paragraph 4 to listen to the potential impact of the measure on the respective Institute, on the single market for financial services, to check the financial stability in other Member States and the Union and to the FMA, financial market stability Panel and, if necessary, the designated national macro-prudential authority in other Member States.

(6) as alternative measures referred to in paragraph 4, second sentence, shall apply:



1. the prompt to an institution within the group to change existing financing agreements or to reconsider their lack or service agreements, within the group or with third parties, providing critical functionality to close;

2. the prompt to an institution, to limit his maximum individual and aggregated risk positions; This applies, without prejudice to the rules on large exposures, also taking into account enabled liabilities pursuant to § 86 para 1, which consist to other institutions, unless it is itself to liabilities to companies belonging to the same group;

3. the imposition of special or regular additional obligations that are relevant for settlement purposes;

4. the invitation to an institution, to divest certain assets;

5. the call for an Institute, to restrict certain existing or planned activities or to cease;

6 limitation or stopping the development of new or existing business areas or the restriction or elimination of the sale of new or existing products;

7. the prompt to an institution, to make changes to the legal or operational structures of the Institute or directly or indirectly subordinate to their control company of the group, to reduce the complexity and thus to ensure that critical functions legally and operationally; are separated by application of management instruments by other functions

8. the invitation to an institution or company, to establish a parent financial holding company in a Member State or an EU parent financial holding company;

9. the invitation to an institution or a company pursuant to section 1 para 1 No. 2 to 4 liabilities capable of taking into account to travelled to meet the requirements of section 100;

10. the invitation to an institution or a company referred to in article 1, paragraph 1 Z 2 to 4 other steps to take, to meet the minimum requirements for capital and capable of taking into account liabilities in accordance with section 100, and in this course in particular a renegotiation by taking into account eligible liabilities, of instruments of the additional core capital or instruments of supplementary capital, which issued it, to seek, to ensure , that decisions of resolution authority to write off the respective liability or the respective instrument or convert to be performed according to the law of the Rechtsgebiets, is decisive for the liability or instrument;

11. If an institution to a subsidiary of a mixed holding company is, the prompt that the mixed holding company to the control of the Institute has to build a separate financial holding company if this is required, to facilitate the management of the Institute and to prevent that the application of management instruments listed in the §§ 74 ff and powers negatively affect the operating not in the financial sector parts of the group.

(7) second sentence the notification pursuant to paragraph 1 or 4 administrative decision must be made. The grounds of the decision must include in particular the reasons for the respective assessment or determination, as well as versions to their proportionality in accordance with paragraph 5 first sentence.

(8) by a notice referred to in paragraph 1, the obligation of the resolution authority, to create a management plan in accordance with article 19, paragraph 1, or to work in accordance with § 25 para 1 on a joint decision on the adoption of a group settlement plan is suspended as long as, until the measures to eliminate significant barriers in accordance with paragraph 4, first sentence of the resolution authority were adopted or alternative measures referred to in paragraph 4, second sentence, has set the resolution authority.

Powers to reduce and to eliminate obstacles to the processing ability of groups when the resolution authority is the competent authority for the group processing

Section 30 (1) is the authority responsible for the groups handling the resolution authority, she has together with the FMA as a consolidating supervisor and the EBA in accordance with art. 25 par. 1 of the Regulation (EU) No. 1093/2010 and prepare a report after consultation with the competent supervisory authorities. She has this on the EU parent company, to provide the subsidiaries management authorities and the management authorities of the territories where significant branches are located.

(2) in the report referred to in paragraph 1 are



1. to analyze main obstacles to an effective application of the management instruments and processing powers in relation to the group, 2. to assess the impact on the business model of the Institute, and to formulate recommendations for appropriate measures, 3. considers that the resolution authority are necessary or appropriate, to eliminate obstacles in accordance with no. 1.

(3) the parent undertaking of the EU can adopt four months after submission of the report referred to in paragraph 1 and propose alternative measures of resolution authority as a competent authority for the group processing, with which she report identified obstacles eliminated or can at least be reduced. The resolution authority as the authority responsible for the group management shall inform the FMA, the EBA, the subsidiaries management authorities and the management authorities of the territories where significant branches are located about the measures proposed or, that the EU parent company has proposed no measures within the period of four months.

(4) the resolution authority as the authority responsible for the group management has to try to make a common decision regarding after consulting the other competent supervisory authorities and the management authorities of territories where significant branches are located together with the management authorities for the subsidiaries,



1. the identification of significant obstacles, and, 2. where necessary, the review of the measures proposed by the EU parent company referred to in paragraph 3, as well as by the authorities referred to in paragraph 2 No. 3 demanded measures to eliminate or reduce the existing obstacles.

The possible impact of such measures in the Member States, in which the Group operates, should be taken into account when deciding. The decision can be seen above, which are arranged in one or more measures in the sense of article 29 paragraph 6 at the level of individual group companies or on the group as a whole. The resolution authority as the authority responsible for the group management can the EBA in accordance with article 31 lit. 1093/2010 to assist in achieving a settlement request no. c of Regulation (EU).

(5) the decision referred to in paragraph 4 is after the expiration of four months after submission of the report referred to in paragraph 1 or, where appropriate, not later than four months after receipt of an opinion of the EU parent company in accordance with paragraph 3 to make. The resolution authority as the authority responsible for the group management has the joint decision to forward the EU parent company.

(6) no joint decision referred to in paragraph 4 is four months, has the resolution authority as the authority responsible for the group processing, subject to the procedure referred to in paragraph 7, alone to decide on the application of the measures referred to in article 29 paragraph 6 at the group level. The decision is justified and has to take into account the positions and reserved other management authorities. The resolution authority as the authority responsible for the group management has the decision to submit the EU parent company.


(7) one of the settlement authorities before the four-month deadline has the EBA in accordance with article 19 of Regulation (EU) no 1093/2010 with a Z 7, 8 or 11 matters referred to concerned in article 29, paragraph 6, the resolution authority as the authority responsible for the group management has to make back their decision referred to in paragraph 6 to the precipitation of a decision by the EBA. As soon as a decision of the EBA is taken, the resolution authority as the authority responsible for the group management has to make its decision in accordance with paragraph 6, in accordance with the decision of the EBA. The four-month period referred to in paragraph 5 is considered in this procedure conciliation phase in accordance with article 19 No. 1093/2010 contains para. 2 of the Regulation (EU) the EBA within one month after this conciliation stage no decision, has alone to decide authority resolution authority as for the settlement of the groups referred to in paragraph 2.

(8) the resolution authority as the authority responsible for the group management has to accept para 7 of 2014/59/EU directive as final decisions in accordance with article 18 and to apply.

Powers to reduce and to eliminate obstacles to the processing ability of groups when the resolution authority is not the authority responsible for the group management

Section 31 (1) is the resolution authority the management authority for Austrian-registered subsidiary of the group, it has to make every effort, within the time limit laid down in article 30, paragraph 5 together with the authority responsible for the group management and other management authorities and after consultation with the other competent supervisory authorities and the management authorities of the territories where significant branches are located, to make a common decision regarding



1. the identification of significant obstacles, and, 2. If necessary, the assessment which by the EU parent undertaking in accordance with article measures proposed 18 para 3 2014/59/CE directive, as well as by the authorities referred to in article measures proposed 18 para 2 of 2014/59/EU directive to eliminate or to reduce of the existing barriers.

The resolution authority has the joint decision to inform the subsidiary companies, which are subject to their jurisdiction.

(2) the resolution authority can the EBA within the period referred to in paragraph 1 or to the meeting of a joint decision referred to in paragraph 1 in accordance with article 19 of Regulation (EU) No. 1093/2010 with one in § 29 para 6 to Z address 7, 8 or 11 matters referred to.

(3) it comes within the time limit referred to in paragraph 1 to any joint decision, the resolution authority subject to the procedure referred to in paragraph 4 has alone measures should be taken in accordance with § 29 par. 6 to decide that are to apply by Austria-based subsidiary of the Group at the individual level. This decision is justified and has to take into account the views and reservations of the other settlement agencies. The resolution authority has its decision to submit the subsidiary established in Austria the Group and the authority responsible for the group management.

(4) has one of the management authorities concerned within the time limit referred to in paragraph 1 the EBA pursuant to article 19 of Regulation (EU) no 1093/2010 with one which in article 17, paragraph 5 lit. g, h, or k of 2014/59/EU directive addresses these issues, which has resolution authority its decision in accordance with paragraph 3 to the precipitation of a decision by the EBA to be returned. As soon as a decision of the EBA is taken, the resolution authority has to make its decision in accordance with paragraph 3 in accordance with the decision of the EBA. The period referred to in paragraph 1 is considered in this procedure conciliation phase in accordance with article 19 No. 1093/2010 contains para. 2 of the Regulation (EU) the EBA within one month after this conciliation stage no decision, has alone to decide resolution authority in accordance with paragraph 3. After expiry of the period referred to in paragraph 1 or if there was a joint decision, the EBA may no longer petition No. 1093/2010 pursuant to article 19 of Regulation (EU).

(5) the resolution authority has to recognise common decisions in accordance with paragraph 1 and decisions in accordance with article 18 paragraph 6 and 7 of Directive 2014/59/EC as final and to apply.

3. main piece

Intra-group financial support

Intra-group financial support agreement

Section 32 (1) in Austria established parent institutions, EU parent institutions, or companies referred to in article 1, paragraph 1 Z 2-4 can with their EU mother institutions, subsidiaries in other Member States or third countries where institutions or CRR financial institutions are, which are included in the supervision on a consolidated basis of the parent company, an agreement on the grant of financial assistance to other Contracting Parties that meet the conditions for early intervention in accordance with § 44 , complete, provided the conditions set out in this part are met.

(2) this main piece is not to apply to agreements for the internal group financing including settlement funding mechanisms or agreements the central provision of funds, unless any of the parties to such agreements is eligible for early intervention.

(3) an agreement concerning intra-group funding referred to in paragraph 1 is not a prerequisite for it.



1. a company to operate a group, which is in financial difficulties, an intra-group financial assistance, if the Institute decides on basis of an individual decision and the internal group guidelines, unless this represents no danger for the group as a whole, or 2 in a Member State.

(4) in the case of transactions that are carried out in accordance with the provisions of this main piece, the federal provisions conflicting provisions of this piece of the main take precedence unless it is based on federal regulations limiting transactions to the internal group financial support



1 those who exercise no. 575 / 2013 contained options in Regulation (EU) or implement the Directive 2013/36/EC or 2 according to which a group or activities conducted within a group for reasons of financial stability need to be spun off.

Admissibility and contents of an agreement concerning intra-group funding

33. (1) may provide for a financial support of the subsidiary by the parent or by the parent institution of the EU, of the parent company by the subsidiaries, of the EU parent Institute by the parent company or the subsidiary or between subsidiaries of the group that are party to the agreement, with each other or any other combination of these companies agreement intra-group financial support. She may have a financial support in the form of a loan, a guarantee, the provision of assets to be used as security or any combination of these forms of financial assistance in one or more transactions, including those between the support recipient and a third party, for the content.

(2) a group under the terms of the agreement on internal group financial support to agrees to grant financial support an undertaking of this group, so the agreement in return can an obligation of the receiving company in the group included, that it is in turn ready to grant the granted financial support to companies of the Group also financial support.

(3) in the agreement concerning intra-group funding, it is set for all transactions carried out on their basis are the principles for the calculation of the consideration to be based. The requirement that the consideration at the time of the granting of financial aid is to determine is one of these principles. The agreement, including the principles for the calculation of the consideration for the granting of financial assistance and the remaining provisions of the agreement, has the following principles to comply with:



1. each party must conclude the agreement willingly;

2. at the conclusion of the agreement and in determining the consideration for the grant of financial assistance the parties must act in their own interest, where direct or indirect benefits can be taken into account that a party as a result of the granting of financial aid could grow up;

3. each of the parties which will grant financial assistance, is before it sets the consideration and the decision concerning the granting of financial support full access to all relevant information of all meets, financial support to enable receiving party;

4.

such information can be considered in determining the consideration for the granting of financial assistance, which are in the possession of the party granted the financial support due to their belonging to the same group and that are not available on the market;

5 in the principles for the calculation of the consideration for the grant of financial assistance the expected temporary impact on market prices, arising from events outside the group, must not be considered.

(4) the agreement concerning intra-group funding can only be closed if according to the respective competent authorities at that time, none of the parties meets the requirements for early intervention.

(5) claims and other rights under an agreement concerning intra-group funding can be transferred. Third parties cannot derive any rights from an agreement concerning intra-group funding.

Audit procedures relating to the proposed agreement on intra-group funding, when consolidating supervisory authority, the FMA is

34. (1) has its headquarters in Austria the EU parent institution, it has to submit an application for approval of a planned agreement on intra-group financial support in accordance with articles 32 and 33 with the FMA. The application has the text of the proposed agreement to contain and to designate the companies of the group who intend to become parties to the agreement.

(2) the FMA has to grant approval if the proposed agreement complies with the requirements referred to in section 38, for granting an intra-group financial support depending on the outcome of the proceedings referred to in paragraph 3 to 6, or to prohibit the agreement if this is considered to be incompatible with the conditions laid down in article 38 for intra-group financial support. The approval or prohibition of the agreement is to provide the applicant with all of the written reasons mentioned in paragraph 4 or 5.

(3) the FMA is the request referred to in paragraph 1 after receiving immediately to the individual subsidiary companies, which intend to become parties to the agreement, to forward respective authorities with the aim to come to a joint decision.

(4) the FMA has to strive, to come, whether the provisions of the proposed agreement comply with the conditions laid down in article 38 for the granting of financial assistance with the competent authorities within four months of receipt of the application by the FMA, taking into account the potential impact of the execution of the agreement in all Member States in which the Group operates, including financial and fiscal impact, to a joint decision. The joint decision is to establish comprehensive and to record the reason in writing. The FMA and the other competent authorities can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.

(5) no joint decision pursuant to paragraph 4 exists within the four-month period, the FMA subject to the provisions of paragraph 6 is alone on the application to decide. In this case, the decision within the period referred to in paragraph 4 to take account of the other competent authorities expressed views and reservations and is to establish where the rationale to put in writing is comprehensive. The FMA is its decision to the other competent authorities.

(6) any of the competent authorities concerned no. 1093/2010 with the matter discussed the EBA in accordance with article 19 of Regulation (EU) within the four-month period, the FMA has to reset its decision in accordance with paragraph 5 to the decision-making of the EBA. As soon as a decision of the EBA is taken, the FMA has to make their decisions in accordance with paragraph 5 in accordance with the decision of the EBA. The period referred to in paragraph 4 is considered in this procedure conciliation phase in accordance with article 19 No. 1093/2010 contains para. 2 of the Regulation (EU) the EBA within one month after this conciliation stage no decision, has to decide FMA alone in accordance with paragraph 5.

Audit procedures relating to the proposed agreement on intra-group funding, if not consolidating supervisory authority, the FMA is

35. (1) receives the FMA by the consolidating supervisor pursuant to article 20 paragraph 2 2014/59/CE directive submitted an application for approval of an agreement concerning intra-group funding so has to try them, together with the other relevant authorities within the four-month period, a joint decision about find whether the provisions of the proposed agreement comply with the conditions laid down in article 38 for the granting of financial assistance. While the FMA has the potential impact of the implementation of the agreement in all Member States in which the Group operates, including the financial and tax consequences into account. The FMA and the other competent authorities can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.

(2) the FMA may 2014/59/EU that EBA No. 1093/2010 with the matter concerned pursuant to article 19 of Regulation (EU) para 5 of the directive within the four-month period or until the arrival of a joint decision in accordance with article 20.

Approval of the shareholders to the proposed agreement

36. (1) is an agreement which by the competent authorities in accordance with section 34 or article 20 para 3 of the 2014/59/CE directive is approved, all shareholders of each company of the group, which intends to conclude the agreement, to submit to the approval. An agreement on intra-group funding is effective only in the relationship between of those parties, whose shareholders have approved the agreement, they have authorized the Managing Director at the conclusion of such an agreement and such empowerment is not revoked by the shareholders. If the shareholder base their decisions on the basis of the legal form of the Institute or of the CRR financial institution at a meeting is the approval by the meeting to replace the consent of the shareholders.

(2) the management of any company that is party to an agreement concerning intra-group funding, have at least a year to report to shareholders on the State of implementation of the agreement and the implementation of all decisions taken on the basis of the agreement.

Forwarding to the management authorities

section 37. The FMA has to forward approved agreements intra-group financial support as well as changes to the management authorities of her pursuant to article 34, which are responsible for the parties to the agreement.

Conditions for the granting of intra-group financial support

section 38. Financial support may be granted only by a group on the basis of an agreement concerning intra-group funding in accordance with sections 39 to 43, if the following conditions are cumulatively met:



1. There are reasonable prospects that to resolve the financial difficulties of the company of the group, which is the recipient of the support, by the assistance granted to a significant extent;

2. the granting of financial support to maintain the financial stability of the group as a whole or a company of the group or restore, the purpose is, and it is in the interest of the granted financial support company of the Group;

3. the financial support is granted to certain conditions, including a consideration pursuant to article 33, para. 3;

4. due to the expectation that the receiving the support of the Group company will pay the consideration for the assistance granted and that it will pay back this loan - in the event that the support in the form of a loan has been granted - founded the business managers of the granted financial support company of the Group at the time of the decision on the grant of financial assistance is present information. Is granted support in the form of a guarantee or other security, same, that would arise when the warranty or safety claim conditions for the liabilities incurred by the recipient;

5. through the granting of financial assistance, the liquidity or solvency of the granted the support company of the Group would not endangered;

6th not a threat to the financial stability in the Member State of the granted financial support company of the Group would be through the granting of financial assistance;

7.

at the time of the provision of the support, the granted financial support to companies of the Group meets the requirements of Directive 2013/36/EC as regards capital or liquidity, as well as other in accordance with article 104 requests, and the granting of financial assistance paragraph 2 of Directive 2013/36/EC not lead, that violates the company against these requirements, unless , it was the for supervision - on an individual basis - the company that provides the support, responsible competent authority authorized;

8. the grant financial support to companies of the Group meets the requirements of Regulation (EU) No. 575/2013 and the 2013/36/EC directive relating to large exposures, including national legislation concerning the pursuit which provided options, and the granting of financial assistance does not result in that the companies of the Group violates these requirements is at the time of the deployment support , unless it was authorized which for the oversight - on an individual basis - of the company of the group, providing support, responsible competent authority;

9. through the granting of financial assistance, the settlement of granted the support company of the Group would not impaired.

Decision on the granting of financial assistance

39. (1) the directors of the granted financial support company of the group have to decide the granting of intra-group financial assistance according to the agreement, taking into account the provisions of § 40. In the decision, it is in particular to clarify to what extent the granting of financial aid complies with the conditions of section 38.

(2) the Managing Director of the receiving financial support company of the group have the adoption of an internal group financial support in accordance with the agreement to adopt.

Display intended provide of intra-group financial assistance

40. (1) have decided the Managing Director of a group-affiliated company headquartered in Austria to intra-group financial assistance, have this before following the granting authorities in writing to show it:



1 the FMA, 2. If necessary, the consolidating supervisor, if it is not identical with the authority referred to in 1 or 3 Z, 3rd for receiving financial support company the Group of competent authority, if it is not identical with the authority referred to in such as 1 or 2, and 4 of the EBA.

The display has details on the planned financial assistance, including a copy of the agreement on internal group financial support, to contain. The decision of the Managing Director in accordance with article 39, paragraph 1 is the display to connect.

(2) the FMA is the consolidating supervisor of the company, which has decided to award financial assistance, has to inform it of the remaining members of the Supervisory Board and the members of the settlement immediately of this decision at the same time.

Decision of the supervisory authority concerning the granting of intra-group financial support from a company based in Austria

41. (1) the FMA is the competent authority for the companies of the group, providing financial support, so can they agree to the granting of financial aid within five days after receipt of a complete notification pursuant to § 40 or they prohibit or restrict, if it comes to the assessment that the conditions for the granting of intra-group financial assistance in accordance with section 38 are not fulfilled. Decisions about a prohibition or a restriction of financial assistance are to explain in writing by the FMA.

(2) the FMA has its decision immediately following authorities referred to in paragraph 1 to be communicated:



1. the consolidating supervisor, 2. the authority responsible for the receiving the support company of the group, and 3. the EBA.

At the same time, the FMA is the consolidating supervisor, she has the other members of the Supervisory Board and the members of the settlement immediately its decision to inform.

(3) avails the FMA after receipt of a complete notification pursuant to § 40 paragraph 1 within the period referred to in paragraph 1 of its power to ban or restrict the granting of financial support or she agrees the grant within the time limit referred to in paragraph 1, the agreement according to the displayed information can be completed.

Participation of the FMA in the decision concerning the granting of intra-group financial support from a company established in another Member State

42. (1) prohibited or a supervisory authority established in another Member State restricts the granting of financial assistance to a company based in Austria, which is supervised by the FMA, or to a company within a group that is subject to consolidated supervision by the FMA, the FMA can, if it has any objections to the ban or restriction on the granting of financial assistance , two days after notification of the decision by the supervisory authority concerned, the EBA deal with the matter and no. 1093/2010 apply for their support in accordance with article 31 of Regulation (EU).

(2) prohibited or restricted the granting of financial assistance to a group membership company headquartered in Austria, which is supervised by the supervisory authority and its group rehabilitation plan pursuant to article 7 para 5 2014/59/CE directive contains information agreements intra-group financial support, so the FMA in the consolidating supervisor may request a supervisory authority established in another Member State , to initiate a review of the Group restructuring plan in accordance with article 8 of Directive 2014/59/EC, or, if the rehabilitation plan at the level of the one-man company in Austria was created, by an updated restructuring plan request.

Disclosure requirements

§ 43. Every company a group shall disclose whether it is party to an agreement about intra-group financial support. Each party to an agreement on intra-group funding has in addition disclose the terms and conditions of the agreement, as well as the names of the undertakings of the group. Information to be disclosed is to update at least once a year. The provisions of articles 431 and 434 of Regulation (EU) No. 575/2013 shall apply.

3 part

Early intervention

Early intervention measures

44. (1) is for an Institute early intervention required in accordance with paragraph 2, may order one or more of the following early intervention measures the FMA. The FMA may in particular:



1 by the managers of the Institute require that one or more of the provisions referred to in the restoration plan or measures be carried or the rehabilitation plan pursuant to § 11 is updated, if the circumstances that have led to a need for early intervention, different from the assumptions in the original restructuring plan;

2. the managers of the Institute require that it performs one or more who presented the plan in accordance with subpara 1 updated regulations or measures within a specific time frame;

3. by the managers of the Institute require makes an analysis of the situation, establish measures to overcome any identified problems and establishes an action programme to overcome these problems, as well as a timetable for the implementation;

4. from the business managers of the Institute require to convene a general meeting of the Institute, or - if the directors fail to meet this call - the Assembly itself convened and set the agenda in both cases and require that certain templates for decision; submit to shareholders

5. require that an or several of the members of the Executive Board, supervisory board or higher management from their function die and be replaced provided that the FMA on the basis of article 13 of Directive 2013/36/EC or article 9 of the directive has come 2014/65/EC the Commission considers that those concerned not to exercise their functions are suitable;

6. from the business managers of the Institute require that - if necessary, in accordance with the remediation plan - a plan for negotiations with some or all creditors of the Institute on a debt restructuring creates;

7 require. a change of the business strategy of the Institute;

8 claim. a change in the legal or operational structures of the Institute;

9.

within the framework of on spot checks for which the FMA of the Austrian National Bank in accordance with article 70, paragraph 1 may instruct Z 3 BWG or appropriate experts, get all the information which are needed, make the settlement plan to update, to prepare, where appropriate, the processing of the Institute and to carry out a valuation of the assets and liabilities of the Institute in accordance with article 54, and this information of the resolution authority provided by the resolution authority.

(2) early intervention needed exists in particular if an institution against one of the requirements of the Regulation (EU) No. 575/2013, of Directive 2013/36/EC or of title II of 2014/65/EU directive or any of articles 3 to 7, 14-17, and 24, 25 and 26 of Regulation (EU) No. 600/2014 on markets for financial instruments and amending the Regulation (EU) No. 648/2012 of the European Parliament and of the Council , OJ No. L 173 of the 12.6.2014 violates S. 84, or threatens to violate in the near future.

(3) an imminent violation referred to in paragraph 2 can be determined if based on a review of several key factors, which the own funds requirements of the institution or company in accordance with § 1 para 1 could include Z 2-4 plus 1.5 percentage points, that the Institute in the near future against a request referred to in paragraph 2 is violated, because himself, for example, its financial situation, including liquidity situation , Debt ratio, loan defaults, bulk risks, dramatically worsened.

(4) the FMA has to immediately inform the management authority of the measures and to inform the resolution authority that the resolution authority has the right to undertake, in accordance with the conditions laid down in accordance with § 77 para 2 and 3 and the confidentiality requirements set out in sections 120 to 122 to potential buyers to approach to prepare a transaction of the Institute the corresponding Institute.

(5) for each of the measures referred to in paragraph 1, the FMA has set a reasonable implementation period, which enables the FMA to assess the effectiveness of the measures.

(6) the general meeting of an institution in the form of the joint-stock company an amendment of the articles of the content, may decide by a majority of two-thirds of the valid votes that the convening of an extraordinary general meeting later than the 21st day, but no later than the 11th day before the general meeting be can made known to the resolution on a capital increase, provided an early intervention need has been identified by the FMA and if the capital increase is required , to prevent that enter the conditions for a settlement. The amendment to the Constitution has to contain regulations that supersede the provisions not applicable in accordance with paragraph 7.

(7) at a general meeting convened in accordance with paragraph 6, the following provisions do not apply are:



1. the deadline for the application of agenda items and the commitment to the timely notice of an amended agenda pursuant to article 109, paragraph 2 AktG;

2. the deadline for resolutions of the shareholders pursuant to section 110 subsection 1 AktG;

3. the obligation to respect the date of proof according to article 111, paragraph 1 German Stock Corporation Act.

Dismissal of members of the Executive Board, the Supervisory Board and of higher management

45. (1) the early intervention measures in accordance with article 44, paragraph 1 is not enough, to address the need for early intervention in accordance with article 44, paragraph 2, so the FMA under simultaneous understanding of the organ competent to order may prohibit all or part the leadership of the Institute individual or all members of the Executive Board of the Institute, and dismiss any or all members of the Supervisory Board, if



1 is the financial situation of an institution significantly worsens or 2. There are serious violations of laws and regulations or the articles of association or serious administrative irregularities.

The subsequent appointment of the new members of the Executive Board or the Supervisory Board consent to their legal validity of the FMA. The approval shall be refused when the newly appointed directors or members of the Supervisory Board seem not suitable to eliminate the conditions referred to in no. 1 and no. 2. This provision also applies to the prohibition of leadership or managerial activities of higher management of the Institute of the FMA.

(2) as far as the missing required managers to the representation of the Institute, it has been competent to order convened Court of first instance in the proceedings out of disputes at the request of the FMA for the period up to the repair of the defect to the exercise of jurisdiction in commercial matters in urgent cases for the headquarters of the Institute. The decision on the appointment of the Managing Director is with the consent and, if the decision not else is arranged, with delivery to the Managing Director effective.

Provisional administrator

46. (1) insufficient renewal of the Executive Board, the Supervisory Board or of higher management of the Institute in accordance with article 45, to address the need for early intervention in accordance with article 44, paragraph 2, may order one or more provisional administrator for the Institute of the FMA. A provisional administrator has the qualifications required for the exercise of its functions, to have knowledge and skills and not a conflict of interest may exist.

(2) the FMA has set when ordering, whether the preliminary administrator temporarily replaced the Managing Director or whether this temporarily to cooperate with the provisional administrator. The FMA appointed a provisional administrator, working with the business leaders together, it has the function to set the tasks and the powers of this administrator at the time of the order. The FMA may impose the obligation to the managers listen to the administrator and to have his consent before certain decisions or measures taken.

(3) the FMA has at the time of the order on the basis of what the circumstances may be appropriate, to determine the duties and powers of the provisional administrator. The powers may include some or all of the powers that the Director of the Institute have in accordance with its articles of Association and due to the corporate law provisions applicable to the relevant Institute, among others the power to exercise some or all management functions of the Managing Director.

(4) the FMA to determine the role and functions of the provisional liquidator and any limitations to the role and functions at the time of the order. Including falls, inter alia, that the preliminary administrator determines the financial situation of the Institute, aiming leads the business or a part of the business of the institution to preserve the financial stability of the Institute or restore, and measures with which to restore a sound, prudent management of the business of the institution.

(5) the arrangement, that a provisional administrator is appointed, the FMA publicly known to make, unless the relevant provisional administrator is not authorized to represent the Institute. The appointment of a provisional liquidator to take effect with the force of law of order arrangement. The was appointment of a provisional liquidator, if necessary, his powers of representation as well as any changes of the powers of representation of the members of the Executive Board must be reported to the FMA to the register of companies.

(6) the FMA can determine that certain acts require a provisional liquidator of prior consent of FMA. The power to convene a meeting of the shareholders of the Institute and establishing the order of the day for may be exercised only with the prior consent of FMA. The provisional administrator has the FMA in this over in advance set intervals and at the end of his mandate



1. the financial situation of the Institute and 2nd report to the actions undertaken in the course of his appointment.

(7) the appointment of a provisional liquidator must be no longer than for one year. This period may be extended in exceptional cases, if the conditions for the appointment of the provisional liquidator continues to exist. The FMA has to consider whether the circumstances justify the use of a provisional liquidator remains and whether an extension to the shareholders is defensible. A provisional administrator may at any time be dismissed by the FMA, in particular if:



1. the conditions for the order referred to in paragraph 1 no longer exist, to assume 2 is that it will no longer perform its duties or 3. the conditions for a settlement in accordance with section 49 are met.

Unless the circumstances make it necessary, the FMA may change the tasks, powers and functions of the provisional Administrator pursuant to subsection 2 to 6.

(8) a provisional administrator is not a de facto Managing Director and acting in the course of his duties as organ of the FMA.

(9) as far as not otherwise is determined in para 1 to 8, the appointment of a provisional liquidator without prejudice to the existing rights of shareholders after the company law of the Union or the national company law.

Coordination of early intervention powers and appointment of a provisional liquidator for groups


The FMA as consolidating supervisor are 47. (1) when an EU parent company which, has conditions in accordance with article 44 or article 46 the EBA and the other competent authorities within the regulatory College teach and listen to. Following the information and consultation, the FMA as consolidating supervisor has to decide whether in relation to the EU parent company an early intervention measures in accordance with article 44 or article 46 should be taken. In the decision, the FMA as consolidating supervisor has to take into account the impact of any early intervention measures on the companies of the group in other Member States. The FMA as consolidating supervisor has other authorities within the Supervisory Board and the EBA decision to teach.

(2) the requirements in accordance with article 44 or article 46 are available when a subsidiaries of an EU parent company, the FMA as the authority responsible for supervision on an individual basis, which is planning an early intervention measures in accordance with article 44 or article 46, to teach the EBA and to listen to the consolidating supervisor. The consolidating supervisor can three days to review the potential impact on the group or the Group companies in other Member States and submit this review the FMA as competent authority on individual basis. In the aftermath of this communication and this hearing, there is the FMA to decide whether an early intervention measures in accordance with article 44 or article 46 is taken as authority on an individual basis. In determining a possible review by the consolidating supervisor is duly taken into account. The FMA as authority on an individual basis is the consolidating supervisor to inform the other competent authorities within the Supervisory Board and the EBA decision.

(3) the FMA intends the arrangement of an early intervention measures in accordance with article 44 or article 46 at an institution approved in Austria and pursuant to section 27 or 29 2014/59/EU directive in the same group, another institution at the same time at least a supervisory authority in a Member State intends the arrangement of a measure according to the corresponding national provisions in implementation of the FMA takes part in the joint assessment of the question , whether the same provisional administrator is appointed for all institutions concerned or whether the application is coordinated by early intervention measures in the interest of restoring the financial stability of the concerned Institute. The assessment has to be issued, which, if the consolidating resolution authority, to submit the EU parent company has the FMA in the form of a written and reasoned common decision within five days after receiving a notice referred to in paragraph 1. The EBA can support at the request of a competent authority concerned in accordance with article 31 of Regulation (EU) No. 1093/2010 in achieving an agreement. The consolidating supervisor and subsidiary authorities himself about the arrangement of early intervention measures can exists no consensual decision of the supervisory authorities concerned within five days.

(4) any of the competent authorities concerned with the disagrees you in accordance with paragraph 1 or 2 decision shared with, or if there is no joint decision pursuant to paragraph 3, it may the EEW pursuant to article 19 (3) of Regulation (EU) No. 1093/2010 call, if the decision relates to one of the following early intervention measures:



1 early intervention measures with regard to the implementation of regulations or measures under the restructuring plan, provided that the required for the preservation or restoration of viability and the financial situation of the Institute range of capital and liquidity measures referred to in no. 4 of the annex to section 9, rules and measures for the preservation or recovery of own resources of the Institute in accordance with Z 10 Appendix to § 9, rules and measures to ensure access to liquidity sources according to Z 11 annex to section 9 or measures for the implementation of the remediation plan referred to in no. 19 plant to article 9 2. early intervention measures with regard to the creation of a plan for negotiations on a rescheduling or 3. early intervention measures with regard to the change in the legal or operational structures of an institution are concerned.

(5) the decision of any competent authority is justified. She has to take account of the other authorities paragraph 1 or paragraph 2 or opinions expressed before the five day deadline pursuant to paragraph 3 and reserved, the potential impact of the decision on financial stability in the Member States concerned during the consultation phase. The choices are to submit the EU parent company of the consolidating supervisor and the subsidiary of the relevant competent authorities.

(6) in the cases referred to in paragraph 4, in which any of the competent authorities concerned before the end of the consultation phase according to paragraphs 1 and 2, or at the end of the five day period after paragraph 3 para 3 of the Regulation (EU) No. 1093/2010 with the matter concerned the EBA pursuant to article 19, have the consolidating supervisor and the other competent authorities decisions to reset , until a decision of the EBA pursuant to article 19 (3) of Regulation (EU) No. 1093/2010 happened, and have to make their decision in accordance with the decision of the EBA. The five-day period is to consider no. 1093/2010 as a conciliation phase within the meaning of Regulation (EU). The EBA has its decision within three days. After the five day period or after a joint decision has been made, the EBA can no longer be concerned with the matter.

4 part

Processing

1. main piece

Goals, requirements, and general principles

Processing goals

Section 48 (1) on the application of management instruments and the exercise of implementation powers has the resolution authority the settlement aims to take into account. She has to use those instruments and to exercise powers, which allow the best reach objectives relevant in the circumstances of each case.

(2) processing goals are within the meaning of paragraph 1:



1. ensuring of the continuity of critical functions;

2. the prevention of significant adverse effects on financial stability, especially through the prevention of infection, for example, of market infrastructures, and by maintaining market discipline;

3. the protection of public funds through reduced recourse to extraordinary financial support from public funds;

4. the protection of depositors covered by the 2014/49/CE directive and investors covered by Directive 97/9/EC and 5. the protection of the funds and assets of the customers.

(3) the resolution authority has to make every effort in pursuit of the objectives referred to in paragraph 2, to minimise the costs of the settlement and to avoid the destruction of values, unless this is necessary to achieve the objectives of the settlement.

(4) subject to any other provisions of this Federal Act, the settlement goals are tied; It is at the discretion of the resolution authority, to make a reasonable decision according to the nature and the circumstances of each case.

Conditions for a settlement

49. (1) has the resolution authority to arrange settlement measures in relation to an institution, if the following requirements are met:



1. the FMA shall after consultation with the management authority or the resolution authority has determined after consulting the FMA that the institution fails or likely fails;

2. taking into account temporal constraints and other relevant circumstances, no prospect of there is reasonably that the failure of the Institute within a reasonable time frame through alternative measures in the private sector, including measures within the framework of Institute-based backup systems, or other supervisory measures, including early intervention measures referred to in section 44 or the down case conversion of relevant instruments in accordance with article 70, be taken in relation to the Institute , can be averted and settlement measures are 3rd in the public interest required.

(2) a processing action is in the public interest if she required and overlooking these goals of proportionate is one or more of the objectives of processing referred to in paragraph 48 to achieve and if this were the case with utilisation of the Institute in a bankruptcy procedure, not to the same extent.

(3) the Austrian National Bank has to immediately release the FMA and the resolution authority, in the course of their activities, determining circumstances which justify the assumption that there is a danger of loss of an institution.

(4) it is not necessary that early intervention measures are taken in accordance with section 44 before a processing action.

Arrangement of handling measures

Section 50 (1) can arrange all measures necessary for the objectives of the settlement pursuant to § 48 the resolution authority the settlement conditions in accordance with paragraph 49 in accordance with this Federal Act, in particular she can:



1.

the application order one or more of the management instruments referred to pursuant to article 74, paragraph 2;

2. regarding or in addition to orders according to Z 1 arrangements to meet in accordance with the powers referred to in section 58 to 69.

(2) the resolution authority has to use those processing instruments and processing powers, which allow the best reach the settlement goals in individual cases.

(3) on the application of management instruments, the resolution authority has to take into account the General principles referred to in section 74. The application is made in accordance with the provisions on the individual instrument.

(4) are the processing conditions in accordance with paragraph 49, the resolution authority has to apply the instrument of participation of holders of relevant instruments in accordance with § 70 anyway. The participation of the holders of relevant instruments is sufficient to achieve the objectives of the settlement, has the management authority of distance take to apply more processing instruments.

(5) if it is conducive for the efficient application of the implementation measures or the instrument of participation of holders of relevant instruments, the resolution authority according to § 69 a run-off Institute or company in accordance with § 1 para 1 Z 2-4 may order a change of the legal form.

Failure of an institution

51. (1) the loss or likely failure of an institution exists when one or more of the following conditions are met:



1. the conditions for a licence withdrawal pursuant to § 6 Banking Act or § 5 WAG 2007 are there objective evidence, that this will be the case in the near future, its entire equity or a substantial part of his own resources is needed, for example, due to the fact that the Institute has suffered or is likely to suffer through the or the assets of the Institute less than the amount of his liabilities 2. or's objective evidence , this in the near future will be the case or 3. the Institute is unable to pay its debts or other liabilities when due or there are objective evidence to suggest that this in the near future will be the case or 4 extraordinary financial support from public funds is required unless it is the extraordinary financial support from public funds under the legal framework of the Union State aid to prevent a serious disturbance of the economy and to safeguard the financial stability in the form of a) a State guarantee for liquidity facilities that are provided by central banks on their terms or b) a State guarantee for newly issued liabilities or c) a supply of own resources or the purchase of instruments at prices and conditions which do not favor the Institute if the requirements pursuant to § 71 at the time, nor the requirements pursuant to no. 1 to 3 are , in the support from public funds is granted, and if the support measures on capital contributions limit, the closing capital gaps are required which have been identified and confirmed by the FMA in stress tests at the level of the Member States, the Union or the unified supervisory mechanism in evaluating the quality of the assets or comparable checks by the ECB, the EBA or national authorities,.

(2) that in para 1 No. 4 lit. are reserved and subject to the legal framework of the Union for State aid approval solvent institutions guarantee to (c) a or equivalent measures. The measures must be preventive, temporarily and suitable to remedy the consequences of serious disturbances; they serve not the compensation of the losses that the Institute has suffered or is likely to suffer in the near future.

Processing requirements in CRR banks and holding companies

52. (1) the processing conditions in a CRR financial institution pursuant to section 1 para 1 No. 2 exist, if conditions in the CRR financial Institute as well as on the parent company subject to a supervision on a consolidated basis in accordance with article 49, paragraph 1 are satisfied.

(2) the processing requirements in relation to a holding company in accordance with § 1 para 1 are Z 3 or 4, if you the conditions are satisfied in relation to one of the aforementioned holding companies as well as in relation to a subsidiary or several subsidiaries of the holding company pursuant to § 49 paragraph 1, if the subsidiary is an institution. A subsidiary is established in a third country, the resolution authority should have pointed out in the third country, that the company meets the processing requirements in accordance with the law of the third country.

(3) are the subsidiaries of a mixed holding company held directly or indirectly by an intermediate financial holding company, the resolution authority has to take settlement measures, but not on the mixed holding company for the purpose of a group processing on the intermediate financial holding company.

(4) subject to paragraph 3, the management authority may also then processing in relation to a holding company in accordance with § 1 para 1 Z 3 or 4 take measures if this holding company does not meet the pursuant to § 49 paragraph 1 conditions, provided that one or more subsidiaries, in which to Institute it, met the requirements specified in accordance with article 49, paragraph 1 and have such assets and liabilities , that her failure brings an Institute or the entire group in danger, or if groups are to handle according to the insolvency law of the Member State as a whole and processing measures in relation to the holding company in accordance with § 1 para 1 Z 3 or 4 for the handling of such subsidiary undertakings are institutions, or for the management of the group as a whole are required.

(5) the resolution authority of the Institute and the resolution authority for a holding company in accordance with § 1 para 1 to Z 3 or 4 when assessing the question of whether the requirements pursuant to § 49 paragraph 1 in relation to one or more subsidiaries, in which to Institute it, are met, for the purposes of para 2 and 4 agree intra-group capital or loss transfers between companies including the exercise of Herabschreibungs - or conversion powers are not taken into account.

General principles for a settlement

Section 53 (1) in the application of management instruments and the exercise of implementation powers has all appropriate measures to ensure the resolution authority that is in accordance with the following principles:



1 losses shall be borne by the shareholders of the run-off Institute first;

2. after the shareholders creditors of the run-off Institute bear the losses in the ranking of claims in bankruptcy proceedings, this federal law unless expressly provided for otherwise provided;

3. the Supervisory Board and the Managing Director of the run-off Institute be replaced, except in the cases where according to the resolution authority complete or partial preservation of the Supervisory Board and the Managing Director under the circumstances for achieving the management objectives is required;

4. the Supervisory Board and the Managing Director of the run-off Institute are required to provide the support required for achieving the management objectives;

5. natural and legal persons are liable under the applicable law of each Member State civil and criminal in the context of its responsibility for the failure of the institution;

6. creditors of the same rank be treated subject to contrary provisions of this Federal Act - in the same way;

7. no creditor has greater losses when he to carry 2 to 4 in a bankruptcy procedure in accordance with the safeguards referred to in section 106 to 108 had Z in the case of a recovery of the Institute or of the company in accordance with § 1 para 1;

8 secure deposits are fully insured, and 9 the management measures to be taken in accordance with the safeguards provided for in this federal law.

(2) If an institution to a group has to make sure the resolution authority in the application of management instruments and the exercise of powers of settlement within the framework of the possibilities that that the impact on other companies of the Group and the group as a whole as well as the negative effects on the financial stability in the Union and its Member States, in particular in countries , in which the Group operates, are kept as low as possible.

(3) the application of management instruments and the exercise of implementation powers have, where applicable, to the legal framework of the Union State aid in line.


(4) the instrument of business sale, the instrument of the bridges Institute or the instrument of derecognition of assets applied Z 2-4 to an institution or a company referred to in article 1, paragraph 1, this institution or company is subject of bankruptcy proceedings or appropriate insolvency proceedings in accordance with article 5 paragraph 1 of Directive 2001/23/EC on the approximation of the laws of the Member States relating to the safeguarding of rights of workers at the transfer of undertakings , Business or company or part of the Council, OJ No. L 82 of the people p. 16.

(5) in the application of management instruments or the exercise of implementation powers, the resolution authority has as far as adequately representing workers of the Institute, to inform and to listen to.

(6) the application of management instruments and the exercise of management powers by the resolution authority is made without prejudice to the provisions concerning the representation of employees in the Supervisory Board in accordance with article 110 of the labour Constitution Act - ArbVG, BGBl. No. 22 / 1974.

2. main piece

Review

General terms and conditions

54. (1) before the resolution authority settlement measures seizes or exercises the power to decrease sensitivity or conversion of relevant instruments, has to ensure that a fair, prudent and realistic assessment of the assets and liabilities of the Institute or of the company in accordance with § 1 para 1 Z 2-4 is made.

(2) which has review the resolution authority by an auditor, an audit firm or by any other appropriate experts perform to let (valuation auditor). Rating examiners must be independent of the FMA, the Austrian National Bank, State agencies and the Institute or the company pursuant to section 1 para 1 No. 2 to 4. As independent or otherwise unsuitable, who has been involved in the last five years as auditor of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 or on the a in § 61 para 2 or § 62 is named BWG debarment applies to.

(3) the objective of the evaluation is to determine the value of the assets and liabilities of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 that meets the processing requirements in accordance with sections 49 to 52.

(4) the evaluation is an integral part of the decision on the application of management instruments, or the exercise of a power of management or decision of empowered to decrease sensitivity or conversion of capital instruments. No separate appeal can be lodged against the assessment itself, but against them a remedy under section 118 may be lodged together with the decision.

(5) without prejudice to the paragraph 4 and § 118, the assessment is final, if all requirements referred to in paragraphs 54 to 56.

Evaluation criteria and documents

55. (1) is the assessment on the basis of the following criteria to make:



1. has become based on cautious assumptions, in particular as regards default probabilities and loss rates of loss, and may not by a potential future granting of an extraordinary financial support from public funds or provide emergency liquidity assistance of a Central Bank or provide a not normal market conditions with respect to collateral central bank liquidity assistance from the time at which, a processing action taken or exercised the instrument of the participation of holders of relevant instruments, , Term and interest rate for the institution or company in accordance with § 1 para 1 Z 2-4 go out;

2. it is to consider that application of a management instrument of the run-off Institute the following is: a) a reimbursement of all reasonable expenses in accordance with section 74 para. 5, properly taken by the management authority and the settlement funding mechanism and b) interest and fees for loans or guarantees are granted within the framework of the resolution financing mechanism.

(2) the assessment shall be supplemented by the following documents:



1 an on the valuation date updated balance sheet and a report on the financial situation of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4;

2. an analysis and an estimation of the carrying amount of the assets that are allocated Z 2-4 to the Institute or the company in accordance with § 1 para 1 and 3 a positioning of in the books or other records of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 bilanziellen and off-balance sheet liabilities relating to the respective holders and the respective underlying assets and their rank under the insolvency law.

(3) where appropriate, the documents referred to in paragraph 2 may be supplemented Z 2-4 on the basis of the market value Z 2 analysis and estimates of the assets and liabilities of the Institute or of the company in accordance with § 1 para 1, so that informed decisions in accordance with article 56, Nos. 5 and 6 can be taken.

(4) the review has to contain to the subdivision of the creditors according to their rank under the applicable insolvency law as well as an assessment of the treatment of individual shareholders and creditors, which would be expected if the Institute or the company in accordance with § 1 para 1 Z 2 to 4 in a bankruptcy procedure would be used. The application of the rule that no creditor to make is worse than a bankruptcy proceedings would be opened, in accordance with article 107, remains intact from this assessment.

Purpose of the evaluation

Article 56. The review is in particular following purposes:



1. the sound determining whether the conditions for a settlement or the conditions for the down case conversion of capital instruments are met;

2. If the conditions for a settlement are met, sound the decision with respect to the Institute or the company in accordance with § 1 para 1 Z 2 to 4 for reasonable settlement measures;

3. If the authority, relevant instruments down Frankston or to convert, is exercised, the sound decision on the scope of the cancellation or the dilution of shares or other property titles and about the extent of the decrease sensitivity or conversion of relevant instruments;

4. If the instrument of creditor involvement is applied, the sound decision about the extent of the decrease sensitivity or conversion by taking into account eligible liabilities;

5. If the instrument of the bridges Institute or the instrument of derecognition of assets is applied, the sound decision on the assets to be transferred, rights, liabilities, shares or other property titles and the well-founded decision on the value of consideration to be paid by owners of the shares or other ownership title to the Institute in-processing, or, where appropriate, to the.

6. If the instrument of company sale is applied, the sound decision on the assets to be transferred, rights, liabilities, shares or other ownership title and assessing the resolution authority, whether a transfer; stand a third comparison

7. in any case ensure that Z 2-4 at the time of the application of management instruments or empowered to decrease sensitivity or conversion of relevant instruments fully capture all losses on assets of the Institute or of the company pursuant to section 1 para 1.

Preliminary and final evaluation

57. (1) an independent evaluation by an auditor of the rating is not in a timely manner possible, has the resolution authority to undertake a preliminary assessment of the assets and liabilities of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 or carried out by appropriate experts. This is specifically allowed, if it not possible or under the given circumstances inappropriate and unworkable due to the urgency, to meet the requirements pursuant to § 55 para 2 and 4. The preliminary assessment has to serve the target pursuant to § 54 para 3 and shall contain a buffer for additional losses with a reasonable justification.

(2) an assessment that meets specified requirements all in accordance with sections 54 to 56, considered as long as preliminary assessment until a review auditor has carried out a final evaluation. This final evaluation is to induce from the resolution authority immediately. The final evaluation can be performed independently from or coincide with the assessment referred to in section 107 same review auditor, must be separately responsible for the content of the assessment referred to in section 107. The final evaluation is used for the following purposes:



1. ensure that all losses on assets of the Institute or of the company in accordance with § 1 para 1 fully captured Z 2 to 4 in the books of the institution or company, and 2. If necessary, the well-founded decision on the again promotion case of claims by creditors, or to increase the value of the consideration to be paid in accordance with paragraph 3.


(3) the estimate of the net asset value of the Institute or of the company pursuant to § 1 paragraph 1 carried out in the context of the final evaluation is no. 2 to 4 higher than the estimate of net asset value, carried out in the framework of the preliminary assessment, the management authority may:



1. the authority to increase the value of the claims of creditors or owners of relevant instruments, which have been written down, within the framework of the instrument of the creditor participation exercise or 2. a bridge institution or a mining unit to instruct a further consideration in relation to the assets, rights or liabilities to the Institute in-processing, or, where appropriate, in relation to shares or property title to the holder of shares or other ownership title to be paid.

That is, however, less carried out estimation of net asset value in the context of the final evaluation than the estimate of net asset value, carried out in the framework of the preliminary assessment owes the institution or company in accordance with § 1 para 1 Z 2-4 the bridge institution or the removal unit compensation in the absolute amount of the negative value. For findings in the context of this paragraph, the procedure referred to in section 116 is applicable.

(4) without prejudice to section 54 provides a preliminary assessment conducted a permissible basis for the resolution authority, to



1 processing measures, among other things by it assumes control of the failure as an institution or company in accordance with § 1 para 1 Z 2 to 4 or 2 to exercise the power to decrease sensitivity or conversion of capital instruments.

(5) the resolution authority is not liable for the correctness and completeness of the preliminary assessment.

3. main piece

Management powers

General powers

58. (1) the resolution authority has following powers which the they in accordance with the provisions of the 5th main piece within the framework or for the preparation of the application of a management instrument individually or in combination to institutions and companies in accordance with § 1 para 1 Z 2-4 can apply:



1. the power to require all the information needed by any person to a processing action to decide and to prepare, including updates and supplements the information delivered to the settlement plans, as well as the request for information, which are procured through on-site tests

2. the authority to assume control of a settlement as an institution and to exercise all the shareholders, other owners and the managers of the rights transferred in processing the Institute and powers;

3. the authority to transfer shares and others issued property titles; a run-off Institute

4. the powers, rights to another company to transfer assets and liabilities a run-off Institute, as far as the other company agrees;

5. the power to reduce the par value or outstanding balance of capable of taking into account liabilities of a run-off institution, to reduce to zero including him;

6. the power to convert capable of taking into account liabilities of a run-off Institute in ordinary shares or other ownership title of the institution or undertaking referred to in article 1, paragraph 1 Z 2-4, a relevant Institute of the mother or a bridge institution the assets, rights and liabilities of the Institute or of the company in accordance with § 1 para 1 are transferred to Z 2-4;

7. the power to delete the debt instruments issued by a run-off institution, except in the case of secured liabilities pursuant to § 86 para 2;

8. the authority to reduce the par value of the shares or other ownership title of a run-off Institute, including him, to reduce to zero, and delete these shares or other property title;

9. the power to require the issue of new shares, other property titles or other capital instruments, including preferred shares and other limited convertible instruments; a run-off Institute or a relevant parent institution

10. the authority, the maturity of the debt instrument issued by a run-off Institute and other account eligible liabilities or the interest amount payable on the basis of the corresponding debt and other consideration eligible liabilities or the date to which interest rates payable are to be changed, even by a suspension of payments, except in the case of temporary of secured liabilities pursuant to § 86 para 2;

11. the power to make smooth financial contracts or derivatives contracts for the purposes referred to in section 91 or terminate;

12. the authority, individual or all members of the Supervisory Board or the management of run-off Institute to recall or replace and 13 the power to urge the FMA, the purchaser of a qualifying holding in deviation from § 20a BWG or § 11a WAG quickly to assess 2007 mentioned terms.

(2) If this federal law States otherwise, the resolution authority in the application of management instruments and the exercise of implementation powers following requests is not bound, regardless of whether otherwise grows a such obligation under law or contract:



1 Edition, the approval or consent of certain public or private persons, including the shareholders or creditors of the run-off Institute, obtaining and 2. rules of procedure, which provide for informing certain persons before the exercise of the powers, including rules for the publication of notices or brochures or to the filing or registration of documents other authority.

(3) in applying the processing powers referred to in paragraph 1, the resolution authority is entitled in addition to



1. subject to the provisions referred to in section 111 transmitted financial instruments, rights, any obligation or burden to rid of assets or liabilities, where compensation under this Federal Act not obligation or burden considered measures;

2. right to acquire of further shares or other ownership title to lift;

3. a publicly traded companies according to § 2 of the Exchange Act - 48B, BGBl. No. 555/1989 to arrange to pick up the admission to trading on a regulated market or the official listing of financial instruments or to suspend;

4. measures to ensure that the acquiring legal entity is treated as if it were the Institute in-processing, when it comes to the rights or obligations of the run-off Institute or to measures taken by him, subject to the paragraphs 75 and 78 including rights or obligations in connection with the participation in a market infrastructure;

5. the run-off Institute or the acquiring legal entity to prescribe, to pass information to each other and to provide support and the conditions of a contract in which the Institute in-processing is a Contracting Party to cancel or change an acquiring entity in its place as a party to use or 6.

The application of these powers by the resolution authority is allowed only if this contributes to the effectiveness of management measures, or to one or more settlement objectives.

(4) if the resolution authority apply their processing powers, she can order continuity measures. These must be required to ensure that the management measures are effective and the transferred activity can be operated by the acquiring legal entity. Continuity measures include in particular:



1. the continuation of contracts received by the run-off Institute, where occurs the acquiring legal entity in the rights and obligations of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 in all transmitted financial instruments, rights, assets or liabilities, and in all relevant legal documentation instead of the run-off Institute or company in accordance with § 1 para 1 Z 2-4 expressly or implicitly called and 2nd in terms of all transferred financial instruments , Rights, assets or liabilities the substitution of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 by the acquiring legal entity in any legal proceedings.

(5) the following rights remain the in para 3 No. 4 and no. 2 referred to in section 4 powers unaffected:



1. the right of an employee of the run-off Institute or company in accordance with § and 2 to cancel 1 para 1 No. 2-4, his employment contract.

subject to the provisions referred to in paragraphs 64, 65 and 66 all possible rights of a Contracting Party, of the rights provided for in this Agreement use to make, including the right to notice, if the Treaty provides for this Z 2-4 before the corresponding transfer or of the acquiring legal entity for an act or omission of the run-off Institute or company in accordance with section 1, paragraph 1 after the transfer.

Disruption of legal proceedings in civil cases and suspension of a decision of by a court in civil

59. (1) is a civil suit in which a settlement as an institution is involved, to interrupt, if the resolution authority so requests for a certain period of the Court. An intermittent procedure is to continue after the expiry of the fixed period by virtue.

(2) a measure adopted by a civil court, affecting a settlement as an institution is to expose for a certain period of time, if the resolution authority so requests.

Change of party

section 60. In civil proceedings, in which a settlement as an institution is involved, the Court has to order that the acquiring legal entity in the process at the point of run-off Institute occurs when the resolution authority so requests because she has arranged an appropriate continuity measures pursuant to article 58, paragraph 4.

Provision of services and facilities

61. (1) may specify the resolution authority Z 2-4 a run-off Institute or to a company in accordance with § 1 para 1, information, services, facilities and staff to provide an accepting entity required for the effective operation of the business transferred to him. This applies even if opened bankruptcy proceedings against the assets of the run-off of the Institute or of the company according to § 82 par. 7 BWG.

(2) the resolution authority can measures referred to in paragraph 1, which shall be according to the arrangement of this resolution authority for a group membership company headquartered in Germany, acknowledge at the request of the management authority of another Member State this, that she meets a corresponding arrangement to the affected group affiliated company headquartered in Germany.

(3) the powers referred to in paragraphs 1 and 2 are limited to operational services and facilities; It is not allowed to commit the institution or company in accordance with § 1 para 1 Z 2 to 4 for a financial support of resolution authority.

(4) an order referred to in paragraph 1 or 2 is made, is a consideration to determine. If immediately before the introduction of the management measures on the basis of an agreement already services and facilities provided, the return for the period of validity has become under this existing agreement to set. Otherwise, adequate consideration is to determine by the resolution authority.

(5) If, over the assets of the Institute or a company referred to in article 1, paragraph 1 Z 2-4, a proceedings opened, you persist of an arrangement referred to in paragraph 1 the following commitments to the trustee in bankruptcy. The arrangement can be made to the trustee in bankruptcy.

Powers in relation to assets situated in third countries, rights, liabilities, shares or other ownership title

62. (1) if the applied processing measures on assets that are situated in a third country, or shares, other title, rights or liabilities that are subject to the law of a third country, stretch, may the resolution authority order, that



1. the administrator of provisionally appointed administrator or another person, which exerts control over the Institute in-processing, and the acquiring legal entity must take all measures necessary to ensure that the ordered transfer, the spelling of down conversion or the measure to take effect, 2. the administrator, provisional administrator or any other person that controls the Institute in-processing , shares, other titles of property, assets or rights are to keep or settle the liabilities on behalf of the acquiring legal entity until the transfer, the down case, the conversion or the measure to take effect, and 3. reimburse the reasonable expenses properly incurred the acquiring legal entity in the implementation of one of the measures prescribed in accordance with Nos. 1 and 2, in a manner specified in accordance with article 74, paragraph 5.

(2) if the resolution authority to assess, whether the administrator, the provisionally appointed administrator or any other person referred to in paragraph 1 No. 1 has taken the necessary steps, is very unlikely regardless, that the transfer, conversion or the measure in respect of certain assets situated in a third country or certain shares, other title, rights or liabilities that are subject to the law of a third country , effectively, has the management authority on the transmission, down case, refrain from casting or measure. If she has arranged the transfer, the down case, the conversion or the measure already, it is ineffective in relation to the relevant assets, shares, other title, rights or liabilities. This is to determine the management authority in the same way that the arrangement has been made.

Exclusion of certain contractual conditions in early intervention and processing

63. (1) a crisis prevention or crisis management measure, including one directly related to the application of such a measure of associated event, apply in relation to a company in the scope of this federal law not as recovery or enforcement in the meaning of Directive 2002/47/EC on financial collateral arrangements of the European Parliament and of the Council OJ No. L 168 of the 27.6.2002 S. 43, or as insolvency proceedings within the meaning of Directive 98/26/EC on settlement finality in payment and securities settlement systems of the European Parliament and of the Council OJ No. L 166 of the 11.6.1998 S. 45, when the principal obligations of performance of the contract, including payment and performance obligations, and the obligation for the provision of securities continue to be met. No non-performance of contractual obligations of main performance represents a suspension or restriction referred to in paragraphs 64 to 66.

(2) a such crisis prevention or crisis management measure in itself is considered also in the framework of a contract not recovery or enforcement or insolvency proceedings, provided that the contract



1. from a subsidiary entered into was and contains commitments by the parent company or another company be guaranteed or supported in other ways the group or 2nd from a company of the Group was entered and contains the contract of third delay clauses (cross-default clauses).

(3) If a third country procedures in accordance with section 149 is recognized, so this procedure applies for the purposes of that provision as a crisis management measure.

(Eligible 4) a crisis prevention or crisis management measure, including one directly related to the application of such a measure of associated event, not cause



1. termination, suspension, change, retention, clearing or set-off rights to exercise, even if the contract of a subsidiary was entered and contains commitments that are guaranteed or supported in other ways by a company of the group, or b. have been received by a member of the Group was, and the contract contains third-party delay clauses (cross-default clauses);

2. property a. of the relevant institution or company in accordance with § 1 para 1 No. 2 to 4, or b. an enterprise group in relation to a contract, which includes a third delay clauses (cross-default clauses), to obtain, control about to exercise or to assert claims arising from a security, or 3. any contractual rights of a. institution or company in accordance with § 1 para 1 Z 2 to 4, or b. an enterprise of the group in terms of a contract , contains the third delay clauses (cross-default clauses), to affect, if continues to meet the principal obligations of performance of the contract, including payment and performance obligations, and the obligation for the provision of securities. Para 1 second sentence shall apply mutatis mutandis.

(5) Z 1 to 3 mentioned rights can be exercised in subsection 4, if the rights due to some other event as a crisis prevention measure, a crisis management measure or an event that is directly related to the application of such a measure have arisen.

(6) agreements, which run counter to the provisions of paragraphs 1 and 4, are ineffective.

Power to the suspension of payment or delivery obligations


64. (1) the resolution authority may order, payment or delivery obligations from contracts where a settlement as an institution is a Contracting Party to suspend. The suspension injunction is effective from the public announcement in accordance with § 116, par. 6 and stretches until midnight of the business day following on this announcement ("suspension period"). The resolution authority has to weigh the possible impact on the proper functioning of financial markets, before adopting the suspension arrangement.

(2) a payment or delivery obligation, whose Fälligkeit falls within the suspension period, becomes immediately due after the expiry of the period of the suspension.

(3) the resolution authority shall issue an order referred to in paragraph 1, that the payment or delivery of a run-off Institute or company in accordance with § 1 para 1 Z 2-4 from a contract suspended, are the payment resulting from this contractual or delivery obligations of counterparties of the run-off Institute or company in accordance with § 1 para 1 same Z 2-4 for the period exposed.

(4) a suspension order referred to in paragraph 1 excludes:



1-refundable deposits, 2. payment and obligations owed to systems or system operators within the meaning of Directive 98/26/EC, central counterparties and central banks and 3. refundable claims for the purposes of Directive 97/9/EC.

Powers to restrict security rights

Section 65 (1) may specify the resolution authority Z 2 to 4 in relation to assets of the run-off Institute or company in accordance with section 1, paragraph 1, that the enforcement of security rights prohibits secured creditors (suspension of enforcement). This arrangement is effective from the public announcement in accordance with § 116, par. 6 and stretches until midnight of the business day following on this announcement ("suspension period"). The resolution authority has to weigh the possible impact on the proper functioning of financial markets, before adopting the arrangement.

(2) an order referred to in paragraph 1 has no effect on security rights systems or system operators within the meaning of Directive 98/26/EC, central counterparties and central banks if assets of the run-off Institute by means of a guarantee or security has been pledged or transferred.

(3) the resolution authority has to ensure that all restrictions imposed under an order referred to in paragraph 1, are consistent for all companies of the group to which a settlement measure is applied, if § 113 to the application.

(4) sections 5 to 9 are financial securities law do not apply to restrictions on the recovery of collateral or limits the effectiveness of financial collateral in the form of a limited right in rem, of close-out netting- or netting agreements, which due to the application of management measures or the application of instruments of participation of holders of relevant instruments through the resolution authority imposed on, or are for comparable restrictions imposed by similar powers in the law of a Member State , so that institutions pursuant to section 2 para 1 No. 3 lit. d and Z 4 financial collateral law ff apply at least the provisions of protection in accordance with the sections 106 assigned can be carried out.

Power to the temporary suspension of termination rights

66. (1) may specify the resolution authority to suspend the termination rights of a party to a contract with a run-off Institute, if the payment and performance obligations and the provision of securities are still met (suspension of enforcement). This arrangement is effective from the public announcement in accordance with § 116, par. 6 and stretches until midnight of the business day following on this announcement ("suspension period"). The resolution authority has to weigh the possible impact on the proper functioning of financial markets, before adopting the arrangement.

(2) which can arrangement referred to in paragraph 1 also adopted be in relation to the termination rights of a party to a contract with a subsidiary of run-off Institute or company in accordance with § 1 para 1 Z 2-4, if



1. the perception of the obligations arising from the contract run-off Institute guaranteed or supported in other ways 2 Z 2-4 based rights of termination under this Agreement solely on the insolvency or the financial situation of the run-off Institute or company in accordance with § 1 para 1 and 3 in the event that a transmission power in relation to the Institute in-processing has been exercised or can be exercised , either a) all assets relating to this contract and liabilities were transferred to the acquiring legal entity and taken over by him, or can be, or b) the resolution authority in a different way ensures an adequate protection of these obligations.

(3) an order under subsection 1 or 2 does not effect systems or system operator within the meaning of Directive 98/26/EC, central counterparties, or central banks.

(4) a under a contract existing right of termination may be exercised before the expiration of the period of the suspension, if the resolution Authority notifies that the rights falling under the Treaty and obligations not



1 be transferred to another company or 2 Z 1 are subject to a down case or conversion in the application of the instrument of creditor participation in accordance with article 85, paragraph 2.

(5) termination rights have an arrangement in accordance with paragraph 1 or 2 of these rights at the end of the period of suspension subject to the section 63 pursuant to Nos. 1 and 2 can be perceived:



1. in cases in which, under the treaty rights and obligations were transferred to another company, a counterparty only in any continuing or subsequent enforcement events of the acquiring legal entity may exercise according to the terms of this agreement of termination rights.

2. If the rights covered by the Treaty and obligations in the run-off Institute remain and the resolution authority has applied the instrument of creditor participation in accordance with article 85, paragraph 2 No. 1 to this agreement, a counterparty on the expiry of the period of suspension referred to in paragraph 1 may exercise according to the terms of this agreement termination rights.

(6) the FMA or the resolution authority can Institute or the company in accordance with § 1 para 1 Z 2-4 which come to keeping detailed records about contracts. Transaction registers in accordance with article 81 of Regulation (EU) No. 648/2012 have to make available the information necessary for the performance of their respective duties the FMA or the resolution authority.

Take control

67. (1) align to the introduction or making a processing action can the resolution authority, taking over the control of an institution or company in accordance with § 1 para 1 Z 2-4, by her



1. the Institute with all powers of its shareholders and the Managing Director operates and the activities and services of the institution or company in accordance with § 1 para 1 provides Z 2 to 4 or 2 assets and property of the institution or company in accordance with § 1 para 1 manages Z 2-4 and it has.

The resolution authority can exercise these powers itself or entrust it to a settlement administrator in accordance with section 68. Voting rights of shares or other property titles of the institution or company in accordance with § 1 para 1 Z 2 to 4 may be exercised only in this way during a process.

(2) the making of management measures is permitted also without a take of control referred to in paragraph 1. In the exercise of the discretion referred to in paragraph 1 has to decide whether a control transfer is necessary the resolution authority, in the context of an individual decision, thereby facilitating Z 2 through 4 and the necessity the effective handling of cross-border groups, to take into account is the settlement objectives and general principles of implementation, the specific situation of the institution or company in accordance with § 1 para 1.

(3) the management authority and the settlement administrator are not considered Z Director according to § 2 1 BWG. As they are not considered de facto Managing Director.

Settlement administrator

68. (1) the resolution authority can order a settlement administrator, replacing the Managing Director of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4. The settlement administrator has over the qualifications required for the exercise of its functions, to have knowledge and skills. He is appointed for a maximum of a year and can be dismissed at any time by the management authority. The order may be extended by the resolution authority for once to up to two years if the conditions for the appointment of an administrator of the settlement remain.


(2) the settlement administrator has all the powers of the shareholders, managers and of the Supervisory Board of the Institute. He must exercise this power only in accordance with the paragraph 4.

(3) the settlement administrator is obliged to implement to achieving the management objectives referred to pursuant to § 48 to take necessary steps and settlement measures in accordance with the decisions of the management authority. This obligation takes precedence over all other obligations of the Executive Board, which according to the statutes of the institution or company in accordance with § 1 para 1 Z 2-4 or other statutory provisions and these differ. Such steps include in particular in accordance with the settlement instruments in accordance with the main piece of 4.



1. capital increases, 2. the change of the ownership structure of the institution or company in accordance with § 1 para 1 Z 2 to 4 or 3. takeover by financially and organisationally healthy institutions or companies referred to in article 1, paragraph 1 Z 2-4.

(4) the resolution authority may restrict the rights, duties and powers of the settlement administrator at any time without giving any reasons or arranged that it may be perceived only after written consent. The settlement administrator is subject to in the performance of its tasks and powers of supervision by the resolution authority, he acts as their organ and whose orders to follow.

(5) the settlement administrator has the resolution authority at regular intervals to set the resolution authority as well as at the beginning and the end of his mandate on the economic and financial situation of the institution or company in accordance with § 1 para 1 to report No. 2 to 4 as well as the steps taken by the settlement administrator in carrying out his duties.

(6) the function of the settlement administrator may be exercised RGBl. No. 337/1914, of the insolvency administrator in accordance with section 80 of the bankruptcy order - IO. A liquidator who exerts the function of the settlement administrator, is within the framework of these tasks as an organ of the FMA.

(7) intending to order a settlement Manager for same group companies, other management authorities has to check whether the appointment of a common processing liquidator for all companies concerned makes more sense to find solutions, will be used to restore the financial soundness of the undertakings concerned the resolution authority with them.

Transformation into a joint-stock company

69. (1) can the resolution authority Z 2-4, which has the legal form of a joint stock company, map (conversion arrangement) transformation into a joint-stock company, if this is useful for processing objectives pursuant to § 48 to the introduction or making a processing action for a company or a company referred to in article 1, paragraph 1. The conversion arrangement can be used alone or in conjunction with the application of one or more processing instruments in accordance with the § 74 ff.

(2) the conversion arrangement shall contain at least the following information:



1. the company of joint-stock company;

2. the members of the first Supervisory Board of joint-stock company; If a Supervisory Board has already passed in the institution or company, all or individual members can be confirmed in Office.

3. the members of the Board indicating their power of representation; previous Board members can be confirmed in Office.

4. information on the number, nature and scope of the shares, which gain by converting the existing shareholders or other persons.

(3) the resolution authority has to write the statutes of the joint-stock company also taking into account the current legal form and in accordance with the provisions of the German Stock Corporation Act and to ensure that an opening balance sheet will be placed. These documents are in the same way as the conversion arrangement to make known.

(4) from the legal validity of the conversion arrangement continues the Institute or company as a joint-stock company. Any so far continue to insist on a share of existing rights of third parties share, who will take his place.

(5) liability of the shareholders or other persons which existed at the time of the conversion to the institution or company, are not affected by the conversion and remain still upright.

(6) the carried out transformation into a joint stock company is to register at the competent court of the resolution authority and all members of the Management Board and Supervisory Board upon presentation of documents according to para 2 and 3 to the registration in the register of companies.

4. main piece

Instrument of participation of holders of relevant instruments

Obligation to decrease sensitivity and conversion

70. (1) Z 2-4 which, has section 49 or section 52 or the conditions for the participation of the holders of relevant instruments pursuant to § 71 processing conditions according to arrange the resolution authority in accordance of § 72, and of section 88, are in an institution or a company referred to in article 1, paragraph 1 that:



1. to strengthen the equity-related instruments of the Institute or of the companies referred to in article 1, paragraph 1 Z 2 to 4 in shares or other instruments of hard core capital at the Institute or to the company pursuant to section 1 para 1 Z 2-4 converted and 2nd to cover losses in accordance with article 88, paragraph 1 Z 1 the nominal or the outstanding balance of relevant instruments of the Institute or of the company in accordance with § 1 para 1 Z 2-4 whole or partial is written down.

(2) before the resolution authority brings a management instrument to use, it has to apply the instrument of participation of holders of relevant instruments, if not already applied the instrument of creditor participation in accordance with section 74, paragraph 1.

Conditions for the participation of holders of relevant instruments

71. (1) is down letters and conversion-related instruments to perform if the resolution authority determines that the institution or company in accordance with § 1 para 1 Z 2-4



1. without a down letters and conversion-related instruments no longer incapable in accordance with paragraph 2 or 2. needed an extraordinary financial support from public funds, except in cases of § 51 para 1 No. 4 lit. c. (2) an institution or a company pursuant to section 1 para 1 No. 2 to 4 apply as no longer viable, if



1 these fail according to § 51 or likely to fall and 2 taking into account temporal constraints and other relevant circumstances no prospect is reasonably, that the failure within a reasonable time frame § 44, can be averted by alternative measures in the private sector, including measures within the framework of Institute-related safety systems, or other supervisory measures, including early intervention measures in accordance with.

A group is considered abusive or likely falling out if she violate their consolidated supervisory requirements in a manner, which would justify intervention by the FMA, or if objective evidence, that this will be the case in the near future, which may be caused in particular by, that the group loss suffered or will probably suffer through the whole or a substantial part of their own resources will be consumed.

(3) the resolution authority to apply the instrument of participation of holders of relevant instruments in relation to relevant instruments in accordance with the procedure referred to in article 72, the



1 by a subsidiary will be issued and on an individual basis and on a consolidated basis for the purpose of meeting the capital requirements are recognized, if the resolution authority, and the authority responsible for the determination of the Member State of the subsidiary in the form of a joint decision in accordance with article 144, paragraph 2, and article 145, paragraph 3, that the viability pursuant to paragraph 2 only through a conversion or down case of relevant instruments cannot be guaranteed in relation to the group or 2nd from a domestic parent company issued be and that on an individual basis at the level of the domestic parent company or on a consolidated basis for the purposes are recognised own funds requirements if the resolution authority in relation to the group the viability pursuant to paragraph 2 only through a conversion or down case of relevant instruments to ensure.

(4) a relevant capital instrument issued by a subsidiary may Z 1 not to a greater extent or worse conditions are written down in the case of paragraph 3 or transformed, as equivalent instruments at the level of the parent company.

Determination of the conditions for the application of the instrument of down letters and conversion of relevant instruments for groups

72. (1) before the resolution authority in relation to a subsidiary which has issued relevant instruments are recognised on an individual basis and on a consolidated basis for own resource purposes, meets one of the findings in accordance with § 71, has to meet the following requirements:



1.

The resolution authority has its intention inform the consolidating supervisor; the consolidating supervisor is not the authority responsible for the finding with respect to the parent company, the resolution Authority communicated its intention of also the Member State authority responsible for the finding.

2. the management authority has its intention to make a determination in accordance with section 71, paragraph 3 No. 1, immediately notify the authority, which for the individual institutions or companies in accordance with § 1 para 1 Z 2-4 is responsible, which have issued the relevant instruments, in which case any such findings by the power of down case, use must be made, and if it is to any other authority , the appropriate authorities of the Member State, the competent authorities and the consolidating supervisor resides on.

(2) if in the case of the processing of an institution or a cross-border group a in accordance with article 71, paragraph 1 Z 2 or § 3 Z 1 or 2 known determination made the resolution authority has taken into account the possible effects of processing in all Member States in which the institution or group is active.

(3) the resolution authority has a justification to add, why she prefers the relevant finding considering a communication referred to in paragraph 1.

(4) the resolution authority has was made a notice referred to in paragraph 1, after consultation of the notified authorities to assess,



1 whether there is a viable alternative conversion power or Herabschreibungs - to carry pursuant to section 70 and 2.
whether realistic prospects are that the alternative would affect the circumstances which would otherwise require a down case, and conversion of the relevant instruments in accordance with article 70, in a reasonable time frame.

As alternatives, especially early intervention measures referred to in section 44 come measures referred to in article 70 para 4a BWG liquidity or a transfer of the capital of the parent company into consideration.

(5) enters the resolution authority after consultation with the notified authorities in accordance with paragraph 4 to the assessment, there are alternative measures available, it has to apply them immediately.

(6) get the resolution authority, in the case of paragraph 1 Z 1 after hearing that there are no alternative measures available, has notified authorities in accordance with paragraph 4 to the assessment, the management authority to assess whether the determination referred to in paragraph 1, under consideration is appropriate.

(7) if the resolution authority decides to make a determination in accordance with article 70, paragraph 1, she notified the appropriate authorities of the Member States in which the concerned subsidiary companies reside, it promptly and assessment is made in the form of a joint decision in accordance with § 145, para. 3 and § 147. no common decision can be made, has to contain the establishing resolution authority.

(8) the resolution authority has to implement a decision to decrease sensitivity or conversion of capital instruments of subsidiary companies, taking due account of the urgency of the circumstances immediately.

Implementation of down letters and conversion-related instruments

73. (1) prior arrangement down case or conversion of capital instruments has the resolution authority to ensure that an assessment of the assets and liabilities of the Institute or of the company in accordance with § 1 para 1 runs Z 2 to 4 in accordance with articles 54 to 57. This evaluation forms the basis for the calculation of the down case which is applied to compensate for losses in the relevant instruments and to use for the calculation of the scale of the conversion, on the relevant instruments is to recapitalize the institution or the company pursuant to section 1 para 1 No. 2 to 4. The conversion rate is set according to the principles in accordance with article 92.

(2) the decrease sensitivity and conversion of relevant instruments has to be done in the following order:



1. the post of the hard core capital are down written proportional to the loss up to the limit of their capacity and the management authority shall take one or both of the measures indicated in accordance with article 89, paragraph 1 with regard to the owner of the instruments of the hard core capital;

2. the nominal value of the instruments of the additional core capital will be to the extent necessary to the settlement objectives pursuant to § 48, or until written down to the limits of their capacity or converted into instruments of hard core capital, or both.

3. the nominal value of the instruments of the supplementary capital is to the extent necessary to the settlement objectives pursuant to § 48, or until written down to the capacity of the relevant instruments or converted into instruments of hard core capital, or both.

(3) the nominal value of a relevant instrument down to write so



1. is the reduction of this par value without prejudice to a revaluation in accordance with § 88 par. 3 of duration;

2. no liability and 3rd is apart from any liabilities already incurred, in terms of the amount of that instrument, down, written against the holder of the relevant capital instrument not a holder of the relevant instruments receives other compensation than those referred to in paragraph 4.

(4) in order to perform a conversion of relevant instruments in accordance with paragraph 2 No. 2, the resolution authority can commit Z 2-4 to the institution or company in accordance with section 1, paragraph 1, to the holder of the relevant instruments instruments of hard core capital to spend. A conversion can be done only if the following conditions are met:



1. the instruments of hard core capital are the institution or company in accordance with § 1 para 1 Z 2 to 4 with the approval of the resolution authority of the Institute or of the company in accordance with § 1 para 1 Z 2-4 or the resolution authority of the parent issued by Z 2 to 4 or of a parent company of the Institute or of the company pursuant to section 1 para 1, 2 which are instruments of hard core capital before a possible emission of shares or property titles issued , which makes the Institute or the company in accordance with § 1 para 1 Z 2-4 for the provision of capital by the Government or a government agency, 3.
The instruments of hard core capital are to exercise the conversion right immediately to assign and transfer and 4.
The conversion rate, which determines the number of instruments of hard core capital provided for each relevant capital instrument is available with the principles set out in section 92 in line.

(5) in order to provide the instruments of hard core capital pursuant to paragraph 4, the resolution authority can the institutions and undertakings in accordance with article 1, paragraph 1 apply Z 2-4 at any time, that they have the required approval to the issue of the relevant number of instruments of hard core capital.

5. main piece

Processing instruments

1 section

General information

General principles

74. (1) approves the resolution authority, to apply a handling tool Z 2-4 to an institution or a company referred to in article 1, paragraph 1, and would lead to losses for creditors or to a conversion of their claims, the processing measure has the resolution authority to perform the instrument of the participation of holders of relevant instruments in accordance with § 70 immediately prior to or simultaneously with the application of management instruments.

(2) processing instruments are:



1. the instrument of the company sale, 2. the instrument of the bridges Institute, 3. the instrument of derecognition of assets and 4. the instrument of creditor participation.

(3) the resolution authority the settlement instruments can apply individually or in a combination. The discretion of the management authority in the selection and application of the management instruments is to practice taking into account the goals of settlement pursuant to § 48. The instrument of derecognition of assets is allowed to apply the resolution authority but only in conjunction with another management tool.

(4) only those referred to in paragraph 2 are no. 1, 2 or 3 processing instruments to transfer only a part of the assets, rights or liabilities of the run-off Institute or company in accordance with § 1 para 1 Z 2 to 4 of the remaining part of the Institute is applied, or business pursuant to section 1 para 1 No. 2 to 4, its assets, rights or liabilities transferred , to liquidate in a bankruptcy procedure. This liquidation has to be made taking into account the possible requirement that the institution or company in accordance with § 1 para 1 has a Z 2 to 4 due to an arrangement in accordance with § 61 services to provide or to provide support to allow the acquiring legal entity, the activities flowed due to the transfer to him and services carried out within a reasonable time frame, as well as of all other reasons , that the continuation of the rest Institute or rest company in accordance with § 1 para 1 Z 2-4 is required to achieve the objectives of the settlement or to comply with the principles set out in article 53.


(5) the resolution authority can be one or more of the following ways will refund all reasonable expenses properly effected in connection with the application of a management instrument or the exercise of a power of processing:



1. as a deduction of a consideration, which is the Institute in-processing or to paid, where appropriate, to the holder of shares or other ownership title, 2. as preferred creditors by the settlement currently Institute or 3 as a priority creditor proceeds obtained in connection with the setting of the operation of the bridge institution or a reduction unit.

(6) an application of a management instrument, in exercise of the power of a settlement or to use a State stabilization instrument made transmission of assets, rights or liabilities of a run-off Institute on another entity is not in accordance with §§ 27 ff Insolvency Act - IO, RGBl. No. 337/1914, voidable

(7) in the exceptional situation of a systemic crisis, the resolution authority can aspire to the financing from alternative sources using the State stabilization instruments pursuant to section 99, if the following conditions are met:



1. shareholders and holders of other title or owner of relevant instruments and other liabilities capable of taking into account have down case, conversion or otherwise losses held and contributed to the recapitalisation amounting to at least 8% of the total liabilities, including the own resources of the run-off Institute or company in accordance with § 1 para 1 Z 2-4, calculated at the time of the processing measure according to which in the sections 54 to 57 review provided for, and 2. the financing is subject to the previous and final approval under the legal framework of the Union for State aid.

2. section

Instrument of corporate divestiture

Application of the instruments of the company sale

75. (1) if the processing requirements pursuant to section 49 or section 52 available, can the resolution Authority arranged a transfer to a transferee is not a bridge institution. Subject to paragraph 7 and 8, as well as of § 118, the transmission is without requiring the approval of the shareholders of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 or third parties - except those of the acquirer - and without others to comply with these rules of procedure after the company law or securities law as that in accordance with § 77 (transfer order). The transmission may refer to:



1 that a run-off Institute or company in accordance with § 1 para 1 Z 2-4 issued shares or other title and 2 all or individual assets, rights or liabilities a run-off Institute or company pursuant to section 1 para 1 No. 2 to 4.

(2) a transfer must withstand a third comparison. To take into account are:



1. the circumstances of the case before and the processing conditions, 2. the legal framework of the Union for State aid, and 3. the assessment referred to in paragraphs 54 to 57.

(3) without prejudice to article 74, paragraph 5, consideration of the purchaser are:



1. the owners of the shares or property title led to, if the company sale by transfer of shares or property titles, which issued Z 2-4 of the run-off Institute or company in accordance with § 1 para 1 of the holders of these shares or title to the acquirer or 2. run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 , if the sale of the company by transferring certain or all assets or liabilities of the run-off Institute or company in accordance with § 1 para 1 Z 2-4 to the purchaser was.

(4) in the case of application of the instruments of the company sale the resolution authority can exert several times the transmission power, additional transfers of shares or other property titles issued by a run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 or of assets to make rights or liabilities of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4.

(5) after application of the instruments of the company sale the resolution authority with the consent of the purchaser can exert the transfer powers in relation to assets, rights or liabilities transferred to the acquirer to a retransfer of the assets to make rights or liabilities under Management Institute or company in accordance with § 1 para 1 Z 2-4 or the shares or other property titles to their original owner , and the in-processing institution or company in accordance with § 1 para 1 Z 2-4 or the original owners are obliged to such assets, rights or liabilities, shares or other title to withdraw.

(6) an acquirer must have the necessary concessions, permits and approvals to have, continue to the acquired company, if a transfer is made. The FMA has to make sure that the corresponding applications in the context of the transfer are inspected in a timely manner.

(7) If a transfer to acquire or increase a qualifying holding pursuant to article 20 BWG or pursuant to § 11 WAG 2007 leads, has the FMA by way of derogation from section 20a para 2 BWG or § 11a WAG 2007 its assessment in time to perform, not to delay the application of the instruments of the company sale, and does not prevent the achievement of the processing the processing measure objectives.

(8) the FMA exceptionally not completed the assessment in accordance with paragraph 7 up to the time of the entry of the legal force of an adopted decision which arranges a transfer, the following applies:



1. the transfer of the shares or other ownership title to the acquirer has direct legal effect;

2. during the assessment period and during a sale period in accordance with no. 6 has the voting rights associated with such shares or property titles of the acquirer to suspend the resolution authority and to transfer to itself, where the resolution authority is not required is to exercise the voting rights, and shall be liable in any way for the exercise or the renunciation of the exercise of the voting rights;

3. in the reporting period and during a sale period according to Z 6 are in article 98 para 5a Z 1, § 99 paragraph 1 Z 3 and 4 or § 99 c para 2 and 3 BWG regulated penal provisions and measures for infringements of requirements relating to the acquisition or disposal of qualified investments for such transfer of shares or other property titles not to apply;

4. as soon as the FMA has completed the assessment, she inform in writing the resolution authority and the purchaser, whether it agrees to the transfer of shares or other property titles to the purchaser or these prohibited pursuant to section 20a para 2 BWG;

5. is the FMA of a transfer of shares or other property titles to the transferee applies to, the voting rights linked to these shares or property titles as transferred completely to the purchaser, immediately after the resolution authority and the transferee have received a notification of the approval by the competent authority;

6 prohibits the FMA such transfer of shares or other ownership title to the purchaser;

a) the voting rights associated with these shares or property titles in accordance with no. 2 remains fully valid, b) may require the resolution authority, by the purchaser, to sell these shares or title within a disposal period established, taking into account the prevailing market conditions and c) can be if the purchaser such a sale does not complete the sale deadline set by the resolution authority - the FMA with the approval of the resolution authority against the buyer in article 98 para 5a Z 1 , Article 99, paragraph 1 Z 3 and 4 or § 99 c para 2 and 3 BWG regulated penal provisions and measures apply for breaches of the requirements relating to the acquisition and the sale of qualified investments.

(9) in the case of transfers in application of the instruments of the company sale apply the protection provisions in accordance with the sections 106 et seq.

(10) with regard to the exercise of the right to provide services in another Member State in accordance with the Directive 2013/36/EC or directive 2014/65/EC or to establish themselves in another Member State, is the transferee as the legal successor of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 and can all rights , previously of the run-off Institute or company in accordance with § 1 para 1 Z 2 to 4 in relation to the transferred assets, rights or liabilities were exercised, continue.


(11) the purchaser referred to in paragraph 1 is Z 2-4 for payment, clearing and settlement systems, stock exchanges, as well as systems for deposit insurance and investor compensation in the membership and access rights of the run-off Institute or company in accordance with section 1, paragraph 1, and provided that he fulfils the membership and terms of these systems. This applies under the following conditions:



1. the access must not be refused for the reason that the purchaser has no rating issued by a credit rating agency or that this rating is not the rating level, which is otherwise required for the provision of access to the systems mentioned;

2. the purchaser does not meet the membership or terms and conditions of the above systems the resolution authority may order that the purchaser may continue the membership and access rights for a fixed period not exceeding 24 months. at the request of the purchaser, the management authority may extend this period.

Other legal effect of the instruments of the company sale

Shareholders and creditors of the run-off Institute or company in accordance with § 1 para 1 not transmitted 76th (1) Z 2-4 and other third parties, their assets, rights or liabilities, have no rights with respect to the transferred assets, rights or liabilities without prejudice to protection according to the § 106 ff,. There is no entitlement to transfer in accordance with section 75. The organs of the acquirer have no loyalty or other obligations Z 2-4 to shareholders and the creditors of the run-off Institute or company in accordance with § 1 para 1, if themselves these do not arise from this federal law.

(2) a transfer in accordance with the sections 75, 78 or 82 takes place solely in accordance with this Federal Act and the respective transfer arrangement, so that in particular



1 in relation to the in-processing Institute or company in accordance with § 1 para 1 Z 2 to 4 according to General regulations to be complied or contractually agreed procedural steps, in particular decisions of a major, general meeting of creditors or any other bodies, are now regarded as replaced 2 in relation to the in-processing Institute or company in accordance with § 1 para 1 Z 2-4 required legally or contractually agreed participation and consent requirements as fulfilled or apply transfer obstacles as eliminated , § 75 section 7 shall remain unaffected, 3. tab, land and other entries or changes to the entries for the transfer declaratively are 4. certificates, in particular collective certificates through the settlement arrangement according to; remodeling they are can, but need not, replaced or corrected and 5 outside this federal law of regulated or contractually agreed form or other regulations is not required.

Rules of procedure for the instrument of the business sale

§ 77. (1) the application of the instruments of the company sale to an institution or a company referred to in article 1, paragraph 1 Z 2 to 4 has the resolution authority the assets, rights and liabilities, shares or other ownership title of the institution or company in accordance with § 1 para 1 Z 2 to 4, which intends to transfer them to market, or she directs the steps necessary for a market-conforming disposal a. Collective rights, assets and liabilities, the market-conforming disposal can be separately.

(2) without prejudice to the legal framework of the Union for State aid, has the market-conforming disposal in accordance with the following criteria must be:



1. she must be taking into account the circumstances and in particular required maintaining financial stability as transparent as possible and must not objectively misrepresent the assets, rights, liabilities, shares or other ownership title of the institution or company in accordance with § 1 para 1 Z 2 to 4, which intends to transfer the authority, 2. it may take place an improper favouring nor a disadvantage of potential purchasers , 3. conflicts of interest must be excluded, 4. an unfair advantage may be granted any potential acquirer, 5. the need for a swift implementation of the management action is to take into account and it is 6 to strive to achieve a highest possible sale price for the affected shares or other ownership title, assets, rights or liabilities.

(3) considering the requirement referred to in paragraph 2 Z 2 it is permissible that the resolution authority targeted approaches to specific potential buyers. A public announcement of the market sale of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4, as referred to in article 17 para 1 of the Regulation (EU) No. 596/2014 on market abuse (market abuse Regulation) and repealing of Directive 2003/6/EC of the European Parliament and of the Council and directives 2003/124/EC, 2003/125/EC and 2004/72/EC of the European Parliament and of the Council , OJ No. L 173 of the 12.6.2014 S. 1, were required, can in accordance with article 17 paragraph 4 or 5 of that regulation to be pushed.

(4) the resolution authority can apply the instrument of the company sale, without to meet the requirement of market-conforming disposal referred to in paragraph 2, if the finding is true, that compliance with these requirements would probably affect one or more execution targets. This is particularly the case if the processing authority of considers that



1. a loss or likely loss of run-off Institute or company in accordance with section 1, paragraph 1 would Z 2-4 represent a serious threat to the financial stability or increase an existing such threat, or 2. the adherence to these requirements probably the effectiveness of the instruments of the company sale with a view to averting the threat or the objective of settlement pursuant to § 48 para 2 No. 2 would affect.

3. section

Instrument of the bridges Institute

Application of the instruments of the bridges Institute

78. (1) the processing requirements pursuant to section 49 or section 52 are the resolution authority can apply the instrument of the bridge Institute. She may adopt the arrangement, taking into account the need to maintain critical functions in the bridges Institute, to transmit the following on a bridge institution:



1 shares or other property titles issued by one or more run-off institutes and 2 all or individual assets, rights or liabilities of one or more Institute under management.

(2) the transfer arrangement referred to in paragraph 1 may be issued without requiring the approval of the shareholders of the run-off Institute or third parties - except the bridges Institute - and without that procedural rules to be observed after the company law or securities law. § 118 remains of it intact. The legal effect in accordance with article 76, paragraph 2 shall apply.

(3) the Institute of bridges must be a corporation that meets the following requirements:



1. their shares are either entirely or mostly by the Federal Government, the FIMBAG, kept the resolution authority or another public body, 2. it is due to law or contractual opportunities to exert influence or an arrangement referred to in section 67 of the resolution authority and 3rd is it especially established for the receipt or possession of certain or all shares or other property titles, which were issued by a run-off Institute , or certain or all assets, rights or liabilities of one or more settlement owned Institute with regard to the maintenance of critical functions and the disposal of the Institute.

(4) in the application of the instruments of the bridges Institute, the resolution authority has to ensure that the total value of the liabilities transferred to the bridge institution exceed not the total value of rights and assets transferred from the run-off Institute or provided from other sources.

(5) without prejudice to the provisions referred to in article 74, paragraph 5 be consideration of the bridges Institute



1. the owners of the shares or property title flow, if the sale of the company through transfer of shares or property titles, which were issued by the run-off Institute by the holders of these shares or property title to the acquirer or 2 the run-off Institute led to if the sale of the company was certain or any assets or liabilities of the run-off Institute by transfer to the purchaser.

(6) on application of the instruments of the bridges Institute the resolution authority can exert several times the transmission power, additional transfers of shares or other property titles, which were issued by a run-off Institute or of assets, rights or liabilities of the run-off Institute to carry out.


(7) after an application of the instruments of the bridges Institute the management authority may



1. rights, assets or liabilities of the bridges Institute propagated the Institute in-processing, shares or other property titles to their original owners and the Institute in-processing, or the original owners are required to these assets, rights or liabilities to take back shares or other ownership title, provided that it meets the requirements referred to in paragraph 8 or 2. shares or other ownership title, assets , Rights or liabilities of the bridges Institute transferred to a third party.

(8) the resolution authority can a repossession in accordance with para 7 subpara 1 only carry out, if



1. the possibility of reverse transfer of the respective shares or other ownership title, assets, rights or liabilities expressly in the notice is intended with the transfer was arranged or the respective shares or other ownership title, assets attributable to rights or liabilities actually right to not the genus of shares or other property, assets, or liabilities are 2 that were specified in the transfer order, the transfer is done with the , or if they do not meet the transfer requirements referred to therein.

In the transfer order is appropriate to limit the possibility of a reverse transcription and elaborate the conditions for a return journey.

(9) transfers occur between the run-off Institute or the original owners of shares or other property titles on the one hand and the bridges Institute, on the other hand, the protection referred to ff in the section 106 regulations.

(10) shareholders and creditors of the run-off Institute and other third parties, which assets, rights or liabilities not transferred to the bridge institution, have no rights in relation to the assets entrusted to the bridge institution, rights or liabilities or to the bridge institution or their bodies, without prejudice to protection according to the § 106 ff. There is no entitlement to a transfer referred to in paragraph 1.

The bridge Institute

79. (1) the resolution authority, the Federal Government or with the consent of the Federal Minister of finance the FIMBAG can set up corporations that can act as a bridge institution. The reason - or capital can through transfer of shares or assets of one or more in settlement institutions referred to in § 78 and, if necessary, by additional payment of the settlement funding mechanism in accordance with article 124, paragraph 1 Z 4 be applied. The final evaluation pursuant to § 57 para 2 is the assessment of such shares or assets for the Foundation, as well as for the opening balance sheet of the Corporation if such at the time of the establishment of the Corporation does not exist, as far as possible to consider the preliminary assessment in accordance with article 57, paragraph 1. A founding testing can be avoided.

(2) with the consent of the Federal Minister for finance, the portions of the bridge Institute can be transferred to the Federal Government, the FIMBAG or any other public body.

(3) in the case of a transfer referred to in paragraph 2 the requirements pursuant to § 5 para 1 shall be deemed Z 3 and 4 and article 20 BWG.

(4) the bridges Institute Court of the resolution authority is to register the business managers and the members of the Supervisory Board to be registered in the register of companies.

(5) the resolution authority appointed the first Board of Directors of the Institute of bridges. The appointment and dismissal of the Managing Director and the agreement on their remuneration permission is required to be effective the resolution authority. The approval of the agreement on the remuneration has to be carried out, if these according to the criteria of section 78 para 1 AktG and is appropriate, taking into account the particular difficulties of handling situation.

Operation of the bridges Institute

To comply with the following requirements are section 80 (1) for the operation of the bridge Institute:



1. the strategy and the risk profile of the bridge institution shall be approved by the resolution authority;

2. the bridges Institute has the necessary concessions that are to apply without delay by the managers of the bridges Institute to the operation of banking transactions or to the provision of investment services;

3. the bridges Institute has the requirements of Regulation (EU) No. 575/2013, of the BWG and WAG 2007 to comply with and is subject to a supervision in accordance with that legislation;

4. the operation of the bridge Institute must be with the legal framework of the Union State aid in line, what the resolution authority can set limits its operation.

If it is necessary to achieve the objectives of the settlement, the bridge institution can be set up, also if there at the time of recording its operations not the requirements of the Regulation (EU) No. 575/2013, of the Banking Act or of the WAG 2007 is sufficient. The management authority shall immediately explain the reasons for non-compliance to the FMA. The FMA can refrain from single or multiple requests for the granting of the necessary licences. She has the period of exemption of bridge institution from complying with the requirements to specify in the notification.

(2) the managers have to operate the bridge Institute in an effort



1. access to critical functions to get and 2. the Institute, its assets to dispose of rights or liabilities under reasonable conditions and within the period referred to in paragraph 5 to one or more private buyers.

(3) the operation of the bridge Institute ends with the entry of the following circumstances, what is noticed by the management authority decision:



1. merger of the bridges Institute with another company, 2. failure to comply with the requirements of § 78 para 3 by the bridge institution, 3. sale of all or substantially all of assets, rights or liabilities of the bridge institution to a third party, 4 end of the periods referred to in paragraph 5 or 5 full liquidation of the assets of the Institute of bridges and full payment of his liabilities.

(4) if the resolution Authority seeks a disposal of the bridge institution or its assets, rights or liabilities, it has the bridge institution, the respective assets, open and transparent to promote rights or liabilities. It is to ensure that this



1. a factually correct rendering is done and that 2 encourages potential acquirers in an incorrect manner or be discriminated against.

A sale must withstand a third comparison taking into account the circumstances of the individual case and in accordance with the legal framework of the Union for State aid.

(5) If a circumstance referred to in paragraph 3 occurs Z 1 to 4, the settlement authority shall as soon as possible to set the operation of the bridge Institute, no later than two years after the last transmission, which is done by a run-off Institute within the framework of the instrument of the bridge Institute. After this period, the continuation of the operation of the resolution authority may be extended to one year, if



1 by the extension in accordance with paragraph 3 results referred to Z 1 to 4 are supported, or 2 an extension is required, to ensure the continuation of essential banking or financial services.

The resolution authority has to justify any extension. The justification must include a detailed assessment of the situation, including the market conditions and Outlook, which justifies the extension.

(6) if the business of a bridge institution is set because a circumstance referred to in paragraph 3 has occurred such as 3 or 4, is the bridge Institute in a bankruptcy procedure to liquidate. Any revenues from the operation of the bridge Institute accruing to the owners of the bridge Institute.

(7) If a bridge institution is used for the purpose of the transfer of assets and liabilities of more than one processing the Institute, refers to the obligation referred to in paragraph 6 to the assets and liabilities, which were transferred the institutes each of the individual in settlement, and not on the bridge institution itself.

(8) the resolution authority has the right to participate in meetings of the Supervisory Board of the Institute of bridges or its committees. It is for this purpose as early as possible to put the session dates and having regard to the order of the day. Decisions that have been made by written vote shall be the resolution authority.

(9) any amendment to the Constitution of the Institute of bridges the resolution authority permission is required to be effective.

Other provisions for the bridges Institute


Section 81 (1) with regard to the exercise of the right in accordance with III section of the Austrian Banking Act (establishment and freedom to provide services) or the 2nd section of the WAG 2007 (establishment and freedom to provide services) to provide services in another Member State or to establish themselves in another Member State, is a bridge institution as a continuation of the run-off Institute and previously by the run-off Institute in relation to the transferred assets can all rights, , Rights or liabilities were exercised, continue.

(2) the bridge Institute enters on the membership and access rights of the run-off Institute for payment, clearing and settlement systems, stock exchanges, as well as systems for deposit insurance and investor compensation scheme, provided it meets the membership and terms of these systems. This applies under the following conditions:



1. the access must not be refused for the reason that the bridges Institute has no rating issued by a credit rating agency or that this rating is not the rating level, which is otherwise required for the provision of access to the systems mentioned;

2. the bridge institution does not meet the membership or terms and conditions of the above systems the resolution authority may order that the bridge institution may continue the membership and access rights for a fixed period not exceeding 24 months. at the request of the Institute of bridges the resolution authority may extend this period.

(3) the application of the instruments of the bridges Institute brings no obligations or responsibility towards the shareholders or creditors of the run-off institution with himself. The organs of the bridge institution shall not be liable the shareholders or creditors to for acts and omissions in the exercise of their duties, unless there is gross negligence, leading it to a direct interference with the rights shareholders or creditors.

4 section

Instrument of derecognition of assets

Application of the instruments of derecognition of assets

82. (1) the settlement provisions in accordance with section 49 or section 52 and another management tool is applied (section 74 para. 3), the resolution authority can apply the instruments of derecognition of assets. Under this instrument the arrangement resolution authority may adopt, assets, rights or liabilities of a run-off Institute or company in accordance with § 1 para 1 Z 2-4 or a bridge institution on one or several special purpose entities built specifically for asset management to transfer (reducing unit). The transfer order can be made without requiring the approval of the shareholders of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 or of a third party, and without that procedural rules to be observed after the company law or securities law. The legal effects shall apply in accordance with § 76 para 2. § 118 remains of it intact.

(2) the transmission on an extraction unit referred to in paragraph 1 is allowed only if



1. the situation in the specific market for these assets is such that exploitation these assets in a bankruptcy procedure could have negative effects on one or more financial markets

2. any such transfer is necessary to ensure the proper functioning of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 or of the bridge institution; or 3. such transfer is necessary to achieve highest possible proceeds.

(3) in the application of the instrument of derecognition of assets, the resolution authority – has to set the consideration for the assets transferred to the reduction unit, rights or liabilities principles and the legal framework of the Union State aid - in line with the in the articles 54 to 57. The quid pro quo can be also a nominal value or a negative value.

(4) without prejudice to the provisions referred to in article 74, paragraph 5, has any consideration of the reduction unit in relation to the assets, rights or liabilities that were purchased directly from the run-off Institute or company in accordance with § 1 para 1 Z 2-4, to get this benefit. Consideration can be provided in the form of debt securities issued by the reduction unit.

(5) has been the instrument of the bridges Institute applied a reduction unit can purchase after the application of instruments of bridge institution assets, rights or liabilities by the bridge institution.

(6) the resolution authority can several times transferred assets, rights or liabilities of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 on one or more mining units and on the in-processing institution or company in accordance with § 1 para 1 re-transferred assets, rights or liabilities by one or several extraction units Z 2-4, provided that the following conditions are met :



1 the possibility of reverse transfer of specific rights, assets or liabilities was expressly provided in the notification, the transfer was arranged with the or 2. which specific rights, assets or liabilities are actually not the genus of rights attributable to assets or liabilities, which were specified in the transfer order, or they do not meet the stated transmission conditions.

The possibility of return transfer is appropriate to limit in the transfer order. The conditions for a repossession are elaborate. The in-processing institution or company in accordance with § 1 para 1 Z 2 to 4 is required, the assets, rights or liabilities to withdraw.

(7) transfers between the run-off Institute or company in accordance with § 1 para 1 Z 2-4 and the reduction unit are subject to protection pursuant to the § 106 ff, for partial capital transfers.

(8) shareholders and creditors of the run-off Institute or company in accordance with § 1 para 1 are transmitted Z 2-4 and other third parties, their assets, rights or liabilities not on the reduction unit, have transferred assets, rights or liabilities, notwithstanding the protection provisions in accordance with the § 106 ff, no rights in relation to the reduction unit or opposite the reduction unit or their bodies.

(9) the application of the instrument of derecognition of assets brings Z 2 to 4 with no obligations or responsibility towards the shareholders or creditors of the run-off Institute or company in accordance with § 1 para 1. The reduction unit bodies are not liable the shareholders or creditors to for acts and omissions in the exercise of their duties, unless there is gross negligence, leading it to a direct interference with the rights shareholders or creditors.

The reduction unit

83. (1) the resolution authority, the Federal Government or with the consent of the Federal Minister of finance the FIMBAG can set up corporations that can act as mining units. The reason - or capital can be applied Z 2-4 or bridges Institute through transfer of shares or assets of one or more under Management Institute or company in accordance with § 1 para 1 pursuant to article 82. The final evaluation pursuant to § 57 para 2 is assessing these shares or assets for the Foundation, as well as for the opening balance sheet of the reduction unit, if such at the time of incorporation of the company does not yet exist, as far as possible to consider the preliminary assessment in accordance with article 57, paragraph 1. A founding testing can be avoided.

(2) the reduction unit must meet the following requirements:



1. their shares are either completely or mostly by the Federal Government, the FIMBAG, kept the resolution authority or another public body, 2. it is due to law or contractual opportunities to exert influence or an arrangement referred to in section 67 of the resolution authority and 3. it is specifically founded for the receipt and possession of certain or all shares or other property titles that were issued Z 2-4 from a run-off Institute or company in accordance with section 1, paragraph 1 , or certain or all assets, rights or liabilities one or more under Management Institute or company pursuant to section 1 para 1 No. 2 to 4 with regard to the maintenance of critical functions and the sale of the institution or company in accordance with § 1 para 1 Z 2-4.

(3) with the consent of the Federal Minister for finance, the mining unit shares can be transferred onto the collar or on the FIMBAG.

(4) in the case of a transfer referred to in paragraph 2 the requirements pursuant to § 5 para 1 shall be deemed Z 3 and 4 and article 20 BWG.


(5) the reduction unit is at Court by the resolution authority, to register the business managers and the members of the Supervisory Board to be registered in the register of companies.

(6) the resolution authority ordered the first Board of Directors of the reduction unit. The appointment and dismissal of the Managing Director and the agreement on their remuneration permission is required to be effective the resolution authority. The approval of the agreement on the remuneration has to be carried out, if these according to the criteria of section 78 para 1 AktG and is appropriate, taking into account the particular difficulties of handling situation.

Operation of the reduction unit

84. (1) the removal unit has the task to manage the transferred asset with the aim, to ensure an orderly, active and best possible utilization (portfolio breakdown). Only such business may operate, which serve the exercise of their functions. The strategy and the risk profile of the reduction unit shall be approved by the management authority. Reducing portfolio has to be made after a removal plan in accordance with paragraph 6 and within the framework of a best possible recovery as soon as possible to accomplish. Para 2 to 9, by the entity to which it is directly or indirectly involved in the majority of voting rights, to work towards compliance with has the reduction unit.

(2) in order to perform its task, the reduction unit banking and leasing transactions can operate, make investment purchases and sales, and provide help local businesses, provided that the provision of these transactions of the performance is directly or indirectly used. The provisions of the Banking Act, with the exception of section 3 paragraph 9, article 5, paragraph 1 Z 6 to 13, section 28a, § 38, §§ 40 and 41, § 42 para 1 to 5, §§ 43-59a, § 65, §§ 66 and 67, § 70 para 1, § 70 para 4 Z 1 and 2 and § 70 para 7 to 9, § 73 para 1 Nos. 2, 3, 6 and 8, section 73a, § 75 , section 76, §§ 77 and 77a, § 79, § § 98-99e, § 99 are g and sections 101 and 101a BWG, not to apply the reduction unit. The provisions of the mortgage - PfandbriefG, dRGBl. I 492/1927, shall apply where appropriate.

(3) as far as investment services pursuant to section 3 para 2 No. 1 to 3 WAG 2007 provided, to make them immediately on removal. Existing customer accounts are to be transferred within a reasonable period of time on a bridge institution or another credit institution, for the operation of the deposit business pursuant to section 1 para 1 No. 1 and of the deposit business pursuant to section 1 para 1 Z 5 BWG is entitled, if the customer makes the transfer to another credit institution. The provisions of the WAG 2007, with the exception of the second main piece, paragraphs 64 to 66 and of sections 94 to 96, are not to apply the reduction unit.

(4) the absorption of funds from the audience by the reduction unit, as well as the provision of investment services and activities referred to in paragraph 1 No. 2 WAG 2007 are not permitted. Transactions in financial instruments for its own account the reduction unit for the purpose of managing interest-rate, currency, credit and liquidity risks within the framework of the mining activity are allowed, provided that no market activities and any granting of access to trading systems for third parties are connected.

(5) the Managing Director of the extraction unit must be reliable and technically suitable. No circumstance may exist, which seems appropriate to draw their full impartiality in doubt or who fear the emergence of conflicts of interest can be. You have the portfolio breakdown honestly, to proceed fairly and professionally in the interests of a best possible asset recovery. Conflicts of interest in relation to the actions of the Executive Board should be avoided. A conflict of interest is unavoidable, this is immediately to the Supervisory Board report. A measure of the Executive Board, which is afflicted with a conflict of interest, is permitted only with the consent of the Supervisory Board.

(6) the portfolio breakdown is in accordance with a removal plan to be carried out, which is to create and be approved by the Supervisory Board by the managers of the reduction unit. An approved mining plan is to submit the resolution authority without delay. The dismantling plan shall contain the following comprehensive:



1. a presentation of transactions and recovery measures that are scheduled to the portfolio loss, 2. a timetable for the full exploitation of the assets, 3. periodic statements of the financial assets and earnings; including cash flow statements, plan budgets, plan income and liquidity plans and 4. information with respect to the management of risks, taking into account the reduction objectives.

(7) the resolution authority has the right to participate in meetings of the Supervisory Board of the reduction unit or its committees. It is for this purpose as early as possible to put the session dates and having regard to the order of the day. Circular resolutions shall be the resolution authority.

(8) any amendment to the Constitution or alteration of the social contract of the reduction unit permission is required to be effective the resolution authority.

(9) once the mining unit has accomplished the portfolio breakdown is a dissolution resolution to cover.

5. section

Instrument of participation of creditors

Application of the instrument of the participation of creditors

85. (1) the processing requirements pursuant to section 49 or section 52 are the resolution authority can apply the instrument of creditor participation. To do this she may order accordance of paragraph 2 in relation to taking into account enabled liabilities pursuant to § 86 para 1 of the institution or company in accordance with § 1 para 1 Z 2-4 that:



1. the par value or the remaining amount owed entirely or in part will be reduced, or 2. in title of this Institute or company in accordance with § 1 para 1 converted Z 2-4, a relevant Institute of the mother or a bridge institution the assets, rights or liabilities of the institution or company in accordance with § 1 para 1 are transferred to Z 2-4.

(2) the resolution authority can apply the instrument of creditor participation, to achieve management objectives referred to in section 48 in accordance with the management principles in accordance with article 53. For this purpose, it can be applied for any of the following purposes:



1 to recapitalize of an Institute must be fulfilled the conditions for a settlement or business pursuant to section 1 para 1 No. 2 to 4 in a scope that is sufficient to put it back in the situation, to comply with the approval conditions, as far as these are the conditions for the company and to perform the activities, for which it in accordance with the Directive 2013/36/EC or directive 2014/65/EC is approved , insofar as the company under this policy is approved, as well as sufficient confidence of the market in the institution or company in accordance with § 1 para 1 Z 2-4 to maintain, or 2 to convert into equity or the reduction of the nominal value of the claim or debt instruments that transmitted a) on a bridge institution with the objective to provide capital for the bridges Institute, or b) within the framework of the instrument of the company sale or the instrument of derecognition of assets.

(3) the resolution authority may use only the instrument of creditor involvement Z 1 to recapitalize pursuant to paragraph 2, if the reasonable prospect that the application of this instrument - possibly together with other measures including the measures implemented in accordance with the reorganization plan to be presented in accordance with § 93 of objectives relevant processing, - restore the financial soundness and long-term viability of the institution or company in accordance with § 1 para 1 Z 2-4. This is not the case, the resolution authority can the settlement instruments in accordance with article 74, paragraph 2 No. 1 to 3 and the instrument according to the par. 2 No. 2 apply creditor participation.

Liabilities capable of taking into account

86. (1) the instrument of creditor participation is all liabilities of an institution or company in accordance with § 1 para 1 No. 2 to 4 applicable to (taking into account eligible liabilities), which are not exempt pursuant to para 2 from the scope.

(2) a Herabschreibungs - or conversion order in accordance with article 85, paragraph 1 is not allowed, regardless of whether they are subject to the law of a Member State or a third country in relation to the following obligations:



1. secure deposits;

2. secured liabilities;

3. potential liabilities from the Institute or the company in accordance with § 1 para 1 Z 2-4 perceived administration of client funds or client funds, including assets and customer deposits, in the name of UCITS in accordance with article 1 para 2 of Directive 2009/65/EC or by AIF pursuant to article 4 paragraph 1, lit. a 2011/61/EU directive on alternative investment fund managers and amending directives 2003/41/EC, and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No. 1095/2010 of the European Parliament and of the Council OJ No. L 174 of the 1.7.2011 S. 1, were deposited, unless closed - or retirement rights are applicable to such assets or funds from customer or they are subject to a similar protection under the applicable insolvency law;

4.

potential liabilities from a fiduciary relationship between the institution or company in accordance with § 1 para 1 Z 2-4 (as trustee) and another person (as a beneficiary), unless the beneficiary post-adjudication or singling out rights can assert or he is subject to a similar protection under the applicable insolvency law;

5. liabilities to banks or companies Z 2-4 - excluding companies that are part of the same group are in accordance with § 1 para 1 - with an original maturity of less than seven days;

6 liabilities with a maturity of less than seven days from payment, securities and settlement systems, the operators or other participants in such systems, when these liabilities result from participating in the system.

7 liabilities to a) workers in the sense of the labour Constitution Act;

(b) other employees due to pending wage or salary claims, pensions or other fixed remuneration, except variable compensation components, unless they are governed by a collective agreement or a variable component of compensation by carriers of a significant risk in accordance with section 39 b BWG;

(c) business or trade creditors due to deliveries and services, which are Z 2-4 essential for the everyday business of the institution or company in accordance with § 1 para 1, including IT services, utilities and leasing, management and maintenance of buildings;

d) tax and social security authorities, unless it is priority liabilities under the applicable law;

e) deposit protection schemes of health premiums after the 2014/49/CE directive.

(3) in the application of the instrument of creditor involvement has to make sure the resolution authority, that all unsecured liabilities in connection with a cover pool for covered bonds continue to affect, be treated separately and are equipped with adequate resources. This requirement prevents the to apply binding resolution authority but not that secured one instrument of creditor involvement in any part of which is the value of those assets with which she secured, exceed.

(4) in exceptional cases the resolution authority in applying the instrument of creditor involvement can exclude fully or in part certain liabilities from the scope of the Herabschreibungs - or conversion authority, when



1. for these liabilities despite honest efforts of the resolution authority, a creditor participation is not possible within a reasonable period, or 2. exclusion is absolutely necessary and appropriate, to ensure the continuity of critical functions and core business area, so that the ability of the run-off Institute or company in accordance with § 1 para 1 No. 2 to 4, the main shops, services and transactions to continue , will maintain, or 3. exclusion is absolutely necessary and appropriate, to avert the risk of extended contagion - especially in relation to eligible deposits of natural persons, micro-businesses and small and medium-sized enterprises - which the functioning of financial markets, including the financial market infrastructures, would bother that this could seriously affect the economy of a Member State or the Union, or would result in the application of the instrument of creditor involvement on these liabilities to the value extermination 4. , where the losses borne by the other creditors were higher, as if these liabilities would be excluded from the participation of creditors.

The resolution authority, decides to fully or partially exclude a liability account enabled or a category of liabilities capable of taking into account, the amount of down case applied to other liabilities capable of taking into account or conversion can be extended to take account of this exclusion, provided that at the scale of enabled on the other taking into account liabilities applied down case or conversion of the principle referred to in article 53, paragraph 1 is complied Z 7.

(5) in the case of the exercise of the discretion referred to in paragraph 4 the resolution authority has adequately the following into account:



1. the principle that losses primarily by the shareholders and then basically by the creditors of the in processing the institution or company in accordance with § 1 para 1 Z to take 2 to 4 according to their precedence are;

2. the level of loss absorption capacity, the in-processing institution or company in accordance with § 1 para 1 still would have the Z 2 to 4 If the enabled account liability or the category of liabilities capable of taking into account would excluded, and 3. the necessity of maintaining sufficient resources for the financing of the settlement.

(6) the exclusion options in accordance with paragraph 4 can be either applied to exclude a liability account enabled fully by the case of down or to limit the extent of the decrease case applied to the liability.

(7) before exercise of the discretion to exclude of a consideration-enabled liability in accordance with paragraph 4, the resolution authority has to inform the European Commission. The exclusion would require a contribution from the settlement funding mechanism or from an alternative source of financing the European Commission within 24 hours - or with the consent of the resolution authority for a longer period - after receipt of such message can prohibit the proposed exclusion or require modifications if the requirements laid down in the §§ 86 or 87 and of delegated acts in regard to preserving the integrity of the internal market are not met. This applies without prejudice to the application of the legal framework of the Union State aid by the European Commission.

Compensation contributions of the resolution financing mechanism

87. (1) approves the resolution authority, to exclude a liability account enabled or a category of capable of taking into account liabilities pursuant to § 86 para 4 wholly or in part by the creditor participation, and were given the losses that would have been absorbed by these liabilities not fully to other creditors, the settlement funding mechanism can contribution to the in processing any institution or company pursuant to section 1 para 1 No. 2 to 4 afford , to:



1. any losses which are not liabilities capable of taking into account were absorbed, cover and the net asset value of the run-off Institute or company in accordance with § 1 para 1 Z 2 to 4 in accordance with article 88, paragraph 1 Z 1 again to zero to bring, or 2. shares or other ownership title or instruments of the run-off Institute or company pursuant to section 1 para 1 No. 2-4 to acquire , to the institution or business pursuant to section 1 para 1 No. 2 to 4 in accordance with article 88, paragraph 1 Z 2 to recapitalize.

(2) the settlement funding mechanism must provide the contribution referred to in paragraph 1 above only, if



1 by the holders of shares and other property titles or the holders of relevant instruments and other capable of taking into account liabilities by down case, conversion or otherwise contribute to the loss compensation and recapitalisation amounting to at least 8 vH of total liabilities including capital of run-off Institute or company in accordance with § 1 para 1 calculated Z 2-4 - which has been done in the sections 54 to 57 provided assessment - and 2. at the time the processing measure in accordance with the contribution of the Settlement funding mechanism 5 per cent of total liabilities including capital of run-off Institute or company in accordance with § 1 para 1 Z 2-4 - calculated at the time of the processing measure in accordance with he does not exceed in sections 54 to 57 review provided for.

(3) the contribution of the settlement funding mechanism referred to in paragraph 1 may be financed as follows:



1. by the the settlement funding mechanism available amount, which has been no. 2 to 4 and EU branches according to § 126 through contributions of institutions or companies in accordance with § 1 para 1 and 2 by the amount that can be applied three years later collected contributions in accordance with article 127.

If the amounts pursuant to Nos. 1 and 2 are not sufficient, the contribution can be applied by amounts coming from alternative sources of funding in accordance with section 128.

(4) in exceptional circumstances the resolution authority to seek further funding from alternative sources of funding, after



1 the set upper limit % has been achieved Z 2 in para 2 of 5 and 2 all not secured and not preferential liabilities, which are not deposits capable of taking into account, down written entirely or converted.


Alternatively or Additionally the settlement funding mechanism can afford - if the requirements pursuant to Nos. 1 and 2 are met - a contribution from the funds, which were applied in advance collected contributions pursuant to § 126 and still have not been taken to claim.

(5) Byway of derogation from paragraph 2 can the settlement funding mechanism also contribute compensation pursuant to paragraph 4, if



1 of 2 Z 1 known contribution to the loss compensation and recapitalisation at least 20 vH of the risk-weighted assets of the concerned institution or company in accordance with § 1 para 1 Z 2-4 matches.

2. the settlement funding mechanism over a in advance collected contributions (without taking into account of contributions to deposit backup facility) in accordance with section 126 has applied amount of at least 3 vH of secured deposits of all credit institutions authorised in Germany and 3 has the affected institution or business pursuant to section 1 para 1 No. 2 to 4 on consolidated assets of less than 900 billion euros.

Evaluation of the amount of the participation of creditors

§ 88. (1) in applying the instrument of creditor involvement has to evaluate the resolution authority according to the requirements of sections 54 to 57 the following aggregate amounts:



1. the amount of the consideration eligible liabilities down Frankston are, so is the net asset value of the run-off Institute equal to zero, and the amount in the amount capable of taking into account liabilities in shares or other kinds of instruments to convert are 2 to restore the quota for the hard core capital of a run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 or a bridge institution.

(2) in the case of the assessment referred to in paragraph 1 the amount is set, the liabilities capable of taking into account must be written down or converted, run-off Institute or company in accordance with § 1 para 1 Z 2-4 the required quota for the hard core capital to restore or to set the required quota for the bridge institution, taking into account Z 4 any capital injections by the resolution funding mechanism in accordance with article 124, paragraph 1 , and to ensure sufficient confidence of the market in the in-processing institution or company in accordance with § 1 para 1 Z 2-4 or the bridge institution and to allow for at least one year to continue to meet the admission requirements and the activities for which it of according to BWG or WAG 2007 is licensed to carry on. The resolution authority intends to apply the instrument of derecognition of assets pursuant to article 82, is in the determination of the amount of the consideration eligible liabilities must be reduced, a conservative estimate of the capital needs to take into account the reduction unit.

(3) if the resolution authority, after she has down written capital pursuant to paragraphs 70 to 73 and used the instrument of creditor participation in accordance with article 85, that extends the height of the down spellings on the basis of the preliminary assessment in accordance with § 57 in comparison with the final assessment in accordance with the paragraphs 54 to 56 of the required extent, she can apply enhancement mechanisms to satisfy the claims of creditors and then the shareholders to the extent necessary.

(4) the resolution authority has procedures be established to ensure that the information on the assets and liabilities of the run-off Institute or company in accordance with § 1 para 1 are as up-to-date and comprehensive as possible Z 2-4, on which the assessment is based.

Treatment of shareholders

89. (1) applies the resolution authority of the instrument of the creditor participation or the instrument of of participation of holders of relevant instruments, it has to meet one or both of the following measures in relation to the shareholders and holders of other title:



1. deletion of the existing shares or other ownership title or transfer to creditors participating in the instrument of the participation of creditors or 2. If the in-processing Institute or company pursuant to section 1 para 1 No. 2 to 4 according to the assessment referred to in paragraphs 54 to 57 has a positive net worth, dilution for existing shareholders and holders of other title as a result of the conversion of a) of relevant instruments , which were issued by the institution or company in accordance with § 1 para 1 Z 2-4 by the authority in accordance with article 70, or b) capable of taking into account liabilities, Z 2 issued Z 2 to 4 in accordance with article 85, paragraph 1 of the run-off Institute or company in accordance with § 1 para 1, shares or other ownership title.

Comes the conversion in accordance with subpara 2 lit. (b) the application, has a conversion rate to set the resolution authority which significantly diluted the existing holdings of shares and other ownership titles.

(2) the measures provided for in paragraph 1 are the resolution authority also in relation to shareholders and other title holder to apply, if issued or transfer the relevant shares or other ownership title under the following circumstances:



1. in the context of a conversion of debt into shares or other title according to the contractual terms of the original debt when an event occurs that is preceded by assessing the resolution authority, stating that the institution or company in accordance with § 1 para 1 Z 2-4 meets the requirements for a settlement, or occurred at the same time, or 2. in the context of the conversion of relevant instruments in instruments of hard core capital pursuant to section 73.

(3) in the exercise of the discretion referred to in paragraph 1 the resolution authority has adequately the following into account:



1. the assessment referred to in sections 54 to 57, must be 2, the amount reduced by the after finding the resolution authority post of hard core capital and the relevant instruments pursuant to § 73 para 2 down written or converted and 3 in accordance with § 88 rated aggregated amount.

(4) if the application of the instrument of the participation of creditors or of the instruments of the participation of holders of relevant instruments to acquire or increase a qualifying holding in the institution or company in accordance with § 1 para 1 Z 2 to 4 in accordance with article 20, paragraph 1 BWG or pursuant to § 11 para 2 WAG 2007 would lead the FMA by way of derogation from the sections 20 and 20b BWG and the sections 11 to 11b WAG 2007 in section 20a of the Banking Act or § 11a WAG 2007 proposed examination so at an early stage to perform that not to delay the application of the instrument of creditor participation or the participation of holders of relevant instruments instrument and does not prevent achieving the management objectives with the processing measure each.

(5) the FMA is not completed in accordance with the paragraph 4 to the date of application of the instrument of creditor participation or the participation of holders of relevant instruments instrument testing, is section 75 para 8 on any purchase and any increase of a qualifying holding by an acquirer, resulting from the application of the instrument of the participation of creditors or the conversion of capital instruments , to apply.

Sequence of down letters and conversion (pay cascade of loss of)

Section 90 (1) in the application of the instrument of creditor involvement has the resolution authority to comply with the following requirements:



1. the post of the hard core capital are according to § 73 para 2 to reduce Z 1;

2. If the reduction referred to in subpara 1 total is less than the sum of the amounts referred to in article 89, paragraph 3 Nos. 2 and 3, is the nominal value of the instruments of the additional core capital to the extent necessary and within the limits of their capacity to be reduced;

3. If the impairment in accordance with Nos. 1 and 2 as a whole is less than the sum of the amounts referred to in article 89, paragraph 3 Nos. 2 and 3, is the nominal value of the instruments of the supplementary capital to the extent necessary and within the limits of their capacity to be reduced;

4. If the impairment in value of shares or other property titles and relevant instruments in accordance with no. 1 to 3 total is less than the sum of the amounts referred to in article 89, paragraph 3 Nos. 2 and 3, the nominal value of subordinated liabilities where it additional core capital and supplementary capital is to be reduced in accordance with the ranking of claims in bankruptcy proceedings to the extent necessary is , so that is together with the down case according to Z 1 to 3 which pursuant to article 89, paragraph 3 Z 2 and 3 amounts above sum;

5.

If the decrease in value of shares or other ownership titles, relevant instruments and capable of taking into account liabilities in accordance with Z 1 to 4 total is less than the sum of the amounts referred to in article 89, paragraph 3 Nos. 2 and 3, the par value of the remaining liabilities enabled in accordance with § 86 into account or is this remaining rest amount according to the ranking of claims in a bankruptcy procedure, including the ranking of deposits in accordance with § 131 , to minimize, to the extent necessary so that is together with the down case according to Z 1 to 4 is the sum of pursuant to article 89, paragraph 3 Z 2 and 3 these amounts.

(2) in the application of the Herabschreibungs - and conversion powers through the resolution authority has the Nos. 2 and 3 in accordance with section 89, paragraph 3 expressed loss evenly the shares or other ownership titles, and capable of taking into account liabilities of the same rank to assign by proportionally minimizes the balance still outstanding nominal value of these shares or other ownership title and liabilities capable of taking into account or the relating this to the same extent to their value. unless a different allocation of losses on liabilities equal rank may be due to the circumstances referred to in accordance with § 86 para 4. This is without prejudice to the possibility that liabilities were excluded pursuant to § 86 para 4 of a creditor participation, experience a more favourable treatment than capable taking into account liabilities that have the same rank in the course of bankruptcy proceedings.

Application of the instruments of creditor involvement on liabilities from derivatives

91. (1) the resolution authority can the instrument of creditor involvement on liabilities from derivatives only or apply simultaneously with the closing of the derivatives.

(2) the resolution authority derivative contracts has the processing requirements are met, for the purpose of application of the instrument of the participation of creditors to cancel and make smooth. As far as a liability is excluded from a derivative referred to in section 86 (4) from the scope of application of the instrument of creditor participation, the resolution authority can cancel this and make smooth.

(3) subject to transactions with derivatives of a netting agreement, has the management authority or one of your agent rating Inspector as part of the assessment referred to in paragraphs 54 to 57 to determine the net worth of the liability resulting from these transactions in accordance with the terms of this agreement.

(4) the resolution authority has the value of liabilities from derivatives or by your agent rating Inspector on the basis of



1. appropriate methods for determining the value of the derivative categories, including transactions, netting agreements are subject to, 2. principles governing the fixing of the date to which the value of a derivative position is and 3. suitable methods for the comparison of value destruction, from the close-out and the use of the instrument of creditor involvement on derivatives result would, with the amount of the losses, incurred for the derivatives in application of the instruments of creditor participation would be to determine.

Conversion rate

92. (1) can the resolution authority, if applying the instrument of participation of holders of relevant instruments or instrument of creditor participation, in accordance with the principles referred to in paragraph 2 and 3 on different categories of relevant instruments and different conversion rates set liabilities capable of taking into account.

(2) in determining a reasonable conversion rate, the resolution authority in the framework of processing objectives has the face value and the rank position in a bankruptcy procedure be taken into account.

(3) if different conversion rates referred to in paragraph 1 of the resolution authority will be set, it has liabilities, which are classified under the applicable insolvency law as a priority, to apply a higher conversion rate on subordinated liabilities.

Creation, approval, and implementation of a plan of reorganization

93. (1) in case of application of the instrument of the creditor participation in recapitalisation according to § 85 para 2 No. 1 by the resolution authority have to present the Managing Director of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 within one month to prepare a reorganization plan pursuant to § 94 and the resolution authority for approval.

(2) the resolution authority can order one or several settlement administrator in accordance with section 68, paragraph 1 for the creation and implementation of a restructuring plan.

(3) in exceptional cases the resolution authority can extend time limit in paragraph 1 for another month, if this is necessary to achieve the management goals. An obligation to notify of the reorganization plan, in accordance with the provisions of EU law on State aid for the period referred to in paragraph 1 in accordance with the existing aid procedure period can be extended, but not more than a month.

(4) the resolution authority has to examine the reorganisation plan within one month and to approve. She has the chance to decide whether the long-term viability of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 in implementation of the plan can be restored in its assessment in accordance with the § 68. The assessment is performed in agreement with the FMA. In its assessment, the resolution authority comes to the conclusion that restoration of long-term viability is unlikely, she has to place an improvement order is to meet within two weeks. Subsequent changes of the reorganization plan require a permit of the resolution authority.

(5) is the instrument of the creditor participation in accordance with article 85, paragraph 2 applied Z 1 on two or more than two companies within a group, is the restructuring of the Union nut Institute to create and to cover ff all institutions of the group in accordance with the procedure laid down in article 15. The restructuring plan is to be submitted to the authority competent for the management at the group level. The resolution authority for carrying out group is responsible, it has to submit the restructuring plan to the management authorities for the other group companies and the EBA.

(6) the approved reorganization plan is to implement the business leaders or the settlement administrator. About the progress in the implementation, it is at least twice a year to report the resolution authority. The resolution authority can apply Z 2 to 4 changes of the reorganization plan within a period that is reasonable in the circumstances the institution or company in accordance with § 1 para 1, if this is necessary due to a substantial change of circumstances.

Requirements to the reorganization plan

Section 94 (1) having reorganization plan to establish measures aimed at, within a reasonable time frame to restore the long-term viability of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4 or parts of its business. These measures have to support, under which the Institute or the company in accordance with § 1 para 1 will be active Z 2-4 on realistic assumptions regarding economic and financial market conditions. The reorganization plan has to take into account in particular the current state and the future prospects of the financial markets. They are to explain assumptions for the best and the worst, including a combination of situations, enabling the biggest vulnerability of the Institute can be made out. The assumptions are reasonable sector-wide benchmarks to compare.

(2) the reorganisation plan has to include at least the following components:



1 analysis a detailed the factors and problems, which the Institute or the company in accordance with § 1 para 1 is down Z 2-4 or likely will be, and the circumstances that led to his difficulties.

2. a description of the measures to be taken, which will restore the long-term viability of the Institute or of the company pursuant to section 1 para 1 No. 2 to 4, and 3. a timetable for the implementation of these measures.

(3) in relation, in particular the following measures which are to restore the financial soundness and long-term viability of the Institute or of the group affiliated company, may be taken on the Institute or the company in accordance with § 1 para 1 Z 2-4:



1. the restructuring of business activities;

2. the change of the operational systems and the infrastructure of the institution or company pursuant to section 1 para 1 No. 2 to 4;

3. the task of unprofitable business activities;

4. the restructuring of existing activities that can be made competitive and 5. the disposal of assets or businesses.

6 article

Further provisions

Be effective


95. (1) adopt an arrangement, by the instrument of creditor participation or the instrument of participation of holders of relevant instruments makes use of the resolution authority, is immediately effective and for the in-processing institution or company in accordance with § 1 para 1 Z 2-4 reduction of the nominal amount or the outstanding balance, the conversion or deletion as well as binding for the affected creditors and shareholders.

(2) the resolution authority only partially truncates the par value or outstanding balance of a liability in the context of the application of the instruments referred to in paragraph 2,



1 the debt as paid in the reduced amount and 2. the document or the agreement, through which the original liability, established continue on the remaining par value or the remaining balance of the liability is applicable, subject to a corresponding to the reduction of in par value change of the amount of interest payable and any other changes of in conditions, the the resolution authority in the exercise of the Z 10 power referred to could foresee in accordance with article 58, paragraph 1.

Cancellation of admission to trading

96. (1) has the resolution authority, if this is required in the context of the application of the instrument of the participation of holders of relevant instruments or instrument of creditor participation, to order the revocation of the admission of securities to trading on a regulated market of the run-off Institute or company in accordance with § 1 para 1 Z 2-4. The relevant stock exchange company has this arrangement to meet immediately.

(2) the resolution authority has referred to in Directive 2004/39/EC on markets in financial instruments, amending Directives 85/611/EEC and 93/6/EEC of the Council and Directive 2000/12/EC of the European Parliament and of the Council and repealing Directive 93/22/EEC of the Council of the European Parliament and of the Council OJ No. L 145 of 30.4.2004 p. 1, authorities immediately on an arrangement referred to in paragraph 1 having regard to if securities are admitted to trading on a regulated market of another Member State or a third country market comparable. At the request of the management authority, the information can be announcements by the FMA to the competent authorities of the Member States or third countries pursuant to article 66, paragraph 8. The Exchange operating company has to inform the operators of other regulated markets or equivalent markets of a third country if an order referred to in paragraph 1 is issued immediately.

Admission to trading of newly-issued securities

Securities, which are issued in the context of the application of the instrument of the participation of holders of relevant instruments or instrument of creditor participation, are 97. (1) to allow announcements to trading on the regulated market on the order of resolution authority on every domestic stock exchange in accordance with article 1, paragraph 1. In its decision, the resolution authority on the management objectives and has carefully to take if securities of the run-off Institute or company in accordance with § 1 para 1 were already traded Z 2-4 on one or more regulated markets. The prospectus for the listing KMG eliminates BörseG and those referred to in section 74 for a public offer pursuant to section 2.

(2) the resolution authority has to inform the managers of the Exchange operating company the characteristics of the securities to be approved in accordance with paragraph 1 to the trade.

(3) the obligations associated with the admission to trading on a regulated market are to meet Z 2-4 by the Institute or the company in accordance with § 1 para 1.

Contractual recognition in third countries

98. (1) institutes and companies in accordance with § 1 para 1 No. 2 to 4 are obliged, in the provisions of the Treaty by taking into account eligible liabilities which are subject to the laws of a third country, to include a contractual provision, which the creditor or the party to the agreement constituting the obligation recognizes that the obligation under the Herabschreibungs - or conversion powers can fall and which thus agrees a reduction of the nominal amount or the outstanding balance , a cast or a deletion, which makes the resolution authority, to accept.

(2) the obligation provided for in paragraph 1 does not apply to liabilities



1. the excluded pursuant to § 86 para. 2 2. representing deposits in accordance with article 131, paragraph 1 or 3 which are already been established before 1 January 2015.

(3) at the request of the management authority, the Institute or the company in accordance with § 1 para 1 has to submit a legal opinion as regards the legal enforceability and validity of the provision of the Treaty referred to in paragraph 1 Z 2-4.

(4) the resolution authority may waive the requirement referred to in paragraph 1, if it is ensured that liabilities binding subject to the Herabschreibungs - and conversion powers of the resolution authority according to the law of the third country or a binding agreement with the third country concerned. The resolution authority may at any time terminate this exception.

(5) failed an Institute or a company referred to in article 1, paragraph 1 Z take a clause required pursuant to par. 1 2 to 4 in the contractual provisions of a binding nature, this failure prevents the resolution authority not under this liability by the Herabschreibungs - or conversion powers to use.

Application of instruments of the FinStaG

99. (1) if it is essential to safeguard the financial stability, can take the Federal Minister of Finance on the basis and in accordance with the Finanzmarktstablilitätsgesetzes - FinStaG, Federal Law Gazette I no. 136/2008, stabilization measures, if one of the conditions referred to in paragraph 2. This is allowed only as a last resort, after the other settlement instruments were considered as fully as possible and used.

(2) the application of measures under the FinStaG is allowed only if the conditions for a settlement and in addition one of the following conditions is met:



1. the Federal Ministry of finance and the resolution authority determine after consultation with the OeNB and the FMA in agreement that the application of management instruments would not comply to prevent significant adverse effects on financial stability, or 2. the Federal Minister for finance and the resolution authority determine in agreement that the application of management instruments would not suffice to protect the public interest , after the institution or company in accordance with § 1 para 1 Z 2-4 previously an extraordinary liquidity support of the Central Bank has been granted, or the Federal Minister of finance and the resolution authority make 3 in firm agreement that the application of management instruments would not suffice to protect the public interest, after the institution or company in accordance with § 1 para 1 Z 2-4 previously a measure referred to in article 2, paragraph 1 FinStaG granted.

7 section

Minimum amount of equity and liabilities taking into account enabled

Minimum amount of own funds and capable of taking into account liabilities on an individual institution basis

100. (1) has any institution to hold a minimum amount of own funds and liabilities capable of taking into account at the request of the management authority in accordance with the paragraph 4. The minimum to be met by the institution is as quota and there share of own resources and liabilities capable of taking into account calculated on the sum of total liabilities and equity of the Institute as a percentage. Liabilities from derivatives are considered when calculating the total debt under the proviso that netting rights of the other party is fully recognised.

(2) Berücksichtigungsfähige liabilities may be included in the minimum amount of own funds and capable of taking into account liabilities referred to in paragraph 1 only if they meet the following requirements:



1. the instrument has been placed and paid in full;

2. the liability is not against the institution itself nor by him it is secured or guaranteed;

3. the purchase of the instruments directly or indirectly funded by the Institute;

4. the liability has a residual maturity of at least one year;

5. it is not a liability of a derivative and 6 is not it a liability from deposits, for in accordance with section 131 is a preferred position in the national ranking of the insolvency.

That when a liability that grants its holder entitlement to early repayment, for the due date of the liability the earliest date is decisive, may be required for the such a repayment applies for the purposes of the Z 4.


(3) a liability is governed by the laws of a third country, the resolution authority of the Institute may proof require that every decision of a resolution authority down case or converting this commitment would be effective under the law of this country, where international agreements on the recognition of procedures and other relevant aspects to be considered are contract law applicable to the obligation. Is this proof is not provided, the liability to the minimum amount referred to in paragraph 1 can be applied.

(4) the resolution authority has the minimum amount of own funds and capable of taking into account liabilities referred to in paragraph 1 after consulting the FMA particularly taking into account the following criteria:



1. the need to ensure that the Institute can; be handled by application of management instruments in accordance with the objectives of the settlement

2. the need to ensure that the Institute of sufficient liabilities capable of taking into account has to ensure application of the instrument of creditor participation, that losses can be absorbed and can raised the quota for the hard core capital of the Institute at a level that is required to enable the Institute to continue to comply with the admission requirements and continue to pursue the activities , that's according to the Directive 2013/36/EC or directive 2014/65/EC is approved, and to ensure a sufficient market confidence in the Institute;

3. the need to ensure that when that exclude certain categories of capable of taking into account liabilities in accordance with § 86 para 4 of the instrument of creditor involvement or certain categories of capable of taking into account liabilities in the context of a partial transfer completely to a receiving entity be transferred, is already provided for in the settlement plan, the Institute of sufficient other liabilities capable of taking into account has, so that losses can be absorbed and the quota for the hard core capital of the Institute at a level can be raised , this is required to allow the Institute to continue to comply with the admission requirements and continue to pursue the activities, for it in accordance with the Directive 2013/36/EC or directive 2014/65/EC is approved 4. size, business model, funding model and risk profile of the Institute.,

5. the scope in which the deposit-protective device in accordance with section 132 to finance the settlement could contribute;

6. the extent in which the failure of the Institute - partly as a result of linkages with other institutions or with the rest of the financial system - would have negative effects on the financial stability in the sense of a contagion of other institutions.

(5) after consulting a competent authority, the resolution authority may order that a company in accordance with § 1 para 1 to hold a minimum amount referred to in paragraph 1 Z 2 to 4 has.

(6) the resolution authority has parallel to the elaboration and updating of implementation plans to meet the decisions relating to the determination of the minimum amount.

Minimum amount of own funds and capable of taking into account liabilities on a consolidated basis

101. (1) has the resolution authority for EU parent company in addition to the minimum amount on an individual institution basis in accordance with section 100 to set even a minimum amount of equity and liabilities taking into account enabled on a consolidated basis. The amount of the minimum amount on a consolidated basis is set by the resolution authority as consolidating management authority in consultation with the supervisory authority responsible for supervision on a consolidated basis. But the resolution authority has in particular the criteria set out in accordance with § 100 para 4 and the question of whether subsidiaries in third countries separately should be carried out after the Group settlement plan, to take into account.

(2) is the resolution authority that has competent authority for carrying out groups to seek them, to reach a joint decision on the level of the to be held at the consolidated level minimum amount referred to in paragraph 1 with foreign settlement authorities responsible for the subsidiary of the group. The joint decision shall be justified. The resolution authority as the authority responsible for the group management has to inform the EU parent company the joint decision.

(3) if within four months from the date of referral of the foreign settlement authorities responsible for the subsidiary through the resolution authority no joint decision achieved the resolution authority as the authority responsible for the group management of the minimum amount on a consolidated basis shall decide. The decision is justified and has to take into account the evaluation made by the foreign authorities of handling the subsidiary. The resolution authority informs the decision the EU parent company.

(4) the resolution authority has its decision on the minimum amount on a consolidated basis in accordance with the decision of the EBA in accordance with article 19 a (3) of Regulation (EU) 1093/2010 meeting No. If up to the four-month deadline referred to in paragraph 3 the authorities handling the EBA in accordance with article 19 of Regulation (EU) No. 1093 / 2010 with the matter concerned has. The EBA has no decision within one month of the management authority referred to in paragraph 3 has to proceed.

(5) is the resolution authority that has competent management authority, but not the authority responsible for the group management, for a subsidiary company to join them on a joint decision of the minimum amount at consolidated level according to para 2. It can address the EBA in accordance with article 19 of Regulation (EU) No. 1093/2010 with the matter. No common decision can be achieved, the management authority of the decision taken by the authority responsible for the group processing according to para 3 is bound.

(6) the decisions of the minimum amount on a consolidated basis are regularly by the management authority to review and, where appropriate, to update.

(7) the resolution authority has parallel to the elaboration and updating of implementation plans to meet the decisions of the minimum amount on a consolidated basis.

Minimum amount of own funds and capable of taking into account liabilities for subsidiary companies on an individual basis

102. (1) has the resolution authority for those subsidiaries for which it is competent management authority to set the to be followed by these subsidiaries of the Group on an individual basis minimum amount of own funds and liabilities capable of taking into account. This minimum must be a height appropriate for the respective subsidiary, taking into account the following criteria:



1. the criteria listed in accordance with section 100, para. 4, in particular size, business model and risk profile of the subsidiary, including its own resources, and 2. the minimum amount set for the group in accordance with § 101, on a consolidated basis.

(2) is the resolution authority that has competent authority for carrying out groups to deal them the foreign settlement authorities responsible for the subsidiary of the Group and to make every effort, to reach a joint decision on the level of the to be followed by each subsidiary minimum amount of liabilities capable of taking into account with these. She can take 1093/2010 the EBA No. pursuant to article 19 of Regulation (EU) of the matter. This does not apply if the pitch of the minimum amount specified by the management authorities for the subsidiary is less than a percentage point the amount of the minimum amount at consolidated level established in accordance with article 101. The joint decision shall be justified. The resolution authority has subsidiaries, for which it is the competent management authority, as well as the EU parent company if it the authority responsible for the group management is to provide the joint decision. Can be achieved within four months from the date of referral of the foreign settlement authorities responsible for the subsidiary no joint decision by the groups handling resolution authority, has the resolution authority over the height of the of the subsidiaries for their processing it is responsible to decide to keep minimum even.


(3) is the resolution authority that has competent management authority, but not the authority responsible for the group management, for a subsidiary company to join them on a joint decision of the minimum amount at consolidated level referred to in paragraph 2. Can within four months from the date of referral of the management authorities concerned by the competent authority for the group processing no joint decision in relation to the amount of the minimum applicable to the subsidiaries be achieved, has the management authority for the subsidiary, for the administration of which it is responsible to make itself a decision. Authority shall take into account the opinion expressed by the authority responsible for the group management. Has before expiry of the four-month period the authority responsible for the group processing concerned the EBA with the matter, has pending a decision by the EBA pursuant to article 19 (3) of Regulation (EU) to reset no 1093/2010 the resolution authority their decision. Then she has to make its decision in accordance with the decision of the EBA. The EBA has no decision within one month of the resolution authority has itself a decision to make.

(4) the resolution authority is bound by the common decisions and the decisions made in the absence of a joint decision by the management authorities of the subsidiaries.

(5) the decisions of the minimum amount for subsidiaries are regularly by the management authority to review and, where appropriate, to update.

(6) the resolution authority has parallel to the elaboration and updating of management plans to meet the decisions of the minimum amount for subsidiary.

Reticle the minimum amount of equity and liabilities taking into account enabled

103. (1) the resolution authority can as authority in charge of the Group settlement for an EU parent institution by establishing a minimum amount on an individual institution basis of own resources and liabilities capable of taking into account refrain, if:



1. the EU parent institution to comply with the minimum amount on a consolidated basis in accordance with article 101, paragraph 1 and 2 the competent authority of the EU parent Institute the Institute para 3 of the Regulation (EU) No. 575/2013 has fully taken out of the capital adequacy requirements referred to in article 7.

(2) the resolution authority can as a subsidiary settlement authority by establishing a required minimum amount on an individual basis in accordance with § 102 refrain, if



1. both admitted the subsidiaries as also its parent company in the domestic and oversees;

2. the parent company is an institution and the subsidiary in which supervision on a consolidated basis is included;

3. the highest-ranking group Institute of the subsidiary based at home, unless it's not at the same time is the parent institution of the EU, to comply with the minimum amount on an individual basis in accordance with article 102, paragraph 1 on a partially consolidated basis;

4. no major practical or legal obstacle to the immediate transfer of own funds or repayment of liabilities by the parent undertaking to the subsidiary exists or is;

5. either the parent company on the prudent management of the subsidiary meets the requirements of the competent authority and with their consent has declared that it guarantees the commitments made by its subsidiary, or the risks caused by the subsidiary are irrelevant;

6-mess - and control-proceedings of the parent also the subsidiaries cover the risk;

7. the parent company more than 50 per cent which the units or shares of the subsidiary associated voting rights holds or is entitled to the appointment or dismissal of the majority of the members of the management body of the subsidiary and 8 the authority responsible for the subsidiary application individual capital requirements on the subsidiary in accordance with article 7 paragraph 1 of the Regulation (EU) No. 575/2013 completely apart.

Compliance with the minimum contractual instruments

Section 104 (1) in determining the amount of the minimum amount referred to in paragraphs 100 to 103 can be provided, that the minimum amount on a consolidated basis, or on an individual basis to meet is partly through instruments with a contractual creditor participation clause.

(2) a deduction on the minimum amount referred to in paragraph 1 is allowed only if the instrument



1. a provision of the Treaty includes what's down written in the case of the resolution authority applying the instrument of creditor involvement on the institution concerned to the necessary extent, or converted before other liabilities capable of taking into account are written down or transformed and 2 a post rank agreement is subject to, according to which it is subordinated in case of a bankruptcy proceeding against other liabilities capable of taking into account and not before others at that time may be returned pending consideration capable liabilities - with the exception of other contractual instruments within the meaning of this provision -.

Verification of adherence to the minimum amount

105. (1) the resolution authority has to verify that institutions meet the minimum amount of own funds capable of taking into account liabilities in accordance with article 100, paragraph 1 and, where appropriate, the request in accordance with article 104, paragraph 1 in agreement with the FMA.

(2) the resolution authority has - in agreement with the FMA - stating the minimum amount of own funds and liabilities capable of taking into account and, where appropriate, the request in accordance with article 104, paragraph 1 the EBA, which it has set for each individual institution in their jurisdiction.

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Protection regulations

Treatment of shareholders and creditors for partial transfers and application of the instrument of creditor involvement

§ 106. (1) except in application of the instruments of creditor involvement in accordance with para 2 have in case of a merely partial transfer of rights, assets or liabilities of the run-off Institute or company in accordance with § 1 para 1 Z 2-4 by the resolution authority were not transferred the shareholders and those creditors, whose claims, to receive a payment in at least the amount to settle their claims , that would have, if the in-processing institution or company in accordance with § 1 para 1 Z 2-4 at the time, as the decision in accordance with article 115 was hit, would have been recovered in the course of bankruptcy proceedings.

(2) when applying the instrument of creditor involvement by the management authority may share seigern and creditors, whose claims were written down or converted into equity, no larger losses than them created would be if the in-processing institution or company in accordance with § 1 para 1 Z 2-4 at the time, as the decision in accordance with article 115 was hit, would have been recovered in the course of bankruptcy proceedings.

Evaluation of different treatment

Section 107 (1) to assess the question of whether shareholders and creditors would be, been treated better if for the in-processing institution or business pursuant to section 1 para 1 No. 2 to 4 bankruptcy proceedings would be initiated, as well as for the purposes of section 106 is to make an assessment by an independent, expert auditor immediately after the implementation of the management action or implementation measures. The auditor is to choose the resolution authority and order. This assessment has to be carried out separately from the assessment in accordance with articles 54 to 57.

(2) the assessment referred to in paragraph 1 shall contain:



1. how shareholders and creditors or the relevant deposit protection schemes were being treated, if for the in-processing institution or company in accordance with § 1 para 1, Z 2-4, for that, the processing measure or management measures were performed, was hit at the time, as the decision in accordance with article 115, bankruptcy proceedings would be initiated;

2. How were treated shareholders and creditors in the framework of management of run-off Institute or company in accordance with § 1 para 1 Z 2 to 4 and 3. whether there are differences between the treatment in accordance with Nos. 1 and 2.

(3) the assessment of the different treatment has to be carried out, under the assumption that



1. for the in-processing institution or company in accordance with § 1 para 1 Z 2-4, for that, the processing measure or management measures were performed, bankruptcy proceedings; initiated at the time of the decision of the management authority in accordance with section 115

2. the processing measure or management measures would not have been carried and 3 an extraordinary financial support of the run-off Institute or company in accordance with § 1 para 1 Z 2-4 from public funds is not.

Protection for shareholders and creditors


§ 108. performs the assessment referred to in section 107 concludes that greater losses incurred by a shareholder referred to in section 106 or creditors or establishing deposit security pursuant to § 132 as they would have been created in a recovery in the course of bankruptcy proceedings, has the relevant shareholder or creditor or the relevant deposit protective device the right to payment of the difference from the settlement funding mechanism.

Protections for counterparties in partial capital transfers

The protection measures referred to in paragraph 2 are § 109. (1) in the following cases apply:



1. the management authority transfers a portion, but not all the assets, rights or liabilities a run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 to another company or, in the course of the application of a management instrument, by a bridge institution or a mining unit to another person;

2. the management authority shall exercise in § 58 para 3 Z 6 mentioned powers off.

(2) the following agreements and the counterparties of the following arrangements are adequate to protect:



1 assurance agreements, according to which a person in the way of security has actual or potential interest in the assets or rights that are the subject of a transfer, regardless of whether this involvement by specific assets or rights or by means of a "floating charge" or a similar agreement secured;

2. financial collateral arrangements in the form of transfer of ownership, where a safety or adequacy of performance of specific obligations by means of a transfer of the full ownership of the assets of the guarantor on the security workers will be provided, the security shall re transfers the assets, if the commitments are met;

3. netting agreements, according to which two or more claims or obligations between the run-off Institute or company in accordance with § 1 para 1 can be offset against each other Z 2-4 and a counterparty;

4. netting agreements;

5. covered bonds;

6 structured financing agreements including securitisations and for hedging purposes of used instruments, which form an integral part of the cover pool, similar to collateralized under Austrian law as covered bonds are, which include granting and the holding of a security by a party to the agreement or a trustee, agent or representative.

(3) paragraph 2 applies regardless of the number of parties involved in the agreement and regardless of whether the agreements



1. by means of a contract, through trusts or otherwise arose or arising through the exercise of the right automatically.

2 on the basis of the law of another Member State or in a third country are arising or regulated as a whole or in part by this.

(4) what kind of protection is appropriate, is defined in the sections 110 to 113. Also, you are to comply with the restrictions in paragraphs 63 to 66.

Protection of financial collateral arrangements, set-off and netting agreements agreements

§ 110. (1) for the purposes of adequate protection of financial collateral in the form of transfer of ownership, set-off and netting agreements are



1 a transfer of a part, but not all the rights and liabilities which Z 2-4 and another person are protected, in accordance with financial collateral in the form of transfer of ownership, netting agreements and netting agreements between the run-off Institute or company in accordance with § 1 para 1 and 2 one by drawing on additional powers of any change or termination of the rights and liabilities , which according to such financial collateral in the form of transfer of ownership, set-off and netting agreements are protected, to avoid.

(2) rights and obligations are protected to see, if the parties to the agreement to set-off or netting these rights and liabilities are empowered as in accordance with a previous agreement.

(3) Notwithstanding paragraph 1 and insofar as it is necessary to ensure the availability of safe deposits, the management authority may



1 secure deposits, which are part of an agreement referred to in paragraph 1, transmit, without that other assets, rights or obligations that are part of same agreement, be transferred and such assets, rights or obligations transferred 2., change or terminate, without having also secured deposits be transferred.

Protection of collateral arrangements

§ 111 (1) for the purposes of adequate protection of liabilities covered by a collateral arrangement is to avoid the following:



1 transfer of assets collateralized by which the liability is, unless they also transferred the liability and the profit from the security;

2. transfer one secured obligation, unless the profits from the liability is also transferred;

3. transfer of the profit from the security, unless the secured obligation is also transferred or 4. modification or termination of security agreement by recourse to additional powers, if this amendment or termination causes an end of the collateralization of the liability.

(2) Notwithstanding paragraph 1 and insofar as it is necessary to ensure the availability of safe deposits, the management authority may



1. secure deposits, which are part of an agreement referred to in paragraph 1, transfer without other assets, rights or obligations that are part of same agreement, are transferred, and such assets, rights or obligations transferred 2., modify or terminate, without having also secured deposits be transferred.

Protecting structured financing mechanisms and covered bonds

Section 112 (1) for the purposes of the reasonable protection of structured settlement funding mechanisms, including agreements pursuant to § 109 paragraph 2 is Nos. 5 and 6, to avoid the following:



1. transfer part, but not the make out all the assets, rights or liabilities that a structured financing mechanism - which also agreements pursuant to § 109 paragraph 2 may include Nos. 5 and 6-, is that in processing involved in any institution or company in accordance with § 1 para 1 No. 2 to 4, or you are part of it;

2. termination or modification by recourse to additional powers of the assets, rights or liabilities, a structured financing mechanism - which also agreements pursuant to § 109 paragraph 2 may include Nos. 5 and 6-, to which the processing involved in any institution or company in accordance with § 1 para 1 No. 2 to 4 is that make up or the part of it.

(2) Notwithstanding paragraph 1 and insofar as it is necessary to ensure the availability of safe deposits, the management authority may



1. secure deposits, which are part of an agreement referred to in paragraph 1, transfer without other assets, rights or obligations that are part of same agreement, are transferred, and such assets, rights or obligations transferred 2., modify or terminate, without having also secured deposits be transferred.

Partial transfers: protection of trading, clearing and settlement systems

113. (1) the application of management instruments should the functioning of systems covered by the Directive 98/26/EC or provisions not touch, if the resolution authority



1. a part of but not Z 2-4 on another company transfers all assets, rights or liabilities of a run-off Institute or company in accordance with § 1 para 1 or 2 uses powers pursuant to section 83, the conditions of a contract in which the in-processing institution or company in accordance with § 1 para 1 Z 2-4 is a Contracting Party , to repeal or change a beneficiary to make the party.

(2) a transfer referred to in paragraph 1, repeal or amendment may withdraw in particular any transfer order contrary to article 5 of Directive 98/26/EC and not the legal liability stipulated in article 3 and article 5 of Directive 98/26/EC of transfer orders and set-offs, the use of credits, may change securities or credit facilities in accordance with article 4 of Directive 98/26/EC or the protection of REM guarantees referred to in article 9 of Directive 98/26/EC or question.

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Procedure

Duties of notification

114. (1) fails the Manager according to pursuant to § 51 an Institute or a company referred to in article 1, paragraph 1 Z 2 to 4 of the assessment or's about to fail, so they have to communicate this to the FMA without delay in writing.


(2) the FMA has the resolution authority over all referred to in paragraph 1 received messages and relevant supervision measures on all crisis prevention measures, as well as any other for the resolution authority, the they an Institute or a company referred to in article 1, paragraph 1 Z 2-4 to impose, to inform without delay.

(3) the FMA determines that in article 49, paragraph 1 Z 1 called requirement relating to a particular institution or the conditions referred to in article 52 as regards a specific undertaking in accordance with article 1, paragraph 1 Z 2-4 or if is the resolution authority to that in article 49, paragraph 1 Z 1 and Z 2 conditions relating to a particular institution or the conditions referred to in article 52 as regards a specific undertaking pursuant to section 1 Given in paragraph 1 Z 2 to 4 are, so she has this statement immediately following, if they are not identical to inform:



1. the management authority;

2. the FMA;

3. the offices of the institution or of the undertaking concerned in accordance with article 1, paragraph 1 Z 2 to 4 competent authority;

4. the Branch Office of the institution or of the undertaking concerned in accordance with article 1, paragraph 1 Z 2 to 4 competent management authority;

5. the Austrian National Bank;

6. the deposit protective device of which the credit institution, if necessary, the establishment of deposit protection to fulfil their task;

7. the body responsible for the financing mechanisms for the processing, if necessary, so that the funding mechanisms for the processing can fulfill their task;

8. the management authority at group level;

9. the Federal Minister for finance;

10. If the Institute or the company pursuant to section 1 para 1 No. 2 to 4 of a supervision on a consolidated basis in accordance with Title VII Chapter 3 of Directive 2013/36/EC is subject to the consolidating supervisor and 11 the ESRB and the financial market stability Panel.

(4) the FMA or the resolution authority has to make sure that the secrecy required for achieving the management objectives is respected in the transmission of information pursuant to paragraph 3. She can this wholly or partially postpone the delivery or limit.

Preparation of the resolution authority

Section 115 (1) on receipt of notice of the FMA pursuant to article 114, paragraph 3, or on its own initiative has the resolution authority to check whether Z 2 to 4 are given conditions specified in relation to the institution in question or the undertaking in accordance with article 1, paragraph 1 in article 49, paragraph 1 and article 52.

(2) the result of the test, whether settlement measures should be initiated with respect to an institution or a company referred to in article 1, paragraph 1 Z 2 to 4, has to include the following:



1. the reasons for the result of the examination, including determining whether at the institution or company in accordance with § 1 para 1 Z 2-4 the conditions for a settlement are given or not;

2. the measure, which intends to make the resolution authority, as well as, where appropriate, the determination that a request for initiation of bankruptcy proceedings, to an administrator to order or to take any other action under this Federal Act is.

The resolution authority may obtain an expert statement of the Austrian National Bank of § 3 para 5 to select of the measures envisaged pursuant to no. 2 by way of derogation.

(3) the resolution authority documents the outcome and the essential considerations for testing in accordance with paragraphs 1 and 2, and planned further action.

Proceedings before the resolution authority

116. (1) the arrangement of management measures in accordance with section 50 is done by decision without previous determination procedures (mandate decision).

(2) the mandate of decision is to be issued by proclamation an edict in accordance with paragraph 3 (measure edict) and thus considered to be delivered. The measure edict has to contain:



1 name (company), the company registration number and the seat of a) of the outstanding Institute or company in accordance with § 1 para 1 Z 2-4 and b) in the case of the application of one of the processing instruments in accordance with article 74, paragraph 2 Z 1 to 3 of the transferring legal entity, as well as of the acquiring legal entity;

2. information on the implementation measures, in particular a) information which refers to the application of one of the processing instruments in accordance with article 74, paragraph 2 Z 1 to 3 and b) indicated to the concerned capital instruments and liabilities when applying the instrument of creditor participation in accordance with article 85 or the instrument of participation of the holders of relevant instruments in accordance with article 70 where a generic label each is sufficient.

3. a copy of a possible arrangement with the applied processing instruments or corresponding powers exercised.

4. time from the settlement measures are effective;

5. a short instruction a) via the direct legal effect for the in-processing institution or company in accordance with § 1 para 1 No. 2 to 4, as well as for the affected creditors and shareholders and b) over the period referred to in paragraph 8.

(3) the measure edict is to be published on a Web site of the resolution authority. If the publication not only temporarily in the Internet is impossible, has the announcement in other appropriate manner, to be made in particular in one or more periodic media works or by radio.

(4) with the proclamation of the edict of the measure the mandate permit referred to in paragraph 1 to the entities referred to in paragraph 2 is regarded Z 1 and all of the management measures in their right persons concerned, in particular the shareholders and creditors of the outstanding institution or company in accordance with § 1 para 1 Z 2 to 4, as adopted and those effectively.

(5) copies of the edict of the measure are to submit information:



1. the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4;

2. the FMA;

3. the branch offices of the concerned in handling the institution or company in accordance with § 1 para 1 Z 2 to 4 competent authority;

4. the Austrian National Bank;

5. Insert protective device, which belongs to the credit institution in-processing;

6. the body responsible for the financing mechanisms for the processing;

7. where appropriate, the resolution authority competent at group level;

8. the Federal Minister for finance;

9. If the in-processing institution or company in accordance with § 1 para 1 Z 2-4 of a supervision on a consolidated basis after title VII Chapter 3 of Directive 2013/36/EC, is subject to the consolidating supervisor;

10. the ESRB and the financial market stability Panel;

11. the European Commission, the ECB, ESMA, the EIOPA and EBA;

12. If it is lit when the run-off Institute an institution, in accordance with article 2. (b) of Directive 98/26/EC is, the operators of the system in which it is involved.

(6) the resolution authority has the measure edict or a notice in the the effects of management measures, summarizes in particular the impact on retail investors, as well as, where appropriate, the conditions and the duration of the suspension or restriction under the sections 64, 65 and 66, publish or arrange their publication as follows:



1. on a Web site of the resolution authority.

2. on the Web site of the EBA.

3. on the Web site of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4;

4. If the shares or other ownership title or debt of run-off Institute or company in accordance with § 1 para 1 Z 2-4 to trading on a regulated market are admitted using the funds for the disclosure of prescribed information about the in-processing institution or company in accordance with § 1 para 1 No. 2 to 4 according to § 86 para 3 BörseG.

(7) if the shares, property title or debt securities to trading on a regulated market are approved, has the resolution authority so to endeavour that the documentation to demonstrate of the instruments referred to in paragraph 6 the shareholders and creditors of the run-off Institute or company in accordance with § 1 para 1 Z 2 to 4 be transferred due to the documents of the run-off Institute or company pursuant to section 1 para 1 No. 2 to 4 , that the resolution authority has access, are known.

(8) against a decision adopted pursuant to paragraphs 1 to 4, legal entity referred to in paragraph 2 can Z 1 and others of the implementation measures in their rights affected, in particular shareholders and creditors of the outstanding institution or company in accordance with § 1 para 1 Z 2-4, at the resolution authority by way of derogation from article 57 par. 2 AVG within 3 months from the proclamation of the edict of the measure in writing performance raise. The idea has no suspensive effect. Legal entity party are Z 1 pursuant to par. 2 in the proceedings in accordance with paragraph 9 anyway. Other management measures concerned lose its position as a party insofar as they do not raise idea within the above period. AVG is § 42 para 3 apply accordingly. § 57 para. 3 AVG does not apply.


(9) after expiry of the period referred to in paragraph 8, the resolution authority has to initiate an investigation by virtue. The character sets of other parties are excluded from an inspection of a party within an open period. The resolution authority can schedule a hearing. The timing is to be published by edict (edict of tags). § 44 para 2 as well as article 44e par. 1 and 2 AVG are to apply.

(10) intends the resolution authority the mandate ruling in such a way to change, people which are not party to the proceedings, their rights as a result are concerned, has to give them such interested parties within a period of 3 months opportunity to present by edict. The edict has the information referred to in paragraph 2 as well as the spell envisaged by the mandate decision should be changed to contain. The provisions of paragraph 3, 8 and 9 shall apply.

(11) the resolution authority has all ideas against the mandate, including the ideas in accordance with § 10 decision to do (notice of presentation). The notice is to be published (idea edict) by edict. The provisions of par. 2 Nos. 1 to 4, par. 3 and 4 shall apply.

(12) as soon as a mandate decision referred to in paragraph 1 or a notice in accordance with § 11 legal force is an adult, the resolution authority has the decision and, where appropriate, the indication that against the decision no appeal in an open period is filed, to be published by edict (edict of legal force). Paragraph 3 shall apply.

(13) the resolution authority has the notices referred to in paragraphs 1 and 11 during office hours for public inspection to impose up to the announcement of an edict in accordance with paragraph 12.

Not applicable company law provisions

§ 117. The application of management instruments, powers and mechanisms in accordance with §§ 48 ff proceed the corporate law provisions conflicting provisions of this federal law. The resolution authority has legal provisions to comply, only in so far as this is compatible with this federal law.

Appeal proceedings

118. (1) section 22 par. 2 is FMABG to apply with the following proviso: the rebuttable presumption that the granting of suspensory effect contrary to overriding public interests applies to the arrangement of management measures.

(2) the Federal Administrative Court and the Administrative Court will have to review the decisions of the management authority are based on the complex economic assessments of fact the resolution authority.

(3) the effects of decisions of the resolution authority, with the exception of the administrative cases, shaping the legislation remain unaffected by the repeal or amendment by the Federal Administrative Court and the administrative court. An elimination of the effects of notices the resolution authority does not take place in that regard.

(4) paragraph 3 shall not apply if the Elimination of the effects



1. the processing targets not at risk, 2. threaten any legitimate interests of third parties and 3 is not impossible.

(5) as far as the Elimination of the effects is excluded pursuant to par. 3 and 4, an affected party within 3 months of completion of the ordinary and extraordinary appeals can claim against the federal compensation to the disadvantages unlawfully caused by decisions of the resolution authority, which the authority had not taken lawful behavior. Existing claims for compensation are to satisfy solely by the Federal Government. The claim is to assert Vienna in contested proceedings before the commercial court.

Restrictions of bankruptcy proceedings and other procedures

119. (1) an application for commencement of insolvency proceedings is brought in relation to an institution or a company pursuant to section 1 para 1 No. 2 to 4, the Court must inform the resolution authority immediately. This obligation shall not apply if the FMA has filed for the bankruptcy.

(2) insolvency proceedings over the assets of a company in accordance with § 1 para 1 may be opened only Z 2 to 4 If the communication referred to in paragraph 1 and the resolution authority within a period of seven days from the receipt of the communication the insolvency court teaches that it is planning in relation to the company pursuant to section 1 para 1 No. 2 to 4 a processing action.

(3) insolvency proceedings over the assets of an institution or a company referred to in article 1, paragraph 1 allows Z 2 to 4 intact was application of management instruments and the exercise of implementation powers and their respective legal effects. An appeal against of the application of management instruments, or the exercise of implementation powers after the IO or the appeal against order - AnfO, RGBl. No. 337/1914, is excluded.

8 main piece

Non-disclosure and exchange of information

Secrecy

Section 120 (1) which it prohibits listed persons and organisations as well as individuals who are active in the persons referred to in 1 to 14 Z and places to disclose confidential information or to pass on in Z 1 to 14:



1. the management authority;

2. the FMA;

3. the Federal Ministry of finance;

4. the Austrian National Bank;

5. the temporary administrator appointed in accordance with this federal law and settlement administrator;

6 is potential buyers that contacted by the competent authorities or by the execution authorities, addressed regardless of whether the contact in preparation of the application of the instruments of the company sale takes place whether the contact has led to an acquisition, and regardless of;

7 Auditors, accountants, legal advisers, other professional consultants, evaluators and other experts consulted by management authorities, competent authorities, ministries or the potential buyers referred to in no. 6 directly or indirectly;

8 safety devices in accordance with article 93 para. 3 Banking Act;

9. the compensation scheme in accordance with section 75 WAG 2007;

10. the body responsible for the financing mechanisms in the framework of the settlement;

11 on the process involved other authorities;

12. a bridge institution or a reduction unit;

13 other persons or bodies, directly or indirectly, permanently or temporarily provide services for the under mentioned Z 1 to 12 persons, bodies or authorities or provided

14. before, during and after their term of senior management, the members of the Management Board and other employees of the persons referred to in the Z 1 to 12 and bodies or authorities.

(2) confidential information means information received that persons and bodies in the exercise of their professional activities or by a competent authority or resolution authority in the scope of their functions in Z 1 to 14 after this federal law and in any case, those are to keep secret the FMABG or other legal requirement or Union law due to § 14 para 2.

(3) by way of derogation from paragraph 1 the exchange of any information between employees within a is the 1 to 11 points Z anyway, allowed in.

(4) Institute and a group of affiliated companies are obliged to handle rehabilitation plans and group restructuring plan; they may share the rehabilitation plans or group reorganisation plan only to those third party, involved in the creation and implementation of the reorganisation plan or group restructuring plan. For the purposes of this provision, the term "Group" includes those companies which are in accordance with article 6, paragraph 1 or 2 of a group.

(5) in the case of violation of the confidentiality obligation the federal provisions about damages, where to apply section 3 paragraph 9.

(6) other federal rules regarding the dissemination of information for the purposes of criminal or civil proceedings shall remain unaffected by this paragraph.

Permissible information sharing

Notwithstanding § 120 the resolution authority and the FMA can share, as far as this is necessary for the fulfilment of their tasks under this Federal Act, with each other as well as with the following authorities, persons and bodies section 121 (1) information:



1. management authorities in the EEA;

2. the competent authorities in the EEA;

3. the Federal Ministry of finance and other ministries;

4. the Austrian National Bank and other central banks of the European system of central banks and other institutions in the Member States with similar tasks;

5. deposit-guarantee schemes under Directive 94/19/EC on deposit-guarantee schemes of the European Parliament and of the Council OJ No. L 135 of the 31.5.1994 S. 5;

6 investor compensation schemes Directive 97/9/EC;

7. for bankruptcy proceedings and regular insolvency proceedings courts or authorities;

8. the financial market stability Board and authorities which have to ensure through the application of prudential rules for maintaining the stability of the financial system in Member States;

9 entrusted persons; to carry out statutory audits

10. the EBA;

11. subject to the observance of § 122 with third country authorities, to perceive the similar tasks such as processing authorities;

12.

subject to its obligation to adhere to strict confidentiality obligations, a potential purchaser for the purpose of planning or implementation of a settlement measure;

13. subject to its obligation to adhere to strict confidentiality obligations, any other person, unless this is necessary for the purposes of planning or carrying out of a processing action;

14 parliamentary committees of inquiry in accordance with article 53 para 1 of the Federal Constitution Act (B-VG) on the basis of a decision on a request in accordance with article 53 paragraph 3 B-VG, the Court of Auditors, if his investigation relate to the decisions and other activities of the management authority under the subject Federal Act as well as the Ombudsman in the context of article 148 b B-VG;

15. the European Committee for systemic risk Board (ESRB);

16 national authorities that are responsible for the oversight of payment systems, 17 authorities in the EEA, which are publicly entrusted with the supervision of other financial sector firms;

18 authorities in the EEA, which are responsible for the supervision of financial markets and insurance companies;

19 authorities in the EEA, which have to ensure through the application of prudential rules for maintaining the stability of the financial system in Member States and bodies that are responsible for the protection of the stability of the financial system.

(2) by way of derogation from § 120 referred Z 1 to 12 people can who disclose confidential information to other persons and bodies in article 120, paragraph 1, if



1. the disclosure of confidential information for the fulfilment of their tasks under this Federal Act is required;

2. the disclosure of confidential information in summary or collective form takes place, so that no conclusions on individual institutions or companies in accordance with § 1 para 1 Z 2 to 4 are possible; or 3 the institution or company in accordance with § 1 para 1 Z 2-4 or the authority, the information comes from those expressly in advance have consented to the disclosure.

A disclosure in accordance with this paragraph shall only take if previously held an assessment of the possible consequences of disclosure of confidential data for public interests in the financial, monetary or economic policy, business interests of natural and legal persons, for the purpose of inspections, investigations and audit activities which in article 120, paragraph 1 people referred to Z 1 to 12. The procedure for the review of the impact of such disclosure has a special assessment of the consequences of a disclosure of the contents and details of rehabilitation and settlement plans in accordance with sections 8, 9, 15, 16 and 19 to 23 and of the results of all after the sections 12 to 14 to include 17, 18 and 27 assessments carried. To ensure compliance with the confidentiality obligations under this paragraph and in accordance with § 120, you Z 1 to 4 in article 120, paragraph 1, adopted internal rules 8, 9, 11 and 12 persons and places, which clarify the relevant statutory provisions.

Exchange of confidential information with third-country authorities

The resolution authority, the FMA and the Federal Minister of finance may exchange confidential information in the meaning of § 120 para 2 only 122. (1) with the relevant third country authorities, if the following requirements are met:



1 requirements and standards in relation to the professional secrecy which are at least equivalent to the requirements of article 84 of the 2014/59/CE directive apply to the relevant third country authorities; the assessment, whether equivalent requirements exist, is to be carried by the FMA and to inform the Federal Minister of Finance on demand;

2. the information is required by the relevant third country authorities, the processing tasks incumbent on them under national law which are comparable the functions provided for in this law to exercise, and they are used subject to the No. 1 for any other purposes.

(2) are from another Member State or a third country, confidential information may be performed by the resolution authority, the FMA and only then to the relevant third country authorities exposes the Federal Minister of finance, if following conditions are fulfilled:



1. the competent authority of the Member State or the third country from which the information originates, (origin authority) consents to the disclosure;

2. the information will be disclosed only for the purposes approved by the Office of origin.

(3) where the requirements referred to in paragraph 1 Nos. 1 and 2 are met, the power to exchange information includes the treatment and transfer of personal data to third country authorities.

5 part

Settlement funding mechanism

Creation of a processing financing mechanism

Section 123 (1) who is handling financing mechanism set up by the resolution authority, to ensure the effective implementation of the settlement instruments and powers. The reliance on the settlement funding mechanism is to trigger listed measures by the management authority in accordance with the management objectives referred to in §§ 48 and 53 and principles and for the in article 124, paragraph 1. The settlement funding mechanism has to have a reasonable budget.

(2) for the purposes of the appropriate budget has the resolution authority:



1 In advance contributions pursuant to § 126 and subsequently extraordinary contributions referred to in section 127 to calculate;

2. in advance contributions referred to in § 126 to introduce to achieve the target level in accordance with section 125 and 3rd later to make extraordinary contributions referred to in article 127, if the contributions referred to in no. 1 are not sufficient.

(3) the resolution authority is entitled to conclude credit agreements and agree other forms of assistance in accordance with section 128.

(4) contributions to the deposit protection schemes are not considered to be contributions to the target level of the settlement funding mechanism pursuant to § 125.

(5) all contributions are to prescribe by the resolution authority by administrative decision.

(6) the resolution authority has to self-assess any posts about the Austrian Federal Financing Agency (AFFA). To this end, the resolution authority has up to 30.6.2015 to set up an account at the AFFA. The AFFA has prompted the Federal Minister of finance in accordance with article 2, paragraph 1 Z 10 federal law on the Administration and coordination of the financial and other federal debt - Federal Act of financing, BGBl. I carry no. 763/192, the assessments of all contributions for the resolution authority.

(7) the resolution authority has to provide information on the withheld contributions and the level of funding of the settlement funding mechanism the Federal Minister of Finance annually or at its request.

(8) the FMA is entitled, on request of the management authority by Regulation pursuant to section 74 para 6 BWG the institutes and branches to prescribe the required for the calculation of contributions meaningful designation of the calculation basis.

Use of the resolution financing mechanism

Section 124 (1) who is handling financing mechanism only for the effective application of the management instruments to use necessary extent for the following measures:



1. protection of the assets or liabilities of the run-off Institute, its subsidiaries, a bridge institution or a reduction unit;

2. granting of loans to the Institute in-processing, its subsidiaries, a bridge institution or a reduction unit;

3. acquisition of assets of the run-off Institute;

4. provision of capital for a bridge institution or a reduction unit;

5. compensation payments to shareholders or creditors referred to in section 108;

6 contributions to the in-processing institution instead of down case or conversion of liabilities of certain creditors, if the instrument of creditor involvement is applied and the resolution authority decides to exclude certain creditors from the scope of application of the instrument of creditor involvement in accordance with § 86 para 4 and § 87;

7 loans to other settlement funding mechanisms in the Union on a voluntary basis in accordance with section 129 or 8 combination of the measures referred to in the Z 1 to 7.

(2) the funds from the settlement funding mechanism can be used in the case of the application of processing instruments of the company sale in accordance with § 75 through the resolution authority for the above mentioned measures in relation to the purchaser.

(3) the funds from the settlement funding mechanism are to use to compensate for the losses of an institution or a company pursuant to section 1 para 1 No. 2 to 4 not directly or to one institution or company to recapitalize. Results in the use of funds from the settlement funding mechanism for the measures referred to in paragraph 1 indirectly, that parts of the losses of an institution or company in accordance with § 1 para 1 are passed Z 2-4 on the settlement funding mechanism, the principles will apply to the use of settlement funding mechanism pursuant to section 87.

Target level of settlement funding mechanism


The institutes have section 125 (1) to the extent contributions to make and the resolution authority that has to take care that the resources available within the framework of the resolution financing mechanism comply with at least 0.1 vH of secured deposits of all institutions licensed in Austria until 31 December 2015. Until 31 December 2024 have the resources available within the framework of the resolution financing mechanism to match at least 1 vH of secured deposits of all institutions authorised in Austria.

(2) in the construction phase referred to in paragraph 1 the resolution authority has time as evenly as possible, but to stagger until the target level is reached, appropriate taking into account of the economic phase and possible impacts of cyclical posts on the financial situation of the contributing institutions contributions withheld pursuant to § 126.

(3) the settlement funding mechanism as a whole made withdrawals of more than 0.5 vH of deposits of all institutions licensed in Austria secured in accordance with the 2014/49/CE directive, the construction can be extended to a maximum of four years.

(4) the amount of the available funds under the target level, is after the construction phase referred to in paragraph 1 the management authority in accordance with section 126 has to lift again regular posts, until the target level is reached. After the target level has been achieved first and then reduced the financial resources available to less than two-thirds of the target level, are these contributions in a height set, which allows to reach the target level within six years.

(5) the regular contribution is set taking into account the economic phase and the impact that may have pro-cyclical contributions in connection with the establishment of annual contributions in the context of paragraph 4.

Achievement of the target level

126. (1) If this is necessary to achieve the target level referred to in § 125, has the resolution authority to prescribe contributions to institutions licensed in Austria and branch offices and to collect the contributions.

(2) the resolution authority has to raise the contributions of the individual institutions proportionately to the amount of its liabilities (excluding capital) minus secured deposits in proportion to the aggregate liabilities (excluding capital) minus secured deposits of all institutions authorised in Austria. These contributions are to adapt according to the risk profile of the Institute, with the criteria set out in paragraph 5 are to be based.

(3) the financial resources available, are taken into account with a view to the achievement of the target level in accordance with section 125, may with the approval of the resolution authority irrevocable payment obligations include, that fully through securities with low risk are secured not by rights charged to third parties, freely available and are reserved for measures referred to only using the resolution authority for in article 124, paragraph 1. The proportion of irrevocable payment obligations shall not exceed 30 vH of the total amount of the withheld contributions.

(4) the amounts received from the run-off institution or the bridges, interest and other income from investments and any other revenue can be fed to the settlement funding mechanism.

(5) the calculation of the contributions has to be made using the following criteria:



1. risk exposure of the Institute, including the scope of its commercial activities, its off-balance sheet positions, and its share of the debt financing;

2. stability and diversification of sources of financing of the company, as well as unencumbered highly liquid assets;

3. financial situation of the Institute;

4. likelihood of a settlement of the Institute;

5. scope of the extraordinary public financial support received from the concerned Institute in the past;

6 complexity of the structure of the Institute and its processing ability;

7. what of the Institute for the stability of the financial system or the economy in one or more Member States or of the Union;

8. the fact that the Institute is part of an institutional system.

Extraordinary subsequently fine posts

127. (1) the financial resources available not sufficient losses to cover costs and other expenses in connection with the use of settlement funding mechanism, so the resolution authority of the institutions approved in Austria and branch offices has to raise extraordinary subsequently collected contributions in order to cover the additional expenses. The calculation of the amount of extraordinary subsequently withheld contributions attributable to individual institutions shall be made in accordance with the rules set out in article 126, paragraph 2. The extraordinary subsequently withheld contributions must not exceed the triple annual amount of contributions established in accordance with section 126.

(2) § 126, paragraphs 4 and 5 applies the contributions withheld pursuant to this paragraph.

(3) the resolution authority may postpone partially or the duty of an institution to pay an associate subsequently raised contributions in the settlement funding mechanism, if the payment of these contributions would endanger the liquidity or solvency of the Institute. Such a delay is to allow for a maximum of six months, but may be extended at the request of the Institute. 'S contribution deferred in accordance with this paragraph is payable as soon as the liquidity or solvency of the institution is no longer endangered by the payment of the amount.

Alternative financing options

section 128. The resolution authority can borrow or take other forms of support from institutions, CRR financial institutions or other third parties in claims, if the contributions withheld pursuant to § 126 is not sufficient to the losses by using the settlement funding mechanisms-to cover costs or other expenses, and if in provided pursuant to § 127 extraordinary subsequently withheld contributions not immediately available or sufficient.

Borrowing under settlement funding mechanisms

129. (1) the resolution authority may request other settlement financing mechanisms within the Union to borrow, if



1. the contributions withheld pursuant to § 126 insufficient, losses caused by reliance on the settlement funding mechanism, to cover costs or other expenses;

2. the extraordinary subsequently withheld contributions provided for pursuant to § 127 are not immediately available, and 3. the alternative financing possibilities provided according to § 128 to reasonable conditions are not readily available.

(2) the resolution authority is entitled to grant loans to other settlement financing mechanisms within the Union in the cases referred to in paragraph 1.

(3) the resolution authority receives a request of another settlement financing mechanism on granting a loan, it has to inform the Federal Minister of finance immediately and to obtain the consent of the Federal Minister of finance, if it intends to lending. The resolution authority has to consider the following when deciding on the granting of credit on a different settlement financing mechanism in the Union:



1. the national economic interest to the Austrian and European financial market stability;

2. the fact, whether and to what extent means of settlement funding mechanism itself consumes or extraordinary subsequent contributions were collected and 3. whether and to what extent the other settlement financing mechanism takes other alternative financing options.

(4) the interest rate, the repayment period and other conditions for borrowing are between the borrowing resolution financing mechanism and the other settlement financing mechanisms that have decided their participation agree. The same interest rate, same repayment period and same other conditions apply to the credit of the individual participating settlement funding mechanisms. The resolution authority is allowed to meet agreements only under the application of the conditions referred to in paragraph 3 and after consultation with the Federal Minister of finance.

(5) the amount of the credit of the individual participating settlement funding mechanisms is proportionately calculated the amount of guaranteed deposits in the Member State of the relevant settlement funding mechanism in relation to the aggregate amount of secured deposits in the Member States of participating delivery financing mechanisms. The resolution authority is allowed to meet agreements only under the application of the conditions referred to in paragraph 3 and after consultation with the Federal Minister of finance.

(6) the claim from lending to a different settlement funding mechanism referred to in the preceding paragraphs is to offset against the target level of the settlement funding mechanism.

Mutual assistance of the national settlement funding mechanisms in group processing


Has the settlement funding mechanism of institutions licensed in Austria § 130. (1) in the case of a group settlement pursuant to §§ 139 to 146, that is part of the group is to contribute to the financing of the Group settlement in accordance with the following paragraphs.

(2) is the resolution authority that so she's competent authority for the group processing after consultation with the management authorities of institutions that are part of the group, to propose a funding plan, if necessary, before taking a management measure as part of the group management concept in accordance with §§ 139 to 146. The financing plan is to agree to the decision-making procedures referred to in paragraphs 139 to 146.

(3) the financing plan has to include the following:



1. an assessment in accordance with articles 54 to 57 in relation to companies of the Group;

2. the loss of that to expel from each affected company of the Group at the time of the application of management instruments;

3. for each undertaking of the group the losses that each category of shareholders and creditors would suffer

4. the contribution, the deposit protection schemes in accordance with § 132Absatz 1 would have;

5. the total contribution of the settlement funding mechanisms as well as purpose and form of the contribution;

6. the basis for the calculation of the amount of each of the national settlement funding mechanisms of the Member State in which the companies of the group are established, must bring to the financing of the Group settlement, so that the total contribution according to Z 5 can be applied;

7. the amount of the national settlement funding mechanism of each affected company has to bring the group to finance the group processing, and the form of these contributions;

8. the amount of loans, take by institutions, CRR financial institutions or other third parties in accordance with section 128 in claim settlement financing mechanisms of the Member States in which the companies of the group are established;

9. a time frame for the use of settlement funding mechanisms of the Member States where the companies of the group are based; the resolution authority may extend the time frame, if and to the extent that this is necessary.

(4) the basis for the in para 3 No. 6 above fee has to be no. 6, in accordance with paragraph 5, as well as the principles of the Group settlement plan in accordance with section 23 paragraph 2 unless otherwise agreed in the budget.

(5) if in the financing plan, nothing else has been agreed, is the basis for the calculation of the contribution of each national settlement funding mechanism to take into account in particular the following:



1. the proportion of risk-weighted assets of the group, which will be kept at institutions and companies in accordance with § 1 para 1 who reside in the Member State of the relevant resolution financing mechanism; Z 2-4

2. the proportion of the assets of the group, which will be kept at institutions and companies in accordance with § 1 para 1 who reside in the Member State of the relevant resolution financing mechanism; Z 2-4

3. the share of the losses that require the Group settlement occurred in the companies of the group are under the supervision of the competent authorities in the Member State of the relevant settlement funding mechanism, and 4. the share of the funds of the Group settlement funding mechanisms expected to be so used in the framework of the budget, that they directly benefit the companies of the group which are established in the Member State of the relevant resolution financing mechanism.

(6) for the purposes of this paragraph, it is permitted to take loans at institutions, CRR financial institutions or other third parties, or to take other forms of support from them the Group settlement financing mechanisms under the conditions laid down in article 128.

(7) the respective national settlement funding mechanisms can make guarantees for the loans, recorded by the Group settlement funding mechanisms in accordance with paragraph 6.

(8) income or other benefits resulting from the use of the Group settlement funding mechanisms are to allocate all national settlement funding according to their contributions to the settlement fund established in accordance with paragraph 2 of the resolution authority.

Rank of deposits in the rank of the insolvency

131. (1) the following requirements have the same rank, which is higher than the rank of claims of non-hedged and non-preferred creditors in bankruptcy proceedings:



1. the part of eligible deposits of natural persons, micro-businesses and small and medium-sized companies, which exceed the amounts set out in article 6 of Directive 2014/49/EC;

2. deposits, which would be considered eligible deposits of natural persons, micro-businesses and small and medium-sized enterprises, if they don't would go back on branches of institutions based in the Union, which are located outside the Union.

(2) the following claims in bankruptcy proceedings have same rank, which is higher than the rank in accordance with paragraph 1:



1. secure deposits;

2. deposit protection schemes that occur in the case of insolvency in the rights and obligations of secured depositors.

(3) within the same rank are the requirements relative to satisfy.

(4) filing of claims needs to contain no indication of the pecking order.

Use of deposit protection schemes in the framework of processing

Section 132 (1) if the resolution authority takes a management measure and is liable as long as that is ensured by this measure, that depositors still can access to their deposits, the deposit protective device of which the Institute, for the following:



1. in the event that the instrument of creditor involvement is applied for the amount of the secured deposits without application of the exemption pursuant to § 86 para 2 hypothetically down would be written Z 1, minimize the losses of the Institute in accordance with article 88, paragraph 1 Z 1 to compensate for or 2. in the event that one or more other settlement instruments as the instrument of creditor involvement are applied , to the extent in which secure depositors without application of the exemption pursuant to § 86 para. 2's hypothetical Z 1 had suffered losses.

(2) the obligation of establishing deposit protection is never higher than those that would be in the event of the bankruptcy of the Institute.

(3) the instrument of creditor involvement is applied, has the deposit protective device to make any contribution to the cost of recapitalization of the Institute or of the bridge Institute in accordance with article 88, paragraph 1 Z 2.

(4) if the assessment referred to in section 107 is provided that the contribution of deposit protective device for processing was greater than the losses that might have suffered it in the event of a recovery of the Institute after the bankruptcy proceedings, the establishment of deposit protection has entitlement to payment of the difference by the resolution funding mechanism pursuant to § 108.

(5) the deposit protection schemes have the resolution authority to provide the necessary information for the calculation referred to in paragraph 1.

(6) the setting of the amount for which the deposit protective device referred to in paragraph 1 is liable, has to comply with the conditions referred to in § 57.

(7) the contribution from the deposit protective device for the purpose of paragraph 1 is in assets pursuant to subpara 1 of annex 2 to § 43, to pay part 1 BWG.

(8) refundable deposits with a run-off Institute at another entity on the basis of the instrument for the sale of the company or of the instruments of the bridges Institute transferred, depositors have BWG provided no claim against the deposit protective device according to the § 93 ff on the parts of their deposits with the run-off Institute, are not transferred, that the transferred funds corresponds to the total level of coverage set forth in article 6 of Directive 2014/49/EC or exceeds it.

(9) the liability of deposit protective device does not extend beyond anyway, the amount, which is equivalent to 50 per cent of its target level referred to in article 10 of the 2014/49/CE directive.

6 part

Cross-border groups processing

1 section

Cross-border decision-making and information; Management colleges

General principles of the decision with the participation of more than one Member State

section 133. If the resolution authority or other bodies authorised by this federal law to make decisions or initiate measures under this Federal Act, that can affect one or more other Member States, they have to observe the following principles:



1. with the introduction of management measures, the imperative of effective decision making at the lowest possible costs is to comply with.

2. decisions and measures shall be taken, if necessary, quickly and with sufficient urgency.

3.

Austrian authorities have with each other and with the management authorities, competent authorities and other authorities of other Member States, including the ECB as the competent authority, to work together, so that decisions and actions in a coordinated manner can be made.

4. Austrian authorities have with each other and with the authorities of other Member States to pinpoint each hold what roles and responsibilities.

5. the interests of the Member States where EU parent company or subsidiaries are established, are appropriate to take into account, in particular with regard to the impact of any decision or measure or whose omission on financial stability, the financial resources, the settlement funding mechanism and the einlagensicherungs-und Anlegerentschädigungsgesetz or investor-compensation scheme of these Member States.

6. the interests of the individual Member States where significant branches are located, are appropriate to take into account, in particular with regard to the impact of any decision or measure or matter whose omission on the financial stability of these Member States.

7. the objectives of balance of interests between the different participating Member States and the avoidance of an unfair preference or disadvantage the interests of certain Member States, including the prevention of an unfair distribution of the burden on the Member States, are adequately taken into account.

8th anniversary under this Federal Act obligations, to listen to other authority before a decision or action is taken, are these authorities at least to those aspects of the proposed decision or action to listen to, a) that will have an impact on the Union's parent company, subsidiary, or, where appropriate, the branch or probably have and b) the effects on the stability of the Member State in which the Union's parent company, subsidiary, or, where appropriate, the branch is established or that have or are likely to have.

9. If management measures are taken, the resolution authority has to take into account the existing management plans and follow, unless they reach the resolution authority, taking into account the situation assessment that are better to achieve the objectives of the settlement with measures beyond those included in the settlement plans are.

10. the principle of transparency is in those cases where a proposed decision or action probably affects the financial stability, financial resources, the settlement funding mechanism, the East Asia Economic Caucus - or the investor-compensation scheme of another Member State, to comply with.

11. the goal of coordination and cooperation is a reduction in the total cost of the settlement.

Management colleges

134. (1) has the resolution authority as the authority responsible for the group management to establish management colleges, to perform that in the articles 22 to 26, 28, 30, 31, 100 to 105 and 139 to 146 provided functions and, where appropriate, the cooperation and coordination with management authorities in third countries carry out.

(2) the Management Board has the following tasks to fulfil:



1. Exchange of information, which are relevant for the development of Group settlement plans, for the exercise of preparatory and preventive powers in relation to groups and group processing;

2. elaboration of Group settlement plans in accordance with the articles 22 to 26;

3. review the processing ability of groups in accordance with section 28;

4. exercise of powers to reduce or to remove obstacles for the processing ability of groups according to the sections 30 and 31;

5. decision on the necessity of establishing a group processing approach in accordance with the paragraphs 139 to 146;

6. conclusion of the agreement on a group settlement concept is proposed in accordance with the paragraphs 139 to 146;

7. coordination of public communication of Group settlement strategies and concepts;

8 coordination of the use of financing mechanisms established in accordance with Title VII of Directive 2014/59/EC;

9 lay down of the minimum requirements that apply to groups on a consolidated level and at the level of the subsidiaries pursuant to §§ 100 to 105.

In addition, the settlement College can be used as a discussion forum for all questions relating to the cross-border Group settlement.

(3) as she can for the group processing competent authority see off resolution authority by establishing a Management Committee when other groups or colleges perceive that in paragraphs 1 and 2 as well as the sections 135 and 136 functions referred to and tasks and all in paragraphs 1 and 2, and procedures, conditions applicable to the sections 135, 136 and 138 laid down conditions and procedures, including those for membership and participation in management colleges , meet or comply. In such a case, all this federal law are understanding contained references to settlement colleges as references to these other groups or colleges.

Members of the Management Board

Members of the Management Board are 135 (1):



1. the management authority as the authority responsible for the group management;

2. the management authorities of each Member State, in which a subsidiary subject to supervision on a consolidated basis is established;

3. the management authorities of the Member States, in which a parent undertaking of one or more institutions of the group is established;

4. management authorities of the Member States in which there are significant branches;

5. the FMA as consolidating supervisor;

6. the competent authorities of the Member States, whose management authorities are members of the Management Board; If the competent authority of a Member State is not the Central Bank of the Member State, the competent authority by a representative of the Central Bank of the Member State may choose to accompany;

7. the Federal Ministry of finance;

8. the ministries of other Member States, if the settlement authorities of other Member States of that are members of the settlement is not the relevant ministries;

9. the authority, which is responsible for the deposit-guarantee scheme of a Member State, if the resolution authority of this Member State is member of the Management Board;

10. the EBA in accordance with paragraph 2.

(2) the EBA helps to ensure a consistent, efficient and effective functioning of management colleges in accordance with international standards. For this purpose, it is without invite voting rights to the meetings of the Management Board of the resolution authority as the authority responsible for carrying out group as a member.

(3) the resolution authority as the authority responsible for the group management can the management authorities of third countries at their request invite to participate as observers in the Management College, if



1. a parent company in the EEA or Institute has a daughter institution or a branch in a third country, which would be regarded as significant, if she would be established in the EEA, and 2. the resolution authority of the third country of confidentiality requirements subject to which comply with the requirements laid down in article 122 according to the resolution authority.

Organization of the Management College

136. (1) the resolution authority as the authority responsible for the group management has to preside in the processing College and in this function



1. after consultation with the other members of the settlement the modalities and procedures for the functioning of the Management Board in writing to hold;

2. all activities of the Management Board to coordinate;

3. the sessions to convoke and to preside in these comprehensively about the timing of the meetings of the Management College, the most important agenda items and the issues to be discussed to inform the members of the settlement before the meetings;

4. the members of the Management Board to inform which sessions are planned for this; ask for participation

5. on the basis of the specific needs to decide, invited the members and observers to participate in certain meetings of the Management Board will, where it has the meaning of the question to be discussed for the concerned members and observers, in particular the potential impact on the financial stability of the Member States concerned, to take into account; and 6 all members of the College in good time about the decisions and results in the framework of relevant meetings held to inform.

The management authorities of other Member States are always to invite to participate in meetings of the Management Board, if matters are on the agenda, which are subject to joint decision-making or that are of the Group relating to a company located in their Member State.

(2) the members of the Management Board have to cooperate closely.

European management colleges


137. (1) has the institution of a third country or a third country parent undertaking in Austria and at least one other Member State of EU subsidiaries or an EU branch office in Austria and at least one other Member State, which are classified by at least two Member States as significant, so the resolution authority has in common with the management authorities of the other Member States, where this EU subsidiaries are established or are those EU branches, to set up a European processing College.

(2) the European College of management has the functions referred to in article 88 of the 2014/59/CE directive and tasks in relation to the EU subsidiaries and in relation to the EU branches, insofar as the functions and tasks of this EU branches are important to perceive.

(3) the resolution authority has to take over the chairmanship of the European College of management, if



1 Union subsidiaries in accordance with article 127 (3) third subparagraph of Directive 2013/36/EC by a financial holding company headquartered in the Union be held or the major branches belong to one such financial holding company, and 2. is the FMA pursuant to the Directive 2013/36/EC the consolidating supervisor.

The requirements of the first sentence or of article 88 paragraph fails to meet 3 first subparagraph of 2014/59/CE directive, has to be the nomination and appointment of the Presidency of the Management College by its members.

(4) the resolution authority do without mutual agreement of all the parties concerned on the establishment of a European Management Committee, if other groups or other colleges, including one in accordance with article 88 of Directive 2014/59/EU of a Management College, exercising in para 1 to 3 and 5 above functions and tasks and all conditions laid down in paragraphs 1 to 3, 5 and § 138 and procedures , including those concerning the membership in and participation in management colleges, meet or comply. In such a case, all this federal law are understanding contained references to European settlement colleges as references to these other groups or colleges.

(5) subject to paragraph 3 and 4, the European settlement body pursuant to article 134, paragraph 1 and 2 as well as the sections 135 and 136 has to operate.

Exchange of information between authorities

138. (1) subject to the sections 120 and 121 has the resolution authority and the FMA to transmit all the information the management authorities and competent authorities in other Member States, at their request, which for the perception of these functions conferred by the 2014/59/CE directive are relevant.

(2) the resolution authority as the authority responsible for the group management has to coordinate the exchange of all relevant information between the management authorities. In particular the resolution authority as the authority responsible for the Group Management provides all relevant information the management authorities in other Member States in time, to give them the exercise to facilitate tasks referred Z 2 to 9 in section 134, paragraph 2.

(3) prior to the disclosure of information obtained from a resolution authority of a third country, the resolution authority has to obtain the approval of settlement authority concerned of the third country to the disclosure of such information, if such consent is not already present. The resolution authority of the third country gives no such consent, not the resolution authority is obliged to disclose information obtained from the resolution authority of the third country.

(4) the resolution authority has information that relate to a decision or matter, in which case a communication to the Federal Minister of finance or other competent ministries or the consultation or consent of the Federal Minister of finance or an other competent Ministry is prescribed, or if the decision or matter can have impact on the public finances of Austria or of another Member State , the Federal Minister of finance or the relevant Department of another Member State to transmit.

2. section

Group settlement relating to a subsidiary of the Group

Transmission of information on the processing conditions

§ 139. enters the resolution Authority estimates that an institution or a company referred to in article 1, paragraph 1 Z 2 to 4, the subsidiary of a group is, the requirements of § 49 or 52 meets, so she has the authority responsible for the group management to submit the following information of the consolidating supervisor and the members of the Management College responsible for the Group:



1. its assessment that the Institute or the company pursuant to section 1 para 1 No. 2 to 4 the requirements of § 49 or 52 met; and 2 information on the settlement or bankruptcy measures, deemed the resolution authority, in the case of the relevant institution or company concerned in accordance with article 1, paragraph 1 Z 2-4 useful.

Approach if the resolution authority is not the authority responsible for the group management

140. (1) is not the authority responsible for the groups handling the resolution authority, so she can help make Z 2 with settlement or insolvency measures according to paragraph 139, if



1 group handling authority after hearing the reach other members of the settlement Commission to assess who don't expect it in accordance with section 139 Z 2 with settlement or insolvency measures can be, that the requirements are met the § 49 or 52 in companies of the group in another Member State, or the authority responsible for the groups handling the resolution authority within a period of 24 hours or one longer period after receipt of the information referred to in section 139 agreed 2 none Assessment submitted.

(2) is the resolution authority with a concept of processing in accordance with article 91 paragraph 6 of Directive 2014/59/EC, which was proposed by the authority responsible for the group management did not agree or she is of the opinion that she must take other Z 2-4 for reasons of financial stability than the management measures proposed in the concept of settlement or measures in relation to an institution or a company referred to in article 1, paragraph 1 , it has detailed to justify why she agrees with the concept of settlement or wants to deviate from. In the explanatory statement, the resolution authority has existing settlement plans, appropriate to take into account the possible impact on the financial stability of the Member States concerned, as well as possible consequences of the measures for other parts of the group. The resolution authority has the justification to send the authority responsible for the group management and other management authorities, concerning the concept of settlement, and at the same time to announce what measures she will take.

(3) the resolution authority has joint decisions in accordance with article 91 paragraph 7 or 9 2014/59/CE directive and that of other settlement authorities referred to in article 91 paragraph 8 2014/59/CE directive to recognize decisions as final and to apply.

Approach if the resolution authority is the competent authority for the group processing

141. (1) receives the resolution authority as the authority responsible for the group management a communication from a management authority of another Member State in accordance with article 91 paragraph 1 of the 2014/59/CE directive, so has to rate them, which would have the split with settlement or insolvency measures on the Group and to companies of the group in other Member States after consultation with the other members of the respective processing the consequences. It is in particular to assess whether the notified settlement or insolvency measures you anticipating, to meet the conditions or requirements for the settlement in relation to a company in another Member State.

(2) get the resolution authority as responsible for group processing that that did not expect their measures notified authority after consultation with the other members of the management assessment to meet the requirements referred to in article 32 or 33 of the directive 2014/59/EC in relation to a company in another Member State, it shall inform the notifying authority of settlement.

(3) reaches the resolution authority as the groups handling authority after consultation with the other members of the settlement estimates expect that her split with settlement and bankruptcy measures allow to fulfil the conditions referred to in article 32 or 33 of the directive 2014/59/EC in relation to a company in another Member State, so she has the Management Board within a period of 24 hours after receipt of the notification referred to in paragraph 1 a proposal for a concept of processing in accordance with § to present 142, this period with the consent of the notifying authority of settlement can be extended.

Group processing concept


§ 142. (1) in a group settlement concept



1 is to take account of existing management plans and follow them, unless unless the settlement authorities arrive, taking into account the situation assessment was that the goals of implementation measures which are not provided for in the settlement plans are better to achieve;

2. are to represent the processing measures that should take the respective settlement authorities in relation to the EU parent company or certain companies of the group to achieve the goals of settlement in accordance with section 48 and to comply with the settlement principles in accordance with article 53;

3. is to set out how the management measures should be coordinated;

4. a financing plan is set, the group management plan, the principles governing the Division of funding responsibility according to § 23 para 2 No. 6 and the mutual support according to § 130 takes into account.

(2) the concept of processing is subject to a joint decision of the resolution authority as the authority responsible for the group management and the management authorities of other Member States who are responsible for the subsidiaries covered by the concept of settlement subject to article 91 paragraph 8 2014/59/CE directive. Not all processing in the other Member States agree to the concept of settlement, the resolution authority can make a joint decision about a group processing concept for companies of the group in its Member States, with the other management authorities in other Member States. The management authorities and the other processing can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.

(3) If a group settlement concept is not implemented and the resolution authority settlement measures applies in relation to a company, so it has been working closely with those to work management authorities of the Management College, which also take handling measures to develop a co-ordinated settlement strategy for all dropouts or probably covered by companies of the group.

(4) the resolution authority has over the members of the Management Board to inform management measures taken and ongoing progress in relation to a company of the Group regularly and comprehensively.

(5) the resolution authority has joint decisions in accordance with paragraph 2, and that of other settlement authorities referred to in article 91 paragraph 8 of the directive to acknowledge 2014/59/EU decisions as final and to apply.

Immediate implementation of the measures

section 143. The resolution authority carries out immediately and with due regard to the urgency all measures referred to in §§ 139 and 142.

3. section

Group processing in connection with an EU parent

Approach if the resolution authority is not the authority responsible for the group management

144. (1) does not agree with the resolution authority with a group processing concept that paragraph 1 2014/59/CE directive was proposed by the authority responsible for the group management in accordance with article 92, or she considers that it must take other Z 2-4 for reasons of financial stability than the management measures proposed in the concept of settlement or measures in relation to an institution or a company referred to in article 1, paragraph 1 , it has detailed to justify why she agrees with the concept of settlement or wants to deviate from. In the explanatory statement, the resolution authority has existing settlement plans, appropriate to take into account the possible impact on the financial stability of the Member States concerned, as well as possible consequences of the measures for other parts of the group. The resolution authority has the justification to send the authority responsible for the group management and other management authorities, concerning the concept of settlement, and at the same time to announce what measures she will take.

(2) the resolution authority has joint decisions in accordance with article 92 par. 3 and 5 of the 2014/59/CE directive and that of other settlement authorities referred to in article 92 par. 4 of 2014/59/EU directive to recognize decisions as final and to apply.

Approach if the resolution authority is the competent authority for the group processing

145. (1) enters the resolution authority as the authority responsible for the group management estimates that an EU parent company subject to its jurisdiction meets the requirements pursuant to the § 49 or 52, so she has that Z immediately in section 139 to send 1 and 2 referred information to the FMA and the other members of the responsible for the group management. While the settlement or insolvency measures may include also the implementation of a group settlement concept elaborated pursuant to § 142 para 1 No. 2 pursuant to § 139, if one of the following situations exists:



1 as a result of pursuant to § 139 Z 2 management measures shared with or other measures at the level of the parent company it is likely that the conditions of § 49 or 52 in relation to a company in another Member State are met;

2. settlement or other measures at the level of the parent company not sufficient to stabilize the situation, or not expected to lead to a satisfactory outcome;

3. pursuant to a finding of the management authorities for them one or more subsidiaries in other Member States meet the requirements of § 49 or 52.

4. settlement or other measures at the level of the group will be so beneficial for the subsidiaries of the group that the application of a group processing concept as a reasonable solution is justified.

(2) include the measures communicated pursuant to paragraph 1 no concept of settlement, so has the resolution authority as the authority responsible for the group management to make their decisions after consulting the members of the Management Board. In its decision, the resolution authority has



1. existing settlement plans to take into account and follow, unless it appears the management authorities to take into account the situation assessment was better achieved with measures which are not provided for in the settlement plans, allow the objectives of the settlement, and 2. the financial stability of the Member States concerned, taking into account.

(3) include the measures communicated pursuant to paragraph 1 a group settlement concept, the concept of processing is subject to a joint decision of the resolution authority as the authority responsible for the group management and for the subsidiary, which are covered by the concept of processing, handling other Member States. Not all management authorities agree to the concept of settlement, the resolution authority can make a joint decision about a group processing concept for companies of the group in its Member States, with the other management authorities of the other Member States. The management authorities and the other processing can EBA support in bringing about a joint decision pursuant to article 31 lit. c of the Regulation (EU) No. 1093/2010 search.

(4) If a group settlement concept is not implemented and the resolution authority settlement measures applies in relation to a company, so it has been working closely with those to work management authorities of the Management College, which also take handling measures to develop a co-ordinated settlement strategy for all companies of the group.

(5) the resolution authority has over the members of the Management Board to inform management measures taken and ongoing progress in relation to a company of the Group regularly and comprehensively.

(6) the resolution authority has joint decisions in accordance with paragraph 3, and that of other settlement authorities referred to in article 92 par. 4 of the directive to acknowledge 2014/59/EU decisions as final and to apply.

Immediate implementation of the measures

section 146. The resolution authority carries out immediately and with due regard to the urgency all measures referred to in the paragraphs 144 and 145.

7 part

Relations with third countries

Agreements with third countries

147. (1) unless the requirements of section 122 and the Federal Minister of finance to the conclusion of agreements pursuant to article 66 (2) B-VG is authorized, may conclude the Federal Minister of Finance on the proposal of the resolution authority with settlement authorities third-country agreements, where the manner of cooperation between the management authority and the respective authorities of third countries, inter alia for the purpose of information exchange in connection with the planning of the rehabilitation and management of institutions , CRR - financial institutions, parent company and third-country institutions, for the following cases set is:



1.

in cases where a third country parent undertaking, subsidiaries or significant branch offices in Austria and at least one other Member State has;

2. in cases in which a parent company in Austria, which has a major branch or a subsidiary in at least one other Member State, maintains one or more third-country subsidiaries.

3. in cases in which an institution in Austria, which has a parent company, a subsidiary or a significant branch office in at least one other Member State, maintains one or more branch offices in one or more third countries.

(2) within the framework of an agreement referred to in paragraph 1, is in particular to ensure that processes and procedures are set for the cooperation between the management authority and the respective third country authorities in the performance of some or all of in article 148, paragraph 3 and 4 above tasks and powers.

(3) the inclusion of provisions in relation to individual institutions, financial services institutions, parent undertaking or third-country institutions is not permitted in an agreement referred to in paragraph 1.

(4) the agreement referred to in paragraph 1 are concluded for an indefinite period. You enter override as soon as an agreement of the European Union in accordance with article 93 para. 1 of the 2014/59/CE directive with the third country concerned enters into force.

Cooperation with third-country authorities

148. (1) 2 to 5 apply the paragraph in relation to cooperation with a third country, as long as and as far as no agreement of the European Union in accordance with article 93 para. 1 of the 2014/59/CE directive with the third country concerned enters into force. 93 apply para 2 to 5 also after the entry into force of an international agreement in accordance with article 1 of the 2014/59/EU directive with the third country concerned, provided that the agreement does not have the in paragraph 2 to 5 regulated content.

(2) with regard to the cooperation with a third country, the EBA may conclude legally non-binding framework cooperation agreements in accordance with article 97 of the 2014/59/CE directive with third country authorities. The FMA or the resolution authority can complete legally non-binding agreements with the relevant third country authorities, relating to such cooperation agreements of the EBA in line. These cooperation agreements may contain provisions relating to the areas listed in paragraph 4.

(3) the FMA or the resolution authority can, complete independent legally non-binding cooperation agreements by an existing framework cooperation agreement of the EBA with third-country authorities pursuant to article 97 of 2014/59/CE directive, own, with third-country authorities, if they consider this necessary. In such cooperation agreements the procedure and modalities of exchange of information and the cooperation between the authorities involved in terms of can be set 1 through 5 listed tasks and powers on the perception of several or all of the following in the Z:



1. elaboration of management plans in accordance with § 19 para 1 and 2, article 20 and 21, article 22, paragraph 1 and 2 as well as the sections 23 to 26 and comparable requirements under the law of the respective third countries;

2. evaluation of the processing capability of institutes and groups referred to in §§ 27 and 28 and the comparable requirements under the laws of the respective countries;

3. exercise of powers to reduce or to eliminate obstacles to the ability of processing in accordance with sections 29 to 31 and the comparable powers under the laws of the respective countries;

4. application of early intervention measures in accordance with section 44 and the comparable powers under the laws of the respective countries;

5. application of management instruments and exercise management powers and comparable powers that may be exercised by the relevant third country authorities.

(4) the cooperation agreements concluded in accordance with paragraph 2 or 3 may also contain provisions on the following topics:



1. to exchange information necessary for the elaboration and updating of management plans;

2. hearings and to cooperate in the elaboration of management plans, including the principles for the exercise of the powers referred to in the paragraphs 149 and 151 and comparable powers under the laws of the respective countries;

3. to exchange information, which is required for the application of management instruments and the exercise of management powers and comparable powers under the laws of the respective countries;

4. for early warning or consultation of the parties to the cooperation agreement before essential under this Act or under the laws of the respective third country measures affecting the Institute or group, is the subject of the agreement;

5. to coordinate the public communications in the event of joint management measures;

6. to procedures and modalities for the exchange of information and cooperation to the Z 1 to 5, in particular, where appropriate, through setting up and working are of crisis management groups.

(5) the FMA and the resolution authority must inform the EBA on cooperation agreements, which have closed in accordance with paragraph 2 to 4.

Recognition and enforcement procedures by third countries

149. (1) 2 to 6 apply the paragraph in relation to third country procedures, as long as and as far as no agreement of the European Union in accordance with article 93 para. 1 of the 2014/59/CE directive with the third country concerned enters into force. Para 2 to 6 apply also after the entry into force of an international agreement in accordance with article 93 paragraph 1 of 2014/59/EU directive with the third country concerned, provided that the agreement is not the recognition and enforcement of procedures by third countries on the subject.

(2) is a European settlement quorum pursuant to article 137 para 1, so this has except in the cases referred to in § 150, to decide whether it recognizes third country procedures in relation to the institution of a third country or a parent undertaking within the framework of a joint decision the



1. in two or more Member States established EU subsidiaries or EU branches located in two or more Member States, by two or more Member States are deemed to be significantly maintains, 2. assets, rights or liabilities have or that are located in two or more Member States or subject to the laws of those Member States.

Has the European Management College in a joint decision on the recognition of a third country settlement procedure agreed the resolution authority to the implementation of the approved third country settlement procedure, to seek, as far as this is compatible with the Austrian legislation has.

(3) are the members of the European settlement to any joint decision on the recognition of third country settlement proceedings referred to in paragraph 2 or there is at all no European settlement body, so the resolution authority, taking into account paragraph 150, has to decide itself on the recognition of third country procedures in relation to third-country institutions or parent company the



1 in Austria and at least one other Member State of EU subsidiaries maintain or in Austria and at least one other Member State EU branches, considered by two or more Member States as significant; or have 2 assets, rights or liabilities, which are situated in Austria and at least one other Member State or which are subject to Austrian law and at least the right of another Member State.

In this decision, which has to take into account the interests of the individual Member States, in which a third-country institution or a parent company operates, and in particular any impact the recognition and enforcement of third country procedures on other companies of the Group and the financial stability in the Member States concerned resolution authority.

(4) for the purposes of paragraph 3 and 4, the resolution authority is entitled:



1. to the exercise of implementation powers in terms of a) are subject to assets of the institution of a third country or a third country parent undertaking, located in Austria or Austrian law;

(b) rights or liabilities of a third-country institution, which are the responsibility of the EU branch office in Austria or are subject to Austrian law or giving rise to legally enforceable claims in Austria;

2. to develop or to the order of the execution of a transfer of shares or property titles to a EU - subsidiary established in Austria;

3. for the exercise of the powers referred to in paragraphs 64 to 66 in relation to the rights of the parties of a contract with a company referred to in paragraph 2, if this power for the enforcement of the third-country settlement procedure is required.

4.

repealing the enforceability of contractual rights to the termination, dissolution, or acceleration of contracts or impair the contractual rights of companies referred to in paragraph 2 and other companies of the group, if these rights from a processing action arising in relation to the third-country institution, the third country parent undertaking of such company or other companies of the group - by the third-country resolution authority itself or otherwise according to the processing rules in the country of applicable regulatory and supervisory requirements - is made , provided that the essential contractual obligations, including payment and performance obligations and the obligation of the collateral continue to be met.

(5) the respective third country authority finds that a bank with headquarters in the respective third country meets the conditions for a settlement under the laws of that third country, the resolution authority in relation to a parent company in Austria handling measures can meet as far as this is necessary in the public interest. For this purpose, the resolution authority may take any management measures in relation to the parent company and apply section 63.

(6) Austrian bankruptcy procedures that are applicable, where appropriate, in accordance with this federal law shall remain unaffected by the recognition and enforcement of third country procedures.

Refusal of recognition or enforcement procedures from third countries

section 150. The resolution authority may refuse the recognition or enforcement of the procedures of a third country in accordance with section 149 if she is of the opinion, that



1. the relevant procedures of the country would affect Austria, or that the procedure can adversely affect financial stability in another Member State

2. independent processing measures in accordance with article 151 in a branch office of the EU are required to achieve one or more of the objectives of the settlement;

3. creditors, in particular inserts, which are established in a Member State or to pay off are would; enjoy not same treatment as third-country creditors and depositors with comparable rights within the framework of the third-country settlement procedure

4. recognition or enforcement of the third-country settlement procedure fiscal impact on Austria would have or 5 which would be the effects of such recognition or enforcement in contrast to the Austrian legislation.

If there is a European settlement body pursuant to § 5 para 1, the resolution authority prior to the decision on the refusal of recognition or enforcement has to listen to the management authorities of other Member States.

Handling of EU branches

Section 151 (1) If a EU branch office located in Austria, either is subject to any third-country settlement procedure or if a EU branch office located in Austria, but is subject to a third country procedures but is at the same time one of the circumstances referred to in section 150, can take the resolution authority in this EU branch management measures or § 63 apply, if it considers that these measures in the public interest are required, and if at least one of the following conditions is met :



1. the EU branch office situated in Austria no longer meets or will no longer qualify is expected in the near future for their approval and the exercise of their activities in Austria, and there is no prospect that causes an action of the private sector, the FMA, or of the third country in which the parent company has its seat, again to meet the requirements within a reasonable time frame;

2. third-country institution is in the near future is expected to no longer able or not willing to meet his financial obligations to creditors in the European Union or the commitments by the EU branch or booked obligations falling due according the resolution authority is not in a position, and the resolution authority assumes that in relation to the third-country institution no third country procedures or third country proceedings initiated or is initiated within a reasonable time frame;

3. the third country authority has initiated a third country procedures in relation to the third-country institution or of its intention having regard to set the resolution authority to initiate such a procedure.

(2) the processing authority processing measures shall take in a EU - branch office in Austria, so she has to take into account the objectives of the settlement and to proceed in accordance with the principles laid down in article 53, as well as the requirements referred to in paragraphs 54 to 57 on the application of management instruments, as far as these principles or conditions for the exercise of the corresponding processing power are relevant.

8. part

Penal provisions and other measures

Penal provisions

152. (1) if



1 it was responsible (§ 9 VStG) an institution that is not part of a group, fails, up to by the FMA in accordance with article 4, paragraph 1 Z 2 each time redevelopment plans referred to in article 8, paragraph 1 to create, or to continue in accordance with § 11 or update;

2. it was responsible (§ 9 VStG) an EU parent company fails, up to by the FMA pursuant to § 4 paragraph 1 Z 2 each time Group restructuring plan pursuant to § 15 para 1 to create, or to continue in accordance with § 15 para 1 in conjunction with § 11 or update;

3. as a responsible (§ 9 VStG) a company the FMA pursuant to article 40, paragraph 1 No. 1 of the intention taught, to provide a financial support of groups;

4. it was responsible (§ 9 VStG) an institution or company in accordance with § 1 para 1 Z 2-4, contrary to article 114, paragraph 1 fails to teach that the institution or company in accordance with § 1 para 1 fails Z 2-4 or is threatening to fail; the FMA in

5. it was responsible (§ 9 VStG) an institution fails, the resolution authority or FMA all for the development of management plans provide information required in accordance with article 21, paragraph 1, commits an administrative offence and is up to 5 million euros by the FMA with fine or up to two times of the benefits from the infringement, as far as to put this is to punish.

(2) a person who



1. as a responsible (§ 9 VStG) an institution in a rehabilitation plan makes false information;

2. it was responsible (§ 9 VStG) an institution fails immediately the decision in writing to show the FMA pursuant to § 10 para 4, to take a measure of the reorganisation plan or to refrain from an action of the restructuring plan;

3. it was responsible (§ 9 VStG) an institution fails, the FMA pursuant to section 19 para 2 immediately substantially on the change in acting out the settlement plan of action in writing to display one, which requires a revision or update of the settlement plan, commits an administrative offence and is punished up to 60 000 euro fine from the FMA.

(3) in the event of breach a display obligation according to § 10 section 4 or section 19 para 2, the FMA of the introduction and implementation of administrative penal proceedings has predictably, if not duly reported display was made up before the FMA has become aware of this violation. This also applies to procedures under article 153, paragraph 1 and 2.

Penal provisions concerning legal persons

153. (1) the FMA can monetary penalties against legal entities impose, if people have been either alone or as part of an organ of the legal person and a leading position within the legal person as a result



1. the power of representation of the legal person, 2. the power to make decisions on behalf of the legal person, or 3 a control within the legal person have, in article 152, paragraph 1 Z 1, 2 or 5 or § 152 paragraph 2 have infringed stated obligations, unless the Act constitutes not a criminal offence falling within the jurisdiction of the courts.

(2) legal persons can for violations against the in article 152, paragraph 1 Z 1, 2 or 5 or § 152 paragraph 2 also be blamed stated obligations, where lack of supervision or control by a person referred to in paragraph 1 has made possible the committing of those violations by someone working for the legal person.

(3) the financial penalty in accordance with paragraph 1 or 2 shall be up to 10% of the annual total net revenue referred to in paragraph 4 or up to twice of the benefits drawn from the violation, unless is put can be.


(4) the annual total net turnover in accordance with paragraph 3 is with credit institutions pursuant to section 1 para 1 Banking Act the total amount of all Z 1 to 7 of annex 2 to § 43 BWG stated income minus the expenses therein; the company is a subsidiary, is to turn off on the annual total net turnover which is designated in the preceding financial year in the consolidated accounts of the parent company at the top of the group. Total annual turnover is relevant for other legal entities. As far as the FMA can not determine the basis of the total sales or charge, she has to appreciate this. These are all circumstances into account, which are for the estimation of importance.

(5) the FMA can refrain from punishment of those responsible in accordance with § 9 VStG, if for the same violation an administrative penalty against the legal person is already imposed and no special circumstances exist that preclude a reticle of the punishment.

Extension of the limitation period and enforcement of decisions

§ 154. (1) for administrative offences pursuant to section 152 is VStG instead of the limitation period of § 31 para 1 a limitation period of 18 months.

(2) for the enforcement of a decision under this Federal Act shall take the place of in article 5 par. 3 VVG of provided amount the sum of EUR 30 000.

Publication of law violations and fines

155. (1) can introduce the FMA the name of the natural person, of the Institute, the CRR financial institution, of the EU parent or of other legal entities a violation pursuant to § 152 under leadership of the committed offence, unless such a disclosure does not seriously threaten the stability of financial markets or deals no disproportionate damage to the parties.

(2) legally imposed fines for violations in accordance with the articles 152 and 153 are to make known the FMA together with the identity of the person sanctioned and the details of nature and character of the underlying violation promptly on the Internet.

(3) the notification referred to in paragraph 2 shall be effected on an anonymous basis if a roll-call announcement



1 would be a sanctioned person or 2. would endanger the stability of the financial markets in a Member State or several Member States of the European Union or 3 would endanger the implementation of ongoing criminal investigations or 4 would harm a disproportionate the parties, unless such a find can.

Reasons for anonymous publication in accordance with Z 1 to 4, is however to assume that these reasons are no longer exist in any time soon, so, the FMA may refrain from making an anonymous publication and announce the sanction after elimination of the reasons in accordance with Z 1 to 4 also referred to in paragraph 1.

(4) he may request a review of the legality of the publication referred to in paragraph 1, 2 or 3 in one administrative decision to be procedure by the FMA affected by a publication. The FMA has known in this case to make the initiation of such proceedings in the same way. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. If you allocated suspensive effect to a complaint against an administrative decision, which was made known in accordance with paragraph 1, 2 or 3, in judicial proceedings as the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website.

(5) a disclosure pursuant to paragraph 2 or 3 not on the basis of a decision in accordance with paragraph 4 is to revoke or to remove the website, it is to maintain for at least five years. While the publication of personal data so long is not however only so long to keep, one of the criteria referred to in para 3 Z 1 to 4 would be met.

Messages to the EBA

§ 156. The FMA has to log all administrative sanctions for non-compliance in accordance with section 152 of the EBA. Appeal proceedings against one of the FMA was launched imposed sanctions, this fact as well as the outcome of the appeal also to the EBA must be reported.

Other measures

§ 157 injured an Institute or a company pursuant to section 1 para 1 No. 2 to 4 provisions of this Federal Act, the FMA has



1. the institution or company in accordance with § 1 para 1 Z 2-4 under threat of a coercive penalty to apply, to establish the lawful conditions within that period, in regard to the circumstances of the case is reasonable;

2. in the repeat or where wholly or partially to prohibit conducting business the business managers, except that this would be inappropriate according to type and severity of the violation, and the restoration of the lawful condition can be expected again approach in accordance with no. 1; in this case is the first compulsory sentence to understand and the job under threat of a higher penalty of forced to repeat.

Effective sanctioning of breaches of the law

§ 158. As far as adequate in determining the nature of the sanction or action for violations of the provisions of this Federal Act as well as the assessment of the amount of a fine, to take into account in particular the following circumstances:



1. the severity and duration of the infringement;

2. the degree of responsibility of the natural or legal person responsible;

3. the financial strength of the natural or legal person responsible, as for example from the turnover of the legal person responsible or the annual income of the responsible natural person read it themselves;

4. the amount of the profits made by the natural or legal person responsible or prevented, insofar as they can be determined;

5. the losses, incurred third party infringement unless they put can be;

6. the willingness of the natural or legal person responsible for cooperation with the competent authority;

7 previous violations of the natural or legal person responsible, as well as 8 all potential system-relevant effects of the violation.

The provisions of the VStG remain unaffected by this paragraph.

Use of collected fines

section 159. Fines imposed by the FMA in accordance with this Federal Act accruing to the Federal Government.

9 part

Costs, transitional and final provisions

Cost determination

160. (1) the costs of the FMA for its activities under the subject Federal Act are costs of the accounting group 1 (cost of banking supervision) in accordance with article 19, paragraph 1 Z 1 FMABG. Section 69 BWG is to apply mutatis mutandis, with the proviso that 1 institutions and 2. financial holding companies and mixed financial holding companies, unless they are part of a group of credit institutions according to § 30 BWG, are subject to a charge for the allocation of costs. The FMA has to circle around sub invoice for this fee-based banking supervision for this purpose in the accounting group.

(2) the provisions of the advance payments for the year 2015 for the fee of this Federal Act have to be made by June 15, 2015 by the FMA. Due to these stipulations have the fee by way of derogation from article 19, par. 5 in two equal parts until no later than 15 July and 15 October 2015 to make the prescribed amount FMABG.

Transitional provisions

§ 161. (1) to Institute,



1 for which the European Commission upon entry into force of this federal law already has approved a settlement or restructuring plan 107 to 109 TFEU Union legislation and decisions on State aid in accordance with article, and 2. that already are settled at the time of entry into force of this federal law, and 3 not the direct oversight by the ECB in accordance with article 6 paragraph 4 of the Regulation (EU) No. 1024/2013 subject to , is the 2nd part of this Federal Act shall apply, that the contents of the remediation plan only on a reference to the settlement plan to limit and the contents of the execution plan to cover the points listed in paragraph 2 has.

(2) the settlement plan balances referred to in paragraph 1 has, as far as possible with quantifying information to include:



1. basic information about the Institute, but also other information to ensure of the secure identification of the Institute are to be specified in addition to name and address;

2. representation a summary of the main components of the settlement plan with this information to disclose the relevant Institute;

3. representation a summary of the significant changes occurred since submission of the last settlement plan of the Institute;

4. a reference to state aid decisions in accordance with article 107 to 109 TFEU the respective institution;

5.

a presentation of the main points of the settlement or restructuring plan and essential obligations of the Institute, posed the decision on State aid in accordance with article 107 to 109 TFEU, and essential measures which have been used to meet the requirements of the decision on State aid;

6. where appropriate, opinions of the Institute to the settlement plan;

7. where appropriate, options for the application of management measures in accordance with the 3rd, 4th and 5th.  Main piece of the 4th part of the Federal Act;

8. a representation of all major processing obstacles including explanations, if this is necessary and proportionate and the relevant measures, that these obstacles can be eliminated in accordance with the 2nd main piece;

9. an analysis that involves, how, when and under what conditions the Institute may apply for the use of Central-Bank facilities see view of the assets, which is expected to come as collateral eligible;

10 comments to like critical functions and core businesses legally and economically be separated to the extent necessary by other functions could after a failure of the Institute to ensure their continuation;

11. a detailed description of measures which ensures that the information proportionate in accordance with § 21 is up-to-date and always available the management authorities;

12 understanding of critical interdependencies;

13. a description of the options for maintaining access to payment and clearing services and other infrastructure and an evaluation of the transferability of customer positions;

14. a description of the essential processes and systems for the continuation of the business operations of the Institute.

(3) the resolution authority may provide less than the requirements listed in paragraph 2 relating to the settlement plan in the context of its determination pursuant to section 4 of the institutions referred to in paragraph 1.

Mining company

162. (1) the FMA can approve the conditions referred to in paragraph 2 at the request of an institution, the Institute as a mining company operated. On the mining company, section 84 shall apply. The mining company has to comply with the section 84 by the entities to which it is directly or indirectly involved in the majority of voting rights, to work towards.

(2) an approval referred to in paragraph 1 for an institution that operates exclusively the management of assets and liabilities with the aim to ensure an orderly, active and best possible utilization (portfolio breakdown) and has permanently decided this, can be granted if:



1. the Institute no longer on the market, or else face business occurs third, unless because to make the removal of remaining businesses, 2. the Institute for first sentence takes the decision referred to in paragraph 2 established over time no deposits or other repayable funds from the public, 3. has established the Institute procedures adequate to ensure the ongoing information and support by contractors from the remaining business relations and 4 the Institute already before the 31.12.2014 his business after in accordance with a settlement or restructuring plan has led the European Commission after the EU law regulations pursuant to section 107 to 109 TFEU and the regulations implementing was approved by the.

The existence of the requirement according to Z 1-3 is to be confirmed by the bank auditors.

(3) the removal of the portfolio has to be made in accordance with a reduction plan pursuant to § 84. A concession granted under the Banking Act for the operation of banking ends with the entry of the legal force of a decision adopted pursuant to paragraph 1 of the FMA and the Institute continues as a mining company.

(4) the dismantling plan of the mining company is to create pursuant to § 84, para. 6 and approve. The Executive Board has to submit a recovery report on the speed of recovery in comparison to the dismantling plan every year the Supervisory Board and the management authority. The accuracy of the recovery report and compliance with the approved plan of dismantling the removal company must be confirmed by the auditor.

(5) it counts to the task of removal of the portfolio also to provide transition services, which were included in the consolidated financial statements of the Institute at the last balance sheet before submitting or established after that date up to the legal force of the decision referred to in paragraph 1 as subsidiaries to such third parties. Transition services are such services were provided at the time of the legal force of the decision referred to in paragraph 1 on a contract basis and legal obligation to their continuation.

(6) on the mining company and on the reduction unit pursuant to section 2 of the Federal law establishing a reduction unit - GSA, Federal Law Gazette I no. 51/2014, the powers regulated in the 4th part of this federal law and instruments are applicable. § 51 para 1 No. 2 is not applicable GSA on the reduction unit in accordance with article 2.

Linguistic equal treatment

§ 163. As far as this federal law are personal names only in the male form, they relate to women and men in the same way. When applied to certain persons, the respective gender-specific form is to use.

References

§ 164. As far as referenced in this Federal Act other federal laws, which if nothing else is arranged, to apply in their respectively valid version.

Fees and charges

§ 165. Legal transactions necessary for the implementation of this federal law, writings, and official acts are of the framework regulated charges, the Federal Administration fees, as well as in the Court and justice administration fees law - GGG 1984, Federal Law Gazette No. 501/1984, regulated fees the free.

Enforcement

§ 166. With the completion of this federal law is entrusted the Federal Minister for Justice with respect to § 32 para 4, § 59, article 60, § 117, article 118 par. 5 and section 119 of the Federal Minister of finance in agreement with the Federal Minister of Justice and with regard to the other provisions of the Federal Minister of finance regarding the exemption from fees for the GGG in 1984.

Entry into force

section 167. This federal law shall enter into force 1 January 2015.

Annex to section 9

Information that must be included in the recovery plan

The recovery plan shall contain in particular:



1 a summary presentation of the main points of the plan and a summary of the remedial capacity as a whole;

2. a summary presentation of the significant changes that have occurred since the submission of the last reorganization plan at the Institute;

3. a communication and information plan that outlines how the company with any adverse market reactions to deal intends;

4. a range of capital and liquidity measures, which are necessary for the preservation or restoration of viability and the financial situation of the Institute;

5. an estimate of the time frame for the implementation of every single significant aspect of the plan;

6. a detailed description of all possible significant obstacles for effective and timely implementation of the plan, that includes also a consideration of the impact on the rest of the group, the customers and counterparties;

7. a list of critical functions;

8. a detailed description of the procedures for determining the value and marketability of core businesses, operations and assets of the Institute;

9. detailed information on the integration of the remediation planning in the corporate Constitution of the Institute, to the policies and procedures for the approval of the restructuring plan, as well as to the persons who are responsible in the organisation concerned for the preparation and implementation of the plan;

10. a list of rules and measures for the preservation or recovery of own resources of the Institute;

11. a list of the rules and measures that ensure that the Institute in case of an emergency has adequate access to alternative sources of funding, including potential sources of liquidity, an assessment of the available collateral and an assessment of the possibilities of a liquidity transfers between different companies and divisions of the group, to ensure the Institute can continue its business activities and meet its obligations when due

12. a list of regulations and measures to reduce the risks and the proportion of debt financing;

13. a list of rules and measures for the restructuring of liabilities;

14. a list of rules and measures for the restructuring of businesses;

15. a list of the rules and measures that are necessary to maintain access to the financial market infrastructures.

16. a list of the rules and measures to the continuation of the business operation of the Institute, including infrastructure and IT services required are;

17. a list of preparatory measures to facilitate the divestiture of assets or business units within one for the recovery of the financial soundness of reasonable time frame;

18.

a list of other management measures or strategies to restore the financial soundness and the likely financial impact of these measures and strategies;

19. a list of preparatory measures, the Institute has taken or intends to take to facilitate the implementation of the restructuring plan, including the measures for a timely recapitalisation of the Institute;

20. a number of indicators which it is determined when the appropriate measures referred to in the plan can be made.

 

Appendix to article 21

Information that can be requested the resolution authority for the creation and updating of management plans at institutions

The resolution authority institutions may request in particular for the creation and updating of management plans:



1. a detailed description of the organizational structure of the Institute including a list of all juridical persons;

2. information on the direct owners of each entity and the respective percentage of voting and non-voting shares;

3. information about location, State of establishment of and approval any legal entity, as well as to fill the key positions;

4. mapping of critical operations and core business unit of the Institute, including significant assets and liabilities related to these operations and business areas, the respective legal entities;

5. detailed information on the composition of the debt of the Institute and all its entities, and secured at least a breakdown according to type and amount of short-term and long-term debt, unsecured and subordinated liabilities is;

6. details to the enabled account liabilities of the Institute;

7. a list of the procedures that are required to determine the Institute has pledged collateral for whom, in whose possession the pledged collateral is located and in what field of law, the collateral is located;

8. a description of the off-balance sheet positions of the Institute and its legal entities, including allocation to the critical operations and core business;

9 information on the essential hedging of the Institute, including allocation to the respective legal entity;

10 information on the most important or most critical counterparties of the Institute and analysis of the impact of failure of important parts of the counter on the financial situation of the Institute;

11. information to all systems that the Institute a pay - or handles value essential business volume, including allocation to the respective legal entities, critical operations and core business of the Institute;

12 information to all payment, clearing, or settlement systems, where the Institute directly or indirectly is a member, including allocation to the respective legal entities, critical operations and core business of the Institute;

13. a detailed list and description of the most important of the concerned Institute - among other things for the risk management and reporting in the areas of accounting, finance and regulation - used management information systems, including allocation to the respective legal entities, critical operations and core business unit of the Institute;

14. information to the owners of the systems referred to in Z 13, corresponding service level agreements and software, systems or licenses, including allocation to the respective legal entities, critical operations and core business of the Institute;

15 an inventory and mapping of various legal entities and their connections and dependencies between them, for example: a) common or jointly employed staff, facilities and systems;

b) capital, financing or liquidity regulations;

(c) existing or potential credit risks;

d) mutual guarantee agreements, cross insurance agreements, third-party delay clauses (cross-default clauses) and cross-affiliate netting agreements;

(e) risk transfer and arrangements for back-to-back transactions; Service level agreements;

16 information to the competent authority and of the management authority;

17 specifying of the Member of the Executive Board, which is responsible for providing the information required for the preparation of the management plan of the Institute, and, if it is not the same person - for employees that verantwortliche guiding the various legal entities, critical operations and core business;

18. a representation of the rules applicable within the Institute, which ensures that the resolution authority in case of a settlement of all of her required and has information necessary for the application of management instruments and powers;

19 all of the institutions and their legal persons with third agreements, whose Kündigung could be triggered if the authorities decide the application of management instruments, and information about whether the application of management instruments as a result of termination; be affected

20. a description of potential sources of liquidity to support the processing;

21. information on the burden of assets, cash and cash equivalents, off-balance sheet activities, hedging strategies and accounting practices.

 

Appendix to section 27

Aspects that involve the resolution authority in assessing the processing ability of an institution has

In the assessment of the settlement of an institution or a group, the resolution authority has to take into account the following facts.

In connection with the assessment of the processing of a group is assumed when referring to an institution, that this refers to Z 3 or 4 within the group each Institute or any unit as defined in article 1, paragraph 1:



1. to what extent is the Institute able associate core business areas and critical operations with legal entities;

2. to what extent legal and business structures on core business areas and critical operations are coordinated;

3. to what extent there are regulations, which ensures that staff, infrastructure, funding, liquidity and capital to the required extent are present to support the core business areas and critical operations and to maintain;

4. extent to which the service agreements concluded by the Institute in the case of a liquidation of the Institute in fully enforceable are;

5. to what extent the corporate Constitution of the Institute is appropriate to implement the internal policies of the Institute in relation to service quality agreements and ensure compliance;

6. to what extent has the Institute in case of outsourcing critical functions or core business area laying down a procedure for the transmission of services provided in the context of service level agreements to third parties;

7. to what extent are contingency plans and measures that ensure permanent access to payment and settlement systems;

8. whether the management information systems are sufficient to ensure that the resolution authority able is the core business area and the critical operations to collect accurate and complete information so that facilitates a rapid decision making;

9. whether the management information systems in the area are to provide information essential to the effective functioning of the Institute at any time - even under rapidly changing conditions;

10. extent to which the Institute has subjected its management information systems a stress test on the basis of scenarios provided by the resolution authority

11. to what extent the Institute to ensure the continuity of its management information systems can, namely for the concerned Institute as well as in case of a separation of critical operations and core business of the remaining operations and business units – for the new Institute.

12. extent to which the Institute has implemented appropriate procedures to ensure that the resolution authority receives the information necessary for the identification of the depositor and the amount secured by the deposit safety device;

13. If intra-group guarantee agreements: to what extent these guarantees market conditions will be granted, and to what extent the risk management systems in relation to these guarantees are robust;

14. If the Group on back-to-back transaction is involved: to what extent these transactions at market conditions, and to what extent the risk management systems in relation to these transactions are solid;

15. to what extent intra-group guarantees or back-to-back transactions increases the risk of infection within the Group;

16. to what extent the legal structure represents an obstacle to the application of management instruments by the number of legal persons, the complexity of the group tree or the difficulty to align business areas on business units, the Group;

17 how much and what kind are capable of taking into account liabilities of the Institute;

18.

If the rating is on a mixed holding company: to what extent the managing company of the group, which are credit institutions, investment firms or other CRR - financial institutions, negatively impact on the operating not in the financial sector parts of the Group

19. If service level agreements exist and these are as solid;

20. whether third-country authorities required processing instruments have to support management measures of the resolution authority from the Union and the possibilities for co-ordinated action between the Union and third country authorities;

21. If the settlement instruments in view of their availability and the structure of the Institute can be used the management objectives according to;

22. to what extent the group structure allows the resolution authority to handle the entire group or one or more units of the group without substantial direct or indirect effects of the financial system, the market confidence or the economy with the aim, to maximize the value of the group as a whole;

23. with what schemes and funds settlement groups could be facilitated, whose subsidiary companies in various jurisdictions are established;

24. how credible is a corresponding to the objectives of processing usage of processing instruments in view of the potential impact on creditors, counterparties, customers and employees and possible measures by authorities of third countries;

25. to what extent the effect that the execution of the Institute on the financial system and the confidence of the financial markets, may; be adequately assessed

26. to what extent the processing of the Institute of the financial system, the market confidence or the economy; entail a significant direct or indirect effects

27. to what extent the contagion of other institutions or the financial markets can; be reduced through use of processing tools and powers

28. extent to which the handling of the Institute significantly could affect the operation of payment and settlement systems.

Article 3

Amendment of the Banking Act

The Bankwesengesetz - BWG, BGBl. No. 532/1993, as last amended by Federal Law Gazette I no. 59/2014, is amended as follows:

1. in the table of contents of the entry is omitted "section 71a and § 71 b. early intervention".

2. in article 3, paragraph 2, the phrase is "§§ 25, 27a, 39 paragraph 2b Z 7" by the phrase "sections 27a, 39 paragraph 2b Z 7" replaced.

3. in article 3, paragraph 2a is the phrase "§§ 25, 27a, 39 paragraph 2b Z 7" by the phrase "sections 27a, 39 paragraph 2b Z 7" replaced.

4. in article 3, paragraph 4a is the phrase "the articles 22 to 24a, 25, 27a, 39 paragraph 3" is replaced by the phrase "the articles 22 to 24a, 27a, 39 paragraph 3".

5. in section 3, paragraph 7 lit. c is the phrase "article 1, par. 3, §§ 22 to 24a, § 25, § 27a, § 39a, article 57 par. 5, article 74, paragraph 1" by the phrase "article 1, par. 3, §§ 22 to 24a, section 27a, § 39a, article 57 par. 5, article 74, paragraph 1" replaced.

6. in article 9, paragraph 7, the phrase is "sections 25, 27, 31 to 41, 44 paragraph 3 to 6, 60-63, 65 paragraph 3a, 66 to 68, 74-75, 93 paragraph 8 and 8a, 94 and 95 par. 3 and 4" by the phrase "sections 27a, 31 to 41, 44 paragraph 3 to 6, 60 to 63, 65 paragraph 3a, 66 to 68 , 74-75, 93 paragraph 8 and 8a, 94 and 95 par. 3 and 4 "replaced.

7. in article 15, paragraph 1, the phrase is "sections 25, 27, 31 to 41, 44 paragraph 3 to 6, 60-63, 65 paragraph 3a, 66 to 68, 74-75, 93 paragraph 8 and 8a, 94 and 95 par. 3 and 4" by the phrase "sections 27a, 31 to 41, 44 paragraph 3 to 6, 60 to 63, 65 paragraph 3a, 66 to 68 , 74-75, 93 paragraph 8 and 8a, 94 and 95 par. 3 and 4 "replaced.

8 § 22 para 1 No. 3 is omitted.

9 § 27a final part reads:



"The extent of the liquidity reserve shall at the end of the months of March, June, September and December, according to the State of deposits to determine and adjust for the following quarter. Drop the deposits to more than 20 vH below the level of the last relevant calculation basis, the credit institution may require an adjustment to the last day of the next month. Other deposits are overnight funds of payments (deposits), all termination date and time deposits and deposits against issue of."

10 article 30a paragraph 5 reads:

"(5) subject to the paragraph 5a changes in the composition of the members of the banks Association of FMA, enclosing the documents referred to in paragraph 3 of the central organization before performing are in writing. If the conditions referred to in paragraph 1 or if the banks Federation is permanently no longer in a position to comply with the prudential requirements in accordance with paragraph 7, has to determine the FMA decision, that and at what point a credit Institute network no longer exists. The composition of the banks Association and changes thereto are to publish on the Internet page of the central body. With regard to the non-recurrence of the conditions referred to in paragraph 1 or, if the banks Federation is no longer able to meet the regulatory requirements in accordance with paragraph 7, this is the FMA by the Central Organisation in writing."

11. According to article 30a, paragraph 5, the following paragraph 5a is inserted:

"(5a) the withdrawal of a member of the credit institutions Association of credit institutions together must only in accordance with the ordinary periods of notice in accordance with the contractual agreements between the Central Organization and be the associated credit institutions and requires the approval of the FMA; the emerging associated credit institution is eligible within one year prior to the date of the planned withdrawal. The approval is granted if the compliance with the regulatory requirements in accordance with para 7 due to the network of credit institutions is ensured also after the date of withdrawal of the associated credit Institute. The FMA may request the Central Organization, to present all documents within a reasonable period of time, they needed in as part of the approval process as the basis for their decision. Is the Central Organization through an associated institution in accordance with the ordinary periods of notice in accordance with the contractual agreements between the intention of escaping so the Central Organisation in the framework made sure of her no. 575 / 2013 assignments to all appropriate measures, thus complying with the regulatory requirements in accordance with para 7 due to the network of credit institutions at the time of the planned withdrawal without any associated credit institution according to this federal law and the Regulation (EU) is indicated, Central Organization and the associated financial institutions."

12 section 30a para 6 is as follows:

"(6) on the associated credit institutions the provisions of §§ 4 para 3 see Nos. 3 and 4, 5 para 1 Z 5, 10, 16, 23 to 24a, 39a, 39 para 2 and 69 paragraph 3 and section 70 para 4a to 4 d and the parts 2 to 4, and parts 5 to 8 of the Regulation (EU) No. 575 / 2013 no application." The associated credit institutions have to preserve No. 575/2013 in the remaining scope of this federal law and the Regulation (EU) primarily the interests of the banks Association. For the purposes of article 405 paragraph 2 of Regulation (EU) no 575/2013 apply the Central Organization as EEA parent bank and the associated credit institutions as subordinate institutions. Associated credit institutions are exempt from those display and reporting requirements (sections 73 to 75), which serve exclusively the monitoring of these provisions. § 69 para. 3 and the reporting provisions necessary for monitoring this provision in accordance with section 74 on associated institutions that are building societies in accordance with § 1 para 1 BSpG, to apply are contrary to the other provisions of this paragraph."

13 section 30a is paragraph 8:

"(8) for the purposes of full consolidation the Central Organization parent institution and any associated credit institution is each transferring legal entity in accordance with § 92 para 9 of the Federal Act or § 8a section 10 KWG which is responsible in accordance with § 92 para 9 of this Federal Act or § 8a section 10 KWG with his entire fortune on an associated institution, is subject to a single line with the associated credit institution and is limited to its activity on the share management , than to treat Central Institute. This interests in associated credit institutions and transferring entities which are not held by the central organization or associated credit institution are to treat UGB, unless the associated credit institutions directly or indirectly have the majority of the voting shares in the Central Organization as minorities or minority interests referred to in article 259, paragraph 1. Measures referred to in article 1 have to financial market stability Act shall be disregarded in calculating the majority of the voting shares. To be included in consolidated accounts items "Fund for general banking risks", "Subscribed capital", "Capital reserves", "Retained earnings", "Liability reserve", "Retained earnings/deficit" and "untaxed reserves" are UGB added amounts of the respective post all company specified in the first sentence of this paragraph without prejudice to § of the 254."

14 section 30a is paragraph 10:


"(10) the central organization is responsible for the compliance with the provisions of this Federal Act and the Regulation (EU) No. 575/2013 that apply to credit institutions Federation, and has to ensure in particular the solvency and liquidity of the banks Association in the context of this commitment and to monitor on the basis of consolidated financial statements of the central body, as well as the associated credit institutions. The Central Organization has to ensure that the Managing Director of associated banks meet the requirements pursuant to § 4 para 3 No. 6 and the requirements pursuant to § 5 para 1 are Z 6 to 13, and that the credit institutions Federation of banking and banking operations risk and remuneration policies and practices (§ 39 para 2) has administrative, accounting and control procedures for the acquisition, evaluation, control, and monitoring. The necessary instruction rights in accordance with article 10 paragraph 1 lit. c of the Regulation (EU) are no. 575/2013 of the central body by Treaty and statute to justify. Associated credit institutions do not apply 65 para because this instruction rights relative to the central body as a subsidiary for purposes of § 51 para 2, 5 last sentence and 66 AktG. The Central Organisation does not apply because this instruction rights as the parent company of associated banks for purposes of section 66a of the German Stock Corporation Act. However, the right of instruction of the central body can article 70, paragraph 1 or article 84, paragraph 1 German Stock Corporation Act will not oppose. The Managing Director of associated credit institutions, are committed by the Central Organization for the performance of which her after this federal law and the Regulation (EU) No. 575 / 2013 assignments issued directives to be followed immediately. "The Managing Director of the central body are tied in fulfilling of this federal law and the Regulation (EU) No. 575 / 2013 assignments no instructions."

15 in § 57 para. 5, the following sentence is inserted after the third sentence:

"The liability reserve is no reserve within the meaning of § 183 AktG."

16 section 63 para 4 No. 2 is:



"2. the observance of sections 27a and 30-30 c of this federal law;"

17 § 69 paragraph 1 reads:

"(1) for the costs of banking supervision are not costs under the Federal law on the rehabilitation and settlement by banks (BaSAG), is in the accounting group 1 (cost of banking supervision) in accordance with article 19, paragraph 1 Z 1 FMABG a sub accounting group to make." The allocation of these costs within the setting up sub accounting group to the fee-based credit institutions and financial holding companies is paragraph 2 according to be, 3 and 4a. Charged are:



1. credit institutions in accordance with section 1, paragraph 1 with the exception of credit institutions in accordance with article 1, paragraph 1 Z 13, 13a and Z 21;

2. credit institutions in accordance with section 9, paragraph 1, the activities in Austria about a branch exercise;

"3. financial holding companies referred to in article 4 paragraph 1 number 20 of the Regulation (EU) No. 575/2013 and mixed financial holding companies according to § 2 Z 15 FKG, unless they are part of a group of credit institutions according to § 30 BWG."

18 § 69 para 2 first and second sentence reads:

"For every paid pursuant to par. 1 the cost number is first to determine. The cost number fee referred to in paragraph 1 is for Z 1 the minimum capital requirement stated in the notification referred to in article 74, paragraph 1, for the last calendar quarter of the preceding year."

19. in paragraph 69, after paragraph 4, the following paragraph 4a is inserted:

"(4a) Z are by way of derogation from paragraph 2 and 3 financial holding companies and mixed financial holding companies referred to in paragraph 1 to impose 3 1 000 euros."

20. in section 70 para 4 introductory part, the phrase is replaced "the Bank intervention and restructuring Act" by the phrase "the Federal law on the rehabilitation and management of banks".

21 paragraph 70 para 4 b Z 2:



"2. the risks and risk components are not covered by capital buffer in accordance with sections 23 to 23d;"

22. in section 70 para 4c final part is replaced the phrase "§§ 23 to 23 c" by the phrase "§§ 23 to 23d".

23 paragraph 70 para 4 d No. 2:



"2. the regulations, policies and practices in accordance with the articles 39 and 39a or one due to § 39 para 4 Z 7 BWG adopted Regulation;"

24 71 b accounts for section 71a together with heading and paragraph.

25 first sentence reads section 73a:

"The FMA may prescribe after consulting of the Austrian National Bank by regulation, that the ads, submissions, briefings, that finding a knowledge and presenting in accordance with § 9 par. 5, article 10 par. 2, 5 and 6, section 11, paragraph 3 last sentence, § 13 para 3, § 20 para 3, § 28 para 4, § 63 paragraph 1, section 70a para 5, § 73 para 1 Z 1 to 18, par. 1a, paragraph 2" , Para 3, section 4, paragraph 4a and para 5 and section 93a paragraph 8 of this Federal Act, pursuant to section 21 para 1 of the Federal law on the rehabilitation and settlement by banks - BaSAG, BGBl. I no. 98/2014, according to § 2 para 2 of Ward Safety Ordinance, BGBl. No. 650/1993 amended regulation Federal Law Gazette II No. 219/2003 and in accordance with article 143 para. 4, art. 312 para 1 and 3 ", Article 363 para 3, art. 366 para. 5 and art. 396 para 1 of the Regulation (EU) No. 575/2013, exclusively in electronic form to be made and to comply with certain structures, minimum technical requirements and modalities have."

26 paragraph 74 para 4:

"(4) the Austrian National Bank has no. 575 / 2013 Advisory statements to reimburse to the notifications in accordance with article 92, 394 and 415 of the Regulation (EU)."

27 the following paragraph 7 is added to article the 82:

"(7) No. will be opened against the assets of a credit institution or a legal entity pursuant to section 1 of the Federal law on the rehabilitation and settlement by banks - BaSAG, BGBl. 98/2014, a bankruptcy procedure I, it has to continue to provide services or to assist, if by the resolution authority, BaSAG was grant an injunction pursuant to section 61. The trustee is obliged to comply with this arrangement."

27. According to article 95, paragraph 1 the following paragraph 1a is inserted:

"(1a) by way of derogation from paragraph 1 can set the FMA regulation, that lesser measures than those in section 40 paragraph 2 can be applied laid down obligations with respect to the adoption and verifying the identity of the members of the account, if the FMA on the basis of a risk analysis carried out by her to the result, that savings as customers of credit institutions represent a low risk of money laundering and terrorist financing; the FMA has such a regulation to ensure that the smaller measures only subject to an assessment of the credit institution as a low risk of money laundering and financing of terrorism and only in relation to those members of the Sparverein may be applied, whose annual savings amount each not exceed the amount of EUR 1 500."

28. in article 98, paragraph 5 Z 3 BWG is replaced the phrase "Articles 28 and 51 or 52" by the phrase "Articles 28 and 52 or 63".

29 Article 103q Z 11 replaces the phrase 'combined capital buffer requirement in accordance with § 2 Z 45"respectively by the phrase"the sum of these two capital buffer".

30 84 the following paragraph is added to section the 107:

"(84) § 3 para 2, para 2a, 4a para and para 7 lit. c, section 9, paragraph 7, § 15 para 1, § 27a, section 30a, para. 5, 5a, 6, 8 and 10, § 57 para 5, § 63 para 4 Z 2, article 69, paragraph 1, paragraph 2 and paragraph 4a, section 70 para 4, paragraph 4b Z 2, par. 4c and par. 4 No. 2 d, section 73a, section 74 para 4, § 82 par. 7, section 98, para. 5 No. 3 and § 103q Z 11 as amended by Federal Law Gazette I no. 98/2014 apply with 1 January 2015. 71 b, as well as the articles 22 para 1 kick the contents in terms of sections 71a and § Z 3, 71a and heading and 71 b at the end of 31 December 2014 override."

Article 4

Amendment of the financial market Authority Act

The financial market Authority Act - FMABG, Federal Law Gazette I no. 97/2001, as last amended by Federal Law Gazette I no. 59/2014, is amended as follows:

1. in article 2, paragraph 1, the phrase is "hide in the Bank intervention and restructuring Act BGBl. I no. 160/2013" by the phrase "in the Federal law on the rehabilitation and settlement by banks - BaSAG, Federal Law Gazette I no. 98/2014" replaced.

2. § 18 para 1 last sentence reads:

„Die von der Oesterreichischen Nationalbank mitgeteilten direkten Kosten der Bankenaufsicht gemäß § 79 Abs. 4b BWG, soweit sie acht Millionen Euro nicht übersteigen, sowie gemäß § 3 Abs. 5 BaSAG in Verbindung mit § 79 Abs. 4b BWG, soweit sie eine Million Euro nicht übersteigen, und der Versicherungsaufsicht gemäß § 129l VAG, soweit sie 500 000 Euro nicht übersteigen, sind in der Gewinn- und Verlustrechnung der FMA unter den sonstigen betrieblichen Aufwendungen gesondert auszuweisen.“

3. § 19 para 1 sixth sentence reads:

"The cost of banking supervision in accordance with § 79 para 4 supplied by the Austrian National Bank to associate 1B BWG, insofar as they do not exceed eight million euros, and according to § 3 para 5 BaSAG b BWG, insofar as they do not exceed one million euros, is in conjunction with § 79 para 4 the accounting group 1."

4. § 19 para 5 fourth sentence reads:


"For the next FMA financial year are %, of the amount calculated in accordance with the first sentence each to prescribe the paid advance payments amounting to 105; provided by the Austrian National Bank in accordance with § 79 para 4 communicated b BWG and reported separately in the financial statements of the FMA direct costs of banking supervision which or the amount of eight million euros by the Austrian National Bank in accordance with § 3 par. 5 BaSAG in conjunction with § 79 par. 4 communicated b BWG and reported separately in the financial statements of the FMA direct bank supervision costs have reached the amount of one million euro or in accordance with § 129 l VAG communicated to assigned out separately in the financial statements of the FMA and "direct insurance supervision costs have reached the sum of EUR 500 000, is by way of derogation from the first part of the sentence this component equal to the advance payment of 100% to prescribe."

5. Article 19 is added the following paragraph 5 c:

"(5C), the FMA is the Austrian National Bank for the direct costs of their activity for the area of the rehabilitation and settlement of companies according to § 3 para 5 BaSAG in conjunction with section 79 BWG refund contributions to make." The refund posts are on the basis of which each previous fiscal year pursuant to § 3 para 5 in conjunction with § 79 para 4a BWG communicated direct supervision costs calculated for the BaSAG BaSAG and exceeding EUR 1 million. The reimbursement shall be made no later than end of March of the next following fiscal year."

6 27 the following paragraph is added to in section 28:

"(27) I will take no. 98/2014 article 2, paragraph 1, article 18, paragraph 1 and article 19, paragraph 1, 5 and 5 c in the version of Federal Law Gazette 1 January 2015 effect."

Article 5

Amendment of the insolvency procedure

The insolvency regulations, RGBl. No. 337/1914, as last amended by Federal Law Gazette I no. 69/2014, is amended as follows:

1 in § 221 para 2, Z 10 the words "through compensation" be replaced by the words "by completing a recovery plan".

2. in article 226, paragraph 1, the phrase is "within the meaning of article I no. 13 of Directive 93/22/EEC" through the turn "within the meaning of article 4 para 1 No. 21 of 2014/65/EU directive" replaced.

3 in section 230, no. 3 is the phrase "others in section B of the annex of to Directive 93/22/EEC" by the phrase "other financial instruments within the meaning of article 4 para 1 No. 50 lit. (b) of Regulation (EU) No. 575/2013 "replaced.

4. in § 232 is the phrase "of the instruments listed in section B of the annex of to Directive 93/22/EEC" by the phrase "of financial instruments within the meaning of article 4 para 1 No. 50, lit. (b) of Regulation (EU) No. 575/2013 "replaced.

5. § § 233 and 234 and headings are as follows:

"Netting agreements

section 233. Solely by the law, which is crucial for the Treaty on such agreements apply to netting agreements.

Repurchase

Article 234. Only the right that is authoritative for the contract concerning such transactions applies for repurchase."

6. in paragraph 238, the word 'Bankruptcy clearance' is replaced by the words "Settlement of the insolvency proceedings".

7 § 243 para 1 the following sentence is added: "investment firms within the meaning of article 4 subject to the term of the credit Institute para 1 No. 2 of the Regulation (EU) No. 575/2013 and that in another Member State as their home Member State established branch offices."

8. in article 246, paragraph 2 the quote "section 174 paragraph 3' by the quote"section 257 paragraph 3"will be replaced.

9. in paragraph 247, the twist "in the official journal of the European Union" is replaced by the phrase "in the official journal of the European Union".

10 § 272 11 the following paragraph is added:

"(11) §§ 226, 230, 232-234, and 243 in the version of the Federal law on the rehabilitation and management of banks, Federal Law Gazette I no. 98/2014, with 1 January 2015 into force."

Article 6

Amendment of the adoption Act

The takeover Act, Federal Law Gazette I no. 127/1998, as last amended by Federal Law Gazette I no. 190/2013, is amended as follows:

The following sentence is added to § 25 paragraph 2:

"In case a stock acquisition through the application of management instruments, powers or mechanisms in accordance with §§ 48 ff of the Federal law on the rehabilitation and management of banks the Swiss takeover Board may order a mandatory offer; She can pronounce but conditions."

Article 7

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 59/2014, is amended as follows:

1 after the heading to article 79, the following Article 78a is inserted:

'Article 78a. The provisions of article 81 and article 81 are m BWG on investment firms pursuant to article 4 paragraph 1 No. 2 of the Regulation (EU) No. 575/2013 with the proviso to apply that in place of the reference to section 82 para. 2 BWG in § 81 para 2 BWG the reference to section 80, paragraph 2, this Federal Act and in place of the reference to article 9ff of Directive 2013/36/EC § 81 paragraph 3 BWG the reference on article 5 of the directive 2014/65/EC pedal."

19 the following paragraph is added to § 2. 108:

"(19) § 78a in the version of Federal Law Gazette I 98/2014 is no. 1 January 2015 in force."

Article 8

Modification of the alternative investment fund manager law

The alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, as last amended by Federal Law Gazette I no. 70/2014, is amended as follows:

1. in the table of contents is the entry to the sections 32 and 33:



"§ 32. conditions for managing EU AIF and the provision of services by an Austria concession AIFM" "§ 33. conditions for managing EU AIF and the provision of services in Austria by AIFM domiciled in another Member State" 2. § 2 para 1 No. 18 lit. e and f is:



(e) a Member State other than the reference Member State, in which a non-EU AIFM sells shares of an EU AIF;

(f) a Member State other than the reference Member State, in which a non-EU AIFM sells shares of a non-EU AIF, or 3. In article 2, paragraph 1, 18 Z is following lit. g added:



"(g) a Member State, which is not the home Member State and in which an EU AIFM provides the services in accordance with § 4 para 4."

4. the heading before section 32 is as follows:

"Conditions for managing EU AIF and the provision of services by an AIFM authorised in Austria"

5. § 32 para 1 and 2 are:

"(1) an Austria licensed AIFM may either directly or indirectly through a branch"



1 EU AIF manage domiciled in another Member State, provided that the concession entitles the AIFM to manage these types of AIF, or 2. in another Member State provide services in accordance with § 4 para 4, provided that the concession entitles the AIFM to.

(2) an AIFM, which intends first to provide activities or services referred to in paragraph 1, has to inform the FMA and to provide the following information:



"1. the Member State in which it intends to manage EU AIF directly or through a branch or provide services pursuant to § 4 para 4, 2. a business plan, from which in particular stating what services he to provide or which EU AIF it intends to manage."

6. the heading before section 33 is as follows:

"Conditions for managing EU AIF and the provision of services in Austria by AIFM domiciled in another Member State"

7 paragraph 33 section 1:

"(1) an in another Member State-approved EU AIFM can either directly or indirectly through a branch in Austria"



Manage 1 EU AIF unless the EU AIFM to manage this kind of EU-AIF shall be entitled, or pursuant to article 6 par. 4 of 2011/61/EU directive provide services 2, unless an authorisation has been granted the AIFM for."

8. the introductory part of article 33, paragraph 2 reads:

"The inclusion of activities or services referred to in paragraph 1 in Austria as well as the establishment of a branch by a EU AIFM is allowed"

9 the following paragraph 4 is added to § the 74:

"(4) the table of contents to sections 32 and 33, § 2 para 1 Z 18, the headings before sections 32 and 33, § 32 para 1 and 2 and article 33, paragraph 1 and 2 in the version of Federal Law Gazette I no. 98/2014 with 3rd July 2015 into force."

Article 9

Amend the stability levy Act

The stability levy Act, Federal Law Gazette I no. 111/2010, as last amended by Federal Law Gazette I no. 40/2014 is amended as follows:

1. in article 10, par. 2 is the phrase after the word "is" "the Federal Minister or" inserted.

Article 10

Amendment of the rating agency enforcement Act

The rating agency enforcement Act, Federal Law Gazette I no. 68/2010, last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1. in article 1, paragraph 1, the phrase is "in the version of Regulation (EU) No. 513/2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (OJ" No. L 145 of 31.5.2011, p. 30) "by the phrase" as amended by the Regulation (EU) No. 462/2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (OJ "" No. L 146 of the 31.5.2013, p. 1) "replaced."

2. third set is § 2:


"In the context of their supervisory activities as competent or sectoral competent authority she has in particular their role with regard to excessive recourse to ratings by financial institutions in accordance with article 5a and the guidelines under article 21 of the EC regulation to take into account."

3. in article 3, paragraph 1, third sentence is the phrase "according to the referred to in article 4 paragraph 1 of the EC Regulation European acts" by the phrase "para 1 lit under the sectoral legislation in accordance with article 3. q of the EC regulation"replaced.

4. paragraph 5:

"(1) whoever was responsible (§ 9 VStG) a user of ratings within the meaning of article 3 par. 1 lit." PA-pi of the EC regulation



1. violates article 4 paragraph 1 first subparagraph of the EC regulation uses ratings or 8 c of the EC regulation 2. contrary to article ratings in order, commits an administrative offence and is to punish up to 100 000 euro fine by the FMA.

(2) whoever was responsible (§ 9 VStG) a user of ratings within the meaning of article 3 par. 1 lit. PA-pi of the EC regulation



"1. contrary to article 4 second subparagraph of the EC Regulation his duty, 2. contrary to article 8b of the EC regulation of its obligation to publish information about structured financial instruments or 3. contrary to article 8 d para 1 second sentence of EC regulation of its documentation requirements without delay does not comply with paragraph 1 commits an administrative offence and is to punish up to 30 000 euro fine by the FMA.

5. According to article 11, paragraph 2, the following paragraph 3 shall beadded:

"(3) § 1 para 1, § 2 third sentence, § 3 para 1 third sentence and article 5 as amended by Federal Law Gazette I no. 98/2014 into force on January 1, 2015."

Article 11

Repeal of the Bank intervention and restructuring Act

HIDE the Bank intervention and restructuring Act, Federal Law Gazette I no. 160/2013, occurs at the end of 31 December 2014 override.

Fischer

Faymann