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...

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98. Federal Act, which enacted the Federal Act on the Reorganisation and Resolution of Banks, by which the Banking Act, the Financial Market Supervisory Authority Act, the Insolvency Code, the Takeover Act, the Securities Supervision Act 2007, the Alternative investment fund manager law, the rating agency law enforcement act and the stability tax law are amended as well as the bank intervention and restructuring law is repealed

The National Council has decided:

table of contents

Article 1

Implementation Notice

Article 2

Federal Law on the Recovery and Resolution of Banks

Article 3

Amendment of the Banking Act

Article 4

Amendment of the Financial Market Supervisory Authority Act

Article 5

Amendment of the Insolvency Code

Article 6

Amendment of the Takeover Act

Article 7

Amendment of the Securities and Markets Act 2007

Article 8

Change of Alternative Investment Fund Manager Act

Article 9

Amendment of the "Ratingagenturenvolltraction Act"

Article 10

Amendment of the Stability Procurement Act

Article 11

Repeal of the Banking Intervention and Restructuring Act

Article 1

Implementation Notice

With this federal law,

1.

Directive 2014 /59/EU establishing a framework for the reorganisation and settlement of credit institutions and investment firms and amending 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/EU, as well as Regulations (EU) No 1093/2010 and (EU) No 648/2012, OJ L 206, 22.7.2012, p. No. OJ L 173, 12.6.2014, p. 190, and

2.

Article 92 of Directive 2014 /65/EU on markets in financial instruments and amending Directives 2002/92/EC and 2011 /61/EU, OJ L 327, 30.11.2014, p. No. OJ L 173, 12.6.2014 p. 349,

.

Article 2

Federal law on the reorganisation and settlement of banks (Sanation and Settlement Act-BaSAG)

table of contents

Type/Clause

Object/Label

Part 1
General provisions

§ 1.

Subject matter and scope

§ 2.

Definitions

§ 3.

The resolution authority and the relevant ministry

Part 2
Preparation

1. Main item
Rehabilitation and settlement planning

Section 1
General provisions

§ 4.

Definition of the plan contents

§ 5.

Revocation of simplified requirements

§ 6.

Facilitation for members of credit institutions-allies and institutional security systems

§ 7.

Mandatory planning of the members of credit institutions-allies and institutional security systems

Section 2
Refurbelling planning

§ 8.

Remedial Plan

§ 9.

Content of the refurbelling plan

§ 10.

Indicators of the recovery plan

§ 11.

Update of the refurbelling plan

§ 12.

Assessment of the refurbelling plan

§ 13.

Improvement of the refurbelling plan

§ 14.

Procedure for the elimination of a defect or potential obstacle

§ 15.

Group Recovery Plan

§ 16.

Contents of the group recovery plan

§ 17.

Evaluation of the group recovery plan by means of a joint decision when the FMA is a consolidating supervisor

§ 18.

Evaluation of the group recovery plan by means of a joint decision if the FMA is not a consolidating supervisor

Section 3
Resolution planning

§ 19.

Settlement Plan

§ 20.

Content of the settlement plan

§ 21.

Participation in the creation of settlement plans

§ 22.

Group fulfillment plan

§ 23.

Content of the group fulfillment plan

§ 24.

Process when creating group fulfillment plans

§ 25.

Procedures for group settlement plans if the resolution authority is the competent authority for the group winding

§ 26.

Procedures for group settlement plans if the resolution authority is not the group responsible for the group winding

2. Main piece
Fulfillment capability

§ 27.

Evaluation of the settlement capacity of institutions

§ 28.

evaluation of the settlement capacity of groups,

§ 29.

Powers to dismantlement and remove obstacles to settlement capacity

§ 30.

Powers to reduce and remove obstacles to the settlement capacity of groups, if the resolution authority is the competent authority for the group winding up

§ 31.

Powers to reduce and remove obstacles to the settlement capacity of groups, if the resolution authority is not the competent authority for the group winding up

3. Main piece
Intra-group financial support

§ 32.

Intra-group financial support agreement

§ 33.

Admissibility and content of an agreement on intra-group financial assistance

§ 34.

Review procedures concerning the proposed agreement on intra-group financial assistance if the FMA is a consolidating supervisor

§ 35.

Review procedures concerning the proposed agreement on intra-group financial assistance if the FMA is not a consolidating supervisor

§ 36.

Shareholders ' consent to the proposed agreement

§ 37.

Forwarding to resolution authorities

§ 38.

Conditions for granting intra-group financial support

§ 39.

Decision on the granting of financial assistance

§ 40.

Indication of the intended grant of intra-group financial assistance

§ 41.

Decision of the Supervisory Authority on the granting of intra-group financial assistance by a company based in Austria

§ 42.

Participation of the FMA in the decision to grant intra-group financial assistance by a company established in another Member State

§ 43.

Disclosure requirements

Part 3
Early intervention

§ 44.

Early intervention measures

§ 45.

Dismise of members of the Executive Board, the Supervisory Board and the senior management

§ 46.

Preliminary liquidator

§ 47.

Coordination of the early intervention powers and the appointment of a provisional administrator for groups

Part 4
Fulfillment

1. Main item
Objectives, conditions and general principles

§ 48.

Resolution Targets

§ 49.

Requirements for a settlement

§ 50.

Arrangement of resolution measures

§ 51.

Failure of an Institute

§ 52.

Settlement requirements in relation to CRR financial institutions and holding companies

§ 53.

General principles for a settlement

2. Main piece
Severity

§ 54.

General provisions

§ 55.

Evaluation criteria and documents

§ 56.

The purpose of the evaluation

§ 57.

Preliminary and final evaluation

3. Main piece
Resolution powers

§ 58.

General powers

§ 59.

Interruption of judicial proceedings in civil matters and suspension of a decision of a civil court

§ 60.

Party Change

§ 61.

Provision of services and facilities

§ 62.

Powers relating to assets held in third countries, rights, liabilities, shares or other property rights

§ 63.

Exclusion of certain contractual conditions in the event of early intervention and settlement

§ 64.

Power to suspend payment or delivery obligations

§ 65.

Power to restrict security rights

§ 66.

Power to temporarily suspend dismissal rights

§ 67.

Control failover

§ 68.

Fulfillment Manager

§ 69.

Conversion into a joint stock company

4. Main piece
Instrument for the participation of holders of relevant capital instruments

§ 70.

Obligation to write down and convert

§ 71.

Conditions for the participation of holders of relevant capital instruments

§ 72.

Determination of the conditions for the application of the instrument for the depreciation and conversion of relevant capital instruments in groups

§ 73.

Implementation of the depreciation and conversion of relevant capital instruments

5. Main piece
Resolution Instruments

Section 1
General

§ 74.

General principles

Section 2
The instrument of the sale of the company

§ 75.

Application of the instrument of the sale of the company

§ 76.

Other legal effects of the instrument of the sale of undertakings

§ 77.

Procedural rules for the instrument of the sale of undertakings

Section 3
Instrument of the Bridge Institute

§ 78.

Application of the instrument of the Bridge Institute

§ 79.

The bridge institute

§ 80.

Operation of the bridge institution

§ 81.

Other provisions for the Bridge Institute

Section 4
Instrument for the allocation of assets

§ 82.

Application of the instrument of the allocation of assets

§ 83.

The degradation unit

§ 84.

Operation of the mining unit

Section 5
Instrument of creditor participation

§ 85.

Application of the instrument of creditor participation

§ 86.

Liabilities eligible for consideration

§ 87.

Compensation contributions of the resolution financing mechanism

§ 88.

Assessment of the amount of creditor participation

§ 89.

Treatment of shareholders

§ 90.

Sequence of depreciation and conversion (loss-bearing cascade)

§ 91.

Application of the instrument of creditor participation to liabilities of derivatives

§ 92.

Conversion rate

§ 93.

Creation, approval and implementation of a reorganization plan

§ 94.

Reorganization Plan Requests

6.
Other provisions

§ 95.

More effective

§ 96.

Revocation of admission to trading

§ 97.

Admission to trading of newly issued securities

§ 98.

Contractual recognition in third countries

§ 99.

Application of instruments of the FinStaG

Section 7
Minimum amount of own resources and liabilities to be taken into account

§ 100.

Minimum amount of own funds and liabilities to be taken into account on a separate institution basis

§ 101.

Minimum amount of own resources and liabilities to be taken into account on a consolidated basis

§ 102.

Minimum amount of own resources and eligible liabilities for subsidiaries on a single basis

§ 103.

Disregard of the minimum amount of own resources and liabilities to be taken into account

§ 104.

Compliance with the minimum amount by means of contractual instruments

§ 105.

Verification of compliance with the minimum amount

6. Main piece
Protective provisions

§ 106.

Treatment of shareholders and creditors in the case of partial transfers and application of the instrument of creditors ' participation

§ 107.

Evaluation of different treatment

§ 108.

Protection provisions for shareholders and creditors

§ 109.

Protective provisions for counterparties in the case of partial transfers of assets

§ 110.

Protection of agreements on financial collateral arrangements, accounting and settlement agreements

§ 111.

Protection of safeguards

§ 112.

Protection of structured resolution financing mechanisms and covered debt securities

§ 113.

Partial transfers: protection of trading, clearing and settlement systems

7. Main piece
Procedure

§ 114.

Participation obligations

§ 115.

Decision preparation of the resolution authority

§ 116.

Procedure before the resolution authority

§ 117.

Inapplicability of social legislation

§ 118.

Appeal procedure

§ 119.

Restrictions on insolvency proceedings and other procedures

8. Main piece
Secrecy and information exchange

§ 120.

Secrecy

§ 121.

Permitted information exchange

§ 122.

Exchange of confidential information with third country authorities

Part 5
Resolution financing mechanism

§ 123.

Establishment of a resolution financing mechanism

§ 124.

Use of the resolution financing mechanism

§ 125.

Target endowment of the resolution financing mechanism

§ 126.

Achievement of the target equipment

§ 127.

Extraordinary retrospection of contributions

§ 128.

Alternative financing options

§ 129.

Borrowing under resolution financing mechanisms

§ 130.

Mutual support of national resolution financing mechanisms for group development

Section 131.

Rank of deposits in the insolvency ranking

§ 132.

Use of Deposit Guarantee Schemes as part of a settlement

Part 6
Cross-border group development

Section 1
Cross-border decision-making and information; resolution collegies

§ 133.

General principles governing the decision to take part in more than one Member State

§ 134.

Resolution Collegies

§ 135.

Members of the Resolution Collegium

§ 136.

Organization of the resolution collegium

§ 137.

European Resolution Collegies

§ 138.

Exchange of information between authorities

Section 2
Group development in connection with a subsidiary of the Group

§ 139.

Transfer of information on settlement requirements

§ 140.

If the resolution authority is not the group responsible for the group management

§ 141.

Procedure if the resolution authority is the competent authority for group management

Section 142.

Group Fulfillment Concept

§ 143.

Implementation of the measures without delay

Section 3
Group development in relation to an EU parent company

§ 144.

If the resolution authority is not the group responsible for the group management

§ 145.

Procedure if the resolution authority is the competent authority for group management

§ 146.

Implementation of the measures without delay

Part 7
Relations with third countries

§ 147.

Agreements with third countries

§ 148.

Cooperation with third country authorities

Section 149.

Recognition and enforcement of the settlement procedures of third countries

§ 150.

Refusal of recognition or enforcement of the settlement procedures of third countries

§ 151.

Handling of EU branches

8. Part
Penal provisions and other measures

§ 152.

Criminal provisions

§ 153.

Criminal provisions relating to legal persons

§ 154.

Extension of the limitation period and the enforcement of foes

§ 155.

Publication of legal violations and fines

§ 156.

Notifications to the EBA

§ 157.

Other measures

§ 158.

Effective sanction of legal violations

§ 159.

Use of collected fines

Part 9
Costs, transitional and final provisions

§ 160.

Cost Determination

Section 161.

Transitional provisions

§ 162.

Degradation Society

§ 163.

Linguistic equality

§ 164.

References

§ 165.

Fees and charges

§ 166.

Enforcement

§ 167.

entry into force

Annex to § 9

Information that must be included in the recovery plan

Annex to § 21

Information which the resolution authority may request for the preparation and continuation of settlement plans at the institutions

Annex to § 27

Aspects to be included in the resolution authority's assessment of the settlement capacity of an institution

Part 1

General provisions

Subject matter and scope

§ 1. (1) This federal law shall be used for the reorganization and settlement of the following companies:

1.

institutions;

2.

CRR-financial institutions which are subsidiaries of a CRR credit institution or a CRR investment firm or a company according to Z 3 or 4 and are included in the supervision of the parent undertaking on a consolidated basis in accordance with Articles 6 to 17 of the Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 646/2012 of the European Parliament and of the Council, OJ L 136, 31.5.2012, p. No. OJ L 176, 27.6.2013 p.1;

3.

financial holding companies, mixed financial holding companies and mixed holding companies;

4.

parent financial holding companies in one Member State, EU parent financial holding companies, mixed parent financial holding companies in a Member State, mixed EU parent financial holding companies;

5.

Branches of institutions established outside the Union, in accordance with the special conditions laid down in this Law.

This federal law is to be applied to legal entities pursuant to Z 2 to 4 only if it is a group of credit institutions pursuant to Section 30 of the Banking Act-BWG, BGBl. No 532/1993.

(2) In the application of this Federal Act, the resolution authority and the FMA, in accordance with the principle of proportionality, have to take into account the following characteristics of a company pursuant to paragraph 1:

1.

the nature of its business activities,

2.

its shareholding structure,

3.

its legal form,

4.

its risk profile,

5.

its size and legal status,

6.

its interdependence with other institutions or the financial system in general,

7.

the scope and complexity of its activities,

8.

its membership in an institute-related security system fulfilling the requirements of Art. 113 (7) of Regulation (EU) No 575/2013 or in other common systems of mutual solidarity pursuant to Art. 113 (6) of the Regulation (EU) No 575/2013 and

9.

whether it provides investment services or investment activities in accordance with Article 4 (1) (2) of Directive 2014 /65/EU.

Definitions

§ 2. For the purposes of this Federal Act, the following definitions shall apply:

1.

Processing: Application of a settlement instrument to achieve one or more settlement targets in accordance with § 48 (2);

2.

CRR credit institutions: credit institutions as defined in Article 4 (1) (1) of Regulation (EU) No 575/2013, with the exception of the undertakings referred to in Article 2 (5) of Directive 2013/36 on access to the activities of credit institutions and the supervision of credit institutions Credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC of the European Parliament and of the Council, OJ L 136, 31.5.2006, p. No. OJ L 176, 27.6.2013 p. 338;

3.

CRR-Investment firms: investment firms according to Article 4 (1) (2) of Regulation (EU) No 575/2013, which are listed in Section 3 (6) (6) (3) of the Securities and Markets Act 2007-WAG 2007, BGBl. I No 60/2007, which are subject to initial capital requirements;

4.

CRR-Financial institution: a financial institution in accordance with Article 4 (1) (26) of Regulation (EU) No 575/2013;

5.

Subsidiary: a subsidiary undertaking in accordance with Article 4 (1) (16) of Regulation (EU) No 575/2013;

6.

Parent undertaking: a parent undertaking in accordance with Article 4 (1) (15) (lit). a of Regulation (EU) No 575/2013;

7.

Consolidated basis: the basis of the consolidated situation in accordance with Article 4 (1) (47) of Regulation (EU) No 575/2013;

8.

Institute-related security system: a regulation which meets the requirements of Art. 113 (7) of Regulation (EU) No 575/2013;

9.

Financial holding company: a financial holding company in accordance with Article 4 (1) (20) of Regulation (EU) No 575/2013;

10.

Mixed financial holding company: a mixed financial holding company in accordance with Article 4 (1) (21) of Regulation (EU) No 575/2013;

11.

mixed holding company: a mixed holding company pursuant to Art. 4 (1) (22) of 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 (1) (30) of Regulation (EU) No 575/2013;

13.

EU parent financial holding company: an EU parent financial holding company in accordance with Art. 4 (1) (31) of Regulation (EU) 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 (1) (32) of Regulation (EU) No 575/2013;

15.

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

16.

Settlement objectives: the settlement objectives referred to in Article 48 (2);

17.

Branch: a branch in accordance with Article 4 (1) (17) of Regulation (EU) No 575/2013;

18.

Resolution authority: the authority designated in accordance with Article 3 (1);

19.

Settlement instrument: one of the resolution instruments referred to in Article 74 (2);

20.

Power of settlement: one of the powers referred to in Articles 58 to 69;

21.

competent authority: a competent authority in accordance with Article 4 (1) (40) of Regulation (EU) No 575/2013 and the European Central Bank in the exercise of its responsibilities under Regulation (EU) No 1024/2013 for the purpose of transferring special tasks with the supervision of credit institutions to the European Central Bank of the Council, OJ L 327, 28.4. No. OJ L 287, 29.10.2013 p. 63, assigned special tasks;

22.

Ministries responsible for finance: the Ministries of Finance or other Ministries of the Member States, which are responsible for economic, financial and budgetary decisions at national level, depending on the national responsibilities of the Ministries of Economic Affairs, Finance and Finance, and which, pursuant to Art. 3 Article 4 (5) of Directive 2014 /59/EU;

23.

Institute: a CRR credit institution (Z 2) or a CRR investment firm (Z 3);

24.

Management body: managing body according to § 2 Z 1a BWG;

25.

Head of business: Head of business according to § 2 Z 1 BWG;

26.

Supervisory Board: Supervisory Board or a supervisory body otherwise competent by law or by statute;

27.

higher management: the higher management according to § 2 Z 1b BWG;

28.

group: a parent undertaking and its subsidiaries;

29.

Cross-border group: a group of which individual undertakings are established in more than one Member State;

30.

extraordinary financial support from public funds: State aid in accordance with Article 107 (1) TFEU-or other public financial support at supranational level, which, if carried out at national level , as a State aid measure, which is intended to maintain or restore the viability, liquidity or solvency of an institution or undertaking in accordance with Article 1 (1) (2) to (4) or of a group which the institution or the undertaking , is granted;

31.

Emergency liquidity assistance: the provision of central bank money by a central bank or the granting of any other assistance which may result in an increase in central bank money, for a solvent institution or a CRR financial institution, or a group of solvated institutions or CRR financial institutions with temporary liquidity problems, with this operation not being carried out in the course of monetary policy;

32.

Systemic crisis: a disruption of the financial system, which has potentially serious disadvantages for the internal market and the real economy, potentially to a certain extent by all types of financial intermediaries, markets and infrastructure be of systemic importance;

33.

group undertaking: a legal person who is part of a group;

34.

Restructuring plan: a refurbelling plan drawn up by an institution in accordance with § § 8 and 9;

35.

Group recovery plan: a group training plan drawn up in accordance with sections 15 and 16 of the group;

36.

important branch: a branch which, in accordance with Article 51 (1) of Directive 2013 /36/EU, would be regarded as significant in a host Member State;

37.

critical functions: activities, services or transactions, the cessation of which is based on the size, market share, external and internal linkages, the complexity or the cross-border activities of an institution or a In one or more Member States, the group is likely to interrupt the services essential to the real economy or to a disruption of financial stability, in particular with regard to the substitutability of such services. activities, services or business;

38.

Core business units: business units and related services, which represent key sources of revenue, profits or franchise value for an institution or group to which an institution belongs;

39.

Consolidating supervisor: a consolidating supervisor in accordance with Article 4 (1) (41) of Regulation (EU) No 575/2013;

40.

Own resources: own resources according to Article 4 (1) (118) of Regulation (EU) No 575/2013.

41.

Conditions for settlement: the conditions set out in Articles 49 and 52;

42.

Settlement measure: the decision on the settlement of an institution or undertaking in accordance with § 1 (1) (2) (2) to (4) in accordance with § 49 or § 52, the application of a settlement instrument or the exercise of one or more resolution powers;

43.

Settlement plan: a settlement plan drawn up in accordance with § § 19 and 20 for an institute;

44.

Group winding:

a)

Either resolution measures at the level of a parent undertaking or an institution subject to supervision on a consolidated basis,

b)

or the coordination of the application of resolution instruments and the exercise of resolution powers by resolution authorities with regard to companies of a group that meet the conditions for settlement;

45.

Group settlement plan: a plan for group development, drawn up in accordance with § § 22 to 26;

46.

Competent authority for group management: the resolution authority in the Member State in which the consolidating supervisor is located. Where the consolidating supervisor is the ECB, the authority responsible for the management of the group shall be the resolution authority in the Member State in which the consolidating supervisor shall be without the application of Regulation (EU) No 1024/2013 would be located;

47.

Group resolution concept: a plan drawn up for the purposes of group management in accordance with Section 142;

48.

Resolution collegium: a collegiate body established in accordance with section 134, which shall carry out the tasks referred to in paragraph 134;

49.

Debt instruments pursuant to Article 58 (1) (7) and (10): borrowings and other forms of transferable debt instruments, instruments with which a debt is justified or recognised, and instruments which establish a claim to the acquisition of debt instruments;

50.

Parent institution in a Member State: a parent institution in a Member State in accordance with Article 4 (1) (28) of Regulation (EU) No 575/2013;

51.

EU parent institute: an EU parent institute in accordance with Article 4 (1) (29) of Regulation (EU) No 575/2013;

52.

Own resources requirements: the requirements laid down in Articles 92 to 98 of Regulation (EU) No 575/2013;

53.

Colleges of supervisors: a colleges of supervisors in accordance with Art. 116 of Directive 2013 /36/EU or in accordance with Section 77b of the BWG;

54.

The Union's legal framework for State aid: the legal framework established by Articles 107, 108 and 109 of the TFEU and by all Union acts adopted pursuant to Article 108 (4) or Article 109 TFEU, including guidelines, communications and announcements, shall be specified;

55.

Instrument for the allocation of assets: the mechanism for the execution of a transfer of assets, rights or liabilities of an institution in liquidation pursuant to Articles 82 and 83 by the resolution authority to a Degradation unit;

56.

Unit of degradation: a capital company complying with the requirements laid down in Article 83 (1);

57.

the instrument of creditor participation: the mechanism for the exercise of the rewriting and conversion powers in accordance with Section 85 by a resolution authority in respect of liabilities of an institution located in liquidation;

58.

Instrument for the sale of undertakings: the mechanism for carrying out a transfer of the shares issued by an institution in liquidate or other title of ownership or of the assets, rights or liabilities of an institution in liquidation, an acquirer who is not a bridge institute, in accordance with § 75 of the resolution authority;

59.

Bridge Institute: a legal person who satisfies the requirements laid down in section 78 (3);

60.

Instrument of the Bridge Institute: the mechanism for the transfer of shares or other title deeds issued by an institution in liquidate, or of assets, rights or liabilities of an institution in question. Establishment of an institute according to § 78 on a bridge institute;

61.

Ownership: shares, other instruments for the transfer of property rights, instruments which can be converted into shares or title deeds, or which establish a right to acquire shares or other title deeds, and instruments, which constitute a legal entitlement to shares or other title deeds;

62.

Shareholders: shareholders or holders of other title deeds;

63.

Powers of transfer: the powers, shares, other title, debt, assets, rights or liabilities referred to in Article 58 (1) (3) or (4), whether or not in combination, by an institution in liquidate to transfer a receiving legal entity;

64.

central counterparty: a central counterparty pursuant to Article 2 (1) of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories of the European Parliament and of the Council, OJ L 139, 30.4.2012, p. No. OJ L 201, 27.7.2012 p. 1;

65.

Derivative: a derivative according to Art. 2 (5) of Regulation (EU) No 648/2012;

66.

Powers of dewrite and conversion: the powers referred to in Article 70 (1) and section 58 (1) (5) to (10);

67.

collateralised liabilities: liabilities for which a security has been ordered, in particular if, in the event of insolvency proceedings, a right of debiting or debiting can be asserted, in particular liabilities arising from: covered bonds, such as mortgage Pfandbriefe according to the mortgage banking law-HypBG, dRGBl. S 375/1899, fundated bank bonds under the law of 27 December 1905, concerning sound bank debt securities-FBSchVG, RGBl. No. 213/1905, and Pfandbriefe according to the Pfandbrief Act-PfandbriefG, dRGBl. I S 492/1927, including derivative transactions covered by these Federal laws, in so far as the liabilities are at least secured or covered by the value of the security provided for this purpose;

68.

Instruments of hard core capital: capital instruments which fulfil the conditions laid down in Article 28 (1) to (4), Article 29 (1) to (5) or Article 31 (1) of Regulation (EU) No 575/2013;

69.

Instruments of the additional core capital: instruments of capital which fulfil the conditions laid down in Article 52 (1) of Regulation (EU) No 575/2013;

70.

the aggregated amount: the aggregated amount which the resolution authority is based on in the decision that the liabilities to be taken into account are to be written or converted in accordance with section 88 (1);

71.

liabilities to be taken into account: the liabilities and other capital instruments as such of the hard core capital, the additional core capital or the supplementary capital of an institution or company in accordance with § 1 (1) (1) (2) to (1) (2) to 4, which are not excluded from the scope of the instrument of creditor participation on the basis of Section 86 (2);

72.

Deposit-guarantee institution: a Deposit Guarantee Facility, which is provided by a Member State in accordance with Article 4 of Directive 2014 /49/EU on Deposit Guarantee Schemes of the European Parliament and of the Council, OJ L 327, 31.12.2014, p. No. 149, has been introduced and officially recognised;

73.

Instruments of supplementary capital: capital instruments or subordinated loans, which fulfil the conditions laid down in Article 63 of Regulation (EU) No 575/2013;

74.

relevant capital instruments: for the purposes of Part 4, Main Section 5, Section 5, and Part 4, Main Section 4, Instruments of additional core capital and supplementary capital;

75.

Conversion rate: the factor determining the number of shares or other title deeds into which a liability of a specific category, by reference either to a single instrument of that category or to a particular entity, the value of a debt;

76.

concerned creditor: a creditor whose claim relates to a liability which is reduced or in proportion by the exercise of the rewriting or conversion powers in the course of the use of the instrument of creditor participation or other title deeds;

77.

concerned proprietor: a holder of title deeds whose title of title has been deleted by exercising the power referred to in Article 58 (1) (8) (8) (8);

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, to which the creditor participation instrument is applied;

79.

-the legal entity: the legal entity, on the shares, other title, debt, assets, rights or liabilities-also in any combination-transferred to an institution in liquidate;

80.

Business day: every day except Saturdays, Sundays and public holidays in the Member State concerned;

81.

Right of termination: the right to terminate a contract, the right to early due date, termination, offsetting or settlement of liabilities, or a similar provision that allows or causes an obligation of a the contracting party shall be suspended, amended or replaced, or a provision which may no longer result in a contractual obligation which is normally arising;

82.

Institute: 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, a mixed holding company, a parent holding company in a Member State, a the EU parent holding company, a mixed parent financial holding company in a Member State or a mixed EU parent financial holding company, in respect of the or a settlement measure;

83.

EU subsidiary: an institution established in a Member State and a subsidiary of a third country institute or a third country undertaking;

84.

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

85.

Third country institute: a company whose head office is located in a third country and would be covered by the definition of the "Institute" if it were established in the Union.

86.

Third country butter undertakings: a parent undertaking, a parent financial holding company, or a mixed parent financial holding company established in a third country;

87.

Third country settlement procedure: a measure under the law of a third country for the handling of the failure of a third country institute or a third country undertaking which has its objectives and expected results with those in the third country Federal law is comparable to settlement measures;

88.

EU branch: a branch of a third country institute located in a Member State;

89.

Third country authority: a third country authority performing functions comparable to those perceived by resolution authorities or competent authorities on the basis of this federal law;

90.

Group resolution financing mechanism: the resolution financing mechanism of the Member State in which the competent authority for group management is located;

91.

Back-to-back transaction: a transaction between a company of a group for the purpose of the full or partial transfer of the risks arising from a different transaction between one of those companies and a third party;

92.

group-internal guarantee: a contract by which a company of one group takes over a guarantee for the fulfilment of the obligations of another company of the group vis-à-vis a third party;

93.

secured deposits: secured deposits pursuant to Art. 2 (1) (5) of Directive 2014 /49/EU;

94.

Eligible deposits: eligible deposits pursuant to Article 2 (1) (4) of Directive 2014 /49/EU;

95.

Covered debt: an instrument pursuant to Article 52 (4) of Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) of the European Parliament and the Council, No. L 302 of 17.11 .2009 p. 32;

96.

Financial collateral in the form of transfer of ownership: financial collateral in the form of full legal transfer pursuant to § 3 (1) Z 2 of the Financial Security-Law-FinSG, BGBl. I No 117/2003;

97.

An agreement: an agreement whereby a number of claims or obligations may be converted into a single net claim, including close-out-netting agreements, in which one (same as and where defined) Enforcement event shall prematurely or terminate the obligations of the parties, and be converted into a single net claim or replaced by such. This also includes the offsetting as a result of termination in accordance with § 3 paragraph 1 Z 14 lit. a FinSG and the offsetting according to § 12 of the Finality Act, BGBl. I No 123/1999;

98.

' settlement agreement ' means an agreement whereby two or more claims or obligations may be charged between the institution in liquidate and a counterparty;

99.

Financial contracts: the following contracts and agreements:

a)

securities contracts, including

aa)

contracts for the sale, sale or purchase of a security, a group of securities or a securities index;

bb)

options on a security, a group of securities or an investment index;

cc)

a repurchase or reverse repurchase transaction with such a security, a group of securities or such an index of securities;

b)

Commodity contracts, including

aa)

contracts for the purchase, sale or gluing of a product, a group of goods or a commodity index for the purpose of future delivery,

bb)

Options for a commodity, a group of goods or a commodity index,

cc)

of a repurchase or reverse repurchase business with such a product, a group of goods or a commodity index;

c)

Futures and forwards contracts, including contracts (other than contractions), relating to the purchase, sale or transfer of a product or other good, service, right or proportion to a specified price at a future date,

d)

Swap arrangements, which include in particular:

aa)

interest rate swaps and options, Kassa or other foreign exchange agreements, currencies, a share index or share, a debt index, or a debt, commodity indices or goods, weather, emissions or inflation,

bb)

Total income, credit spread or credit swaps,

cc)

Agreements or transactions that are one of the sublit. aa or bb are similar and are widely used in the swap or derivatives markets;

e)

credit agreements concluded between banks with a duration of three months or less;

f)

Framework agreements for the under the lit. a to e mentioned contracts or agreements;

100.

Crisis prevention measure: the exercise of powers to eliminate inadequacies or obstacles to the ability to restructure, in accordance with Article 14 (2) and (3), the exercise of powers to dismantuse or to eliminate Obstacles to settlement capability in accordance with § 29 or § 30 and 31, the use of early intervention measures in accordance with § 44, the appointment of a provisional administrator pursuant to § 46 or the exercise of the rewriting or conversion powers in accordance with § 70;

101.

Crisis management measure: a settlement measure or the appointment of a liquidate manager in accordance with § 68 or a person pursuant to § 93 (2) or § 68 (1);

102.

Rehabilitation capacity: the capacity of an institution to restore its financial stability after a significant deterioration in its financial situation;

103.

Depositors: an depositor in accordance with Article 2 (1) (6) of Directive 2014 /49/EU;

104.

Investor: an investor pursuant to Article 1 (4) of Directive 97 /9/EC on systems for the compensation of investors of the European Parliament and of the Council, OJ L 124, 20.4.1997, p. No. OJ L 84, 26.3.1997, p. 22;

105.

Designated national macro-prudential authority: the authority responsible for carrying out the macro-prudential policy in accordance with Recommendation B No 1 of the recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of the national authorities (ESRB/2011/ 3);

106.

Micro-enterprises and small and medium-sized enterprises: micro-enterprises and small and medium-sized enterprises as defined by the annual turnover criterion in accordance with Article 2 (1) of the Annex to Recommendation 2003 /361/EC of the European Commission on the definition of micro-enterprises and small and medium-sized enterprises (SMEs); OJ L 327 No. OJ L 124, 20.5.2003 p. 36;

107.

Regulated market: a regulated market according to § 1 Z 8 WAG 2007;

108.

EBA: the European Banking 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 No 716 /2009/EC 2009 /78/EC of the Commission of the European Parliament and of the Council, OJ L 136, 31.4.2009 No. OJ L 331, 15.12.2010 p.12.

The resolution authority and the relevant ministry

§ 3. (1) The FMA is the settlement authority for Austria for the purposes of this federal law. To the extent that the FMA is granted administrative tasks, powers and obligations by this federal law, it shall carry out these tasks in compliance with the conditions laid down in paragraphs 3 and 4 and shall be deemed to have been subject to the provisions of this Federal Act as "Resolution Authority".

(2) The Federal Ministry of Finance is the responsible Ministry for Austria pursuant to Art. 3 (5) of Directive 2014 /59/EU.

(3) The FMA has to form a separate organizational unit within its organisational structure for the performance of its tasks as a resolution authority according to paragraph 1. Within the framework of its organization, the FMA has to ensure that this organizational unit can act operationally entirely independently of all other organizational units of the FMA and does not have any conflicts of interest between the Settlement activity and the other activities of the FMA as defined in FMABG may occur. The head of the organizational unit responsible for the settlement activity is to be directly subordinate to the Executive Board of the FMA within the framework of the organization of the organization and is only subject to the Board of Management. The FMA has to ensure that employees of the organizational unit entrusted with the settlement activity do not perform functions or tasks in the context of other activities of the FMA as defined in the FMABG.

(4) The FMA shall ensure that the organisational unit responsible for the settlement activity and the organisational units carrying out the other activities of the FMA established in FMABG are involved in the preparation, planning and application of the FMA Co-operate closely with one another. The Oesterreichische Nationalbank (Oesterreichische Nationalbank) has to enable the resolution authority to access the common database provided for in Article 79 (3) of the Federal Elections Act (BWG). Furthermore, the Oesterreichische Nationalbank (Oesterreichische Nationalbank) has to provide the resolution authority with all analysis results and information from its ongoing single-bank analysis in accordance with Section 79 (4a) of the BWG.

(5) The FMA, the Resolution Authority and the Oesterreichische Nationalbank shall cooperate closely in order to carry out their respective duties effectively in accordance with the provisions of this Federal Act. § 79 BWG is to be applied with the proviso that the tasks of the Oesterreichische Nationalbank for the purposes of this federal law governing the area of the reorganization and settlement of companies according to § 1 § § 54 to 79, 81 to 83, 85 to 92, 95 to 98, 114 to 131 and 152 to 159 of this Federal Act are excluded. The resolution authority may, in exceptional cases, also allow bank auditors, accountants, accounting firms and other experts to carry out all the necessary examinations, opinions and analyses; the issuing of information by: the resolution authority shall be permitted to the office of the resolution authority, insofar as it is appropriate for the performance of the contract.

(6) The resolution authority shall inform the Federal Minister of Finance of any decisions it has taken. In the case of decisions relating to direct fiscal effects or systemic effects, the resolution authority shall seek the approval of the Federal Minister of Finance before the decision is carried out.

(7) In the case of all decisions taken by the FMA or the resolution authority in accordance with this Federal Act, the potential effects of the decision shall be in all Member States in which the relevant institution or group is active, , and take care to ensure that the negative effects on financial stability and the negative economic and social consequences in the Member States are kept as low as possible.

(8) The resolution authority has to inform the EBA that it has been designated as a resolution authority in Austria in accordance with Article 3 (1) of Directive 2014 /59/EU. This communication shall also contain a description of the functions and responsibilities exercised by the resolution authority.

(9) By way of derogation from Section 3 (1) of the Impeachment Act-AHG, BGBl. N ° 20/1949, only a refund may be sought by FMA bodies and staff, including the staff of the Resolution Authority, and by institutions and servants of the Oesterreichische Nationalbank, who carry out tasks under this Federal Act if they have deliberately committed the infringement.

(10) The FMA has the duties, powers and obligations conferred on it as the competent authority in accordance with § 2 Z 21 in each case with this federal law only to the extent to which the exercise of the powers and obligations under the provisions of the Regulation (EU) No 1024/2013 does not apply. of the European Central Bank.

(11) The FMA and the resolution authority shall cooperate with the EBA for the purposes of this Federal Act in accordance with Regulation (EU) No 1093/2010. In particular, pursuant to Article 35 of Regulation (EU) No 1093/2010, the FMA and the EBA shall make available to the EBA all the information necessary for the performance of its tasks.

(12) The FMA has, in the enforcement of the provisions of this Federal Law, including the authorisation and enforcement of the national regulations adopted on these bases, the European convergence of the supervisory instruments and Prudential procedures shall be taken into account. To this end, the FMA has to participate in the activities of the EBA, to cooperate with the ESRB, to apply the guidelines and recommendations and other measures adopted by the EBA, and to the measures adopted by the ESRB in accordance with Article 16 of Regulation (EU) No 1092/2010 on the financial supervision of the European Union at the macro level and the establishment of a European Systemic Risk Board, OJ L 327, 28.12.2010, p. No. 1., to comply with warnings and recommendations. The FMA may derogate from these guidelines and recommendations, provided there are legitimate reasons for this, in particular contradiction to federal regulations.

Part 2

Preparation

1. Main item

Rehabilitation and settlement planning

Section 1

General provisions

Definition of the plan contents

§ 4. (1) The FMA has, with regard to recovery plans and the resolution authority, to determine, with regard to settlement plans, the following:

1.

the content and level of detail of the recovery and settlement plans to be drawn up;

2.

the date on which the first recovery and settlement plans are to be drawn up and the frequency of updating those plans, which may be less than those provided for in Article 11 (1), Article 19 (2) and Article 22 (2);

3.

the content and level of detail of the information to be provided by the institutions pursuant to § 9 (4), § 21 and § 22, as well as pursuant to § 9 and annex to § 21 of the information to be submitted by the institutions; and

4.

The level of detail for the assessment of the settlement capacity in accordance with § § 27 and 28 as well as according to annex to § 27.

When determining the planning content, the FMA and the resolution authority have to take care of the criteria in accordance with § 1 paragraph 2.

(2) The FMA and the resolution authority shall take account of the following in the determination referred to in paragraph 1:

1.

the effects of the failure of an institution on the basis of the nature of its business activities, its shareholding structure, its legal form, its risk profile, its size and its legal status, its links with other institutions, or the financial system, the extent and complexity of its activities, its membership in an institute-related security system, in accordance with Article 113 (7) of Regulation (EU) No 575/2013 or other common systems of mutual Solidarity pursuant to Art. 113 (6) of Regulation (EU) No 575/2013 and the provision of the provision of investment services or the exercise of investment activities in accordance with Article 4 (1) (2) of Directive 2014 /65/EU; and

2.

whether the failure and subsequent recovery by bankruptcy would probably have a significant adverse impact on the financial markets, on other institutions, on refinancing conditions or on the economy as a whole.

(3) The FMA and the resolution authority shall obtain an expert statement from the National Bank of Oesterreichische Nationalbank (Oesterreichische Nationalbank) in the determination referred to in paragraphs 1 and 2. For the purposes of the determination referred to in paragraphs 1 and 2 and the resolution authority, the FMA may adopt a regulation for the purposes of the definition in accordance with paragraph 1 (1) (3) and (2), provided that such provisions are made for a large number of institutions.

(4) The FMA and the resolution authority shall inform the EBA as to how they apply para. 1 and 2 as well as the § § 6 and 7 to the institutions in their territory.

Revocation of simplified requirements

§ 5. (1) If the FMA or the resolution authority has specified simplified requirements concerning the plan contents in accordance with Article 4 (1), they may revoke these requirements at any time and set unrestricted requirements which the institutions shall submit within a appropriate period of time.

(2) The FMA and the resolution authority must ensure that the simplified requirements relating to the plan contents defined in accordance with Section 4 (1) of this Act are subject to their powers, in accordance with this federal law, crisis prevention or crisis management measures. shall not be affected.

Facilitation for members of credit institutions-allies and institutional security systems

§ 6. (1) On institutions which are assigned to a central organisation in accordance with Article 10 of Regulation (EU) No 575/2013 and are wholly or partly exempt from compliance with prudential requirements on a single institute basis, the Do not apply the requirements of the second and third sections. The requirements of the second and third sections shall be complied with by the central organisation on the basis of the consolidated overall situation of the central organisation and the institutions assigned to it in accordance with Article 10 of Regulation (EU) No 575/2013. The second and third sections shall apply with the proviso that the term "group" shall also include a central organisation which includes its associated institutions in accordance with Article 10 of Regulation (EU) No 575/2013 and its subsidiaries, and the terms "parent undertaking", "EU parent undertaking" or "supervision on a consolidated basis in accordance with Article 111 of Directive 2013 /36/EU" shall also include the central organisation.

(2) The requirements of the second section shall not be applied to institutions belonging to an institution-related security system. The requirements of the second section must be complied with by the central institute of the institute-related security system, with the involvement of those institutes that belong to the institute-related security system. The second section shall apply with the proviso that the term "group" shall also include a central institution comprising institutions participating in the Institute-related security system and its subsidiaries, and the terms "parent undertaking", "EU parent companies" or "supervision on a consolidated basis in accordance with Article 111 of Directive 2013 /36/EU" shall also include the Central Institute.

(3) However, the FMA may, at any time, apply to institutions, even if the conditions set out in paragraph 1 or 2 are met, the establishment of its own recovery plans in accordance with the second section, and may at any time the resolution authority for such institutions Create fulfillment plans in accordance with the third section.

Mandatory planning of the members of credit institutions-allies and institutional security systems

§ 7. (1) By way of derogation from Article 6 (1), institutions which are assigned to a central organisation in accordance with Article 10 of Regulation (EU) No 575/2013 shall draw up their own recovery plans in accordance with the second section and shall be subject to their own resolution plans in accordance with the third section, if:

1.

directly supervised by the European Central Bank in accordance with Article 6 (4) of Regulation (EU) No 1024/2013, or

2.

have a sizeable share of the Austrian financial system.

(2) By way of derogation from Section 6 (2), institutions belonging to an institute-related protection system shall draw up their own recovery plans in accordance with the second section if they

1.

directly supervised by the European Central Bank in accordance with Article 6 (4) of Regulation (EU) No 1024/2013, or

2.

have a sizeable share of the Austrian financial system.

(3) For the purposes of (1) and (2), a significant proportion of an institution shall be considered to be in the financial system if the institution fulfils one of the following conditions:

1.

The total value of the Institute's assets is more than 30 billion. Euro; or

2.

the ratio of the total assets of the Institute to the gross domestic product of Austria exceeds 20 vH, and the total value of these assets is not less than EUR 5 billion. Euro.

Section 2

Refurbelling planning

Remedial Plan

§ 8. (1) Each institution located in the country, which is not part of a group subject to supervision on a consolidated basis in accordance with Articles 111 and 112 of Directive 2013 /36/EU, has to draw up and update a recovery plan.

(2) The recovery plan shall specify the measures to be taken by the Institute to restore financial stability if a significant deterioration in the financial position of the Institute occurs.

(3) The recovery plan must not be based on the possibility of access to exceptional financial support from public funds or from the receipt of such support. However, it is necessary to analyse in the recovery plan, where appropriate, how and when the Institute can apply for the use of central bank facilities under the conditions set out in the plan. For this purpose, assets likely to serve as collateral are identified.

(4) The Managing Directors have to notify the Supervisory Board of the restructuring plan before it is transmitted to the FMA.

Content of the refurbelling plan

§ 9. (1) The recovery plan shall contain appropriate conditions and procedures in order to allow reorganisation measures to be carried out in good time and a wide range of remediation options available.

(2) The recovery plan shall take into account various scenarios of considerable macroeconomic and financial burden with respect to the specific conditions of the institution. This includes system-wide events and on certain legal entities or groups limited load scenarios.

(3) The recovery plan shall also cover measures which the Institute could take if the conditions for early intervention in accordance with Section 44 are met.

(4) Without prejudice to the provisions of the first section, the recovery plan shall contain, in particular, the information contained in the Appendix to § 9. The FMA can provide the institute with the inclusion of additional information. In addition, the FMA may apply to the Institute to keep detailed records of financial contracts in which the Institute is a party to the Institute.

Indicators of the recovery plan

§ 10. (1) All recovery plans in accordance with this section shall contain a framework of indicators established by the Institute, which shall specify the threshold values from which the appropriate measures referred to in the plan may be taken. These indicators shall be examined by the FMA in the context of the evaluation in accordance with § 12 or § § 17 and 18, if necessary in cooperation with the other competent authorities.

(2) The indicators may be of a qualitative or quantitative nature. They must relate to the financial situation and the risk-bearing capacity of the Institute and must be easily monitored. The Institute shall have the appropriate procedures to monitor the indicators on a regular basis.

(3) Institutes may take measures of the remediation plan even if the requirements of the respective indicators are not met if the directors of the Institute consider this appropriate in the specific circumstances. Similarly, when the requirements of the relevant indicators are met, institutions may depart from the adoption of the measures provided for in the recovery plan, if the heads of the Institute are responsible for the implementation of these measures in the light of the concrete measures taken by the institution. circumstances may be inappropriate.

(4) The Institute shall immediately notify the FMA in writing of a decision to take a measure of the recovery plan or to refrain from any measure of the remediation plan.

Update of the refurbelling plan

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

(2) The recovery plan shall be updated immediately and submitted to the FMA after a change in the legal or organisational structure of the institution, its business activities or its financial position has taken place, if the change could have a significant impact on the recovery plan.

Assessment of the refurbelling plan

§ 12. (1) An institution which is obliged to draw up a refurbelling plan pursuant to § 8 or § 15 shall submit it to the FMA. In doing so, the Institute of FMA has to demonstrate that the criteria set out in paragraphs 2 (2) (1) to (3) of the Sanation Plan are met.

(2) The FMA shall examine the recovery plan within six months of the date of submission and after consulting the competent authorities of those Member States in which major branches of the institution concerned by the recovery plan are concerned , to assess whether

1.

the requirements laid down in § § 8, 9 and 11 are met,

2.

the application of the proposed arrangements, taking into account the preparatory actions taken or planned by the Institute, are most likely to be capable of survivability and the financial situation of the Institute, or to maintain or restore the group of institutions; and

3.

the plan and the specific rehabilitation options in the plan are most likely to be implemented quickly and effectively in financial stressful situations, while avoiding any significant negative effects as far as possible Impact on the financial system, including in scenarios that would give other institutions the opportunity to carry out refurbelling plans in the same period.

(3) When considering the appropriateness of the restructuring plan, the FMA must take into account whether the capital and financing structure of the Institute is proportionate to the complexity of its organisational structure and its risk profile.

(4) The FMA shall forward the Sanation Plan to the Resolution Authority. The resolution authority may examine the recovery plan in order to identify measures in the recovery plan that may have a negative impact on the institution's ability to settle, and to make recommendations to the FMA in this regard.

Improvement of the refurbelling plan

§ 13. (1) The FMA has the Institute or the EU parent company of the group to improve the recovery plan, if the examination of the recovery plan shows that it has significant shortcomings or that there are significant obstacles to the implementation of the recovery plan. to be asked. Section 13 (3) of the General Administrative Procedure Act-AVG, BGBl. No 51/1991, it is appropriate to apply it. In the case of an improvement order, the FMA has to inform the Institute which parts of the restructuring plan are defective.

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

(3) Prior to the grant of an improvement order, the FMA shall give the institution or the EU parent company the opportunity to comment on the preliminary evaluation result.

Procedure for the elimination of a defect or potential obstacle

§ 14. (1) If the examination of the improved recovery plan shows that defects or potential obstacles have not been adequately remedied, the FMA may apply to the Institute to make certain changes in the plan.

(2) The FMA shall apply to the Institute, within a reasonable time frame, to identify and make changes to its business activities in order to remedy shortcomings or potential obstacles to the implementation of the recovery plan;

1.

if the institution does not comply with an improvement order in accordance with § 13 in due time, or

2.

if the FMA has concluded, in the examination of the improved recovery plan, that the deficiencies or potential impediments indicated in accordance with § 13 (1) have not been adequately removed, and these have not been adequately addressed by a statement pursuant to paragraph 1 should be removed.

(3) Where an institution does not implement an order in accordance with paragraph 2 within the time limit applied, or if the FMA considers that the deficiencies or potential obstacles with the measures proposed by the Institute are not in place in , the FMA may apply to the Institute to take measures which, taking into account the seriousness of the inadequacies and obstacles and the impact of the measures on the business of the institution, may be taken into account. Institute considered necessary and proportionate. Without prejudice to Section 70 (4a) to 4c of the Federal Elections Act (BWG), the FMA may apply the following measures to the Institute:

1.

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

2.

the possibility of timely recapitalisation measures;

3.

the review of its strategy and its organisational structure;

4.

the change of the institution's refinancing strategy so as to enhance the resilience of core business areas and critical functions;

5.

the change of company constitution of the institute.

The arrangement of these measures shall be taken with a decision. In the explanatory statement of the decision, the proportionality of the measures ordered shall be explained in particular.

Group Recovery Plan

§ 15. (1) EU parent companies based in Germany, which are subject to the consolidated supervision of the FMA, have to draw up a group restructuring plan and submit them to the FMA. § 11 shall apply. The heads of the EU parent company are responsible for the preparation of the group restructuring plan; the supervisory board of the EU parent company has to examine and approve the group restructuring plan before the EU parent company makes it to the FMA is transmitted.

(2) The group recovery plan shall consist of a recovery plan for the whole group under the leadership of the EU parent company. They shall include measures which may be necessary at the level of the EU parent undertaking and each subsidiary undertaking.

(3) The FMA as a consolidating supervisor shall forward the group recovery plan to the following authorities if the confidentiality requirements according to § § 120 to 122 are guaranteed:

1.

the relevant competent authorities in accordance with Articles 115 and 116 of Directive 2013 /36/EU;

2.

the competent authorities of the Member States in which major branches are located, to the extent that these branches are affected by the group recovery plan;

3.

the resolution authority;

4.

the liquidation authorities of the subsidiaries.

Contents of the group recovery plan

§ 16. (1) The group recovery plan shall indicate the measures to be taken in the event of a burden

1.

the stabilization of the group as a whole or of an institute of the group can be achieved,

2.

the causes of the deterioration of the financial situation can be eliminated, and

3.

a healthy financial position of the group as a whole or of an institute of the group can be restored.

At the same time, the financial situation of other companies in the Group shall be taken into account in the preparation of the Group Fishing Plan.

(2) The grouping plan shall provide for arrangements to ensure the coordination and consistency of the measures taken at the level of the EU parent undertaking, at the level of the undertakings referred to in Article 1 (1), (3) and (4), at the level of the subsidiaries and at the level of major branch offices.

(3) The group recovery plan and the recovery plans drawn up for individual subsidiaries within the group shall comply with the requirements for a recovery plan in accordance with § § 8 and 9 as well as, where appropriate, regulations for a intra-group financial assistance provided for in the form of an agreement on intra-group financial assistance in accordance with the third main item.

Evaluation of the group recovery plan by means of a joint decision when the FMA is a consolidating supervisor

§ 17. (1) The FMA as a consolidating supervisor has to examine and assess the group recovery plan together with the competent authorities of the subsidiaries in accordance with paragraph 2. In the context of the evaluation of the group recovery plan, it is necessary to act in accordance with § § 12 to 16 and the potential effects of the remediation measures on financial stability in all Member States in which the group operates are to be taken into account. consideration. In the course of the assessment and evaluation, the competent authorities shall be consulted in accordance with Article 116 of Directive 2013 /36/EU and the competent authorities of the major branches concerned by the group's recovery plan.

(2) The FMA as a consolidating supervisor shall endeavour to make a joint decision with the competent authorities of the subsidiaries within four months of the transmission of the group recovery plan in accordance with Section 15 (3) of this Directive. on:

1.

the examination and evaluation of the group fishing plan,

2.

the question of whether to draw up a single-base recovery plan for institutions that are part of a group; and

3.

the removal of a defect or potential obstacle to be carried out in accordance with the procedures laid down in § § 13 and 14.

The FMA as a consolidating supervisor may apply to the EBA, and in accordance with Art. 31 lit. (c) to support Regulation (EU) No 1093/2010 in order to bring about a joint decision.

(3) If no joint decision pursuant to paragraph 2 Z 1 or on the measures to be taken by the EU parent company pursuant to Articles 13 and 14 has been taken within four months of the transmission of the group recovery plan pursuant to Article 15 (3), the FMA shall be deemed to have been to decide on these matters on its own, subject to paragraph 4. In this case, the FMA shall take into account in its decision the points of view and reservations expressed by the other competent authorities within the four-month period. The FMA as a consolidating supervisor shall notify its decision to the EU parent company and to the other competent authorities.

(4) Where, within four months of the submission of the grouping plan, one of the competent authorities referred to in paragraph 2 has the EBA, in accordance with Article 19 of Regulation (EU) No 1093/2010, with one of those referred to in paragraph 2 (1) (1) or (3) (3) (1), (2) (2), or 4, the FMA, as a consolidating supervisor, shall postpone its decision in accordance with paragraph 3 up to a decision of the EBA. Once a decision has been taken by the EBA, the FMA has to make its decision in accordance with paragraph 3 in accordance with the EBA decision. The four-month period after the transmission of the group training plan in accordance with § 15 (3) shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010 in this procedure. If the EBA does not take a decision within one month after the expiry of this conciliation phase, the FMA shall decide, as a consolidating supervisor, alone in accordance with paragraph 3. After the end of the four-month period after the submission of the grouping plan to the competent authorities in accordance with Section 15 (3) or if a joint decision has been made, the EBA can no longer be able to do so in accordance with Article 19 of Regulation (EU) No 1093/2010 .

(5) The FMA has as final recognition and application of joint decisions pursuant to paragraph 2 or Article 8 (4) of Directive 2014 /59/EU as well as decisions pursuant to Article 8 (5) of Directive 2014 /59/EU.

Evaluation of the group recovery plan by means of a joint decision if the FMA is not a consolidating supervisor

§ 18. (1) In accordance with Art. 116 of Directive 2013 /36/EU, or as the competent authority for a major branch in Austria, the FMA shall act as the competent authority by the consolidating supervisor in a group recovery plan, the to submit an opinion to the consolidating supervisor within four months of the submission of the group-an-action plan.

(2) The FMA shall, as the competent authority of a subsidiary established in Austria, maintain a group recovery plan by the consolidating supervisor, and shall endeavour to do so, within four months of the date of transmission of the A group settlement plan, together with the consolidating supervisor and the competent authorities of the other subsidiaries of the group, shall make a joint decision on:

1.

the examination and evaluation of the group fishing plan,

2.

the question of whether a single-base recovery plan should be drawn up for institutions that are part of a group; and

3.

the removal of a defect or potential obstacle to be carried out in accordance with the procedures laid down in § § 13 and 14.

(3) The FMA, as the competent authority of a subsidiary established in Austria, may apply to the EBA, and in accordance with Art. 31 lit. (c) to support Regulation (EU) No 1093/2010 to bring about a joint decision in accordance with paragraph 2. Similarly, within four months of the submission of the grouping plan or until a joint decision has been made, the FMA may also take the EBA under the conditions laid down in Article 19 of Regulation (EU) No 1093/2010, with one of the items referred to in paragraph 2 (1) (1) or (14) (3) (1), (2) or 4 matters referred to above.

(4) Within four months of the submission of the group recovery plan to the FMA as the competent authority of a subsidiary established in Austria, no joint decision by the competent authorities concerning the issue, whether a recovery plan is to be drawn up on a single basis for institutions subject to the FMA's competence, or whether measures are being taken to remove a lack or potential obstacle at the level of the Austrian authorities shall apply in accordance with Articles 13 and 14 of this Directive, , the FMA has to decide on these matters alone, subject to the provisions of paragraph 5.

(5) If the FMA, acting as the competent authority of a subsidiary established in Austria, or one of the competent authorities concerned in accordance with paragraph 2, has, within four months of the submission of the group recovery plan, the EBA, in accordance with the conditions laid down in of Article 19 of Regulation (EU) No 1093/2010 concerning one of the matters referred to in paragraph 2 (1) (1) or (4) (3) (1), (2) or (4), the FMA, as the competent authority for subsidiaries established in Austria, has adopted its decision in accordance with (4) to return to a decision by the EBA. Once a decision has been taken by the EBA, the FMA has to make its decision in accordance with paragraph 4 in accordance with the EBA decision. The four-month period following the transmission of the group fishing plan to the FMA shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month from the end of this conciliation phase, the FMA shall decide, on its own in accordance with paragraph 4, as the competent authority for subsidiaries established in Austria, and is that decision for the subsidiary undertakings established in Austria.

(6) The FMA may, with other competent authorities with which there is no disagreement in accordance with paragraph 4, take a joint decision on a group recovery plan for the group's undertakings under their jurisdiction.

(7) The FMA has as final recognition and application of joint decisions pursuant to paragraph 2 or 6 and the decision pursuant to Art. 8 (3) and (4) of Directive 2014 /59/EU.

Section 3

Resolution planning

Settlement Plan

§ 19. The resolution authority shall, in respect of each institution established in Austria which is not part of a group subject to supervision on a consolidated basis in accordance with Articles 111 and 112 of Directive 2013 /36/EU, shall be subject, in accordance with the conditions laid down in To create provisions of the first section of a settlement plan. Before drawing up the settlement plan, the resolution authority shall consult the FMA and the resolution authorities of those States in which significant branches of the institution concerned have been affected by the settlement plan. The institutions concerned shall, at the request of the Resolution Authority, participate in the preparation and updating of the settlement plans.

(2) The settlement plan shall be reviewed and, where appropriate, updated at least annually, and shall be subject to substantial changes in the legal or organisational structure of the institution, its business activities or its financial situation, which shall be subject to the following conditions: have a significant impact on the operation of the plan, or could otherwise require the plan to be amended. For this purpose, institutions and the FMA shall immediately notify the resolution authority of any change that requires a revision or update.

The resolution authority shall always forward the settlement plan to the competent authorities in the most up-to-date format.

Content of the settlement plan

§ 20. (1) In the context of the preparation of the settlement plan, the resolution authority shall identify all major settlement obstacles and shall, where necessary and proportionate, explain the relevant measures to which those obstacles shall be subject to: The second main piece can be removed.

(2) Without prejudice to the provisions of the 1. Sections are options for the application of the in the 3., 4, in the resolution plan. and 5. Main part of the 4. To present the resolution instruments and powers provided for by this Federal Act to the respective institute.

(3) Relevant scenarios shall be taken into account in the settlement plan, including cases in which the failure event is of idiosyncratic nature or occurs in times of general financial instability or system-wide events. The settlement plan shall not be deemed to be based on the following measures:

1.

the granting of exceptional financial support from public funds beyond the application of the resolution financing mechanism provided for in Article 123; or

2.

Emergency liquidity assistance of the Central Bank; or

3.

a liquidity assistance provided by the central bank on the basis of non-standard conditions relating to collateral, maturity and interest rates.

(4) In the settlement plan, it shall be analysed how and when an institution can apply for the use of central bank facilities under the conditions set out in the plan, and to identify the assets likely to be used as collateral in Consideration shall be given.

(5) In any event, the settlement plan shall include, as far as possible with quantified information, the following:

1.

A summary of the main elements of the plan;

2.

a summary of the major changes that have occurred within the institute since the last settlement plan was presented;

3.

to specify how critical functions and core business areas could be legally and economically separated from other functions to the required extent in order to ensure their continuation following a failure of the Institute;

4.

an estimate of the time-frame for the implementation of each of the essential aspects of the plan;

5.

a detailed presentation of the assessment of the settlement capacity in accordance with paragraph 1 and section 27;

6.

a description of any measures taken pursuant to § 29 for the removal or removal of obstacles to the settlement capacity, which have been established within the framework of the assessment carried out in accordance with § 27;

7.

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

8.

a detailed description of the arrangements to ensure that the information to be provided in accordance with Article 21 is up-to-date and that the resolution authorities are at all times available;

9.

Explanations of the resolution authority on how to finance the settlement options, and not on the basis of the following:

a)

The granting of exceptional financial support from public funds beyond the application of the resolution financing mechanism provided for in Article 123, or

b)

Emergency liquidity assistance of the Central Bank, or

c)

Liquidity assistance provided by the Central Bank on the basis of non-standard conditions for collateralisation, maturity and interest rates;

10.

a detailed description of the different resolution strategies, which could be applied in the context of the different possible scenarios and time horizons;

11.

explanations of critical interdependencies;

12.

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

13.

an analysis of the impact of the plan for the staff of the Institute, including an assessment of related costs, and a description of the measures envisaged for the introduction of procedures for consultation of the staff during the the process of settlement, taking into account, where appropriate, national systems for dialogue with the social partners;

14.

a plan for communication with the media and the public;

15.

the minimum requirements for the own funds and liabilities to be taken into account in accordance with Article 100 (1) and, where appropriate, a date for the achievement of this level;

16.

where appropriate, the minimum requirements for the own resources and contractual instruments of creditors ' participation required in accordance with Article 100 (1) and, where appropriate, a date for the achievement of this level;

17.

a description of the main processes and systems for continuing the business of the Institute;

18.

where appropriate, opinions of the Institute on the settlement plan.

The information referred to in Z 1 shall be disclosed to the institution concerned.

(6) The resolution authority may require an institution or a company to maintain detailed records of financial contracts, the party of which it is party to, in accordance with Article 1 (1) (1) (2) to (4). The resolution authority may set a time limit within which the institution or the company must be able, in accordance with Article 1 (1) (2) (2) to (4), to present the records; in this connection, all institutions and all undertakings pursuant to Article 1 (1) (1) (2) to (4) shall be in a position to be able 4 to apply the same deadlines. The resolution authority may decide to set different time limits for different types of financial contracts in accordance with § 2 Z 99. This paragraph shall apply without prejudice to the other information rights of the FMA.

Participation in the creation of settlement plans

§ 21. (1) The resolution authority may invite the institutions to participate to the necessary extent in the preparation of resolution plans, and the resolution authority, directly or through the FMA, all to draw up and implement resolution plans. to provide the necessary information. In addition to other information, the resolution authority may request the information and analysis referred to in section 21 above, in addition to other information.

(2) The FMA shall, in cooperation with the resolution authority, examine whether some or all of the information to be provided in accordance with paragraph 1 is already available. To the extent that such information is already available, the FMA has to make it available to the resolution authority.

Group fulfillment plan

§ 22. (1) If the resolution authority is the competent authority for group management, it shall, together with the resolution authorities referred to in Article 24 (2), (2), (3) and (5), have in accordance with the procedure referred to in Articles 24 and 25 of the procedure referred to in the procedure referred to in Consultation of the relevant competent authorities, including the competent authorities of the Member States in which significant branch offices affected by the settlement plan are located, on the basis of the information received in accordance with Article 21, a Create and update group resolution plan. The resolution authority, as the competent authority of the group, may, in the preparation and updating of the group resolution plans, at its discretion and on the condition that it provides the confidentiality requirements of Art. 98 of the Directive 2014 /59/EU to include resolution authorities from third countries in which the group has subsidiaries or financial holding companies or major branches under Article 51 of Directive 2013 /36/EU.

(2) Where the resolution authority is the competent authority for the group winding up, it shall ensure that the group resolution plans are reviewed and, where appropriate, updated at least annually. In addition, an update of the group settlement plan shall also be carried out if a change in the legal or organisational structure, business or financial situation of the entire group or of a single undertaking of the group group, which could have a significant impact on the group settlement plan.

(3) The resolution authority, as the competent authority for the group winding up, shall always forward the group settlement plan to the competent authorities in the most up-to-date form.

Content of the group fulfillment plan

§ 23. (1) Group resolution plans shall have a plan for the management of the group under the leadership of the EU parent undertaking as a whole, either by settlement at the level of the EU parent undertaking or by secession and liquidate of the group. subsidiary, to include. In the group settlement plan, measures are to be drawn up for the settlement

1.

of the EU parent undertaking,

2.

of the subsidiaries belonging to the group and established in the Union,

3.

the undertaking referred to in Article 1 (1) (2) to (4),

4.

of the subsidiaries belonging to the group and established outside the Union, subject to the provisions of Section 122 and of the 7. Part of this federal law.

(2) The group settlement plan shall include the following content:

1.

Settlement measures to be taken with regard to undertakings in a group, both settlement measures relating to the undertakings referred to in Article 1 (1) (1) (2), (3) or (4), to the parent undertaking and to subsidiary institutions, and to coordinated resolution measures with regard to subsidiary institutions within the scenarios provided for in Article 20 (3);

2.

an analysis of the extent to which the resolution instruments are applied in a coordinated manner with respect to Union-based companies in the group and the resolution powers are coordinated in a coordinated manner, inter alia by means of measures to facilitate the The acquisition of the group as a whole, of certain defined business units or activities performed by several companies in the group, or of certain companies of the group by a third party, as well as a list of Possible obstacles to a coordinated settlement;

3.

a presentation of appropriate arrangements for cooperation and coordination with the respective authorities of third countries and the implications for the settlement within the EU, provided that a group of companies in third countries are registered;

4.

a presentation of the measures necessary to facilitate a group-level settlement, provided that the settlement conditions are met, including a legal and economic separation of certain functions, or business units;

5.

a presentation of all the additional measures not listed in this Federal Act and Directive 2014 /59/EU which the group competent authority intends to apply to the management of the group;

6.

Information on the possible financing of the group resolution measures and, where the resolution financing mechanism is required, the principles for the allocation of financial responsibility between sources of finance in several Member States shall not be deemed to be the following in the settlement plan:

a)

the granting of exceptional financial support from public funds beyond the application of the resolution financing mechanism provided for in Article 123;

b)

Emergency liquidity assistance of the Central Bank, or

c)

Liquidity assistance of the Central Bank on the basis of non-standardised conditions relating to collateralisation, maturity and interest rates.

These principles must be based on fair and balanced criteria and, in particular, take account of Article 130 (5) and the impact on financial stability in all the Member States concerned.

(3) The assessment of the Group's ability to settle in accordance with § 28 shall be carried out simultaneously with the preparation and updating of the group settlement plan in accordance with § 22. The group settlement plan shall be accompanied by a detailed description of the assessment of the settlement capacity in accordance with § 28. The group settlement plan shall not have a disproportionate impact on a Member State.

Process when creating group fulfillment plans

§ 24. (1) EU parent companies which have their registered office in Austria shall forward the information requested in accordance with Article 21 to the resolution authority as the competent authority for the group winding up. This information shall be made available with regard to the EU parent undertaking and, where necessary, any company of the Group, including the undertakings referred to in Article 1 (1) (1) (2) to (4).

(2) If the resolution authority is the competent authority for the group winding up, it shall forward the information in accordance with paragraph 1 to the following authorities if the confidentiality requirements are guaranteed in accordance with § § 120 to 122:

1.

the EBA,

2.

the resolution authorities responsible for subsidiaries,

3.

the resolution authorities of the Member States and third countries in which there are significant branches affected by the information referred to in paragraph 1;

4.

the relevant competent authorities in accordance with Articles 115 and 116 of Directive 2013 /36/EU,

5.

the settlement authorities of the Member States in which the undertakings are established in accordance with Article 1 (1) (1) (2) to (4).

The information provided by the resolution authority as the competent authority responsible for the management of the group to the authorities in accordance with Z 2 to 4 shall contain at least all information relating to the subsidiary or to the significant branch of Belang. The information provided to the EBA shall contain all the information relevant to the tasks of the EBA in relation to the group development plans. Where the information on third country subsidiaries is concerned, the resolution authority may, as the competent authority of the group winding up, communicate that information with the consent of the respective supervisory authority, or the resolution authority of the third country.

Procedures for group settlement plans if the resolution authority is the competent authority for the group winding

§ 25. (1) Where the resolution authority is the competent authority for group management, it shall endeavour to use the resolution authorities responsible for the subsidiaries within four months of the transmission of the information in accordance with Article 24 (2), after consulting the relevant competent authorities, including the competent authorities of the Member States in which major branches are located, a joint decision on the adoption of the group settlement plan. The resolution authority and the other competent resolution authorities may, with the EBA, be able to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

(2) Within four months of the date of the transmission of the information pursuant to Article 24 (2) by the resolution authority as the competent authority responsible for the group winding up, no joint decision of the resolution authorities shall be available, the Resolution authority as the competent authority for group management, subject to the procedure referred to in paragraph 3 or 4, to decide solely on the adoption of the group settlement plan. The decision shall be justified and shall have to take account of the positions and reserves of other resolution authorities. The resolution authority as the competent authority for the group winding shall forward this decision to the EU parent undertaking.

(3) If, within four months from the date of transmission of the information pursuant to Article 24 (2) of Regulation (EU) No 1093/2010, one of the resolution authorities has referred the matter to the EBA, the resolution authority shall be deemed to have been responsible for the settlement of the matter. the competent authority responsible for the management of the group shall postpone its decision in accordance with paragraph 2 until a decision is due to be taken by the EBA. Once a decision has been taken by the EBA, the resolution authority shall, as the competent authority of the group winding up, take its decision in accordance with paragraph 2 in accordance with the decision of the EBA. The four-month period after the transmission of the information pursuant to Article 24 (2) applies in this procedure as a conciliation phase pursuant to Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month from the end of this conciliation phase, the resolution authority shall decide on its own pursuant to paragraph 2 as the competent authority responsible for the group winding up.

(4) Where one of the competent resolution authorities considers that the issue of dispute could in any way affect the fiscal responsibilities of the Member State of its own Member State, the EBA shall not be able to comply with the conditions laid down in paragraph 3. . In such a case, the resolution authority shall be the competent authority responsible for the group winding up of a reassessment of the group settlement plan, including the minimum requirements for own funds and liabilities to be taken into account. .

(5) The resolution authority shall be deemed to have definitively recognised and applied joint decisions in accordance with paragraph 1 and decisions pursuant to and Article 13 (6) and (7) of Directive 2014 /59/EU.

Procedures for group settlement plans if the resolution authority is not the group responsible for the group winding

§ 26. (1) In the context of Article 13 (2) of Directive 2014 /59/EU, the FMA is to be considered as a consolidating supervisor or a competent authority for a subsidiary or a subsidiary in Austria prior to the establishment of a group settlement plan. in the case of an important branch of the branch, it has to follow this request.

(2) Where the resolution authority is the resolution authority responsible for a subsidiary established in Austria, it shall endeavour to do so, within four months of the transmission of the information referred to in Article 13 (1) of the Directive 2014 /59/EU, together with the other resolution authorities, to take a joint decision on the adoption of the group settlement plan. The resolution authority and the other competent resolution authorities may, with the EBA, be able to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

The resolution authority may, within four months of the transmission of the information referred to in Article 13 (1) of Directive 2014 /59/EU, to the resolution authority or, until the meeting of a joint decision, the EBA, in accordance with Article 13 (1) of Directive 2014 /59/EU. 19 of Regulation (EU) No 1093/2010 on the matter. This shall not apply where the resolution authority or any of the other resolution authorities concerned consider that the issue of dispute is in any way related to the fiscal responsibilities of the Member State concerned. could impact.

(4) Within four months of the transmission of the information pursuant to Article 13 (1) of Directive 2014 /59/EU to the resolution authority, the resolution authority shall have no joint decision pursuant to paragraph 2, the resolution authority shall, subject to the provisions of of the provisions of paragraph 5 alone and of drawing up and, where appropriate, updating a settlement plan for subsidiaries established in Austria. In this case, the decision of the resolution authority to contain a list of the reasons for the proposed group settlement plan and the reasons expressed by the competent authorities and resolution authorities To take account of the positions and the reserves. The resolution authority shall communicate its decision to the members of the resolution collegium.

(5) Within four months of the transmission of the information referred to in Article 13 (1) of Directive 2014 /59/EU, one of the resolution authorities concerned shall have the EBA, in accordance with Article 19 of Regulation (EU) No 1093/2010 , the resolution authority shall postpone its decision in accordance with paragraph 4 until the EBA is due to take a decision, unless one of the resolution authorities concerned has considered that the issue in question is in dispute with the in any way related to the fiscal responsibilities of their respective Member State. Once a decision has been taken by the EBA, the resolution authority shall take its decision in accordance with paragraph 4 in accordance with the EBA decision. The four-month period after the transmission of the information pursuant to Article 13 (1) of Directive 2014 /59/EU shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month after the expiry of this conciliation phase, the resolution authority shall decide on its own pursuant to paragraph 4. After the expiry of the four-month period after the information has been forwarded in accordance with Article 13 (1) of Directive 2014 /59/EU or if a joint decision has been taken, the EBA may no longer be referred to in Article 19 of Regulation (EU) No 1093/2010. .

The resolution authority may decide, together with other resolution authorities concerned, which do not have a disagreement as set out in paragraph 4 or 5, of a joint decision on a group settlement plan for the undertakings under their jurisdiction. Group meeting.

(7) The resolution authority shall be deemed to have definitively recognised and applied joint decisions pursuant to paragraphs 2 and 6 and decisions pursuant to and Article 13 (5) and (6) of Directive 2014 /59/EU.

2. Main piece

Fulfillment capability

Evaluation of the settlement capacity of institutions

§ 27. The resolution authority shall, after consulting the FMA and the resolution authorities of the Territories, where there are significant branches concerned, assess the extent to which an institution which does not belong to a group is capable of settlement. The evaluation shall not be subject to the granting of a

1.

extraordinary financial support from public funds beyond the application of the resolution financing mechanism provided for in § 123;

2.

Emergency liquidity assistance of the Central Bank, or

3.

Liquidity assistance of the Central Bank on the basis of non-standardised conditions relating to collateral, maturity and interest rates.

An institution shall be deemed to be eligible for resolution if the resolution authority considers it feasible and credible to exploit the institution in the course of a bankruptcy procedure or to use different resolution instruments and powers to use it the financial system of Austria, or of the other Member States, in the case of the widest possible avoidance of significant negative effects, including in the context of general financial instability or system-wide events; or of the Union and in the endeavour to continue certain activities of the Institute critical functions. The resolution authority shall inform the EBA in due time if it considers that an institution is not capable of settlement.

(2) For the purposes of the assessment of the settlement capacity referred to in paragraph 1, the resolution authority shall consider at least the aspects referred to in paragraph 27.

(3) The resolution authority shall carry out the assessment of the settlement capacity referred to in paragraphs 1 and 2 simultaneously with the preparation and updating of the settlement plan in accordance with § § 19 and 20 and for the purposes of the settlement. Section 21 (1) shall apply.

Evaluation of Group Resolution Capability

§ 28. (1) Where the resolution authority is the competent authority for group management, it shall have, together with the resolution authorities of subsidiaries subject to supervision on a consolidated basis, and after consulting the FMA and the , the competent authorities of the subsidiaries and the settlement authorities of the Territories in which there are significant branches concerned shall assess the extent to which their responsibilities are capable of settlement. The evaluation shall not be subject to the granting of a

1.

extraordinary financial support from public funds beyond the application of the resolution financing mechanism provided for in § 123;

2.

Emergency liquidity assistance of the Central Bank, or

3.

Liquidity assistance of the Central Bank on the basis of non-standardised conditions relating to collateral, maturity and interest rates.

A group shall be deemed to be eligible if, from the point of view of the resolution authorities concerned, it is feasible and credible to exploit the undertakings of the Group in the course of a bankruptcy proceedings or to use the undertakings in the group by applying the settlement instruments and powers, while avoiding significant negative effects, including in the context of general financial instability or systemic events, to the financial systems of the Member States in which the undertakings of the group are established, the other Member States or the Union, and in an effort to ensure the continuation of certain critical functions carried out by the undertakings in the group, where they can be easily broken down in good time, or by other measures. The resolution authority, as the authority responsible for the group winding up, has to inform the EBA in good time if it considers that a group is not capable of settlement.

(2) For the purposes of assessing the eligibility of groups, the resolution authority shall, together with the other resolution authorities concerned, review at least the aspects referred to in paragraph 27 above.

(3) The resolution authority shall carry out the assessment of the settlement capacity at the same time and within the framework of the procedure for the preparation, updating and evaluation of the group settlement plan in accordance with § § 22 to 25. The assessment of the group's settlement capacity shall be taken into consideration by the resolution collegias in accordance with § 134.

Powers to dismantlement and remove obstacles to settlement capacity

§ 29. (1) If, on the basis of an assessment carried out in accordance with Article 27, the resolution authority finds that there are significant obstacles to the resolution capacity of the institution, it shall have this effect to the institution concerned, the FMA and the resolution authorities of the The territories in which major branches are located shall be notified in writing.

Within four months of the receipt of a notification in accordance with paragraph 1, the institution of the resolution authority shall propose appropriate measures to eliminate or at least remove the main obstacles referred to in the communication referred to in paragraph 1 of this Article. to be dismantled.

(3) The resolution authority shall, after consulting the FMA, assess whether the measures proposed in paragraph 2 are appropriate to remove or at least reduce the essential obstacles in question.

(4) If the resolution authority, in its assessment in accordance with paragraph 3, comes to the conclusion that the proposed measures are likely to remove or at least reduce the essential obstacles to the issue, the resolution authority shall have the following: the institution to implement the measures proposed in accordance with paragraph 2 without delay. Where the resolution authority, in its assessment in accordance with paragraph 3, concludes that the proposed measures are not capable of eliminating or at least reducing the essential obstacles in question, the resolution authority shall have a or a number of alternative measures for the removal or removal of the obstacles in question, in accordance with paragraphs 5 and 6, and to communicate them in writing to the institution. In this case, the Institute shall draw up a plan within one month setting out how to implement the measures adopted by the resolution authority.

(5) The alternative measures to be taken by the resolution authority in accordance with paragraph 4, second sentence, must be necessary and proportionate in order to reduce or eliminate the obstacles to settlement in question, while at the same time the threat posed by the financial stability through these settlement obstacles, as well as the impact of alternative measures on the business, stability and capacity of the Institute to contribute to the economy. The resolution authority shall, before adopting a measure in accordance with paragraph 4, second sentence, have the potential impact of the measure on the respective institution, on the common market for financial services, on financial stability in others. Member States and the Union, and to consult the FMA, the Financial Stability Board and, where appropriate, the designated national macro-prudential authority in other Member States.

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

1.

The invitation to an institution to modify existing financing agreements within the group or to reconsider the absence of such agreements, or to make service agreements, within the group or with third parties, by means of the provision of critical to close functions;

2.

the invitation to an institution to limit its maximum individual and aggregated risk positions; this shall apply without prejudice to the rules on large exposures, including liabilities under consideration in accordance with Article 86 (1), which shall be applicable to consist of other institutions, unless they are liabilities to undertakings belonging to the same group;

3.

the imposition of special or regular additional information requirements relevant for settlement purposes;

4.

the invitation to an institution to sell certain assets;

5.

the invitation to an institution to restrict or discontinue certain existing or planned activities;

6.

the restriction or reduction of the development of new or existing business units, or the restriction or reduction of the sale of new or existing products;

7.

the invitation to an institution to make changes to the legal or operational structures of the institution or to a group of undertakings, directly or indirectly, under its control, in order to reduce the complexity and thereby reduce the complexity of the institution's activities; ensure that critical functions can be legally and operationally separated from other functions by the application of resolution instruments;

8.

the request for an institution or parent undertaking to establish a parent financial holding company in a Member State or an EU parent financial holding company;

9.

to issue an invitation to an institution or a company in accordance with Article 1 (1) (1) (2) to (4) to take into account liabilities in order to meet the requirements of § 100;

10.

the request to an institution or company to take other steps pursuant to Article 1 (1) (1) (2) to (4) in order to meet the minimum requirements for own funds and liabilities in accordance with § 100, and in this context , in particular, a reneging of eligible liabilities, of instruments of the additional core capital, or of instruments of the complementary capital that it has spent, in order to ensure that decisions of the The resolution authority, the respective liability or the respective instrument to be carried out in accordance with the law of the legal territory which is relevant to the liability or the instrument;

11.

where an institution is a subsidiary of a mixed holding company, the call for the mixed holding company to establish a separate financial holding company for the control of the institution shall be: this is necessary in order to facilitate the implementation of the Institute and to prevent the application of the resolution instruments and powers referred to in § § 74 ff from being negatively affected by the non-financial parts of the group effect.

(7) The communication referred to in paragraph 1 or 4, second sentence, shall be made in a modest way. The reason for the decision shall, in particular, include the reasons for the assessment or determination in question and the statement of proportionality, as set out in paragraph 5, of the first sentence.

(8) By means of a communication pursuant to paragraph 1, the obligation of the resolution authority to draw up a settlement plan in accordance with section 19 (1) or to work pursuant to section 25 (1) to a joint decision concerning the adoption of a group settlement plan shall be made, until such time as the measures for the elimination of significant obstacles referred to in paragraph 4 of the first sentence have been adopted by the resolution authority or the resolution authority has adopted alternative measures in accordance with paragraph 4, second sentence.

Powers to reduce and remove obstacles to the settlement capacity of groups, if the resolution authority is the competent authority for the group winding up

§ 30. (1) If the resolution authority is the competent authority for the group management, it shall, together with the FMA, act as the consolidating supervisor and the EBA, in accordance with Article 25 (1) of Regulation (EU) No 1093/2010 and after consulting the competent supervisory authorities, shall draw up a report. It has sent it to the EU parent company, the resolution authorities responsible for the subsidiaries and the settlement authorities of the territories in which major branches are located.

(2) The report referred to in paragraph 1

1.

to analyse major obstacles to the effective implementation of resolution instruments and the exercise of resolution powers in relation to the group;

2.

to assess the impact on the business model of the Institute; and

3.

formulate recommendations for appropriate measures which, in the opinion of the resolution authority, are necessary or appropriate in order to remove obstacles in accordance with Z 1.

(3) The EU parent undertaking may, within four months of the submission of the report referred to in paragraph 1, adopt a position and propose alternative measures to the resolution authority as the competent authority responsible for the management of the group, including those in the report. can be eliminated or at least reduced. The resolution authority as the competent authority for the group winding up shall inform the FMA, the EBA, the resolution authorities responsible for the subsidiaries and the resolution authorities of the Territories where significant Branches, the proposed measures or the fact that the EU parent company has not proposed any measures within the four-month period.

(4) The resolution authority shall be the competent authority responsible for the management of the group, after consulting the other competent supervisory authorities and the resolution authorities of the territories in which major branches of the branch are concerned: shall, together with the resolution authorities responsible for the subsidiaries, take a joint decision on

1.

the identification of the main obstacles, and,

2.

where necessary, the assessment of the measures proposed by the EU parent undertaking in accordance with paragraph 3, as well as the measures required by the authorities referred to in paragraph 2 (3) for the removal or dismantling of the existing obstacles.

The decision is intended to take into account the potential impact of such measures in the Member States in which the Group operates. The decision may provide for one or more measures within the meaning of section 29 (6) to be arranged at the level of individual group companies or in relation to the group as a whole. The resolution authority shall be the competent authority for the group winding up of the EBA in accordance with Art. 31 lit. c of Regulation (EU) No 1093/2010 for assistance in reaching an agreement.

(5) The decision referred to in paragraph 4 shall be taken at the end of four months following the submission of the report referred to in paragraph 1 or, where appropriate, no later than four months after receipt of an opinion from the EU parent undertaking in accordance with paragraph 3. The resolution authority as the competent authority responsible for the management of the group shall forward the joint decision to the EU parent undertaking.

(6) If no joint decision has been taken in accordance with paragraph 4 within four months, the resolution authority shall be the competent authority for the group winding, subject to the procedure provided for in paragraph 7, solely on the application of the measures in accordance with § § § 4. 29 (6) at the level of the group. The decision shall be justified and shall have to take account of the positions and reserves of other resolution authorities. The resolution authority as the competent authority for the group winding shall forward this decision to the EU parent undertaking.

(7) Where, before the end of the four-month period, one of the resolution authorities has referred the EBA to one of the matters referred to in Article 29 (6) (7), (8) or (11) pursuant to Article 19 of Regulation (EU) No 1093/2010, the resolution authority shall be deemed to be responsible for the Group handling competent authority shall defer its decision in accordance with paragraph 6 until a decision is due to be taken by the EBA. Once a decision has been taken by the EBA, the resolution authority shall, as the competent authority for the group winding up, take its decision in accordance with paragraph 6 in accordance with the EBA decision. The four-month period referred to in paragraph 5 shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month from the end of this conciliation phase, the resolution authority shall decide on its own pursuant to paragraph 2 as the competent authority responsible for the group winding up.

(8) The resolution authority as the competent authority for the group winding up shall be deemed to have definitively recognised and applied decisions pursuant to Article 18 (7) of Directive 2014 /59/EU.

Powers to reduce and remove obstacles to the settlement capacity of groups, if the resolution authority is not the competent authority for the group winding up

§ 31. (1) Where the resolution authority is the resolution authority responsible for subsidiaries of the group established in Austria, it shall endeavour to meet, within the time limit laid down in section 30 (5), together with the competent resolution authority for the group winding up competent authority and other competent resolution authorities, and after consulting the other competent supervisory authorities and the resolution authorities of the Territories in which there are major branches, a common Decision to be taken on

1.

the identification of the main obstacles, and,

2.

where necessary, the evaluation of the measures proposed by the EU parent undertaking in accordance with Article 18 (3) of Directive 2014 /59/EU and of the measures proposed by the authorities pursuant to Article 18 (2) of Directive 2014 /59/EU on Elimination or removal of existing obstacles.

The resolution authority shall notify the joint decision to the subsidiary undertakings which fall under its responsibility.

(2) The resolution authority may, within the period referred to in paragraph 1 or until the meeting of a joint decision in accordance with paragraph 1, the EBA, in accordance with Article 19 of Regulation (EU) No 1093/2010, with one of the aforementioned provisions referred to in Article 29 (6) (7), (8) or (11). Matters.

(3) If there is no joint decision within the period referred to in paragraph 1, the resolution authority shall, subject to the procedure referred to in paragraph 4, decide on its own to decide on appropriate measures in accordance with Section 29 (6) of this Regulation, which shall be taken by the Austrian authorities in Austria the established subsidiaries of the group at a single level. This decision shall be justified and shall take account of the positions and the reserves of the other resolution authorities. The resolution authority shall forward its decision to the subsidiaries of the group established in Austria and to the competent authority responsible for the group winding up.

(4) Where, within the period laid down in paragraph 1, one of the resolution authorities concerned has the EBA, in accordance with Article 19 of Regulation (EU) No 1093/2010, with one of the matters referred to in Article 17 (5) (g), (h) or (k) of Directive 2014 /59/EU , the resolution authority shall defer its decision in accordance with paragraph 3 until a decision has been taken by the EBA. Once a decision has been taken by the EBA, the resolution authority shall take its decision in accordance with paragraph 3 in accordance with the EBA decision. The period referred to in paragraph 1 shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month after the expiry of this conciliation phase, the resolution authority shall decide on its own pursuant to paragraph 3. After the expiry of the period referred to in paragraph 1 or if a joint decision has been taken, the EBA shall no longer be able to be referred to in Article 19 of Regulation (EU) No 1093/2010.

(5) The resolution authority shall be deemed to have definitively recognised and applied joint decisions in accordance with paragraph 1 and decisions pursuant to Article 18 (6) and (7) of Directive 2014 /59/EU.

3. Main piece

Intra-group financial support

Intra-group financial support agreement

§ 32. (1) parent institutions established in Austria, EU parent institutions or undertakings in accordance with Article 1 (1) (2) (2) to (4) may be with their EU parent institutions, subsidiaries in other Member States or third countries where they are institutions, or CRR financial institutions included in the supervision on a consolidated basis of the parent undertaking, an agreement on the granting of financial assistance to other contracting parties, which shall be subject to the conditions for a early intervention in accordance with § 44, complete, provided that the Main item requirements are met.

(2) This main item shall not be applied to intra-group financing arrangements, including resolution financing mechanisms or to agreements on the central provision of funds, unless the parties to such financing arrangements are Agreements fulfil the conditions for early intervention.

(3) An agreement on intra-group financial assistance in accordance with paragraph 1 is not a prerequisite for this:

1.

to give financial support to a company in a group which is in financial difficulties, if the institution is to do so on the basis of a case-by-case decision and in accordance with the internal guidelines of the group shall decide, provided that it does not present a risk to the group as a whole, or

2.

be active in a Member State.

(4) In the case of transactions carried out in accordance with the provisions of this Headpiece, the provisions of this main piece shall be subject to conflicting federal legislation, unless the restriction of transactions to the Group internal financial support is based on federal regulations

1.

that exercise the options set out in Regulation (EU) No 575/2013 or implement Directive 2013 /36/EU, or

2.

the need to outsource parts of a group or activities carried out within a group for reasons of financial stability.

Admissibility and content of an agreement on intra-group financial assistance

§ 33. (1) The intra-group financial assistance agreement may provide financial support for the subsidiaries by the parent undertaking or by the parent undertaking of the EU, the parent undertaking by the subsidiaries, of the parent undertaking, of the parent undertaking, of the parent undertaking. EU parent institution by the parent undertaking or by its subsidiaries, or between subsidiaries of the group which are party to the agreement, or any other combination of these undertakings. It may provide financial assistance in the form of a loan, a guarantee, the provision of assets to be used as a security or any combination of these forms of financial assistance in one or more transactions, including those between the recipient of the support and a third party, to the content.

(2) In accordance with the terms and conditions of the intra-group financial assistance agreement, a company of a group agrees to provide financial support to another entity of that group, the agreement may be provided in the In return, a commitment by the receiving company of the Group to provide financial assistance to the Group's financial support companies is in turn included.

(3) The intra-group financial assistance agreement shall specify, for all transactions carried out on its basis, which principles should be based on the calculation of the consideration. These principles include the requirement that the consideration should be determined at the time of the granting of financial assistance. The Agreement, including the principles for the calculation of the consideration for the granting of financial assistance and the other provisions of the Agreement, shall be in accordance with the following principles:

1.

Each party must conclude the agreement of free will;

2.

at the conclusion of the agreement and in determining the consideration for the granting of financial assistance, the parties must act in their own interest, taking into account direct or indirect benefits which may be the party could have grown as a result of the granting of financial support;

3.

any party granting financial assistance shall be fully accessible to all relevant information of all, before determining the consideration and taking the decision on the granting of financial assistance, financial support to the receiving parties;

4.

for the purposes of determining the consideration for the granting of financial assistance, account may also be taken of information held by the same group on the basis of financial support , and are not available on the market;

5.

in the principles for the calculation of the consideration for the granting of financial assistance, the likely temporary impact on market prices resulting from events outside the group shall not have to be shall be considered.

(4) The agreement on intra-group financial assistance may be concluded only if, in the opinion of the relevant competent authorities at the time in question, none of the parties concerned are satisfied with the conditions for an early stage Intervening.

(5) Claims and other rights arising from an agreement on intra-group financial assistance may not be dismissed. Third parties cannot derive rights from an agreement on intra-group financial support.

Review procedures concerning the proposed agreement on intra-group financial assistance if the FMA is a consolidating supervisor

§ 34. (1) If the EU parent institute has its registered office in Austria, it has to submit an application to the FMA for the approval of a planned agreement on intra-group financial assistance in accordance with § § 32 and 33. The application shall contain the text of the proposed agreement and shall designate the companies of the group which intend to become parties to the agreement.

(2) Depending on the outcome of the procedure referred to in paragraphs 3 to 6, the FMA shall grant approval, provided that the agreement envisaged is in accordance with the conditions set out in § 38 for the granting of an intra-group financial support, or the To prohibit the agreement if it is considered to be incompatible with the conditions set out in § 38 for intra-group financial support. The approval or prohibition of the agreement shall be submitted to the applicant, together with the written statement of reasons referred to in paragraph 4 or 5.

(3) The FMA shall immediately forward the application in accordance with paragraph 1 after receipt to the competent authorities for each subsidiary undertaking which intend to become parties to the agreement with the aim of becoming a joint undertaking. Decision to come.

(4) The FMA shall endeavour to engage with the competent authorities within four months of receiving the application to the FMA, taking into account the potential impact of the implementation of the agreement in all Member States in which the group, including financial and fiscal implications, to come to a joint decision as to whether the arrangements of the proposed agreement are subject to the conditions laid down in paragraph 38 for the granting of financial aid. Support. The joint decision must be fully justified and the justification must be recorded in writing. The FMA and the other competent authorities may provide assistance to the EBA in order to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

(5) If there is no joint decision pursuant to paragraph 4 within the four-month period, the FMA shall, subject to the provisions of paragraph 6, decide solely on the application. In such a case, the decision shall take into account the views and reservations expressed by the other competent authorities within the time limit laid down in paragraph 4 and shall be fully justified on the basis of which the explanatory statement shall be recorded in writing. The FMA has to forward its decision to the other competent authorities.

(6) If any of the competent authorities concerned has referred the matter to the EBA within the four-month period under Article 19 of Regulation (EU) No 1093/2010, the FMA has decided to take its decision in accordance with paragraph 5 until the EBA decision . Once a decision has been taken by the EBA, the FMA has to make its decision in accordance with paragraph 5 in accordance with the EBA decision. The period referred to in paragraph 4 shall be deemed to be a conciliation phase in accordance with Article 19 (2) of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month after the expiry of this conciliation phase, the FMA shall decide on its own pursuant to paragraph 5.

Review procedures concerning the proposed agreement on intra-group financial assistance if the FMA is not a consolidating supervisor

§ 35. (1) In accordance with Article 20 (2) of Directive 2014 /59/EU, the FMA shall submit an application for the approval of an intra-group financial assistance agreement, in accordance with Article 20 (2) of Directive 2014 /59/EU, to endeavour to jointly a joint decision with the other competent authorities within the four-month period whether the arrangements for the agreement envisaged are the conditions laid down in paragraph 38 for the granting of financial assistance . In doing so, the FMA has to take into account the potential impact of the implementation of the agreement in all the Member States in which the Group operates, including the financial and fiscal consequences. The FMA and the other competent authorities may provide assistance to the EBA in order to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

(2) The FMA may, within the four-month period or until the meeting of a joint decision pursuant to Article 20 (5) of Directive 2014 /59/EU, refer the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010.

Shareholders ' consent to the proposed agreement

§ 36. (1) An agreement which has been approved by the competent authorities pursuant to § 34 or Article 20 (3) of Directive 2014 /59/EU is to all shareholders of each company of the group that intends to conclude the agreement to the To be approved. An agreement on intra-group financial assistance shall be effective only in relation to those parties whose shareholders have agreed to the agreement by authorizing the directors to conclude such an agreement. , and such authorization by the shareholders has not been revoked. If the shareholders take their decisions in a meeting due to the legal form of the institution or CRR financial institution, the approval of the assembly shall replace the approval of the shareholders.

2. The directors of each undertaking, which is party to an agreement on intra-group financial assistance, shall have at least annually to the shareholders on the progress of the implementation of the agreement and the implementation of all on the Basis of the agreement to report decisions.

Forwarding to resolution authorities

§ 37. The FMA has to forward to the resolution authorities responsible for the parties to the agreement, agreements on intra-group financial support approved in accordance with § 34, as well as any changes thereto.

Conditions for granting intra-group financial support

§ 38. Financial support by a company of a group due to an agreement on intra-group financial support may only be granted in accordance with § § 39 to 43 if the following conditions are met cumulatively:

1.

There are well-founded prospects that the financial difficulties of the Group's company, which is the recipient of the assistance, will be substantially remedied by the assistance granted;

2.

with the granting of financial assistance, it is intended to maintain or restore the financial stability of the group as a whole or of a company of the group, and it is in the interest of the financial support the Group's granting of undertakings;

3.

financial assistance shall be granted on certain conditions, including a consideration in accordance with Section 33 (3);

4.

on the basis of the information available to the directors of the group of undertakings providing financial assistance to the group at the time of the decision on the granting of financial assistance, there is a reasonable expectation that the the support received by the group will be paid in return for the assistance granted and that it will repay the loan in the event that the assistance has been granted in the form of a loan. Where the assistance is granted in the form of a guarantee or other security, the liabilities incurred by the recipient shall be subject to the same conditions as those which would arise if the guarantee or the security is used;

5.

the granting of financial assistance would not endanger the liquidity or solvency of the group's supporting undertaking;

6.

the granting of financial assistance would not pose a threat to financial stability in the Member State of the group's financial support;

7.

the group providing financial assistance to the group shall meet the requirements of Directive 2013 /36/EU in respect of own funds or liquidity at the time of provision of the assistance, and other requirements laid down in Article 104 (2) of the Directive Directive 2013 /36/EU, and the granting of financial assistance does not result in the group's undertaking failing to comply with those requirements, unless it has been provided by the one on the supervision-on a single basis- of the company providing the assistance, responsible Authority to do so;

8.

the group of undertakings providing financial support shall meet the requirements of Regulation (EU) No 575/2013 and Directive 2013 /36/EU in respect of large expound at the time of provision of the assistance, including: national legislation governing the exercise of the options provided for therein, and the granting of financial assistance shall not result in the undertaking of the group violating those requirements, unless it has been provided for by the Supervision-on a single basis-the company of the group that provides support shall be authorised to do so by the competent authority responsible;

9.

The granting of financial assistance would not affect the settlement capacity of the group's supporting company.

Decision on the granting of financial assistance

§ 39. (1) The directors of the Group's financial support company shall decide to grant financial support within the group according to the agreement, taking into account the requirements of § 40. The decision shall specify in particular the extent to which the granting of financial assistance is in accordance with the conditions laid down in Article 38.

(2) The directors of the group receiving the financial assistance shall decide to accept a group internal financial assistance in accordance with the agreement.

Indication of the intended grant of intra-group financial assistance

§ 40. (1) If the directors of a group-based company with a registered office in Austria have decided to grant financial support to the group, they shall notify the following authorities in writing of this prior to the granting of such financial assistance:

1.

The FMA,

2.

where appropriate, the consolidating supervisor, provided that it is not identical to the authority referred to in Z 1 or 3,

3.

the competent authority for the group of undertakings receiving financial assistance, provided that it is not identical to the authority referred to in Z 1 or 2, and

4.

the EBA.

The panel shall contain details of the financial assistance envisaged, including a copy of the group's financial assistance agreement. The advertisement shall be connected to the decision of the directors according to § 39 (1).

(2) If, at the same time, the FMA is the consolidating supervisor of the undertaking which has decided to grant financial assistance, it shall have the other members of the Board of Supervisors and the members of the Resolution Collegium shall immediately inform the Commission of this decision.

Decision of the Supervisory Authority on the granting of intra-group financial assistance by a company based in Austria

§ 41. (1) If the FMA is the competent authority for the undertaking of the group granting the financial assistance, it may, within five days of receipt of a complete notification pursuant to § 40 of the granting of financial assistance, be able to: agree or prohibit or restrict them if it is considered that the conditions for the granting of intra-group financial assistance pursuant to § 38 are not met. The FMA shall give written reasons for any decision to discontinue or to restrict the financial support.

(2) The FMA shall immediately inform the following authorities of its decision pursuant to paragraph 1:

1.

The consolidating supervisor,

2.

the competent authority responsible for the support of the group receiving the assistance, and

3.

the EBA.

If the FMA is at the same time the consolidating supervisor, it shall immediately inform the other members of the Board of Supervisors and the members of the resolution collegium of their decision.

(3) After receipt of a complete ad pursuant to Section 40 (1), the FMA does not exercise or agree to the power to disregard or restrict the granting of financial assistance within the period referred to in paragraph 1 within the period referred to in paragraph 1 of this Article. In accordance with the information provided, the agreement may be granted within the time limit referred to in paragraph 1.

Participation of the FMA in the decision to grant intra-group financial assistance by a company established in another Member State

§ 42. (1) A supervisory authority having its head office in another Member State shall not, or shall restrict, grant financial assistance to a group based in Austria which is supervised by the FMA, or to a company within a group subject to the consolidated supervision of the FMA, the FMA may, if it has objections to the inversion or limitation of the grant of financial assistance, within two days of notification of the Decision by the supervisory authority concerned shall refer the matter to the EBA and its Apply for support under Article 31 of Regulation (EU) No 1093/2010.

(2) A supervisory authority having its head office in another Member State shall not be granted or limited the granting of financial assistance to a group-based company based in Austria, which shall be supervised by the supervisory authority and whose In accordance with the provisions of Article 7 (5) of Directive 2014 /59/EU, the grouping plan contains information on financial support agreements concluded with the group, the FMA may apply to the consolidating supervisor, a re-evaluation of the To initiate a group recovery plan in accordance with Article 8 of Directive 2014 /59/EU, or, where the recovery plan has been drawn up at the level of the individual undertaking in Austria, require the submission of an updated recovery plan.

Disclosure requirements

§ 43. Each company of a group has to disclose whether it is party to an agreement on intra-group financial support. Any party to an agreement on intra-group financial support shall also disclose the general terms and conditions of the agreement and the names of the participating companies of the group. The information to be disclosed shall be updated at least once a year. The provisions of Articles 431 and 434 of Regulation (EU) No 575/2013 shall apply.

Part 3

Early intervention

Early intervention measures

§ 44. (1) If there is an early intervention requirement for an institution in accordance with para. 2, the FMA may order one or more of the following early intervention measures. In particular, the FMA may:

1.

require the directors of the institution to carry out one or more of the schemes or measures referred to in the recovery plan or to update the recovery plan in accordance with § 11 if the circumstances relating to a Early intervention needs have been different from the assumptions in the original recovery plan;

2.

require the directors of the institution to carry out one or more of the schemes or measures set out in the plan updated in accordance with Z 1, within a specified time frame;

3.

require the directors of the institution to carry out an analysis of the situation, adopt measures to overcome any problems identified, and an action programme to overcome these problems, as well as a timetable for the Implementation of the Directive;

4.

require the directors of the Institute to convene a shareholders ' meeting of the Institute or, if the directors do not comply with this request, convene the Assembly itself and, in both cases, the agenda , and require shareholders to submit specific proposals for decision-making;

5.

require that one or more of the members of the Executive Board, the Supervisory Board or the senior management be dismissed and replaced by their function, provided that the FMA is based on Article 13 of Directive 2013 /36/EU or Article 9 of the Directive 2014 /65/EU considers that the persons concerned are not suitable for the performance of their functions;

6.

require the directors of the institution to draw up a plan for negotiations with some or all of the creditors of the Institute on debt restructuring, as appropriate, in accordance with the remediation plan;

7.

require a change in the business strategy of the Institute;

8.

require a change in the legal or operational structures of the Institute;

9.

in the framework of on-the-spot checks, for which the FMA may commission the Oesterreichische Nationalbank pursuant to Article 70 (1) (3) of the Federal Elections Act or appropriate experts, procure all the information required by the resolution authority in order to obtain the To update the settlement plan, to prepare the liquidation of the institution, if necessary, and to carry out an assessment of the assets and liabilities of the institution in accordance with § 54, and to make this information available to the resolution authority .

(2) Early intervention is necessary, in particular, when an institution is opposed to one of the requirements of Regulation (EU) No 575/2013, Directive 2013 /36/EU or Title II of Directive 2014 /65/EU or any of the Articles 3 to 7, 14 to 17 and 24, 25 and 26 of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, OJ L 139, 30.4.2012, p. No. OJ L 173, 12.6.2014, p. 84, or is in danger of being breached in the near future.

(3) An imminent violation in accordance with paragraph 2 may be established if, on the basis of an assessment of a number of relevant factors, to which the own resources requirements of the institute or company pursuant to § 1 (1) (1) (Z) 2 to 4 plus 1.5 Percentage points may be that the Institute will be in breach of a requirement under paragraph 2 in the near future because, for example, its financial position, including liquidity situation, debt capital ratio, credit default, or Lump risks, dramatically deteriorated.

(4) The FMA must immediately inform the resolution authority of the measures and inform the resolution authority that the resolution authority has the right to oblige the relevant institute, with due regard for the provisions of Section 77 (2) and 3. to the potential buyers in accordance with § § 120 to 122, to prepare a settlement of the institute.

(5) For each of the measures referred to in paragraph 1, the FMA has to establish a reasonable implementation period that allows the FMA to assess the effectiveness of the measures.

(6) The general meeting of an institution in the legal form of the public limited liability company may, by a majority of two thirds of the valid votes cast, amend the statutes of the content to decide that the convening of an extraordinary body of the institution shall be subject to the following: Annual General Meeting for resolution on a capital increase later than on 21. Day, but not later than on 11. It may be made public before the Annual General Meeting, provided that the FMA has identified a need for early intervention and if the capital increase is necessary to prevent the conditions for a settlement from occurring. The amendment to the Articles of Association shall contain provisions which replace the provisions not applicable in accordance with paragraph 7.

(7) The following provisions shall not apply to a general meeting convened in accordance with paragraph 6:

1.

the deadline for applying for agenda items and the obligation to publish a supplementary agenda in time pursuant to § 109 para. 2 AktG;

2.

the reporting date for decision-making by the shareholders in accordance with Section 110 (1) of the AktG;

3.

the obligation to comply with the record date in accordance with Section 111 (1) AktG.

Dismise of members of the Executive Board, the Supervisory Board and the senior management

§ 45. (1) In order to remedy the early intervention requirements in accordance with § 44 (2), the FMA may, with the simultaneous understanding of the institution responsible for the appointment of individual or all members, not issue the early intervention measures in accordance with § 44 (2). the management of the Institute shall prohibit the management of the Institute in whole or in part, as well as any individual or all members of the Supervisory Board shall be dismissed if:

1.

the financial position of an institution is significantly deteriorating, or

2.

serious infringements of the law or of the statutes or serious administrative irregularities.

The subsequent appointment of the new members of the Executive Board or of the Supervisory Board shall require the approval of the FMA. The authorisation shall be refused if the newly appointed directors or members of the Supervisory Board do not seem to be able to remove the conditions set out in Z 1 and Z 2. This provision also applies to the submission of management duties or senior management activities of the institute's senior management by the FMA.

(2) Insofar as the directors required to represent the Institute are absent, the latter shall, in urgent cases, have the Court of First Instance in charge of the seat of the Institute for the exercise of jurisdiction in commercial matters in the Court of First Instance in the Proceedings in addition to disputes at the request of the FMA for the period up to the remedy of the defect. The decision on the appointment of the Executive Director shall take effect with the consent of the Executive Director and, unless otherwise stated in the decision, with service to the Executive Director.

Preliminary liquidator

§ 46. (1) In order to remedy the early intervention requirements in accordance with § 44 (2), the FMA may request one or more provisional custodians for the renewal of the management, supervisory board or senior management of the institution pursuant to § 45. order the institute. A preliminary liquidator shall have the qualifications, skills and knowledge required for the performance of his functions, and there shall be no conflict of interest.

(2) The FMA has to determine at the time of the appointment whether the provisional manager temporarily replaces the directors or whether they have to cooperate temporarily with the provisional administrator. If the FMA orders a provisional administrator who works with the business managers, at the time of the order, it shall determine the function, tasks and powers of this custodian. FMA may impose on managers the obligation to consult the administrator and obtain their consent before certain decisions are taken or measures are taken.

(3) The FMA shall, at the time of the order, determine the duties and powers of the provisional administrator on the basis of what is appropriate to the circumstances in question. The powers may include some or all of the powers conferred on the directors of the Institute in accordance with the Statute of the Institute and on the basis of the company law provisions applicable to the Institute, inter alia: Power to exercise some or all of the administrative functions of the directors.

(4) The FMA shall determine, at the time of the order, the role and functions of the provisional administrator and any restrictions on the role and functions. This includes, inter alia, the fact that the provisional liquidator determines the financial position of the institution which carries out business or part of the institution's business with the aim of maintaining the financial stability of the institution, or , and to take measures to restore a sound, prudent management of the Institute's operations.

(5) The order that a provisional administrator shall be appointed shall make the FMA public, unless the provisional custodian concerned is not authorized to represent the Institute. The order of a provisional administrator shall be effective with the legal force of the order order. The appointment of a provisional administrator, if necessary his power of representation, as well as any changes in the powers of representation of the members of the management are to be notified by the FMA to the company register.

(6) The FMA may stipulate that certain actions of a provisional administrator shall require the prior consent of the FMA. The power to convene an assembly of the shareholders of the Institute and the setting of the agenda for this may only be exercised with the prior consent of the FMA. The provisional liquidator shall have the FMA at the intervals laid down by the FMA and at the end of its term of office of

1.

the financial position of the Institute; and

2.

the actions taken in the course of its appointment

Report.

(7) The appointment of a provisional administrator may take place at the latest for one year. This period may be extended in exceptional cases if the conditions for the appointment of the provisional administrator are still fulfilled. The FMA has to take into account whether the circumstances justify the use of a provisional manager and whether an extension is acceptable to shareholders. A preliminary liquidator may be dismissed at any time by the FMA, in particular if:

1.

the conditions for the order referred to in paragraph 1 are no longer met,

2.

is to assume that it will no longer perform its duties properly, or

3.

the conditions for a settlement according to § 49 are fulfilled.

In so far as circumstances make it necessary, the FMA may amend the tasks, powers and functions of the provisional administrator pursuant to para. 2 to 6.

(8) A preliminary liquidator is not a de facto managing director and acts as an institution of the FMA in the course of his duties.

(9) Unless otherwise specified in paragraphs 1 to 8, the appointment of a provisional administrator shall be without prejudice to the existing rights of shareholders in accordance with the company law of the Union or the national company law.

Coordination of the early intervention powers and the appointment of a provisional administrator for groups

§ 47. (1) In the case of an EU parent company, the FMA must inform and consult the EBA and the other competent authorities within the supervisory board as a consolidating supervisor. Following the information and consultation, the FMA, as a consolidating supervisor, has to decide whether an early intervention measure should be taken with regard to the EU parent company in accordance with § 44 or § 46. In the decision, the FMA, as a consolidating supervisor, has to take into account the effects of the possible early intervention on the group's companies in other Member States. The FMA as the consolidating supervisor shall inform the other competent authorities within the Board of Supervisors and the EBA of the decision.

(2) In the case of a subsidiary of an EU parent company, the FMA shall be the competent authority in charge of supervision on a single basis, which is planning an early intervention measure in accordance with § 44 or § 46. to inform the EBA and to consult the consolidating supervisor. The consolidating supervisor may, within three days, assess the possible impact on the group or on the group's undertakings in other Member States, and this assessment of the FMA as a single-base authority , Following this communication and this hearing, the FMA shall, as a single-base authority, decide whether an early intervention measure is taken in accordance with Section 44 or Article 46. The decision shall take due account of an all-due assessment by the consolidating supervisor. The FMA as a single-base competent authority shall inform the consolidating supervisor, the other competent authorities within the Board of Supervisors and the EBA of the decision.

(3) The FMA intends to arrange an early intervention measure in accordance with § 44 or § 46 of an institute approved in Austria and at the same time intends at the same time at least one supervisory authority in one Member State to arrange for a measure to be taken in accordance with the corresponding national provisions in the implementation of Art. 27 or 29 of Directive 2014 /59/EU at another institution of the same group, the FMA has an effect on the joint assessment of whether the same institution is the same for all the institutions concerned. provisional liquidator is appointed or whether the use of early intervention measures in the Interest in restoring the financial stability of the institution concerned is coordinated. The evaluation shall take the form of a written and reasoned joint decision within five days of the transmission of a notification in accordance with paragraph 1 which the FMA, provided that it is the consolidating resolution authority, shall: to the EU parent undertaking. In accordance with Article 31 of Regulation (EU) No 1093/2010, the EBA may, at the request of an affected competent authority, assist in reaching an agreement. In the absence of a consensual decision by the supervisory authorities concerned within five days, the consolidating supervisor and the competent authorities responsible for subsidiaries may itself be able to decide on the order of Early intervention measures.

(4) If any of the competent authorities concerned does not agree with the decision communicated to it in accordance with paragraph 1 or 2, or if there is no joint decision pursuant to paragraph 3, it may be entitled to the EBA pursuant to Article 19 (3) of Regulation (EU) No 1093/2010, when the decision concerns one of the following early intervention measures:

1.

Early intervention measures in respect of the implementation of arrangements or measures taken from the recovery plan, provided that the spectrum of capital required to maintain or restore the existence and financial position of the institution is and liquidity measures in accordance with Z 4 of the annex to § 9, regulations and measures for the maintenance or restoration of the Institute's own resources pursuant to Z 10 annex to § 9, regulations and measures to ensure access to liquidity sources according to Z 11 Appendix to § 9 or measures for the implementation of the refurbelling plan according to Z 19 Appendix to § 9 are affected,

2.

Early intervention measures in relation to the drawing up of a plan for negotiations on debt restructuring or

3.

Early intervention measures to change the legal or operational structures of an institute.

(5) The decision of each competent authority shall be justified. It shall have the views and reservations expressed by the other competent authorities during the hearings period referred to in paragraph 1 or paragraph 2 or before the end of the five-day period referred to in paragraph 3, and the potential effects of the decision on the To take account of financial stability in the Member States concerned. The decisions shall be communicated to the EU parent undertaking by the consolidating supervisor and by the subsidiaries of the competent authorities.

(6) In the cases referred to in paragraph 4, in which one of the competent authorities concerned, before the end of the hearings period referred to in paragraph 1 and 2, or after the end of the five-day period referred to in paragraph 3, has the EBA, pursuant to Article 19 (3) of Regulation (EU) No 1093/2010, with the Where the matter is concerned, the consolidating supervisor and the other competent authorities shall defer their decisions until a decision has been taken by the EBA in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, and shall have their to make a decision in accordance with the EBA decision. The five-day period shall be considered to be a conciliation phase within the meaning of Regulation (EU) No 1093/2010. EBA shall take its decision within three days. After the end of the five-day period or after a joint decision has been taken, the EBA will no longer be able to deal with the matter.

Part 4

Fulfillment

1. Main item

Objectives, conditions and general principles

Resolution Targets

§ 48. (1) In the application of the resolution instruments and the exercise of the resolution powers, the resolution authority shall take account of the settlement objectives. It shall apply those instruments and exercise powers best to achieve the objectives relevant under the circumstances of each individual case.

(2) Resolution targets within the meaning of paragraph 1 are:

1.

Ensuring the continuity of critical functions;

2.

the avoidance of significant negative effects on financial stability, in particular through the prevention of contagion, for example of market infrastructures, and the maintenance of market discipline;

3.

the protection of public funds by reducing the use of exceptional financial support from public funds;

4.

the protection of depositors covered by Directive 2014 /49/EU and of the investors covered by Directive 97 /9/EC, and

5.

the protection of the funds and assets of the clients.

(3) The resolution authority shall endeavour to pursue the objectives set out in paragraph 2 above, to minimise the costs of settlement and to avoid the destruction of values, except in order to achieve the settlement objectives. is required.

(4) Subject to other provisions of this Federal Law, the settlement objectives are equal; it is at the discretion of the resolution authority to carry out an appropriate consideration in accordance with the nature and circumstances of the respective individual case.

Requirements for a settlement

§ 49. (1) The resolution authority shall order settlement measures with respect to an institution where the following conditions are met:

1.

After consulting the resolution authority or the resolution authority, the FMA has determined, after consultation with the FMA, that the institution is failing or is likely to fail;

2.

, taking into account time constraints and other relevant circumstances, there is, at reasonable discretion, no prospect that the failure of the Institute within a reasonable timeframe by alternative measures of the private sector, including Measures in the framework of institute-related security systems, or other supervisory measures, including early intervention measures in accordance with § 44, or the depreciation or conversion of relevant capital instruments pursuant to § 70, which are related to the institute, can be averted and

3.

Settlement measures are required in the public interest.

(2) A settlement measure shall be in the public interest if it is necessary for the achievement of one or more of the resolution objectives referred to in paragraph 48 and is proportionate to those objectives and if this is in the case of a recovery of the Institute by way of bankruptcy proceedings would not be the same in the same extent.

(3) The Oesterreichische Nationalbank shall notify the FMA and the resolution authority without delay if, in the course of its activities, it establishes circumstances which justify the assumption that there is a risk of failure of an institution.

(4) It is not necessary for early intervention measures to be taken in accordance with Section 44 before a settlement measure.

Arrangement of resolution measures

§ 50. (1) The resolution authority may, in the presence of the settlement requirements in accordance with § 49 of this Federal Act, order all measures necessary for the achievement of the settlement objectives in accordance with § 48, in particular it may:

1.

order the application of one or more of the resolution instruments referred to in Article 74 (2);

2.

in respect of or in addition to arrangements according to Z 1 arrangements in accordance with the powers laid down in Articles 58 to 69.

(2) The resolution authority shall apply those resolution instruments and resolution powers with which the settlement objectives can best be achieved on a case-by-case basis.

(3) In the application of the resolution instruments, the resolution authority shall take into account the general principles in accordance with § 74. The application shall be made in accordance with the provisions on the individual instrument.

(4) In accordance with § 49, the resolution authority shall apply the instrument for the participation of holders of relevant capital instruments in accordance with § 70. If the participation of the holders of relevant capital instruments is sufficient to achieve the settlement objectives, the resolution authority shall refrain from applying further settlement instruments.

(5) If it is conducive to the efficient application of the settlement measures or the instrument of the participation of holders of relevant capital instruments, the resolution authority may, in accordance with Section 69, in the case of an institution which is in liquidation, or Order a conversion of the legal form pursuant to Section 1 (1) (1) (2) to (4).

Failure of an Institute

§ 51. (1) The failure or probable failure of an institution shall be satisfied if one or more of the following conditions are met:

1.

The requirements for a concession return pursuant to § 6 BWG or § 5 WAG 2007 lie before or there are objective indications that this will be the case in the near future, for example due to the fact that the institute losses has suffered or is likely to suffer through the use of its own own resources or a substantial part of its own resources; or

2.

the assets of the institution fall below the level of its liabilities, or there are objective indications that this will be the case in the near future; or

3.

the institution is not in a position to pay its debts or other liabilities at maturity or there are objective indications that this will be the case in the near future, or

4.

Exceptional financial support from public funds shall be required, unless exceptional financial assistance from public funds is granted under the Union's legal framework on State aid for the application of a serious disturbance of the economy and the maintenance of financial stability in the form of

a)

a State guarantee for liquidity facilities provided by central banks on their terms or conditions; or

b)

a state guarantee for newly issued liabilities; or

c)

a supply of own funds or the purchase of capital instruments at prices and conditions which the institution does not favour, if neither the conditions according to Z 1 to 3 nor the conditions laid down in § 71 are met at the time in which support from public funds is granted, and if the support measures are limited to capital injections required to close capital gaps in stress tests at the level of the Member States, the Union or the Single Supervisory Mechanism, in assessing the quality of the Assets or comparable audits by the ECB, EBA or national authorities, established and confirmed by the FMA.

(2) The one in paragraph 1 Z 4 lit. (a) to (c) guarantee or equivalent measures shall be reserved for such institutions and subject to authorisation in accordance with the Union's legal framework for State aid. The measures must be preventive, temporary and suitable to remedy the consequences of serious disturbances, and do not serve to compensate for losses suffered by the Institute or likely to be suffered in the near future.

Settlement requirements in relation to CRR financial institutions and holding companies

§ 52. (1) The settlement conditions relating to a CRR financial institution pursuant to § 1 (1) (2) (2) (2) are available if the conditions referred to in Article 49 (1) are met both in relation to the CRR financial institution and on the supervision of the CRR financial institution. The consolidated parent companies are fulfilled.

(2) The conditions of settlement with respect to a holding company pursuant to Article 1 (1) (1) (3) or (4) shall be met if the conditions referred to in Article 49 (1) are met both in respect of one of the holding companies mentioned above and in respect of a holding company. Subsidiaries or subsidiaries of this holding company are satisfied, provided that the subsidiary is an institution. Where a subsidiary has its registered office in a third country, the settlement authority in the third country must have established that the undertaking fulfils the conditions of settlement in accordance with the law of the third country.

3. Where the subsidiary institutions of a mixed holding company are held directly or indirectly by an intermediate financial holding company, the resolution authority shall have settlement measures for the purpose of a group development in respect of the the intermediate financial holding company, but not in relation to the mixed holding company.

(4) Subject to paragraph 3, the resolution authority may also take settlement measures with respect to a holding company in accordance with Article 1 (1) (1) (3) or (4) if the holding company does not fulfil the conditions set out in Article 49 (1) of this Regulation, provided that one or more subsidiaries, which are institutions, meet the conditions set out in Article 49 (1) and have such assets and liabilities that their failure is an institution or the whole of the group in question, Risk, or if groups are deemed to be in accordance with the insolvency law of the Member State, are to be treated and settlement measures relating to the holding company referred to in Article 1 (1) (1) (3) or (4) for the settlement of these subsidiaries, which are institutions, or for the processing of the group as a whole are required.

(5) The resolution authority of the Institute and the resolution authority of a holding company pursuant to Article 1 (1) (3) or (4) may, in assessing whether the conditions pursuant to Article 49 (1) in respect of one or more subsidiaries, apply to: For the purposes of (2) and (4), it is agreed that intra-group capital or loss transfers between undertakings, including the exercise of the powers of rewriting or conversion, are agreed upon in accordance with the provisions of the not be taken into account.

General principles for a settlement

§ 53. In the application of the resolution instruments and the exercise of the resolution powers, the resolution authority shall take all appropriate measures to ensure that the settlement is carried out in accordance with the following principles:

1.

Losses shall be borne first by the shareholders of the institution in progress;

2.

according to the shareholders, the creditors of the institution in settlement shall bear the losses in the order of precedence of the receivings in the bankruptcy proceedings, unless otherwise expressly provided for in this Federal Act;

3.

the Supervisory Board and the directors of the institution in liquidation shall be replaced, except in cases where, in the opinion of the resolution authority, the full or partial maintenance of the Supervisory Board and of the Executive Directors is required under the circumstances for the achievement of the settlement objectives;

4.

the Supervisory Board and the directors of the institution in liquidation are obliged to provide the necessary support for the achievement of the settlement objectives;

5.

natural and legal persons shall be liable, under the applicable law of the Member State concerned, in civil and criminal law as part of their responsibility for the failure of the Institute;

6.

Creditors of the same rank shall be treated in the same way, subject to the other provisions of this Federal Act;

7.

no creditor has to bear greater losses than would have been required to carry out a bankruptcy proceedings under the terms of § 106 to 108 in the event of a liquidate of the institution or of the undertaking pursuant to § 1 (1) (1) (2) to (4);

8.

secured deposits are fully secured and

9.

the settlement measures shall be taken in accordance with the safeguards provided for in this Federal Act.

(2) Where an institution is a company of a group, the resolution authority shall, in the application of the resolution instruments and the exercise of the resolution powers, take care, within the scope of the possibilities, to ensure that the effects of the settlement to other undertakings of the Group and to the Group as a whole, as well as to the negative impact on financial stability in the Union and its Member States, in particular in countries where the Group is active, as low as possible .

(3) The application of resolution instruments and the exercise of resolution powers shall, where applicable, be consistent with the Union's legal framework for State aid.

(4) Where the instrument of the sale of undertakings, the instrument of the bridge institution or the instrument of the outsourcing of assets to an institution or an undertaking is applied in accordance with Article 1 (1) (1) (2) to (4), that institution shall apply: Undertakings as the subject of bankruptcy proceedings or insolvency proceedings in accordance with Article 5 (1) of Directive 2001 /23/EC on the approximation of the laws of the Member States relating to the safeguarding of employees ' rights in respect of the Transfer of undertakings, businesses or parts of undertakings or businesses of the Council, OJ No. OJ L 82, 22.3.2001, p. 16.

(5) In the application of the resolution instruments or the exercise of the resolution powers, the resolution authority shall inform and consult the employees ' representatives of the Institute, where appropriate.

(6) The application of resolution instruments and the exercise of resolution powers by the resolution authority shall be without prejudice to the provisions concerning the representation of employees on the Supervisory Board pursuant to Section 110 of the German Labour Constitution Act (Arbeitsverfassungsgesetz)- ArbVG, BGBl. No. 22/1974.

2. Main piece

Severity

General provisions

§ 54. (1) Before the resolution authority takes settlement measures or exercises the power to depreciate or convert relevant capital instruments, it shall ensure that a fair, prudent and realistic assessment of the Assets and liabilities of the institution or of the company pursuant to Section 1 (1) (1) (2) to (4).

(2) The assessment shall be carried out by the resolution authority by an auditor, an accounting firm or by any other appropriate expert (assessment auditor). The assessors must be independent of the FMA, the Oesterreichische Nationalbank, other public authorities and the institute or the company according to § 1 (1) (1) (2) to (4). The following shall be deemed not to be independent or otherwise unsuitable for who has been acting as a statutory auditor of the institute or of the company in accordance with Section 1 (1) (1) (2) to (4) or on the basis of the exclusion grounds referred to in § 61 (2) or § 62 BWG. is true.

(3) The objective of the evaluation shall be to determine the value of the assets and liabilities of the institution or of the company in accordance with § 1 (1) (2) to (4), which fulfils the settlement conditions in accordance with § § 49 to 52.

(4) The evaluation shall be an integral part of the decision on the application of a resolution instrument or the exercise of a settlement power or the decision on the exercise of the power to depreciate or convert Capital instruments. No separate appeal can be filed against the evaluation itself, but an appeal may be brought against it together with the decision in accordance with Section 118.

(5) Without prejudice to paragraph 4 and § 118, the evaluation shall be deemed to be final if all the requirements are fulfilled in accordance with § § 54 to 56.

Evaluation criteria and documents

§ 55. (1) The evaluation shall be carried out on the basis of the following criteria:

1.

It shall be based on prudent assumptions, in particular in relation to default probabilities and loss rates in the event of failure, and shall be based on the date on which a settlement measure is taken or the instrument of the participation of holders of relevant capital instruments, not from a potential future grant of exceptional financial support from public funds or from the granting of emergency liquidity assistance to a central bank or to the granting of emergency liquidity assistance Liquidity assistance of a central bank to non-market conditions regarding collateral, maturity and interest on the part of the institute or company shall be based on the terms of section 1 (1) (1) (2) to (4);

2.

It must be borne in mind that when a resolution instrument is used by the institution in progress, the following must be provided:

a)

A refund of all reasonable expenses pursuant to Section 74 (5), duly effected by the resolution authority and the resolution financing mechanism, and

b)

Interest and fees for loans or guarantees provided under the resolution financing mechanism.

(2) The evaluation shall be supplemented by the following documents:

1.

a balance sheet, updated to the valuation date, and a report on the financial position of the institution or the undertaking in accordance with Article 1 (1) (2) (2) to (4);

2.

an analysis and an estimate of the carrying amount of the assets to be attributed to the institution or to the undertaking in accordance with Article 1 (1) (2) (2) to (4); and

3.

a statement of the accounts of the institution or of the company in accordance with § 1 (1) (2) (2) to (4) of the books or other records of the institution or of the company, with information on the respective creditors and the respective creditors and the respective creditors. on the basis of the underlying claims and their rank in accordance with the insolvency law.

(3) Where appropriate, the documents referred to in paragraph 2 (2) may be supplemented by analyses and estimates of the assets and liabilities of the institution or of the company in accordance with Article 1 (1) (1) (2) to (4) on the basis of the market value in order to: make informed decisions in accordance with § 56 Z 5 and 6.

(4) The evaluation shall contain information on the subdivision of creditors in accordance with their rank in accordance with the applicable insolvency law and an assessment of the treatment of the individual shareholders and creditors, which would be expected if the institution or the company would be used in bankruptcy proceedings pursuant to § 1 (1) (1) (2) to (4). The application of the rule in accordance with § 107, that no creditor is to be treated worse than would have been opened by a bankruptcy procedure, remains without prejudice to this assessment.

The purpose of the evaluation

§ 56. The evaluation shall in particular serve the following purposes:

1.

Whether the conditions for a settlement or the conditions for the depreciation or conversion of capital instruments have been met;

2.

if the conditions for a settlement are fulfilled, the informed decision on the appropriate settlement measures to be taken with regard to the institution or the company in accordance with § 1 (1) (1) (2) to (4);

3.

if the power to write down or transform relevant capital instruments is exercised, the informed decision on the extent of the deletion or dilution of shares or other property titles and on the extent of the Depreciation or conversion of the relevant capital instruments;

4.

if the instrument of creditor participation is applied, the substantiated decision on the extent of the depreciation or conversion of liabilities eligible for consideration;

5.

if the instrument of the bridge institution or the instrument of the outsourcing of assets is applied, the informed decision on the assets to be transferred, rights, liabilities, shares or other title deeds and the a sound decision on the value of compensation to be paid to the institution in progress or, where appropriate, to the owners of the shares or other title deeds;

6.

if the instrument of the sale is applied, the informed decision on the assets to be transferred, rights, liabilities, shares or other title deeds and the assessment of the resolution authority, whether or not a the transfer of a third party comparison;

7.

in any case, to ensure that all losses in respect of the assets of the institution or of the undertaking referred to in Article 1 (1) (1) (2) to (4) at the time of the application of the resolution instruments or the exercise of the power to depreciate or conversion of relevant capital instruments is fully covered.

Preliminary and final evaluation

§ 57. (1) If an independent evaluation by an evaluation examiner is not possible in a timely way, the resolution authority shall have a preliminary assessment of the assets and liabilities of the institution or of the company in accordance with § 1 (1) (1) Z 2 to 4 , or to be carried out by appropriate experts. This shall be permissible, in particular, if, due to the urgency of urgency, it is not possible or, under the circumstances, it is inappropriate and impracticable to comply with the requirements laid down in Article 55 (2) and (4). The preliminary evaluation shall serve the purpose in accordance with Section 54 (3) and shall contain a buffer for additional losses with reasonable justification.

(2) An evaluation which does not comply with all the requirements laid down in § § 54 to 56 shall be considered as a preliminary evaluation until an evaluation examiner has carried out a final evaluation. This final evaluation shall be made immediately by the resolution authority. The final evaluation can be carried out independently of or at the same time as the evaluation according to § 107 by the same evaluation examiner, but must be carried out separately from the evaluation in accordance with § 107. The final evaluation is for the following purposes:

1.

To ensure that all losses in respect of the assets of the Institute or the Company are fully recorded in the books of the Institute or Company pursuant to § 1 (1) (1) (2) (2) to (4); and

2.

where appropriate, the informed decision on the recovery of creditors ' claims, or the increase in the value of the consideration to be paid in accordance with paragraph 3.

(3) The estimate of the net asset value of the institution or of the enterprise according to Article 1 (1) (2) to (4), carried out in the context of the final evaluation, shall be higher than the estimate of the estimate of the net assets of the institution or of the enterprise as defined in the Net asset value, the resolution authority may:

1.

exercise their power to increase the value of claims by creditors or owners of relevant capital instruments, which have been reduced under the instrument of creditor participation, or

2.

a bridge institute or a mining unit, a further consideration in respect of the assets, rights or liabilities to the institution in liquidate or, where appropriate, in terms of shares or title deeds to the institution Holders of the shares or other title deeds must be paid.

If, on the other hand, the estimate of the net asset value carried out as part of the final evaluation is lower than the estimate of the net asset value carried out as part of the preliminary assessment, the institution or company owes its estimate to the net assets. in accordance with Article 1 (1) (1) (2) to (4) of the bridge institute or the mining unit, a compensation in the amount of the absolute value of the negative value established. For findings within the scope of this paragraph, the procedure shall be applicable in accordance with § 116.

(4) Without prejudice to Section 54, a preliminary assessment carried out shall constitute a valid basis for the resolution authority in order to:

1.

take settlement measures, inter alia, by taking over the control of the institution or undertaking in the default in accordance with Article 1 (1) (1) (2) to (4); or

2.

to exercise the power to depreciate or convert capital instruments.

(5) The resolution authority shall not be liable for the correctness and completeness of the preliminary evaluation.

3. Main piece

Resolution powers

General powers

§ 58. 1. The resolution authority shall have the following powers, which it shall exercise in accordance with the provisions of the 5. May apply the main part in the framework or in preparation for the application of a resolution instrument individually or in combination with institutions and on companies according to § 1 (1) (1) (2) to (4):

1.

The power to require any person to provide all the information needed to decide and prepare a settlement measure, including updates and supplements to the information provided in the settlement plans , as well as the request for information obtained through on-site inspections;

2.

the power to take control of an institution under management and to exercise all the rights and powers conferred on shareholders, other owners and managers of the institution under management;

3.

the power to transfer shares and other title deeds issued by an institution in liquidated form;

4.

the power to transfer rights, assets and liabilities of an institution under management to another undertaking, to the extent that the other undertaking agrees to do so;

5.

the power to reduce the nominal value or outstanding balance of liabilities of an institution in liquidate, including to zero, to reduce the nominal or outstanding balance of a settlement in liquidate;

6.

the power to take into account the liabilities of an institution under management in ordinary parts or other title deeds of that institution or of that undertaking in accordance with Article 1 (1) (2) to (4), of a relevant parent institution or of a parent institution A bridge institution to which the assets, rights or liabilities of the institution or the enterprise are transferred in accordance with Article 1 (1) (1) (2) to (4);

7.

the power to delete the debt issued by an institution in liquidated form, except in the case of collateralised liabilities in accordance with Article 86 (2);

8.

the power to reduce the nominal value of the shares or other title deeds of an institution in liquidate, including it to zero, and to delete such shares or other title deeds;

9.

the power to issue new shares, other title deeds or other capital instruments, including preferred shares and other conditionable instruments, by an institution in liquidate or by a relevant parent institution require;

10.

the power to take into account the maturity of the debt securities issued by an institution in liquidated form and other eligible liabilities, or the debt instruments and other eligible liabilities arising from the relevant debt instruments and other eligible liabilities to change the payable amount of interest or the date on which the interest is payable, also by a temporary suspension of the payments, except in the case of collateralised liabilities in accordance with § 86 (2);

11.

the power to terminate or terminate financial contracts or derivative contracts for the purposes referred to in Article 91;

12.

the power to discontinue or replace individual or all members of the Supervisory Board or of the management of an institution in liquidate and

13.

the power to request the FMA to quickly assess the purchaser of a qualifying holding by way of derogation from the time limits specified in § 20a BWG or § 11a WAG 2007.

(2) Unless otherwise specified in this Federal Act, the resolution authority shall not be bound by the application of the resolution instruments and the exercise of the resolution powers to the following requirements, irrespective of whether otherwise a Such obligation arising from law or contract shall be:

1.

The obligation to obtain the authorisation or consent of certain public or private persons, including the shareholders or creditors of the institution in progress, and

2.

Procedural rules providing for the provision of information to certain persons prior to the exercise of powers, including provisions for the publication of notices or prospectuses or for the deposit or registration of documents at another authority.

(3) In the application of the resolution powers as referred to in paragraph 1, the resolution authority shall also be empowered to do so.

1.

, subject to the provisions of Section 111, to take measures to exempt transferred financial instruments, rights, assets or liabilities from any obligation or burden, with compensation claims under this Federal law shall not be deemed to be an obligation or a burden;

2.

the right to acquire further shares or other title deeds;

3.

A stock exchange company according to § 2 of the Börsegesetz-BörseG, BGBl. No 555/1989, to suspend or suspend admission to trading on a regulated market or to the official listing of financial instruments;

4.

To take measures to ensure that the receiving legal entity is treated as if it were the institution in liquidate when it concerns the rights or obligations of the institution in liquidate or of the measures it takes , subject to § § 75 and 78, including rights or obligations relating to participation in a market infrastructure;

5.

to require the institution in progress or the receiving entity to provide each other with information and to provide assistance; and

6.

to repeal or amend the terms of a contract in which the institution in liquidate is a Contracting Party, or to use an accepting entity in its place as a party to the contract.

The application of these powers by the resolution authority shall be permitted only if it contributes to the effectiveness of a settlement measure or to the achievement of one or more settlement objectives.

(4) If the resolution authority applies its resolution powers, it may order continuity measures. These must be necessary in order to ensure that the settlement measures are effective and that the transferred activity can be operated by the accepting entity. Continuity measures shall include in particular:

1.

the continuation of the contracts entered into by the institution in liquidate, whereby the accepting entity is responsible for the rights and obligations of the institution or company in liquiding-up pursuant to § 1 (1) (1) (2) to (4) in relation to all the transferred financial instruments, rights, assets or liabilities and, in all relevant contract documents, expressly or implicitly, in place of the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) , and

2.

in respect of all financial instruments, rights, assets or liabilities transferred, the replacement of the institution or undertaking in liquidate pursuant to Section 1 (1) (2) to (4) by the accepting entity in all Court proceedings.

(5) The following rights remain unaffected by the powers mentioned in paragraph 3 Z 4 and in paragraph 4 Z 2:

1.

the right of an employee of the institution or company in progress to terminate his employment contract in accordance with Section 1 (1) (2) to (4); and

2.

subject to the provisions of Sections 64, 65 and 66 of the Treaty, any rights of a Contracting Party to make use of the rights provided for in this Treaty, including the right of termination if the Treaty does so in the case of an act or Omission of the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) before the corresponding transfer or the accepting legal entity after the transfer.

Interruption of judicial proceedings in civil matters and suspension of a decision of a civil court

§ 59. (1) A civil procedure involving an institution in liquidation shall be interrupted by the General Court for a period of time if the resolution authority so requests. An interrupted procedure shall be continued on its own account at the end of the specified period.

(2) A measure adopted by a civil court which relates to an institution in progress shall be suspended for a specified period if the resolution authority so requests.

Party Change

§ 60. In a civil procedure involving an institution in liquidation, the Court of First Instance shall order that the accepting entity shall, in the proceedings, replace the institution in liquidation, if the resolution authority is this is requested because it has arranged a corresponding continuity measure in accordance with § 58 (4).

Provision of services and facilities

§ 61. (1) The resolution authority may order, in relation to an institution in liquidation or in relation to an undertaking, in accordance with § 1 (1) (2) to (4), information, services, facilities and employees to be provided with a A accepting entity needs to be able to operate the business transferred to it. This applies in accordance with Section 82 (7) of the Federal Elections Act, even if a bankruptcy procedure has been opened on the assets of the institution in liquidate or of the company concerned.

The resolution authority may, at the request of the resolution authority of another Member State, take measures in accordance with paragraph 1 which, following the arrangement of this resolution authority, shall apply to a group-based company domiciled in Germany, by: recognise that they have an appropriate arrangement in relation to the group of undertakings concerned, with their head office in Germany.

(3) The powers referred to in paragraphs 1 and 2 shall be limited to operational services and facilities; the resolution authority shall not be allowed to grant financial assistance to the institution or to an undertaking pursuant to Article 1 (1) (2) to (4). commit.

(4) If an arrangement is made in accordance with paragraph 1 or 2, a consideration shall be determined. If services and facilities have already been made available immediately prior to the initiation of settlement measures under an agreement, consideration shall be given to the period of validity under this existing agreement. Otherwise, a reasonable consideration shall be determined by the resolution authority.

(5) If insolvency proceedings are opened on the assets of the Institute or of a company pursuant to Section 1 (1) (1) (2) to (4), the obligations arising out of an order pursuant to paragraph 1 shall continue to exist vis-à-vis the property manager. The arrangement can also be made with respect to the mass manager.

Powers relating to assets held in third countries, rights, liabilities, shares or other property rights

§ 62. (1) Where the resolution measures applied also extend to assets situated in a third country, or to shares, other title, rights or liabilities that are subject to the law of a third country, the resolution shall be The resolution authority shall order that:

1.

the liquidator, the provisionally ordered custodian, or any other person who exercises control of the institution in liquidate, and the receiving entity must take all necessary measures to ensure that the the transfer, the depreciation, the conversion or the measure shall take effect,

2.

the liquidator, the provisionally ordered custodian, or any other person controlling the institution in liquidate, holding the shares, other title, assets or rights, or the liabilities in the name of the acquiring institution. the right to pay until the transfer, the depreciation, the conversion or the measure takes effect and

3.

the appropriate expenses duly incurred by the receiving legal entity in carrying out one of the measures prescribed in accordance with Z 1 and 2 shall be reimbursed to a manner specified in accordance with Section 74 (5).

(2) Where the resolution authority considers that it is very unlikely that the liquidator, the provisionally ordered custodian or any other person referred to in paragraph 1 (1) 1, has taken the necessary steps, The transfer, the conversion or the measure relating to 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, shall take effect, the Resolution authority on the transfer, depreciation, conversion or action . If it has already ordered the transfer, rewriting, conversion or action, it shall be ineffective in relation to the relevant assets, shares, other title, rights or liabilities. This shall be determined by the resolution authority in the same way that the arrangement has been carried out.

Exclusion of certain contractual conditions in the event of early intervention and settlement

§ 63. (1) A crisis prevention measure or a crisis management measure, including an event directly related to the application of such a measure, shall not apply in respect of a company within the scope of this Federal Act as a case of recovery or termination within the meaning of Directive 2002/47/EC on financial collateral arrangements of the European Parliament and of the Council, OJ L 201, 31.7.2002, p. No. 43, or 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 L 139, 30.4.1998, p. No. OJ L 166, 11.6.1998, p. 45, if the main obligations under the Treaty, including payment and performance obligations, and the obligation to place securities continue to be fulfilled. A suspension or restriction in accordance with § § 64 to 66 does not constitute a non-performance of the contractual obligations of the main obligations.

(2) In addition, such a crisis prevention measure or a crisis management measure shall not, in itself, be deemed to be a case of recovery or termination or insolvency proceedings under a contract, provided that the contract is

1.

received from a subsidiary undertaking and containing obligations which are guaranteed or otherwise supported by the parent undertaking or any other company in the group, or

2.

has been received by a company of the group and the contract contains third party clauses (cross-default clauses).

(3) Where a third country settlement procedure is recognised in accordance with Section 149, that procedure shall be deemed to be a crisis management measure for the purposes of this provision.

(4) A crisis prevention measure or a crisis management measure, including an event directly related to the application of such a measure, shall not entitle it to:

1.

to exercise rights of termination, modification, modification, retention, settlement or repayment, even if the contract is

a.

has been received by a subsidiary undertaking and includes obligations which are guaranteed or otherwise supported by a company of the group; or

b.

has been received by a company of the group and the contract contains third party clauses (cross-default clauses);

2.

Ownership

a.

of the relevant institute or undertaking pursuant to Article 1 (1) (2) to (4), or

b.

of a company of the group with respect to a contract that contains cross-default clauses,

to be able to exercise control over it or to assert claims from a security, or

3.

any contractual rights of the

a.

in accordance with Article 1 (1) (2) (2) to (4), or

b.

of a company of the group with respect to a contract that contains cross-default clauses,

,

provided that the main obligations under the contract, including payment and service obligations, and the obligation to place securities continue to be fulfilled. Paragraph 1, second sentence shall apply accordingly.

(5) The rights referred to in paragraph 4 (1) (1) to (3) may be exercised if the rights are due to a different event as a crisis prevention measure, a crisis management measure or directly with the application of such a measure. connected event.

(6) Agreements which are contrary to the provisions of paragraphs 1 and 4 shall be ineffective.

Power to suspend payment or delivery obligations

§ 64. (1) The resolution authority may order to suspend payment or delivery obligations arising from contracts in respect of which an institution in liquidation is a party to the settlement. The suspension order shall be effective from the public announcement in accordance with Section 116 (6) and shall extend until midnight of the business day following this announcement (suspension period). The resolution authority shall consider the possible impact on the proper functioning of the financial markets before issuing the suspension order.

(2) A payment or supply obligation, the due date of which falls within the period of implementation, shall be due immediately after the expiry of the period of implementation.

(3) The resolution authority shall issue an order pursuant to paragraph 1, which shall suspend the payment or delivery obligations of an institution or undertaking in liquidation pursuant to Article 1 (1) (2) (2) to (4) of a contract, which shall be subject to the following: The contract shall be subject to the payment or delivery obligations of the counterparties to the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4) for the same period.

(4) exempted from a suspension order in accordance with paragraph 1:

1.

deposits that are eligible for reimbursement;

2.

the payment and service obligations of the systems or system operators within the meaning of Directive 98 /26/EC, central counterparties and central banks, and

3.

Eligible claims for the purposes of Directive 97 /9/EC.

Power to restrict security rights

§ 65. (1) The resolution authority may order, in respect of the assets of the institution or company in liquidation, in accordance with Article 1 (1) (2) to (4), that the enforcement of hedging rights of protected creditors is prohibited. (Enforcement suspension). This arrangement shall be effective from the public announcement in accordance with Section 116 (6) and shall extend until midnight of the business day following this announcement (the period of the implementation period). The resolution authority has to weigh up the possible impact on the proper functioning of financial markets before issuing the order.

(2) An arrangement in accordance with paragraph 1 shall have no effect on the security rights of systems or system operators within the meaning of Directive 98 /26/EC, central counterparties and central banks, where assets of the institution in liquidate are of a security service or security, or have been appropriated.

3. The resolution authority shall ensure that any restrictions imposed under an order under paragraph 1 are consistent for all companies in the group to which a settlement measure is applied, if § 113 to the Application.

(4) § § 5 to 9 financial collateral law are not applicable to restrictions on the recovery of collateral or restrictions on the effectiveness of financial collateral in the form of a restricted right, of close-out-netting-or Accounting arrangements imposed by the resolution authority on the basis of the application of a settlement measure or the application of the instrument for the participation of holders of relevant capital instruments, or for comparable Restrictions imposed by similar powers in the law of a Member State in accordance with § 2 (1) Z 3 lit. d and Z 4 Financial collateral law, for which at least the protection provisions in accordance with § § 106 et seq. are to be handled in an orderly manner.

Power to temporarily suspend dismissal rights

§ 66. (1) The resolution authority may order to suspend the termination rights of a party to a contract with an institution in liquidation if the payment and performance obligations and the position of collateral continue to be fulfilled (Enforcement suspension). This arrangement shall be effective from the public announcement in accordance with Section 116 (6) and shall extend until midnight of the business day following this announcement (the period of the implementation period). The resolution authority has to weigh up the possible impact on the proper functioning of financial markets before issuing the order.

(2) The arrangement referred to in paragraph 1 may also be issued in respect of the rights of termination of a party to a contract with a subsidiary of an institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4), if:

1.

the performance of the obligations arising out of the contract is guaranteed or supported in any other way by the institution in progress;

2.

the rights of termination pursuant to this contract are based solely on the insolvency or financial position of the institution or company in liquidation pursuant to § 1 (1) (1) (2) to (4); and

3.

in the event that a delegation power has been or may be exercised in respect of the institution in progress, either:

a)

all assets and liabilities associated with this contract have been transferred to and taken over by the accepting entity, or

b)

the resolution authority provides in a different way for the adequate protection of those obligations.

(3) An arrangement in accordance with paragraph 1 or 2 shall have no effect on systems or system operators within the meaning of Directive 98 /26/EC, central counterparties or central banks.

(4) A right of dismissal under a contract may be exercised before the end of the implementation period if the resolution authority notifies that the rights and liabilities covered by the contract are not

1.

are transferred to another company, or

2.

The subject matter of a write-down or transformation in the application of the instrument of creditor participation in accordance with § 85 (2) (1) (1) are.

(5) If termination rights are suspended on the basis of an order in accordance with paragraph 1 or 2, these rights may be exercised at the end of the suspension period, subject to § 63 in accordance with the conditions of Z 1 and 2:

1.

In cases where the rights and liabilities referred to in the contract have been transferred to another undertaking, a counterparty may only take part in the eventual or subsequent enforcement event of the transferor. The right-holder shall make use of the terms of this contract in accordance with the right of termination.

2.

If the rights and liabilities covered by the contract remain with the institution in liquidation and the settlement authority has not applied the instrument of the creditor participation in accordance with Section 85 (2) (1) to this contract, the a counterparty shall make use of the terms of this contract in accordance with the right of termination of the contract at the end of the period of implementation referred to in paragraph 1.

(6) The FMA or the resolution authority may apply the management of detailed records of contracts to the institution or to the company pursuant to § 1 (1) (1) (2) to (4). Transaction registers in accordance with Article 81 of Regulation (EU) No 648/2012 shall make available to the FMA or the resolution authority the information necessary for the performance of their respective tasks.

Control failover

§ 67. (1) In order to initiate or take a settlement measure, the resolution authority may order that it shall take over the management of an institution or undertaking in accordance with Article 1 (1) (1) (2) to (4), by:

1.

the Institute operates with all the powers of its shareholders and the Managing Director and provides the activities and services of the Institute or the Company pursuant to Article 1 (1) (1) (2) to (4); or

2.

The assets and property of the institution or company pursuant to § 1 (1) (1) (2) to (4) shall be administered and provided.

The resolution authority may exercise these powers itself or entrust it to a liquidate manager in accordance with Section 68. Voting rights of shares or other property titles of the institute or company according to § 1 (1) (1) Z 2 to 4 can only be exercised in this way during a settlement.

(2) The acceptance of settlement measures shall also be permitted without a transfer of control pursuant to paragraph 1. In the exercise of the discretion referred to in paragraph 1, the resolution authority shall decide, within the framework of a case-by-case decision, on the need for a management takeover, with the settlement objectives and general settlement principles, which shall be: to take account of the specific situation of the institute or undertaking concerned in accordance with Article 1 (1) (2) to (4) and the need to facilitate the effective management of cross-border groups.

(3) The resolution authority and the liquidate manager shall not be deemed to be the business manager in accordance with § 2 Z 1 BWG. Likewise, they are not considered to be a de facto managing director.

Fulfillment Manager

§ 68. (1) The resolution authority may appoint a liquidate manager to replace the directors of the institution or company in liquidation in accordance with Section 1 (1) (1) (2) (2) to (4). The liquidate manager shall have the qualifications, skills and knowledge required for the performance of his functions. It is to be ordered for a maximum of one year and can be dismissed at any time by the resolution authority. By way of exception, the order may be extended to a total of up to two years by the resolution authority, if the conditions for the appointment of a liquidate manager continue.

(2) The liquidate manager shall have all the powers of the shareholders, the business managers and the supervisory board of the institute. However, it may exercise that power only in accordance with the conditions laid down in paragraph 4.

(3) The liquidate manager shall be obliged to take the necessary steps to achieve the settlement objectives referred to in § 48 and to implement settlement measures in accordance with the decisions of the resolution authority. This obligation shall take precedence over all other business management obligations which, in accordance with the statutes of the institute or company, exist and differ from this in accordance with § 1 (1) (1) (2) to (4) or other statutory provisions. In accordance with the resolution instruments according to the 4. Main items shall include such necessary steps, in particular:

1.

capital increases,

2.

the change in the ownership structure of the institution or company pursuant to § 1 (1) (1) (2) to (4) or

3.

the acquisition by financially and organizationally sound institutes or companies according to § 1 (1) (1) (2) to (4).

(4) The resolution authority may limit or order the rights, tasks and powers of the liquidate manager at any time without giving any reason, that these may only be exercised after written consent. The liquidate manager shall be subject, in the exercise of his duties and powers of supervision by the resolution authority, to act as its institution and shall comply with the instructions of the settlement authority.

(5) The liquidate manager shall, at regular intervals to be determined by the resolution authority and at the beginning and at the end of his/her mandate, on the economic and financial situation of the institution or company in accordance with § 1 (1) (2) to (4), as well as the steps taken by the liquidate manager in the performance of his duties.

(6) The function of the liquidate manager may be provided by the insolvency administrator in accordance with § 80 of the Insolvency Order-IO, RGBl. No 337/1914. An insolvency administrator, who exercises the role of the liquidate manager, acts as an institution of the FMA within the framework of these tasks.

(7) If other resolution authorities intend to appoint a liquidate manager for companies of the same group, the resolution authority shall verify with them whether the appointment of a common settlement manager for all concerned It makes more sense to find solutions that will restore the financial soundness of the companies concerned.

Conversion into a joint stock company

§ 69. (1) The resolution authority may, in order to initiate or take a resolution measure for an institution or a company pursuant to Article 1 (1) (2) (2) to (4), which does not have the legal form of a public limited company, convert it into a public limited company. (conversion arrangement) where this is useful for the achievement of the settlement objectives in accordance with § 48. The conversion arrangement may be carried out on its own or in conjunction with the application of one or more processing instruments in accordance with § § 74 ff.

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

1.

the Company of the Aktiengesellschaft;

2.

the members of the first Supervisory Board of the Aktiengesellschaft; if a Supervisory Board has already existed in the Institute or Company, all or individual members of the Supervisory Board may be confirmed in the Office;

3.

the members of the Executive Board, indicating their power of representation; previous members of the Board of Management may be confirmed in office;

4.

Information on the number, type and extent of the shares acquired by the previous shareholders or other persons through the conversion.

(3) In addition, the resolution authority shall, taking into account the legal form to date and in compliance with the provisions of the AktG, draw up the Articles of Association of the Aktiengesellschaft and ensure that an opening balance sheet is drawn up. These documents are to be made known in the same way as the conversion arrangement.

(4) The institution or company shall continue to exist as a public limited company for the legal validity of the transformation arrangement. Any rights of third parties currently existing in a share shall continue to exist on the share which will replace the shares.

(5) Any liability of the shareholders or other persons who existed at the time of the conversion to the institution or company shall not be affected by the conversion and shall continue to remain upright.

(6) The conversion into a joint-stock company is to be found in the competent company-book court by the resolution authority and all the members of the Management Board and the Supervisory Board, on presentation of the documents referred to in paragraphs 2 and 3 for the registration in the Register your company book.

4. Main piece

Instrument for the participation of holders of relevant capital instruments

Obligation to write down and convert

§ 70. (1) In the case of an institution or a company pursuant to § 1 (1) (2) (2) to (4), the conditions for settlement in accordance with § 49 or § 52 or the conditions for the participation of the holders of relevant capital instruments pursuant to § 71 of this Regulation shall apply. The settlement authority shall be ordered in accordance with § 72 and § 88, that:

1.

for the strengthening of own resources relevant capital instruments of the institution or of the company according to § 1 (1) (2) to (4) are converted into shares or other instruments of the hard core capital at the institute or at the company according to § 1 (1) (1) (2) to (4) and

2.

in order to cover losses pursuant to section 88 (1) (1) of the nominal value or the outstanding balance of relevant capital instruments of the institution or of the company pursuant to § 1 (1) (1) (2) to (4), all or part of the losses shall be reduced.

(2) Before a settlement instrument is used by the resolution authority, it shall, in accordance with section 74 (1), apply the instrument of the participation of holders of relevant capital instruments, if not the instrument of the Creditor participation is applied.

Conditions for the participation of holders of relevant capital instruments

§ 71. (1) The write-down and conversion of relevant capital instruments shall be carried out if the resolution authority determines that the institution or undertaking is in accordance with § 1 (1) (1) (2) (2) to (4)

1.

is no longer viable in accordance with paragraph 2, without the depreciation and conversion of relevant capital instruments; or

2.

extraordinary financial support from public funds, except in cases of § 51 (1) (4) (4) (lit). c.

(2) An institution or an enterprise according to § 1 (1) (2) (2) to (4) shall be deemed to be no longer viable if:

1.

they fail or are likely to fail in accordance with § 51 and

2.

, taking into account time constraints and other relevant circumstances, there is no reasonable prospect that the default should be within a reasonable time frame by alternative measures of the private sector, including measures in the private sector. Framework of institute-related security systems, or other supervisory measures, including early intervention measures according to § 44, can be averted.

A group shall be deemed to be failing or likely to fail if it is in breach of its consolidated supervisory requirements in such a way as to justify the intervention of the FMA, or if there is objective evidence that this is the case. will be the case in the near future, which may be due in particular to the fact that the group has suffered or is likely to suffer losses, by which the whole or a substantial part of its own resources is used up.

(3) The resolution authority may, in compliance with the procedures laid down in § 72, apply the instrument of the participation of holders of relevant capital instruments also in relation to relevant capital instruments which:

1.

shall be issued by a subsidiary undertaking and recognised on an individual basis and on a consolidated basis for the purposes of compliance with own resources requirements, where the resolution authority and the competent authority of the competent authority of the The Member State of the subsidiary undertaking in the form of a joint decision in accordance with Section 144 (2) and § 145 (3) states that, in relation to the Group, the existence of a business as defined in paragraph 2 is only relevant by a transformation or a depreciation of relevant capital instruments can be guaranteed; or

2.

issued by a domestic parent undertaking and which are recognised on a one-off basis at the level of the domestic parent undertaking or on a consolidated basis for the purpose of fulfilling the own resources requirements, if the The resolution authority shall establish that, in relation to the group, the viability of paragraph 2 can only be guaranteed by the conversion or depreciation of relevant capital instruments.

(4) In the case referred to in paragraph 3 (1), a relevant capital instrument issued by a subsidiary may not be condescended or converted to a greater extent or under worse conditions than the equivalent capital instruments on the Level of the parent company.

Determination of the conditions for the application of the instrument for the depreciation and conversion of relevant capital instruments in groups

§ 72. (1) Before the resolution authority, in relation to a subsidiary which has issued relevant capital instruments which are recognised on a single basis and on a consolidated basis for own resources purposes, shall have one of the findings in accordance with § 71 of this Regulation, to meet the following requirements:

1.

The resolution authority shall immediately inform the consolidating supervisor of its intention; if the consolidating supervisor is not the authority responsible for determining the parent undertaking, it shall inform the consolidating supervisor of the The resolution authority shall also carry out its intention to the competent authority of the Member State responsible for the determination.

2.

The resolution authority shall immediately notify the Authority of its intention to make a determination pursuant to Article 71 (3) (1) (1) (1) to the authority responsible for the individual institutions or undertakings in accordance with Article 1 (1) (1) (2) to (4), which shall be responsible for the relevant information. capital instruments which, in the event of such a determination, have to be exercised by the power of depreciation, have issued, and where the latter is a different authority, the appropriate authorities of the Member State in which: the competent authorities and the consolidating supervisor are located.

(2) If, in the case of the processing of an institution or a cross-border group, a determination is made pursuant to § 71 (1) (2) or (3) (3) (1) or (2), the resolution authority shall have the potential effects of the settlement in all Member States in which the Institute or the Working Party is active.

(3) The resolution authority shall, in accordance with paragraph 1, provide an explanation of the reasons why it is considering the finding in question.

(4) Where a notification has been made in accordance with paragraph 1, the resolution authority shall, after consultation with the notified authorities, assess the situation,

1.

whether there is a viable alternative for the exercise of the power of rewriting or conversion in accordance with Section 70; and

2.

whether there are realistic prospects that the alternative would influence the circumstances, which would otherwise require a depreciation and conversion of the relevant capital instruments in accordance with § 70, within a reasonable time frame.

Possible alternatives are, in particular, early intervention measures in accordance with § 44, measures pursuant to § 70 para. 4a BWG or a liquidity or capital transfer of the parent company.

(5) In accordance with paragraph 4, the resolution authority shall, after consultation with the notified authorities, assess that alternative measures are available, it shall apply them immediately.

(6) If, in the case referred to in paragraph 1 (1) (1), the resolution authority, after consulting the notified authorities, finds that no alternative measures are available, the resolution authority shall itself assess whether the measures referred to in paragraph 1 of this Article shall be applied. , shall be considered as appropriate.

(7) Where the resolution authority decides to make a determination pursuant to Article 70 (1), it shall immediately notify the appropriate authorities of the Member States in which the subsidiaries concerned are located and the determination of the shall take the form of a joint decision in accordance with Section 145 (3) and § 147. Where a joint decision cannot be taken, the resolution authority shall abstain from the determination.

(8) The resolution authority shall immediately implement a decision taken in respect of the depreciation or conversion of capital instruments of subsidiaries, with due regard to the urgency of the circumstances.

Implementation of the depreciation and conversion of relevant capital instruments

§ 73. (1) Before ordering the depreciation or conversion of capital instruments, the resolution authority shall ensure that an assessment of the assets and liabilities of the institution or of the company pursuant to Article 1 (1) (1) (2) to (4) shall be applied in accordance with the § § 54 to 57 is carried out. This assessment shall form the basis for the calculation of the depreciation to be applied to the relevant capital instruments in order to compensate for losses and for the calculation of the extent of the conversion, which shall be applied to the relevant capital instruments. Capital instruments shall be used to recapitalize the institution or the company in accordance with Section 1 (1) (1) (2) to (4). The conversion rate shall be determined in accordance with the principles laid down in Article 92.

(2) The depreciation and conversion of the relevant capital instruments shall be carried out in the following order:

1.

The items in the hard core capital are reduced proportionally to the losses up to their capacity limit and the resolution authority takes one or both of the items referred to in Article 89 (1) with regard to the holders of the instruments of the hard the measures specified in the core capital;

2.

the nominal value of the instruments of the additional core capital shall be depreciated in the measure necessary to achieve the settlement objectives in accordance with § 48 or as far as the capacity limit, or converted into instruments of hard core capital, or both;

3.

the nominal value of the instruments of the supplementary capital shall be deducted in the amount necessary for the achievement of the settlement objectives in accordance with § 48 or as far as the capacity limit of the relevant capital instruments or in instruments of the hard core capital or both.

(3) If the nominal value of a relevant capital instrument is reduced,

1.

the reduction of this nominal value shall be without prejudice to an appreciation in accordance with section 88 (3) of the duration;

2.

, apart from any liabilities already incurred, there is no longer any liability with respect to the holder of the relevant capital instrument in respect of the amount of the instrument which has been reduced; and

3.

no holder of the relevant capital instruments receives any compensation other than that referred to in paragraph 4.

(4) In order to carry out a conversion of the relevant capital instruments in accordance with paragraph 2 (2) (2), the resolution authority may require the institution or company pursuant to § 1 (1) (1) (2) to (4) to apply instruments to the holders of the relevant capital instruments of the hard core capital. A conversion can only be done if the following conditions are met:

1.

The instruments of the hard core capital shall be provided by the institution or company in accordance with Section 1 (1) (2) to (4) or by a parent company of the Institute or of the Company pursuant to § 1 (1) (2) (2) to (4) with the approval of the Institute's resolution authority, or of the undertaking in accordance with Article 1 (1) (1) (2) to (4) or the liquidation authority of the parent undertaking,

2.

the instruments of the hard core capital are issued before any issuance of shares or title deeds issued by the institution or the undertaking in accordance with Article 1 (1) (2) (2) to (4) for the provision of own funds by the State or by a government body,

3.

The instruments of the hard core capital shall be allocated and transferred without delay, in accordance with the power of conversion, and shall be transferred and

4.

The conversion rate, which determines the number of hard core capital instruments made available for each relevant capital instrument, is in line with the principles laid down in § 92.

(5) In order to provide the instruments of the hard core capital referred to in paragraph 4, the resolution authority may, at any time, apply to the institutions and undertakings, in accordance with Article 1 (1) (2) (2) to (4), that they have the necessary prior Approval to issue the relevant number of instruments of the hard core capital.

5. Main piece

Resolution Instruments

Section 1

General

General principles

§ 74. (1) The resolution authority shall decide to apply a settlement instrument to an institution or company in accordance with Article 1 (1) (2) to (4) and would result in losses for creditors or conversion of their claims. , the resolution authority shall exercise the instrument of the participation of holders of relevant capital instruments in accordance with Section 70 immediately before or at the same time as the settlement instrument is applied.

(2) Resolution instruments are:

1.

the instrument of the sale of undertakings,

2.

the instrument of the Bridge Institute;

3.

the instrument of the allocation of assets and

4.

the instrument of creditor participation.

(3) The resolution authority may apply the resolution instruments individually or in combination. The discretion of the resolution authority in the selection and application of resolution instruments shall be exercised in the light of the settlement objectives in accordance with § 48. However, the instrument for the allocation of assets may only be used by the resolution authority together with a different resolution instrument.

(4) Only the resolution instruments referred to in paragraph 2 (2) (1), (2) or (3) for the transfer of only part of the assets, rights or liabilities of the institution or company in liquidation pursuant to § 1 (1) (1) (2) to (4) are to be transferred to , the remaining part of the institution or company shall be liquidated by bankruptcy proceedings in accordance with Section 1 (1) (2) to (4), the assets, rights or liabilities of which have been transferred. This liquidation shall take place within a reasonable time frame, taking into account the possible need for the institution or company to provide services in accordance with Section 1 (1) (1) (2) to (4) on the basis of an order in accordance with § 61 or provide assistance in order to enable the receiving entity to carry out the activities and services transferred to it as a result of the transfer, as well as any other reason for the continuation of the Residual institution or residual enterprise required in accordance with section 1 (1) (1) (2) to (4) shall be required to: To achieve settlement targets or to comply with the principles set out in § 53.

(5) The resolution authority may, in one or more of the following ways, all reasonable expenses duly incurred in connection with the application of a resolution instrument or the exercise of a resolution authority. be reimbursed:

1.

as a deduction from a consideration to be paid to the institution in liquidate or, where appropriate, to the holders of the shares or other title deeds,

2.

as the creditor of the institution in liquidate, or

3.

as the creditor of the creditor who has been credited in connection with the establishment of the establishment of the bridge institute or of a mining unit.

(6) A transfer of assets, rights or liabilities carried out in liquidation, in application of a settlement instrument, in the exercise of a settlement power or for the use of a State Stabilisation Instrument, In accordance with § § 27 ff Insolvenzordnung-IO, RGBl, the institute is not in accordance with § § 27 et seq. N ° 337/1914, countervailable

(7) In the exceptional situation of a systemic crisis, the resolution authority may seek financing from alternative sources through the use of state stabilization instruments in accordance with § 99, if the following conditions are met:

1.

Shareholders and holders of other property titles or holders of relevant capital instruments and other eligible liabilities have incurred losses and recapitalisation by means of depreciation, transformation or otherwise. The amount of at least 8 vH of the total liabilities, including the own funds of the institution or company in liquidation pursuant to § 1 (1) (2) (2) to (4), shall be calculated at the time of the settlement measure in accordance with the provisions of § § 54 to 57, and

2.

the financing is subject to prior and final approval under the Union's legal framework for State aid.

Section 2

The instrument of the sale of the company

Application of the instrument of the sale of the company

§ 75. (1) For the settlement conditions referred to in § 49 or § 52, the resolution authority may order a transfer to an acquirer, which is not a bridge institute. Subject to the provisions of paragraphs 7 and 8 and section 118, the transfer shall take place without the consent of the shareholders of the institution or company in liquidate pursuant to Section 1 (1) (1) (2) to (4) or a third party other than that of the acquirer. , and without complying with the procedural requirements of company law or securities law other than those referred to in paragraph 77 (transfer order). The transfer may relate to:

1.

the shares issued by an institution or undertaking in liquidate pursuant to Article 1 (1) (1) (2) to (4) or other property titles and

2.

All or individual assets, rights or liabilities of an institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4).

(2) A transfer must be able to withstand a third party comparison. The following must be considered:

1.

the circumstances of the individual case before and in the presence of the settlement conditions,

2.

the Union's legal framework for State aid; and

3.

the evaluation according to § § 54 to 57.

(3) Without prejudice to Section 74 (5), the counterbenefits of the acquirer shall be:

1.

delivered to the owners of the shares or title deeds if the sale of the company by transfer of shares or title deeds issued by the institution or company in question pursuant to § 1 (1) (1) (2) (2) to (4), by the holders of these shares or titles to the acquirer, or

2.

to the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4) where the sale of the company by transfer of certain or all assets or liabilities of the institution under management or Company pursuant to section 1 (1) (1) (2) to (4) on the acquirer.

(4) Where the instrument of the sale of undertakings is applied, the resolution authority may exercise the power of transmission on a number of occasions in order to carry out additional transfers of shares or other title deeds which are carried out by an institution in liquidation or to undertakings pursuant to section 1 (1) (1) (2) to (4), or to the assets, rights or liabilities of the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4).

(5) Following the application of the instrument of the sale of undertakings, the resolution authority may, with the consent of the acquirer, exercise the transfer powers in respect of assets, rights or liabilities transferred to the acquirer; in order to transfer the assets, rights or liabilities to the institution or undertaking in liquidate pursuant to § 1 (1) (2) to (4) or the shares or other title of title to their original owners, and the institution or company in liquidate pursuant to § 1 (1) (2) (2) Up to 4 or the original owners are obliged to take back these assets, rights or liabilities, shares or other title deeds.

(6) An acquirer must have the necessary concessions, permits and permits in order to continue the acquisition of the acquired company if a transfer is made. The FMA has to ensure that the relevant applications relating to the transfer are examined in good time.

(7) If a transfer leads to the acquisition or increase of a qualifying holding pursuant to § 20 BWG or pursuant to § 11 WAG 2007, the FMA shall, by way of derogation from Section 20a (2) BWG or § 11a WAG 2007, make its assessment so timely that the The use of the instrument of the sale of undertakings is not delayed and the achievement of the settlement objectives envisaged by the settlement measure is not prevented.

(8) If, exceptionally, the FMA has not completed the assessment provided for in paragraph 7 of this Article up to the date of entry of the legal force of a decree issued a transfer, the following shall apply:

1.

The transfer of the shares or other title deeds to the acquirer has direct legal effect;

2.

during the assessment period and during a period of divestment in accordance with Z 6, the resolution authority shall suspend and transfer to itself the voting rights of the acquirer associated with such shares or title deeds, the voting rights of the acquirer being the resolution authority shall not be obliged to exercise the voting rights and shall in no way be liable for the exercise or the waiver of the exercise of the voting rights;

3.

during the assessment period and during a period of divestment according to Z 6, the penalties provided for in § 98 (5a) (1) (1), (99) (1) (3) and (4) or § 99c (2) and (3) of the Federal Elections Act (BWG) and measures in the event of violations of requirements relating to the acquisition or the sale of qualifying holdings for such transfer of shares or other title deeds shall not be applied;

4.

as soon as the FMA has completed the evaluation, it shall inform the settlement authority and the purchaser in writing whether it agrees to the transfer of shares or other title deeds to the acquirer or to prohibit the transferee in accordance with Article 20a (2) of the BWG;

5.

if the FMA agrees to transfer shares or other title deeds to the acquirer, the voting rights associated with those shares or title deeds shall be deemed to be fully transferable to the acquirer immediately after the settlement authority and the acquirer has received a notification of consent from the competent authority;

6.

the FMA prohibits such transfer of shares or other title deeds to the acquirer;

a)

the right to vote in accordance with Z 2, which is associated with these shares or title deeds, remains fully valid,

b)

the liquidation authority may require the acquirer to sell those shares or title deeds within a period of disposal which it has set, taking into account the prevailing market conditions; and

c)

-if the acquirer does not conclude such a sale within the period of divestment set by the resolution authority-the FMA, with the approval of the resolution authority, against the acquirer, which is in accordance with § 98 (5a) (1) (1), (99) (1) (3) and (4) or § 99c (2) and (3) of the Federal Act on Criminal Law and measures in the event of violations of the requirements relating to the acquisition and disposal of qualified participations.

(9) In the case of transfers in application of the instrument of the sale of the company, the protection provisions shall apply in accordance with § § 106 et seq.

(10) In order to exercise the right to provide services in another Member State or to settle in another Member State, in accordance with Directive 2013 /36/EU or Directive 2014 /65/EU, the acquirer shall be entitled to: to be considered as the legal successor of the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4) and may all rights previously acquired by the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4) in relation to the the assets, rights or liabilities transferred shall continue to be exercised.

(11) The acquirer referred to in paragraph 1 shall enter into the member and access rights of the institution or company in liquidate pursuant to § 1 (1) (2) (2) to (4) for payment, clearing and settlement systems, stock exchanges and systems for the Investor compensation and deposit insurance, provided that it meets the membership and participation conditions of these systems. This shall apply under the following conditions:

1.

Access may not be refused on the grounds that the acquirer does not have a credit rating issued by a credit rating agency or that the credit rating does not correspond to the rating level which is otherwise available for the granting of access to the said systems. is required;

2.

if the acquirer does not meet the conditions of membership or participation of the above systems, the resolution authority may order the transferee to continue the membership and access rights for a specified period of not more than 24 months. , at the request of the acquirer, the resolution authority may extend that period.

Other legal effects of the instrument of the sale of undertakings

§ 76. (1) Shareholders and creditors of the institution or company in settlement pursuant to § 1 (1) (1) (2) to (4) and other third parties whose assets, rights or liabilities are not transferred shall have, without prejudice to Protection provisions in accordance with § § 106 et seq., no rights in relation to the transferred assets, rights or liabilities. A claim for transmission according to § 75 does not exist. The institutions of the acquirer shall not have any loyalty or other obligations to the shareholders and the creditors of the institution or company in liquidate pursuant to Section 1 (1) (1) (2) to (4), provided that such obligations do not apply to the institution or company Federal law.

(2) A transfer in accordance with § § 75, 78 or 82 shall be carried out exclusively in accordance with the provisions of this Federal Act and the respective transmission arrangement, so that in particular:

1.

in relation to the institution or undertaking in liquidate pursuant to § 1 (1) (2) to (4), procedural steps to be observed or agreed in accordance with general regulations, in particular decisions of a principal, general, Creditors ' meeting or other bodies shall be deemed to have been replaced,

2.

in respect of the institution or undertaking in liquidation pursuant to § 1 (1) (2) to (4) of the legally required or contractually agreed participation and consent requirements as being fulfilled or obstacles to transmission are deemed to have been eliminated, § 75 (7) remains unaffected,

3.

Register, land register and other registrations or enrolments for the transfer of the law are declarative,

4.

Certificates, in particular collection certificates, are redesigned accordingly by the settlement arrangement; they may, but do not have to be exchanged or rectified, and

5.

compliance with any form of form or other provisions which are regulated or contractually agreed outside this federal law is not required.

Procedural rules for the instrument of the sale of undertakings

§ 77. (1) In the application of the instrument of the sale of the company to an institution or a company in accordance with Section 1 (1) (1) (2) to (4), the resolution authority shall have the assets, rights and liabilities, shares or other title of the property of the Institute or company pursuant to § 1 (1) (1), (2) to (4), which it intends to transfer to market, or initiates the necessary steps for a market-compliant sale. In the case of collection rights, assets and liabilities, the sale in accordance with the market can be carried out separately.

(2) Without prejudice to the Union's legal framework for State aid, the sale of the market in conformity with the market shall be carried out in accordance with the following criteria:

1.

It must be as transparent as possible, taking into account the circumstances and, in particular, the necessary maintenance of financial stability, and shall be entitled to the assets, rights, liabilities, shares or other property rights of the Institute, or Companies which the Authority intends to transfer in accordance with Section 1 (1) (1) (1) (2) to (4) are not objectively incorrect,

2.

there must be no unauthorised favour or disadvantage of potential purchasers,

3.

Conflicts of interest must be excluded,

4.

an unfair advantage shall not be granted to any potential acquirer,

5.

the need to take account of the need for rapid implementation of the resolution and

6.

it is desirable to achieve the highest possible selling price for the shares or other title, assets, rights or liabilities concerned.

(3) With particular regard to the requirement laid down in paragraph 2 (2) (2), it is permissible for the resolution authority to approach certain potential acquirers in a targeted manner. A public announcement of the market-compliant divestment of the Institute or the company pursuant to § 1 (1) (2) (2) to (4), as defined in Article 17 (1) of Regulation (EU) No 596/2014 on market abuse (market abuse regulation) and repeal Directive 2003 /6/EC of the European Parliament and of the Council and of Directives 2003 /124/EC, 2003 /125/EC and 2004 /72/EC of the Commission of the European Parliament and of the Council, OJ L 136, 30.4.2003, p. No. 1., it may be deferred in accordance with Article 17 (4) or (5) of that Regulation.

(4) The resolution authority may apply the instrument of the sale of undertakings without complying with the requirements of the market-based divestment provided for in paragraph 2, if it is found that compliance with these requirements is likely to be the The achievement of one or more settlement objectives would be affected. This is particularly the case where the resolution authority considers that:

1.

an outage or a likely failure of the institution or company in liquidate pursuant to § 1 (1) (2) (2) to (4) constitute a serious threat to financial stability or increase an existing such threat , or

2.

Compliance with these requirements is likely to affect the effectiveness of the corporate divestment instrument with a view to averting the threat or the achievement of the settlement target pursuant to Section 48 (2) (2) (2).

Section 3

Instrument of the Bridge Institute

Application of the instrument of the Bridge Institute

§ 78. (1) In accordance with § 49 or § 52, the resolution authority may apply the instrument of the bridge institution. It may, taking into account the need to maintain critical functions in the bridge institute, adopt the order to transfer the following to a bridge institute:

1.

Shares or other title deeds issued by one or more institutions in liquidate and

2.

all or individual assets, rights or liabilities of one or more institutions in liquidate.

(2) The transfer order referred to in paragraph 1 may be adopted without the consent of the shareholders of the institution in liquidate or of a third party, other than the bridge institute, being required and without the need for procedural provisions in accordance with company law or the law on securities. § 118 shall remain without prejudice to this. The legal effects shall apply in accordance with section 76 (2).

(3) The bridge institute must be a capital company which meets the following requirements:

1.

Their shares shall be held by either the Federal Government, the FIMBAG, the resolution authority or any other public body, either in whole or in part,

2.

it shall be controlled solely by the resolution authority on grounds of company law or contractual influence or by an order in accordance with section 67; and

3.

it shall be set up specifically for the purpose of receiving and holding certain or all shares or other title deeds issued by an institution in liquidate, or of certain or all of the assets, rights, or assets; Liabilities of one or more institutions in liquidate with respect to the maintenance of critical functions and the divestment of the Institute.

(4) In the application of the instrument of the Bridge Institute, the Resolution Authority shall ensure that the total value of the liabilities transferred to the Bridge Institute does not exceed the total value of the rights and assets held by to the institution in progress or to be made available from other sources.

(5) Without prejudice to the provisions of Section 74 (5), consideration shall be given to the consideration of the bridge institution

1.

to the owners of the shares or title deeds if the sale of the company by transfer of shares or title deeds issued by the institution in liquidate is transferred by the holders of such shares or by the ownership of the shares; or Ownership of the acquirer took place, or

2.

to the institution in liquidate when the sale of the company has been effected by the transfer of certain or all assets or liabilities of the institution in liquidate to the acquirer.

(6) Where the instrument of the bridge institution is applied, the resolution authority may exercise the power of transmission on a number of occasions in order to carry out additional transfers of shares or other title deeds which are carried out by an institution in liquidation. , or of assets, rights or liabilities of the institution in liquidate.

(7) After an application of the instrument of the bridge institution, the resolution authority may:

1.

transfer rights, assets or liabilities from the bridge institute to the institution in liquidate or the shares or other title of ownership back to its original owners and the institution in liquidated form or the original owners are obliged to take back such assets, rights or liabilities, shares or other title deeds, provided that the conditions set out in paragraph 8 are met, or

2.

Shares or other title deeds, assets, rights or liabilities transferred from the Bridge Institute to a third party.

(8) The resolution authority may carry out a retransmission in accordance with paragraph 7 (1) only if:

1.

the possibility of retransmission of the respective shares or other title of ownership, assets, rights or liabilities is expressly provided for in the communication with which the transfer has been arranged or

2.

the respective shares or other title, assets, rights or liabilities are in fact not attributable to the genus of shares or other property rights, assets, rights or liabilities which are in the The transmission order with which the transmission has been effected or if it does not meet the transmission requirements specified therein.

In the transmission arrangement, the possibility of a return transmission is adequately limited and the conditions for a return transmission are to be carried out in more detail.

(9) Between the institution in liquidate or the original owners of shares or other property titles, on the one hand, and the bridge institute on the other hand, transfers take place, the above mentioned in § § 106 ff. Protective provisions.

(10) Shareholders and creditors of the institution in liquidate and other third parties whose assets, rights or liabilities are not transferred to the Bridge Institute shall have, without prejudice to the safeguards in accordance with § § 106 ff, no rights whatsoever with respect to the assets, rights or liabilities transferred to the Bridge Institute or to the Bridge Institute or its institutions. There is no right to a transfer according to paragraph 1.

The bridge institute

§ 79. (1) The resolution authority, the Federal Government or, with the agreement of the Federal Minister of Finance, the FIMBAG can establish capital companies which can act as a bridge institute. The base or share capital may be subject to the transfer of shares or assets of one or more institutions in liquidation in accordance with § 78 and, where necessary, by additional payment of the settlement financing mechanism in accordance with § 124 para. 1 Z 4 are applied. The valuation of these shares or assets for the establishment as well as for the opening balance of the capital company shall be the final assessment in accordance with section 57 (2) if such an asset is not yet available at the time of the establishment of the capital company. , the preliminary evaluation pursuant to Section 57 (1) shall be based as far as possible. A foundation test can be maintained.

(2) With the agreement of the Federal Minister of Finance, the shares of the Bridge Institute may be transferred to the Federal Government, FIMBAG or any other public authority.

(3) In the case of a transfer pursuant to paragraph 2, the requirements according to § 5 (1) Z 3 and 4 as well as § 20 BWG shall be deemed to be fulfilled.

(4) The Bridge Institute shall be notified to the General Court by the resolution authority, the business managers and the members of the Supervisory Board for entry in the Company Book.

(5) The resolution authority shall appoint the first Supervisory Board of the Bridge Institute. The appointment and dismise of the directors as well as the agreement on their remuneration shall be subject to the approval of the resolution authority. The agreement on the remuneration shall be approved if it is appropriate in accordance with the criteria of section 78 (1) of the German Stock Corporation Act (AktG) and taking into account the particular difficulties of the settlement situation.

Operation of the bridge institution

§ 80. (1) The following requirements shall be complied with during the operation of the bridge institute:

1.

The strategy and risk profile of the Bridge Institute shall be approved by the Resolution Authority;

2.

the bridge institution shall have the concessions required for the operation of banking operations or the provision of investment services, which are to be requested without delay by the directors of the bridge institution;

3.

the bridge institute must comply with the requirements of Regulation (EU) No 575/2013, the BWG and the WAG 2007 and is subject to supervision in accordance with this legislation;

4.

the operation of the bridge institution must be in line with the Union's legal framework for State aid, which the resolution authority may impose restrictions on its operation.

If it is necessary to achieve the settlement objectives, the Bridge Institute may be established even if, at the time of its operation, it does not comply with the requirements of Regulation (EU) No 575/2013, of the BWG or of WAG 2007 is sufficient. The resolution authority shall immediately inform the FMA of the reasons for non-compliance. The FMA may depart from one or more requirements when issuing the necessary concessions. It shall indicate in the communication the period of exemption of the bridge institution from the fulfilment of the requirements.

(2) The managers shall operate the bridge institute in a bid to:

1.

gain access to critical functions and

2.

the institution to sell its assets, rights or liabilities to one or more private purchasers under appropriate conditions and within the period referred to in paragraph 5.

(3) The operation of the bridge institution shall end with the occurrence of the following circumstances, which shall be determined by the resolution authority:

1.

Merger of the Bridge Institute with another company,

2.

Failure to comply with the requirements laid down in Section 78 (3) by the Bridge Institute,

3.

the sale of all or substantially all of the assets, rights or liabilities of the bridge institution to a third party,

4.

the expiry of the time limits referred to in paragraph 5, or

5.

Full liquidation of the assets of the bridge institution and full settlement of its liabilities.

(4) If the resolution authority pursues a divestment of the bridge institution or its assets, rights or liabilities, it shall be open and transparent to the bridge institute, the respective assets, rights or liabilities. market. It is necessary to ensure that:

1.

a factually correct representation is made and that

2.

the potential acquirers are not unduly favoured or discriminated against.

A sale shall be subject to a third party comparison in the light of the circumstances of the case and in accordance with the Union's legal framework for State aid.

(5) Where no circumstance pursuant to paragraph 3 (1) to (4) occurs, the resolution authority shall cease the operation of the bridge institution as soon as possible, but no later than two years after the last transfer, which shall be carried out by a liquidate institution in liquidation. Institute within the framework of the instrument of the bridge institute. After that period, the continuation of the operation may be extended by one year from the resolution authority, if:

1.

the extension of the results referred to in paragraph 3 (1) to (4) shall be supported; or

2.

an extension is necessary to ensure the continuation of basic banking or financial services.

The resolution authority shall give reasons for any extension. The justification must include a detailed assessment of the situation, including market conditions and prospects, which justifies the extension.

(6) If the work of a bridge institution is discontinued, because a circumstance has occurred in accordance with paragraph 3 (3) or (4), the bridge institute shall be liquidated by a bankruptcy procedure. Any proceeds from the operation of the Bridge Institute shall be allocated to the shareholders of the Bridge Institute.

(7) Where a bridge institute is used for the purpose of transferring assets and liabilities of more than one institution in liquidate, the obligation under paragraph 6 relates to the assets and liabilities that are They were transferred by the individual institutions in progress, and not to the bridge institute itself.

(8) The resolution authority shall have the right to participate in meetings of the Supervisory Board of the Bridge Institute or its committees. To this end, it shall be informed as early as possible of the dates of the meetings of the meetings and of the agenda. Decisions taken by means of a written vote shall be transmitted to the resolution authority.

(9) Any amendment of the statutes of the Bridge Institute shall be subject to the approval of the Resolution Authority.

Other provisions for the Bridge Institute

§ 81. (1) With regard to the exercise of the law, in accordance with the provisions of the III. Section of the BWG (freedom of establishment and freedom to provide services) or the second section of the WAG 2007 (freedom of establishment and freedom to provide services) to provide services in another Member State or to provide services in another Member State , a bridge institution shall be regarded as a continuation of the institution in liquidate and may all rights previously acquired by the institution in liquidate in respect of the transferred assets, rights, or liabilities exercised, continued to exercise.

(2) The bridging institute shall enter into the member and access rights of the institution in progress for payment, clearing and settlement systems, stock exchanges and investor compensation schemes and deposit insurance schemes, provided it complies with the membership and participation conditions of these systems. This shall apply with the following conditions:

1.

Access may not be refused on the grounds that the bridging institution does not have a credit rating issued by a credit rating agency or that this rating does not correspond to the rating level for granting access to the said systems is otherwise required;

2.

if the Bridge Institute does not comply with the terms and conditions of participation of the above mentioned systems, the Resolution Authority may order that the Bridge Institute shall have the membership and access rights for a fixed period of no more than 24 At the request of the bridge institution, the resolution authority may extend this period.

(3) The application of the instrument of the Bridge Institute shall not impose any obligations or any responsibility vis-à-vis the shareholders or creditors of the institution in the process of being processed. The institutions of the Bridge Institute shall not be liable to shareholders or creditors in respect of acts or omissions in the exercise of their duties, unless there is a gross negligence on the part of the institution or creditors, which shall be immediately Impairment of the rights of these shareholders or creditors.

Section 4

Instrument for the allocation of assets

Application of the instrument of the allocation of assets

§ 82. (1) For the settlement requirements according to § 49 or § 52, and if a further settlement instrument is applied (Section 74 (3)), the resolution authority may apply the instrument of the outsourcing of asset values. Under this instrument, the resolution authority may issue the order, assets, rights or liabilities of an institution or undertaking in liquidation pursuant to § 1 (1) (2) (2) to (4) or a bridge institution to a or a number of special purpose companies set up specifically for the management of the asset (mining unit). The transfer order may take place without the consent of the shareholders of the institution or company in liquidate being required in accordance with Section 1 (1) (1) (2) to (4) or a third party, and without any procedural provisions according to the company law or securities law. The legal effects shall apply in accordance with section 76 (2). § 118 shall remain without prejudice to this.

(2) The transfer to a mining unit as referred to in paragraph 1 shall be permitted only if:

1.

the situation on the specific market for these assets is such that the use of these assets under a bankruptcy procedure could have a negative impact on one or more financial markets;

2.

such a transfer is necessary in order to ensure the proper functioning of the institution or undertaking in progress pursuant to Article 1 (1) (2) (2) (4) or (4) of the Bridge Institute; or

3.

such a transfer is necessary in order to achieve the highest possible recovery revenue.

(3) In the application of the instrument of the allocation of assets, the resolution authority shall, in accordance with the principles laid down in Articles 54 to 57 and the Union's legal framework for State aid, provide the consideration for the the assets, rights or liabilities transferred to the mining unit. The consideration can also take on a nominal value or a negative value.

(4) Without prejudice to the provisions of Section 74 (5), any consideration of the unit of degradation in respect of the assets, rights or liabilities directly from the institution or undertaking in liquidate pursuant to § 1 (1) (1) (2) to (4) shall be subject to the following conditions: have been acquired to benefit from this. The counterpower can be provided in the form of debt instruments issued by the mining unit.

(5) If the instrument of the bridge institution has been applied, a unit of extraction may acquire assets, rights or liabilities from the bridge institute following the application of the instrument of the Bridge Institute.

(6) The resolution authority may transfer assets, rights or liabilities from the institution or company in liquidation to one or more mining units in accordance with Section 1 (1) (1) (2) to (4), and may have assets, rights or liabilities Liabilities of one or more mining units to the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4), provided that the following conditions are met:

1.

The possibility of retransmission of the specific rights, assets or liabilities was expressly provided for in the communication with which the transfer was ordered or

2.

the specific rights, assets or liabilities are in fact not attributable to the genus of rights, assets or liabilities specified in the transfer order, or they comply with the requirements of the Transfer requirements not.

In the transmission arrangement, the possibility of a return transmission is appropriate to a limited time. The conditions for a retransmission shall be specified in greater detail. The institution or company in liquidate pursuant to Section 1 (1) (1) (2) to (4) shall be obliged to withdraw the assets, rights or liabilities.

(7) Transfers between the institution or undertaking in liquidate pursuant to § 1 (1) (2) to (4) and the dismantling unit shall be subject to the protective provisions for partial capital transfers as defined in § § 106 ff.

(8) Shareholders and creditors of the institution or company in liquidate pursuant to § 1 (1) (2) to (4) and other third parties whose assets, rights or liabilities are not transferred to the mining unit shall be without prejudice to the protection provisions in accordance with § § 106 et seq., no rights in relation to the assets, rights or liabilities transferred to the mining unit or to the unit or organs of the mining unit.

(9) The application of the instrument of the outsourcing of assets does not bring any obligations or responsibility to the shareholders or creditors of the institution or company in liquidate pursuant to § 1 (1) (2) to (4). with you. The organs of the unit shall not be liable to the shareholders or creditors for acts or omissions in the performance of their duties, unless there is a gross negligence on the part of the shareholders or creditors, which shall be directly affected by such negligence. of the rights of these shareholders or creditors.

The degradation unit

§ 83. (1) The resolution authority, the Federal Government or, with the agreement of the Federal Minister of Finance, the FIMBAG may establish capital companies which can act as units of extraction. The basic or regular capital can be applied by transferring shares or assets of one or more institutions or companies that are in settlement in accordance with § 1 (1) (1) (2) to (4) or the bridge institute in accordance with § 82. The valuation of these shares or assets for the establishment as well as for the opening balance of the mining unit is the final evaluation according to § 57 (2), if such a date does not exist at the time of the establishment of the company, the Preliminary evaluation according to § 57 (1) as far as possible on the basis of the possibility. A foundation test can be maintained.

(2) The quarrying unit shall meet the following requirements:

1.

Their shares shall be held by either the Federal Government, the FIMBAG, the resolution authority or any other public body, either in whole or in part,

2.

it shall be controlled solely by the resolution authority on grounds of company law or contractual influence or by an order in accordance with section 67; and

3.

it shall be set up specifically for the purpose of receiving and holding certain or all shares or other title deeds issued by an institution or undertaking in liquiding-up pursuant to Article 1 (1) (1) (2) to (4), or to certain or of all the assets, rights or liabilities of one or more institutions or undertakings in liquidate in accordance with Section 1 (1) (2) to (4) with a view to the maintenance of critical functions and the divestment of the Institute; or Company according to § 1 (1) (1) 2 to 4.

(3) With the agreement of the Federal Minister of Finance, the shares of the mining unit may be transferred to the Federal Government or to the FIMBAG.

(4) In the case of a transfer pursuant to paragraph 2, the requirements according to § 5 (1) Z 3 and 4 as well as § 20 BWG shall be deemed to be fulfilled.

(5) In the case of a court, the dismantling unit shall be notified by the resolution authority, the directors and the members of the supervisory board for entry into the company's register.

(6) The resolution authority shall appoint the first Supervisory Board of the mining unit. The appointment and dismise of the directors as well as the agreement on their remuneration shall be subject to the approval of the resolution authority. The agreement on the remuneration shall be approved if it is appropriate in accordance with the criteria of section 78 (1) of the German Stock Corporation Act (AktG) and taking into account the particular difficulties of the settlement situation.

Operation of the mining unit

§ 84. (1) The unit has the task of managing the asset transferred to it with the aim of ensuring an orderly, active and best possible recovery (portfolio reduction). It shall only operate such operations which serve the purpose of carrying out its task. The strategy and risk profile of the quarrying unit shall be approved by the resolution authority. The portfolio reduction shall be carried out in accordance with a breakdown plan in accordance with paragraph 6 and shall be carried out as soon as possible within the framework of the best possible recovery. The unit of extraction shall seek to comply with the provisions of paragraphs 2 to 9 by the entities in which it is directly or indirectly involved with the majority of the voting rights.

(2) In order to carry out its task, the unit may carry out banking and leasing operations, carry out acquisitions and sales of shareholding and provide relief operations, provided that the provision of such operations directly or indirectly to the performance of the duties is indirectly. The provisions of the BWG, with the exception of § 3 (9), § 5 (1) Z 6 to 13, § 28a, § 38, § § 40 to 41, § 42 para. 1 to 5, § § 43 to 59a, § 65, § 66 and 67, § 70 para. 1, § 70 sec. 4 Z 1 and 2 and § 70 para. 7 to 9, § 73 para. 1 Z 2, 3, 6 and 8, § 73a, § 75, § 76, § § 77 and 77a, § 79, § § 98 to 99e, § 99g and § § 101 and 101a BWG, are not to be applied to the mining unit. The provisions of the Pfandbrief Act-PfandbriefG, dRGBl. I 492/1927, may be used where appropriate.

(3) In so far as investment services are provided in accordance with § 3 (2) (2) (1) to (3) WAG 2007, these shall be immediately put to a reduction. Existing customer accounts shall be transferred within a reasonable period to a bridge institution or other credit institution which is entitled to operate the deposit business in accordance with § 1 (1) (1) (1) (1) (1) (1) (1) (5) of the Federal Elections Act (BWG). if the customer does not carry out the transfer to another credit institution. The provisions of WAG 2007, with the exception of the second main piece, § § 64 to 66 and § § 94 to 96, are not to be applied to the dismantling unit.

(4) The inclusion of funds from the public by the dismantling unit as well as the provision of investment services and of investment activities pursuant to § 1 Z 2 WAG 2007 are inadmissible. Transactions in financial instruments for own account of the mining unit for the purpose of controlling interest, currency, credit and liquidity risks as part of the mining activity are permitted, provided that there are no marketing activities and no clearance of Access to trading systems for third parties.

(5) The managers of the quarrying unit shall be capable of reliable and professional use. There must be no circumstance that seems likely to cast doubt on their full inconvenience or to fear the emergence of conflicts of interest. You have to be honest, honest and professional in the interest of the best possible asset utilization during portfolio reduction. Conflicts of interest within the framework of the management measures must be avoided. If a conflict of interest is unavoidable, this shall be reported immediately to the Supervisory Board. A management measure which is subject to a conflict of interest may only be carried out with the approval of the Supervisory Board.

(6) The portfolio reduction shall be carried out in accordance with a breakdown plan, which shall be drawn up by the heads of business of the mining unit and approved by the Supervisory Board. An approved breakdown plan shall be submitted to the resolution authority without delay. The breakdown plan shall contain the following in a comprehensive manner:

1.

A presentation of the operations and recovery measures planned for portfolio reduction,

2.

a timetable for the full exploitation of the assets;

3.

periodic statements on the financial and earnings situation; including cash flow accounts, plan balance sheets, plan performance accounts and liquidity plans, and

4.

Information on risk management, which takes account of the objectives of the mining operations.

7. The resolution authority shall have the right to participate in meetings of the supervisory board of the unit or of its committees. To this end, it shall be informed as early as possible of the dates of the meetings of the meetings and of the agenda. Circulatory decisions shall be transmitted to the resolution authority.

(8) Any change in the statutes or changes in the company contract of the dismantling unit shall be subject to the approval of the resolution authority.

(9) As soon as the mining unit has managed the portfolio reduction, a resolution decision must be taken.

Section 5

Instrument of creditor participation

Application of the instrument of creditor participation

§ 85. (1) In accordance with § 49 or § 52, the resolution authority may apply the instrument of creditor participation to the settlement authority. In accordance with Section 86 (1) of the Institute or Company, the Commission may order, in accordance with Section 2 (2) of the Institute or the Company pursuant to Section 1 (1) (1) (2) to (4) of this Regulation, that:

1.

the nominal value or the outstanding balance shall be reduced in whole or in part, or

2.

the assets, rights or liabilities of the institution or company in accordance with § 1 (1) (1) (2) to (4), of a relevant parent institution or of a bridge institution, in accordance with § 1 (1) (1) (2) (2) (2) (2) (2) (2) (2) to 4, to be converted.

2. The resolution authority may use the instrument of creditor participation in order to achieve the settlement objectives in accordance with § 48 in accordance with the settlement principles in accordance with § 53. It may be used for any of the following purposes:

1.

In order to recapitalise an institution or company fulfilling the conditions for a settlement, in accordance with § 1 (1) (2) (2) to (4), to an extent sufficient to enable it to be restored in accordance with the conditions of admission, where these conditions apply to the undertaking, and to carry out the activities for which it is authorised in accordance with Directive 2013 /36/EU or Directive 2014 /65/EU, provided that the undertaking is authorised in accordance with those Directives, and to the extent that the undertaking is authorised to carry out the activities in accordance with the provisions of Confidence of the market in the institute or company according to § 1 (1) (1) (2) to (4) , or

2.

for the conversion into equity or for the reduction of the nominal value of the claims or debt instruments which are transferred

a)

to a bridge institute with the aim of providing capital to the bridge institute, or

b)

as part of the instrument of the sale of undertakings or of the instrument of the allocation of assets.

(3) The resolution authority may apply the instrument of creditor participation to the recapitalisation referred to in paragraph 2 (1) only if there is a reasonable prospect that the application of this instrument, if any, together with other relevant provisions, may be used by the competent authorities. Measures, including measures to be implemented in accordance with the reorganization plan to be submitted in accordance with § 93, beyond the achievement of relevant settlement objectives, the financial soundness and long-term viability of the shall be restored in accordance with Article 1 (1) (1) (2) to (4) . If this is not the case, the resolution authority may apply the settlement instruments in accordance with Section 74 (2) (1) to (3) and the instrument of creditor participation in accordance with the provisions of paragraph 2 (2) (2) of the Treaty.

Liabilities eligible for consideration

§ 86. (1) The instrument of creditor participation shall be applicable to all liabilities of an institution or company in accordance with Section 1 (1) (1) (2) to (4) (eligible liabilities), which are not excluded from the scope of application in accordance with paragraph 2.

(2) A rewriting or conversion arrangement pursuant to Section 85 (1) shall not be permissible with respect to the following liabilities, whether or not they are subject to the law of a Member State or a third country:

1.

secured deposits;

2.

secured liabilities;

3.

any liabilities arising from the management of customer assets or customer funds perceived by the institution or the company pursuant to § 1 (1) (1) (2) to (4), including customer assets or customer funds, which are made on behalf of UCITS pursuant to Art. 1 (2) of the Directive 2009 /65/EC or AIF according to Art. 4 (1) lit. (a) Directive 2011 /61/EU 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 L 139, 30.4.2011, p. No. 1), provided that such customer assets or customer funds are subject to special rights or exclusivity rights or that they are subject to comparable protection under the respective applicable insolvency law;

4.

any liabilities arising out of a trusteeship relationship between the institution or undertaking in accordance with Section 1 (1) (2) (2) to (4) (as trustee) and another person (as a beneficiary), provided that the beneficiary relied on special rights or exclusions. , or is subject to comparable protection under the applicable insolvency law;

5.

liabilities to institutions or companies as defined in § 1 (1) (2) (2) to (4)-except for companies that are part of the same group-with an original maturity of less than seven days;

6.

liabilities with a residual maturity of less than seven days against payment, securities and settlement systems, operators or other participants in such schemes, where such liabilities are due to participation in the the system;

7.

Liabilities to

a)

workers within the meaning of the Labour Constitution Act;

b)

Other employees on the basis of outstanding wage or salary claims, pension benefits or other fixed remuneration, other than variable remuneration components, other than these are governed by a collective agreement or a variable Component of remuneration of carriers of a significant risk according to § 39b BWG;

c)

business or commercial creditors on the basis of supplies and services essential to the day-to-day operation of the institution or company in accordance with Article 1 (1) (1) (2) (2) to (4), including IT services; supply services and the hiring, management and maintenance of buildings;

d)

tax and social security authorities, in so far as it is the applicable law for priority liabilities;

e)

Deposit-guarantee schemes made of contributions due under Directive 2014 /49/EU.

(3) In the application of the instrument of creditor participation, the resolution authority shall ensure that all of the collateralised liabilities relating to a cover stock for covered bonds remain unaffected, are treated separately and are provided with sufficient resources. However, this requirement shall not prevent the resolution authority from applying the instrument of creditor participation in respect of any part of a collateralised liability which is the value of the assets with which it is secured, exceeds.

(4) In exceptional circumstances, when applying the instrument of creditor participation, the resolution authority may, in full or in part, exclude certain liabilities from the scope of the rewriting or conversion powers, if

1.

for these liabilities, despite the redaction efforts of the resolution authority, a creditor participation is not possible within a reasonable period of time, or

2.

the exclusion is imperative and is appropriate to ensure the continuity of the critical functions and core business areas, so that the ability of the institution or company in progress pursuant to Article 1 (1) (1) (2) (2) to (4), the main business, services and transactions are to be maintained, or

3.

the exclusion is absolutely necessary and proportionate to avert the risk of widespread contagion, in particular with regard to eligible deposits of natural persons, micro-enterprises and small and medium-sized enterprises, which the functioning of the financial markets, including financial market infrastructures, would be so disrupting that it could significantly affect the economy of a Member State or of the Union; or

4.

the application of the instrument of creditor participation to these liabilities would result in a destruction of the value of which the losses to be borne by other creditors would be higher than if those liabilities were to be borne by the creditors ' participation would be excluded.

Where the resolution authority decides to exclude, in whole or in part, a liability or category of liabilities eligible for consideration, the extent of the liabilities to other liabilities eligible for consideration may be shall be extended in order to take account of this exclusion, provided that the extent of the depreciation or conversion applied to the other eligible liabilities, or conversion of the principle in accordance with § 53 1 Z 7 is complied with.

(5) In the exercise of the discretion referred to in paragraph 4, the resolution authority shall take appropriate account of the following:

1.

The principle that losses are to be borne primarily by the shareholders and then in principle by the creditors of the institute or company in liquidate pursuant to § 1 (1) (1) (2) to (4), in accordance with their ranking;

2.

the level of the absorption capacity which the institution or undertaking in liquidate would still have in accordance with Article 1 (1) (2) to (4) if the liability for consideration or the category of the undertaking to be taken into account is more relevant liabilities would be excluded; and

3.

the need to maintain sufficient funds for settlement financing.

(6) The exclusion possibilities referred to in paragraph 4 may be applied either in order to exclude a liability which is capable of taking into account fully from the depreciation or to the extent of the depreciation applied to this liability. ,

(7) Before exercising the discretion to exclude any liability in accordance with paragraph 4 of this Article, the resolution authority shall inform the European Commission. If the exclusion would require a contribution from the resolution financing mechanism or from an alternative source of funding, the European Commission may, within 24 hours, or with the agreement of the resolution authority, a longer Period-after receipt of such a notification, prohibit the proposed exclusion or require amendments thereto if the requirements in accordance with § § 86 or 87 and the delegated acts in respect of safeguarding the integrity of the The Internal Market is not being met. This is without prejudice to the application of the Union's legal framework for State aid by the European Commission.

Compensation contributions of the resolution financing mechanism

§ 87. (1) The resolution authority decides to exclude, in whole or in part, the creditor participation in full or in part a liability or a category of eligible liabilities in accordance with section 86 (4), and the losses have been: which would have been absorbed by these liabilities, not passed on fully to other creditors, the settlement financing mechanism may make a compensation contribution to the institution or company in liquidation in accordance with § 1 1 Z 2 to 4, in order to:

1.

to cover all losses which have not been absorbed by liabilities eligible for consideration, and to return to zero the net asset value of the institution or undertaking in liquidate pursuant to § 1 (1) (2) (2) to (4) in accordance with section 88 (1) (1) (1) (1) , or

2.

To acquire shares or other title deeds or capital instruments of the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) in order to grant the institution or company pursuant to § 1 (1) (1) (2) to (4) pursuant to § 88 (1) (2) (2) recapitalize.

(2) The resolution financing mechanism may only provide the compensatory contribution referred to in paragraph 1 if:

1.

by the holders of shares and other property titles or by the holders of relevant capital instruments and other eligible liabilities by means of depreciation, conversion or otherwise, a contribution to loss relief and the recapitalisation of at least 8 vH of the total liabilities, including own funds of the institution or undertaking in liquidation pursuant to Article 1 (1) (Z) 2 to (4), calculated at the time of the settlement measure in accordance with has been assessed in sections 54 to 57 of this Directive, and

2.

the compensation contribution of the settlement financing mechanism 5 vH of the total liabilities including own funds of the institution or company in liquidation pursuant to § 1 (1) (1) Z 2 to 4-calculated at the time of the Settlement measure in accordance with the evaluation provided for in § § 54 to 57-not exceeding.

(3) The compensatory contribution of the resolution financing mechanism referred to in paragraph 1 may be financed as follows:

1.

By the amount available to the resolution financing mechanism, which has been applied by contributions of the institutions or companies in accordance with § 1 (1) (1) (2) to (4) and EU branches in accordance with § 126, and

2.

by the amount which may be applied within three years by contributions subsequently collected in accordance with Section 127.

In the event that the amounts under Z 1 and 2 are not sufficient, the compensatory contribution may be applied by amounts derived from alternative sources of financing in accordance with Section 128.

(4) In exceptional circumstances, the resolution authority may seek further financing from alternative sources of financing, after:

1.

the limit of 5 vH laid down in paragraph 2 (2) (2) has been reached; and

2.

all unsecured and non-paid liabilities, which are not eligible for consideration, have been completely rewritten or converted.

As an alternative or in addition, the resolution financing mechanism, provided that the conditions laid down in Z 1 and 2 are met, may provide a compensation from the funds raised by contributions made in advance in accordance with Section 126, and have not yet been used.

(5) By way of derogation from paragraph 2, the resolution financing mechanism may also provide a compensation contribution in accordance with paragraph 4, if:

1.

the compensatory contribution for loss relief and recapitalisation referred to in paragraph 2 (1) (1) corresponds to at least 20 vH of the risk-weighted assets of the institution or undertaking concerned in accordance with Article 1 (1) (2) (2) to (4);

2.

the resolution financing mechanism for an amount of at least 3 vH of the secured deposits of all the funds raised by contributions levied in advance (without taking into account contributions to a deposit-guarantee institution) in accordance with Section 126 Home-approved credit institutions; and

3.

the institution or company concerned in accordance with Article 1 (1) (1) (2) to (4) on a consolidated basis over assets of less than EUR 900 billion. Euro.

Assessment of the amount of creditor participation

§ 88. (1) Where the instrument of creditor participation is used, the resolution authority shall assess the following aggregated amounts in accordance with the requirements of Sections 54 to 57:

1.

The amount to be deducted from the liabilities eligible for consideration, so that the net asset value of the institution in liquidate is equal to zero; and

2.

the amount in which the liabilities to be taken into account are to be converted into shares or other types of capital instruments in order to qualify for the hard core capital of an institution or undertaking in liquidate pursuant to § 1 Paragraph 1 Z 2 to 4 or of a bridge institution.

(2) In the case of the assessment referred to in paragraph 1, the amount must be determined in order to reduce or convert the liabilities to be taken into account in the case of the institution or undertaking in question pursuant to Article 1 (1) (2) (2) to (1) (2) to 4 to restore the required rate for hard core capital or to set the required quota for the bridge institution, with any capital injections by the resolution financing mechanism pursuant to § 124 (1) (4) (4) , and in order to ensure that the market has confidence in the in accordance with Article 1 (1) (1) (2) to (4) or the Bridge Institute, and to enable the institution to continue to fulfil the conditions of admission for at least one year and to ensure that the activities for which it is based, in accordance with BWG or WAG 2007 concessioned. If the resolution authority intends to use the instrument of the outsourcing of assets in accordance with Article 82, a prudent estimate of the amount to be reduced by the liabilities to be taken into account shall be determined by the resolution authority. of the capital requirement of the mining unit.

(3) If the resolution authority, after having credited capital in accordance with § § 70 to 73 and applied the instrument of the creditor participation in accordance with § 85, determines that the amount of the depreciation on the basis of the preliminary assessment In accordance with § 57, compared with the final evaluation in accordance with § § 54 to 56, it goes beyond the required extent, it may apply recovery mechanisms in order to meet the claims of creditors and subsequently of the shareholders to the required extent .

(4) The resolution authority shall establish procedures to ensure that the information on the assets and liabilities of the institution or undertaking in progress pursuant to Article 1 (1) (1) (2) to (4), to which the evaluation is based shall be as up-to-date and comprehensive as possible.

Treatment of shareholders

§ 89. (1) The resolution authority shall terminate the instrument of creditor participation or the instrument of the participation of holders of relevant instruments of capital, it shall have one or both of the shareholders and the holders of other property title the following measures shall be taken:

1.

Cancellation of the existing shares or other title of ownership or transfer to creditors participating in the instrument of creditor participation; or

2.

provided that the institution or undertaking in liquidate has a net positive value in accordance with § 1 (1) (1) (2) to (4) in accordance with § § 54 to 57, dilution with existing shareholders and holders of other title deeds because of the transformation

a)

the relevant capital instruments issued by the institution or undertaking in accordance with Article 1 (1) (1) (2) to (4) on the basis of the power pursuant to Section 70, or

b)

Eligible liabilities issued by the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) in accordance with Section 85 (1) (2) (2), in shares or other title deeds.

If the conversion is carried out according to Z 2 lit. (b) the resolution authority shall set a conversion rate which significantly dilute the existing stocks of shares and other title deeds.

(2) The measures provided for in paragraph 1 shall also be applied by the resolution authority with respect to shareholders and holders of other title deeds if the relevant shares or other title deeds are issued in the following circumstances: or transferred:

1.

In the context of a conversion of debt securities into shares or other title deeds in accordance with the terms of the contract of the original debt, upon the occurrence of an event, which shall be the assessment of the resolution authority, according to which the institution or undertaking in accordance with Article 1 (1) (1) (2) to (4), the conditions for a settlement have been fulfilled, preceded or occurred at the same time, or

2.

in the context of the conversion of relevant capital instruments into instruments of the hard core capital according to § 73.

(3) In the exercise of the discretion referred to in paragraph 1, the resolution authority shall take due account of the following:

1.

The evaluation in accordance with § § 54 to 57,

2.

the amount to be reduced, as determined by the resolution authority, of the hard core capital and the relevant capital instruments must be reduced or converted in accordance with Article 73 (2); and

3.

the aggregated amount assessed in accordance with Section 88.

(4) Where the application of the instrument of creditor participation or of the instrument of the participation of holders of relevant capital instruments for the acquisition or increase of a qualifying holding in the institution or company pursuant to § 1 (1) By way of derogation from § § 20 to 20b of the Federal Elections Act and § § 11 bis 11b WAG 2007, the FMA shall carry out the examination provided for in § 20a BWG or § 11a WAG 2007 as early as possible in such a way as to ensure that the FMA is to conduct the examination in accordance with § § 20 to Application of the instrument of creditors ' participation or of the instrument of the participation of holders not to delay relevant capital instruments and to prevent the achievement of the settlement objectives envisaged by the resolution measure.

(5) If the FMA has not completed the examination in accordance with paragraph 4 at the time of the application of the instrument of creditor participation or of the instrument of the participation of holders of relevant capital instruments, § 75 (8) shall be applied to any The acquisition and any increase in a qualifying holding by an acquirer resulting from the application of the instrument of creditor participation or the conversion of the instruments of capital shall apply.

Sequence of depreciation and conversion (loss-bearing cascade)

§ 90. (1) In the application of the instrument of creditor participation, the Resolution Authority shall comply with the following requirements:

1.

The items of hard core capital shall be reduced in accordance with Section 73 (2) (1) (1) (1);

2.

if the reduction in accordance with Z 1 as a whole is less than the sum of the amounts in accordance with Article 89 (3) Z 2 and 3, the nominal value of the instruments of the additional core capital shall be reduced to the necessary extent and within the limits of their capacity;

3.

if the impairment loss according to Z 1 and 2 as a whole is less than the sum of the amounts in accordance with Article 89 (3) Z 2 and 3, the nominal value of the instruments of the supplementary capital shall be reduced to the required extent and within the limits of its capacity;

4.

if the impairment of shares or other property titles and relevant capital instruments according to Z 1 to 3 is less than the sum of the amounts pursuant to section 89 (3) Z 2 and 3, the nominal value of subordinated liabilities in which it is less than does not constitute additional core capital or supplementary capital, in accordance with the ranking of claims under a bankruptcy procedure to the extent necessary, so that, together with the depreciation according to Z 1 to 3, the the sum of the amounts referred to in Article 89 (3) (2) and (3);

5.

if the reduction in the value of shares or other property titles, relevant capital instruments and liabilities in accordance with Z 1 to 4 is less than the sum of the amounts in accordance with Section 89 (3) Z 2 and 3, the nominal value shall be the remaining liabilities eligible under § 86 or the remaining balance outstanding in accordance with the order of precedence of the claims in the course of a bankruptcy proceedings, including the ranking of the deposits pursuant to § 131, in the to the extent necessary, so that together with the reduction in the number of according to Z 1 to 4, the sum of the amounts referred to in Article 89 (3) (2) and (3).

(2) In the application of the de-writing and conversion powers by the resolution authority, it shall have the losses expressed in accordance with Article 89 (3) (2) and (3) evenly between the shares or other property titles and the eligible losses. assign liabilities of the same rank by proportionally to the nominal value of these shares or other title and eligible liabilities, or to the remaining balance outstanding in relation to the same amount. to their value, unless a different allocation of losses is Liabilities of the same rank are permissible on the basis of the circumstances referred to in § 86 (4). This is without prejudice to the possibility that liabilities, which have been excluded from a creditor holding in accordance with Article 86 (4), receive more favourable treatment than liabilities that are eligible for consideration, which are within the scope of a Bankruptcy proceedings have the same rank.

Application of the instrument of creditor participation to liabilities of derivatives

§ 91. (1) The resolution authority may apply the instrument of creditors ' participation to liabilities of derivatives only after or at the same time as the derivatives of derivatives are in place.

(2) For the purpose of applying the instrument of creditor participation, the resolution authority shall terminate and make derivative contracts for the purpose of applying the settlement conditions. To the extent that a liability arising from a derivative in accordance with Section 86 (4) is excluded from the scope of the instrument of creditor participation, the resolution authority may terminate it and make it available to the settlement authority.

(3) In the case of transactions involving derivatives of an Salting Agreement, the resolution authority or a assessor appointed by it, as part of the valuation according to § § 54 to 57, shall have the net value of the resulting transactions Binding in accordance with the terms of this Agreement.

(4) The value of the liabilities of derivatives shall be based on the resolution authority or an assessment auditor appointed by the settlement authority

1.

appropriate methods of determining the value of derivative categories, including transactions subject to salting agreements,

2.

principles for determining the point in time at which the value of a derivative position is to be established; and

3.

appropriate methods for comparing the value destruction which would result from the smooth position and the application of the instrument of creditor participation to derivatives, with the level of losses incurred for the derivatives in application of the instrument of the creditors ' participation would be

shall be determined.

Conversion rate

§ 92. In accordance with the principles set out in paragraphs 2 and 3, the resolution authority may, where it applies the instrument of the participation of holders of relevant capital instruments or the instrument of creditor participation, to different categories of specify different conversion rates for relevant capital instruments and liabilities to be taken into account.

(2) When setting an appropriate conversion rate, the resolution authority shall take into account the nominal value and the ranking in a bankruptcy procedure within the framework of the settlement objectives.

(3) Where different conversion rates are determined by the resolution authority in accordance with paragraph 1, it shall apply a higher conversion rate to liabilities which are considered as a priority under the applicable insolvency law to be higher than those applicable to the conversion rate. subordinated liabilities.

Creation, approval and implementation of a reorganization plan

§ 93. (1) In the event of the application of the instrument of creditor participation in recapitalisation pursuant to § 85 (2) (1) (1) by the resolution authority, the directors of the institution or of the company have within one month within one month pursuant to Article 1 (1) (2) (2) to (4). To prepare a reorganisation plan in accordance with § 94 and to submit it for approval by the resolution authority.

(2) The resolution authority may also appoint one or more liquidate managers in accordance with section 68 (1) for the preparation and implementation of a restructuring plan.

(3) In exceptional cases, the resolution authority may extend the period referred to in paragraph 1 by another month, if necessary in order to achieve the settlement objectives. Where, in accordance with the provisions of Union law on State aid, there is a duty to notify the reorganisation plan, the period referred to in paragraph 1 may be extended in accordance with the time limit set in the aid procedure, but at the most may be extended by one month.

(4) The resolution authority shall examine and approve the reorganisation plan within one month. In the course of its examination, it shall assess the probability of the long-term viability of the institution or of the company being restored in accordance with Section 1 (1) (1) (2) (2) to (4) upon implementation of the plan. The evaluation shall be carried out in agreement with the FMA. If the resolution authority comes to the conclusion that the restoration of long-term viability is unlikely, it will have to issue an improvement order to which it will be able to comply within two weeks. Subsequent changes to the reorganization plan require the approval of the resolution authority.

(5) If the instrument of creditor participation is applied in accordance with Article 85 (2) (1) to two or more than two companies of a group, the restructuring plan shall be drawn up by the Unionsmutterinstitut and shall be in accordance with the procedures in accordance with § § § § § § § § § § § § § § § § § § § § § § 15 et seq. to cover all the institutes of the group. The restructuring plan shall be submitted to the competent authority responsible for processing at the group level. If the resolution authority is responsible for the group development, it shall forward the restructuring plan to the resolution authorities responsible for the other group companies and to EBA.

(6) The authorised reorganisation plan shall be implemented by the managers or the liquidate manager. Progress on implementation shall be reported at least half-yearly to the resolution authority. The resolution authority may apply changes in the reorganization plan to the institution or company in accordance with § 1 (1) (1) (2) (2) to (4) within a reasonable period of time, if this is due to a substantial change in the circumstances is required.

Reorganization Plan Requests

§ 94. (1) The reorganisation plan shall establish measures aimed at the long-term viability of the institution or the undertaking referred to in Article 1 (1) (2) to (4) or parts thereof within a reasonable timeframe. to restore business activity. These measures shall be based on realistic assumptions concerning the economic and financial market conditions under which the institution or the undertaking shall act in accordance with Article 1 (1) (2) (2) to (4). In particular, the reorganisation plan shall take account of the current state and future prospects of the financial markets. Assumptions are to be made for the best and the worst case, including a combination of situations in which the greatest vulnerabilities of the Institute can be identified. The assumptions are to be compared with appropriate sector-wide reference values.

(2) The reorganisation plan shall include at least the following components:

1.

An in-depth analysis of the factors and problems on the basis of which the institution or the undertaking has failed or is likely to fail in accordance with Article 1 (1) (1) (2) (2) to (4), and the circumstances which have led to its difficulties;

2.

a description of the measures to be taken which are intended to restore the long-term viability of the institution or the undertaking in accordance with Article 1 (1) (2) (2) to (4); and

3.

a timetable for the implementation of these measures.

(3) With regard to the Institute or the Company pursuant to § 1 (1) (2) to (4), the following measures may, in particular, restore the financial soundness and long-term viability of the Institute or the Group-affiliated company shall be taken as follows:

1.

The restructuring of business activities;

2.

the change of the operational systems and the infrastructure of the institute or company pursuant to § 1 (1) (1) (2) to (4);

3.

the task of loss-making business activities;

4.

the restructuring of existing business activities, which can be made competitive and

5.

the sale of assets or business units.

6.

Other provisions

More effective

§ 95. (1) The resolution authority shall issue an order with which it makes use of the instrument of creditor participation or of the instrument of the participation of holders of relevant instruments of capital, the reduction of the nominal value or the outstanding value of the instrument. The remaining amount, the conversion or the deletion directly effective and binding for the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) as well as for the relevant creditors and shareholders.

(2) In the context of the application of the instruments referred to in paragraph 2, the resolution authority shall only partially reduce the nominal value or outstanding balance of a liability in part,

1.

the debt shall be deemed to be paid in the amount of the reduced amount, and

2.

the document or the agreement by which the original liability has been established shall continue to apply to the remaining nominal value or outstanding balance of liability, subject to any reduction in the nominal value the corresponding change in the payable interest amount and any further changes to the conditions which the resolution authority could provide in the exercise of the power referred to in Article 58 (1) (10).

Revocation of admission to trading

§ 96. The resolution authority shall, where necessary in the context of the application of the instrument for the participation of holders of relevant capital instruments or the instrument of creditor participation, have the revocation of the admission of securities to the To order the trading on a regulated market of the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4). The stock exchange undertaking concerned shall immediately comply with this order.

The resolution authority shall have the markets in financial instruments pursuant to Directive 2004 /39/EC, amending Council Directives 85 /611/EEC and 93 /6/EEC, and Directive 2000 /12/EC of the European Parliament and of the Council and repealing the Council Directive 93 /22/EEC of the European Parliament and of the Council, OJ L 136, 30.4.1993, p No. 1., to inform the competent authorities of an order in accordance with paragraph 1 without delay if securities are admitted to trading on a regulated market in another Member State or on a comparable market in a third country shall be approved. At the request of the resolution authority, the information can be provided by the FMA to the competent authorities of the Member States or third countries pursuant to § 66 (8) BörseG. The stock exchange company shall immediately inform the operators of other regulated markets or similar markets in a third country if an order is issued in accordance with paragraph 1.

Admission to trading of newly issued securities

§ 97. (1) Securities issued in the context of the application of the instrument of participation of holders of relevant capital instruments or of the instrument of creditor participation shall be subject to the arrangement of the resolution authority on any domestic Admission to trading on the regulated market pursuant to Section 1 (1) BörseG. In its decision, the resolution authority shall have to consider the achievement of the settlement objectives as well as to consider whether securities of the institution in liquidation or of the company pursuant to § 1 (1) (1) (2) to (4) are already on one or more of the securities of the institution concerned. multiple regulated markets. The prospectus obligation for the stock exchange according to § 74 BörseG and those for a public offer in accordance with § 2 KMG is no longer necessary.

(2) The resolution authority shall inform the directors of the stock exchange company the characteristics of the security which are admitted to trading pursuant to paragraph 1.

(3) The duties associated with the admission to trading on a regulated market shall be fulfilled by the Institute or the Company pursuant to § 1 (1) (1) (2) to (4).

Contractual recognition in third countries

§ 98. (1) Institutes and companies pursuant to § 1 (1) (1) (2) to (4) shall be obliged to include in the contractual provisions of liabilities eligible for consideration which are governed by the law of a third country a contractual provision through which the Creditor or the party of the agreement establishing the liability shall recognise that the liability may fall under the de-writing or conversion powers and agree to a reduction in the nominal value or of the outstanding balance, a conversion or a deletion which the Resolution authority to accept.

(2) The obligation referred to in paragraph 1 shall not apply to liabilities

1.

which are excluded pursuant to Article 86 (2),

2.

constitute the deposits in accordance with Section 131 (1), or

3.

which have already been established before 1 January 2015.

(3) At the request of the resolution authority, the Institute or the company shall submit a legal opinion in accordance with § 1 (1) (1) (2) to (4) with regard to the legal enforceability and legal validity of the contract provision in accordance with paragraph 1.

The resolution authority may disregard the requirement in accordance with paragraph 1 if it is ensured that liabilities under the law of the third country concerned or of a binding agreement with the third country concerned are binding on the Dewrite and conversion powers are subject to the resolution authority. The resolution authority may cancel this exception at any time.

(5) In accordance with Article 1 (1) (1) (2) to (4), if an institution or a company fails to include a clause required pursuant to paragraph 1 in the contractual provisions of a liability, that failure shall not prevent the resolution authority from doing so in the case of the To make use of the power of rewriting or conversion.

Application of instruments of the FinStaG

§ 99. (1) If it is indispensable for the maintenance of financial stability, the Federal Minister of Finance may, on the basis of and in accordance with the Financial Markets Stability Act-FinStaG, BGBl. I n ° 136/2008, if any of the conditions set out in paragraph 2 are met. This is only allowed as a last resort after the remaining resolution instruments have been considered as fully as possible and used.

(2) The application of measures under the FinStaG is only permissible if the conditions for a settlement are fulfilled and in addition one of the following conditions is fulfilled:

1.

After hearing the Oesterreichische Nationalbank and the FMA, the Federal Minister of Finance and the Resolution Authority, in agreement, note that the application of the resolution instruments would not be sufficient to have significant adverse effects to prevent financial stability, or

2.

The Federal Minister of Finance and the Resolution Authority shall, in agreement, note that the application of the resolution instruments would not be sufficient to protect the public interest after the institution or company referred to in Article 1 (1) (Z) of the 2 to 4 previously, an extraordinary liquidity assistance granted by the Central Bank, or

3.

The Federal Minister of Finance and the Resolution Authority shall, in agreement, note that the application of the resolution instruments would not be sufficient to protect the public interest after the institution or company referred to in Article 1 (1) (Z) of the 2 to 4 previously a measure pursuant to § 2 para. 1 FinStaG was granted.

Section 7

Minimum amount of own resources and liabilities to be taken into account

Minimum amount of own funds and liabilities to be taken into account on a separate institution basis

§ 100. Each institution shall, at the request of the resolution authority, have a minimum amount of own resources and liabilities to be taken into account, in accordance with the provisions of paragraph 4. The minimum amount to be maintained by the institution shall be expressed as a quota and shall be the percentage of own resources and liabilities taken into account in the sum of the total liabilities and own funds of the institution calculated. Liabilities from derivatives shall be taken into account in the calculation of total liabilities, subject to the full recognition of the counterparty's right of salting.

(2) Ineligible liabilities may be included in the minimum amount of own funds and eligible liabilities as referred to in paragraph 1 only if they fulfil the following conditions:

1.

The instrument has been put in place and paid in full;

2.

the liability does not exist either in relation to the institution itself or is guaranteed or guaranteed by it;

3.

the acquisition of the instruments has not been financed either directly or indirectly by the Institute;

4.

the liability has a residual maturity of at least one year;

5.

it is not a liability arising from a derivative and

6.

it is not a liability arising from deposits for which a preferential position in the national insolvency ranking is established in accordance with § 131.

For the purposes of Z 4, in the case of a liability awarded to its holder for an early repayment, the maturity of that liability shall be the earliest date on which such a repayment is required can be.

(3) Underlying a liability to the law of a third country, the resolution authority may require the institution to prove that any decision taken by a resolution authority on the depreciation or conversion of that liability under the law this third country would be effective, taking into account the contract law applicable to the liability, international agreements on the recognition of settlement procedures and other relevant aspects. If this proof is not provided, the liability cannot be credited to the minimum amount referred to in paragraph 1.

The resolution authority shall determine the minimum amount of own funds and the liabilities to be taken into account in accordance with paragraph 1 after consultation of the FMA, in particular taking into account the following criteria:

1.

To ensure that the Institute can be implemented in a manner appropriate to settlement objectives through the application of resolution instruments;

2.

the need to ensure that the institution has sufficient liabilities to be taken into account in order to ensure that losses can be absorbed and that the quota is applied to the creditor's participation in the application of the instrument of creditor participation; the hard core capital of the institution may be raised again to a level necessary to enable the institution to continue to satisfy the conditions for admission and to continue to pursue the activities for which it is subject, in accordance with the Directive 2013 /36/EU, or Directive 2014 /65/EU, and a ensure sufficient market confidence in the Institute;

3.

ensure that, where the settlement plan already provides for the exclusion of certain categories of eligible liabilities in accordance with Article 86 (4) of the instrument of creditor participation, the requirement to ensure that the financial contribution of the creditor's participation is already in place or certain categories of liabilities to be taken into account in a partial transfer shall be transferred entirely to a receiving entity, the institution shall have sufficient other liabilities to be considered , in order to absorb losses and to The rate for the institution's hard core capital may be raised to a level necessary to enable the institution to continue to meet the conditions of admission and to continue to pursue activities for which it is required to: of Directive 2013 /36/EU or of Directive 2014 /65/EU,

4.

size, business model, refinancing model and risk profile of the institute;

5.

the extent to which the Deposit Guarantee Scheme could contribute to the financing of the settlement, in accordance with Section 132;

6.

the extent to which the failure of the institution, inter alia because of the links with other institutions or with the rest of the financial system, would have a negative impact on financial stability in the sense of contagion of other institutions.

The resolution authority may, after consulting a competent authority, order a company to have a minimum amount in accordance with Article 1 (1) (2), (2) to (4) of this Regulation.

(6) The resolution authority shall take the decisions relating to the establishment of the minimum amount in parallel with the elaboration and continuation of settlement plans.

Minimum amount of own resources and liabilities to be taken into account on a consolidated basis

§ 101. (1) The resolution authority shall also set a minimum amount of own funds and eligible liabilities on a consolidated basis for EU parent companies in addition to the minimum amount on a single institution basis in accordance with Section 100. The level of the minimum amount on a consolidated basis shall be determined by the resolution authority as the consolidating resolution authority, after consultation with the supervisory authority responsible for supervision on a consolidated basis. In particular, the resolution authority shall take account of the criteria referred to in Article 100 (4) and the question of whether subsidiaries in third countries are to be dealt with separately in accordance with the group resolution plan.

(2) Where the resolution authority is the competent authority of the group, it shall endeavour to make a joint decision with the foreign resolution authorities responsible for the subsidiaries of the group in relation to the level of the the minimum amount to be met on a consolidated basis in accordance with paragraph 1. The reasons for the joint decision shall be justified. The resolution authority shall be notified of the joint decision to the EU parent undertaking as the competent authority responsible for the group winding up.

(3) If no joint decision can be reached within four months from the date of referral to the foreign settlement authorities responsible for the subsidiaries by the resolution authority, the resolution authority shall be deemed to have been the to decide on the minimum amount on a consolidated basis for the management of the group. The decision shall be justified and shall take into account the evaluation of the subsidiaries carried out by the foreign resolution authorities. The resolution authority shall notify the decision to the EU parent undertaking.

(4) The resolution authority shall take its decision on the minimum amount on a consolidated basis in accordance with the EBA decision in accordance with Article 19 (3) of Regulation (EU) No 1093/2010, if up to the end of the four-month period referred to in (3) one of the resolution authorities concerned has referred the matter to the EBA pursuant to Article 19 of Regulation (EU) No 1093/2010. If the EBA does not take a decision within one month, the resolution authority shall proceed in accordance with paragraph 3.

(5) Where the resolution authority is the settlement authority responsible for a subsidiary but not the competent authority of the group, it shall adopt a common decision on the minimum amount at a consolidated level in accordance with paragraph 2. It may refer the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010. If a joint decision cannot be reached, the resolution authority shall be bound by the decision taken in accordance with paragraph 3 by the competent authority responsible for the management of the group.

(6) Decisions on the minimum amount on a consolidated basis shall be regularly reviewed and, where appropriate, updated by the resolution authority.

(7) The resolution authority shall take the decisions on the minimum amount on a consolidated basis in parallel with the elaboration and continuation of settlement plans.

Minimum amount of own resources and eligible liabilities for subsidiaries on a single basis

§ 102. The resolution authority shall have, for those subsidiaries for which it is the competent resolution authority, the minimum amount of own resources and the minimum amount of own resources to be taken into account by those subsidiaries of the group on a single basis. To determine liabilities. This minimum amount must have an appropriate level for each subsidiary undertaking, taking into account the following criteria:

1.

The criteria referred to in Article 100 (4), in particular the size, business model and risk profile of the subsidiary, including its own resources, and

2.

the minimum amount on a consolidated basis set for the Group in accordance with Section 101.

(2) Where the resolution authority is the competent authority for the group winding up, it shall refer the matter to the foreign resolution authorities responsible for the subsidiaries of the group and shall endeavour to make a joint decision with the latter in the To achieve the level of the minimum amount of liabilities to be taken into account by each subsidiary undertaking. It may refer the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010. This shall not apply where the amount of the minimum amount determined by the winding authority responsible for the subsidiary is less than one percentage point from the level of the minimum amount fixed in accordance with Section 101 on a consolidated level. The reasons for the joint decision shall be justified. The resolution authority shall forward the joint decision to the subsidiary for which it is the competent resolution authority and to the EU parent undertaking, if it is the competent authority for the group winding up. If no joint decision can be reached within four months of the date of referral of the foreign resolution authorities responsible for the subsidiaries by the resolution authority responsible for the group winding up, the resolution authority shall decide on the level of the minimum amount to be maintained by the subsidiaries responsible for the settlement of the latter.

(3) Where the resolution authority is the settlement authority responsible for a subsidiary but not the competent authority of the group, it shall adopt a joint decision on the minimum amount at consolidated level in accordance with 2. If, within four months of the date of referral to the resolution authorities concerned, the competent authority responsible for the management of the group cannot take a joint decision as regards the level of the subsidiary's The resolution authority shall be required to take a decision itself for the subsidiary undertakings responsible for the settlement of such a subsidiary. It has to take account of the opinion expressed by the competent authority for the management of the group. If, before the end of the four-month period, the competent authority responsible for the management of the group has referred the matter to the EBA, the resolution authority shall have its decision pending the existence of a decision by the EBA in accordance with Article 19 (3) of the Regulation (EU) No 1093/2010. It then decided to take its decision in accordance with the EBA decision. If the EBA does not take a decision within one month, the resolution authority itself shall take a decision.

The resolution authority shall be bound by the joint decisions and the decisions taken by the resolution authorities of the subsidiaries in the absence of a joint decision.

(5) Decisions on the minimum amount for subsidiaries shall be regularly reviewed and, where appropriate, updated by the resolution authority.

(6) The resolution authority shall take the decisions on the minimum amount for subsidiaries in parallel with the drawing up and updating of settlement plans.

Disregard of the minimum amount of own resources and liabilities to be taken into account

§ 103. (1) The resolution authority may, as the competent authority of the group winding up for an EU parent institution, depart from the establishment of a minimum amount on a separate institution basis of own funds and eligible liabilities, if:

1.

the EU parent institute complies with the minimum amount on a consolidated basis in accordance with section 101 (1); and

2.

the competent authority of the EU parent institute has completely exempted the Institute from the own resources requirements laid down in Article 7 (3) of Regulation (EU) No 575/2013.

(2) The resolution authority may, as the resolution authority responsible for a subsidiary, see a minimum amount to be observed on an individual basis in accordance with Section 102 if:

1.

both the subsidiary and its parent company are authorised and supervised domestily;

2.

the parent undertaking is an institution and the subsidiary is included in its supervision on a consolidated basis;

3.

the highest-level group institution of the subsidiary, with its head office in Germany, provided that it is not at the same time the EU parent institution, complies with the minimum amount on a part-consolidated basis in accordance with Section 102 (1);

4.

there is no substantial practical or legal obstacle to the immediate transfer of own funds or the repayment of liabilities by the parent company to the subsidiary or to be dislocated;

5.

either the parent undertaking, in respect of the prudent management of the subsidiary, meets the requirements of the competent authority and, with the consent of the parent undertaking, has declared that it is responsible for the commitments entered into by its subsidiary , or the risks caused by the subsidiary are immaterial;

6.

the parent undertaking ' s risk assessment, measurement and control procedures shall also extend to the subsidiary;

7.

the parent undertaking holds more than 50 vH of the voting rights attaching to the shares or shares of the subsidiary undertaking, or is entitled to appoint or discontinue the majority of the members of the management body of the subsidiary undertaking, and

8.

the competent authority of the subsidiary undertaking shall fully respect the application of individual capital requirements to the subsidiary undertaking in accordance with Article 7 (1) of Regulation (EU) No 575/2013.

Compliance with the minimum amount by means of contractual instruments

§ 104. (1) In determining the amount of the minimum amount in accordance with § § 100 to 103, provision may be made for the minimum amount on a consolidated basis or on an individual basis to be partly due to instruments with a contractual creditor participation clause. is fulfilled.

(2) Invoice to the minimum amount referred to in paragraph 1 shall be admissible only if the instrument is:

1.

contains a Treaty provision which states that, in the event that the resolution authority applies the instrument of creditor participation to the institution concerned, it shall be consigned or converted to the necessary extent before any other be reduced or converted into liabilities which are eligible for consideration and

2.

is subject to a binding post-ranged agreement whereby, in the event of bankruptcy proceedings, it is subordinated to other liabilities eligible for consideration and not before any other liabilities outstanding at that date. Eligible liabilities, other than other contractual instruments within the meaning of this provision, may be refunded.

Verification of compliance with the minimum amount

§ 105. (1) The resolution authority shall, in agreement with the FMA, verify that institutions comply with the minimum amount of own funds eligible for equity in accordance with § 100 (1) and, where applicable, the requirement in accordance with § 104 (1).

(2) The resolution authority shall, in agreement with the FMA, inform the EBA of the minimum amount of own funds and the liabilities to be taken into account and, where appropriate, the requirement in accordance with § 104 (1), which they shall apply to each individual institution. in its area of competence.

6. Main piece

Protective provisions

Treatment of shareholders and creditors in the case of partial transfers and application of the instrument of creditors ' participation

§ 106. (1) Except in the case of application of the instrument of the creditor participation in accordance with paragraph 2, in the case of a mere partial transfer of the rights, assets or liabilities of the institution or company situated in liquidate pursuant to § 1 (1) (Z) 2 to 4 by the resolution authority the shareholders and those creditors whose claims have not been transferred to pay their claims a payment in at least the amount which they would have received if that in liquidation in accordance with Article 1 (1) (2) (2) to (4) at the time when the institution or undertaking is decision pursuant to § 115 had been taken in the course of a bankruptcy procedure.

(2) Where the instrument of creditor participation by the resolution authority is applied, the shareholders and creditors whose claims have been credited or converted into equity shall not be subject to greater losses than those incurred by them; If the institution or company in liquidate pursuant to Section 1 (1) (2) (2) to (4) had been used as part of a bankruptcy proceedings at the time when the decision was taken in accordance with Section 115.

Evaluation of different treatment

§ 107. (1) In order to assess whether shareholders and creditors would have been better treated, if a bankruptcy procedure had been initiated for the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4), and for the purposes of § 106 shall be carried out without delay after the implementation of the settlement measure or resolution measures by an independent, expert auditor. The auditor is to be selected and ordered by the resolution authority. This evaluation shall be carried out separately from the evaluation in accordance with § § 54 to 57.

(2) The assessment referred to in paragraph 1 shall include:

1.

How shareholders and creditors or the relevant Deposit Guarantee Schemes would have been treated if the institution or undertaking in liquidation is in accordance with Article 1 (1) (2) (2) to (4), for which the settlement measure or the settlement measures were carried out at the time when the decision was taken in accordance with Section 115, a bankruptcy procedure would have been initiated;

2.

as shareholders and creditors have been treated in the course of the settlement of the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4); and

3.

whether differences exist between the treatment according to Z 1 and 2.

(3) The evaluation of the different treatment shall be carried out on the assumption that:

1.

for the institution or company in liquidation pursuant to § 1 (1) (1) (2) to (4), for which the settlement measure or the settlement measures were carried out, at the time of the decision of the resolution authority pursuant to § 115 of Bankruptcy proceedings had been initiated;

2.

the settlement measure or the settlement measures would not have been carried out, and

3.

exceptional financial support for the institution or company in liquidate pursuant to § 1 (1) (1) (2) (2) to (4) shall not be provided by public funds.

Protection provisions for shareholders and creditors

§ 108. If the evaluation according to § 107 results in a shareholder or creditor named in § 106 or the Deposit Guarantee Facility according to § 132, greater losses have arisen than they were incurred in the course of a bankruptcy proceedings. , the shareholder or creditor, or the Deposit Guarantee Scheme concerned, shall have the right to withdraw the difference from the settlement financing mechanism.

Protective provisions for counterparties in the case of partial transfers of assets

§ 109. (1) In the following cases, the safeguard measures referred to in paragraph 2 shall apply:

1.

The resolution authority shall transfer a part, not the totality of the assets, rights or liabilities of an institution or undertaking in liquidation pursuant to Section 1 (1) (2) to (4) to another undertaking or, in the course of the the application of a settlement instrument, from a bridge institute or a mining unit to another person;

2.

The resolution authority shall exercise the powers referred to in Article 58 (3) (6).

(2) The following agreements and the counterparties to the following arrangements shall be adequately protected:

1.

Security arrangements according to which a person holds, by way of security, an actual or possible participation in the assets or rights which are the subject of a transfer, irrespective of whether such participation is carried out by: specific assets or rights, or by means of a floating charge or similar arrangement;

2.

Financial collateral arrangements in the form of transfer of ownership, in respect of which a security or lodging of the performance of specific obligations by means of a transfer of the full ownership of the assets from the collateral provider shall be placed on the collateral taker on condition that the collateral taker shall return the assets if the said obligations are fulfilled;

3.

Settlement agreements whereby two or more claims or obligations between the institution or undertaking in liquidate can be charged against one another in accordance with Article 1 (1) (1) (2) to (4) and a counterparty;

4.

-salting agreements;

5.

covered bonds;

6.

Structured financing agreements, including securitisation and instruments used for hedging purposes, which form an integral part of the coverage pool and which, in accordance with Austrian law, are similar to covered bonds shall be visited, which shall include the granting and holding of a security by a party of the agreement or a trustee, authorised representative or authorized representative.

(3) (2) shall apply irrespective of the number of parties to the agreements and irrespective of whether the agreements are

1.

by means of a contract, by trusts or by other means, or by the exercise of the law automatically;

2.

the law of another Member State or of a third country results in, or in whole or in part, regulated by the law of another Member State.

(4) What kind of protection is appropriate shall be concretized in § § 110 to 113. In addition, the restrictions referred to in § § 63 to 66 must be observed.

Protection of agreements on financial collateral arrangements, accounting and settlement agreements

§ 110. (1) For the purpose of adequate protection of financial collateral arrangements in the form of transfer of ownership, netting agreements and salesing agreements,

1.

a transfer of a part, but not the whole of the rights and liabilities held in accordance with financial collateral arrangements in the form of transfer of ownership, netting agreements and salting agreements between the The institution or company is protected in accordance with Section 1 (1) (1) (2) to (4) and another person, and

2.

a modification or termination of rights and liabilities resulting from the use of additional powers, in accordance with such financial collateral arrangements in the form of transfer of ownership, netting agreements and netting agreements; are protected,

to avoid.

(2) Rights and liabilities are to be regarded as protected under an aforementioned agreement if the parties to the agreement are authorized to set up or to pay for these rights and liabilities.

(3) Inrespect of paragraph 1 and insofar as it is necessary to ensure the availability of the secured deposits, the resolution authority may:

1.

-transfer secured deposits which are part of an agreement as referred to in paragraph 1, without the transfer of any other assets, rights or obligations which are part of the same agreement; and

2.

transfer, change or terminate these assets, rights or obligations, without also transferring the secured deposits.

Protection of safeguards

§ 111. (1) For the purposes of adequate protection of liabilities covered by a security agreement, the following shall be avoided:

1.

transfer of assets through which the liability is secured, unless the liability and profit arising from security are also transferred;

2.

transfer of a collateralised liability, unless the profit arising from the liability is also transferred;

3.

Transfer of the profit from security, unless the collateralized liability is also transferred or

4.

Modification or termination of a hedging agreement by recourse to additional powers, if this change or termination brings an end to the collateralization of the liability.

(2) Inrespect of paragraph 1 and insofar as it is necessary to ensure the availability of the secured deposits, the resolution authority may:

1.

-transfer secured deposits which are part of an agreement as referred to in paragraph 1, without the transfer of any other assets, rights or obligations which are part of the same agreement; and

2.

transfer, change or terminate these assets, rights or obligations, without also transferring the secured deposits.

Protection of structured financing mechanisms and covered debt securities

§ 112. (1) For the purpose of adequate protection of structured resolution financing mechanisms, including agreements pursuant to § 109 (2) (2) (5) and (6), the following shall be avoided:

1.

Transfer of a part, but not all of the assets, rights or liabilities, which may include a structured financing mechanism-which may include agreements pursuant to § 109 para. 2 Z 5 and 6-on which the in accordance with Article 1 (1) (2) (2) to (4), the institution or undertaking is or is part of it;

2.

Termination or amendment by recourse to additional powers of the assets, rights or liabilities which may include a structured financing mechanism-which may also include agreements pursuant to § 109 para. 2 Z 5 and 6-to which the is part of, or is part of, an institution or company in accordance with Section 1 (1) (1) (2) to (4).

(2) Inrespect of paragraph 1 and insofar as it is necessary to ensure the availability of the secured deposits, the resolution authority may:

1.

-transfer secured deposits which are part of an agreement as referred to in paragraph 1, without the transfer of any other assets, rights or obligations which are part of the same agreement; and

2.

transfer, change or terminate these assets, rights or obligations, without also transferring the secured deposits.

Partial transfers: protection of trading, clearing and settlement systems

§ 113. (1) The application of a resolution instrument shall not affect the functioning of systems or provisions covered by Directive 98 /26/EC if the resolution authority is

1.

a part, but not the totality of the assets, rights or liabilities of an institution or undertaking situated in liquidate, transferred to another undertaking in accordance with Article 1 (1) (1) (2) to (4); or

2.

Powers in accordance with § 83 in order to cancel or amend the terms of a contract in which the institution or undertaking in liquidate is a contracting party pursuant to Section 1 (1) (1) (2) to (4), or to make a beneficiary a party to the contract.

(2) An over-session, repeal or amendment referred to in paragraph 1 shall not, in particular, revoke a transfer order contrary to Article 5 of Directive 98 /26/EC and shall not be subject to the legal requirements laid down in Article 3 and Article 5 of Directive 98 /26/EC the binding nature of transfer orders and invoices, the use of assets, securities or credit facilities in accordance with Article 4 of Directive 98 /26/EC or the protection of collateral assets as defined in Article 9 of Directive 98 /26/EC, or in Ask question.

7. Main piece

Procedure

Participation obligations

§ 114. (1) If an institution or a company, according to Article 1 (1) (2) (2) to (4), states that, according to § 51, the head of the business is liable or threatened to fail, they shall inform the FMA in writing without delay.

(2) The FMA has the resolution authority on all communications received in accordance with paragraph 1 above and on all crisis prevention measures as well as other supervisory measures relevant to the resolution authority, which they are subject to an institute or to a company according to § 1 (1) (2) to (4), to inform immediately.

(3) If the FMA finds that the condition referred to in § 49 (1) (1) (1) with respect to a specific institution or the conditions referred to in § 52 in relation to a particular company is available in accordance with § 1 (1) (1) (2) to (4), the FMA shall state the condition The resolution authority shall determine that the conditions referred to in § 49 (1) (1) (1) and (2) relating to a particular institution or the conditions referred to in § 52 are given in respect of a specific company pursuant to § 1 (1) (1) (2) to (4) of the Regulation, they shall immediately inform the following bodies, if they are not identical, to the following bodies:

1.

The resolution authority;

2.

the FMA;

3.

the competent authority responsible for branches of the institution concerned or of the undertaking concerned in accordance with Article 1 (1) (2) (2) to (4);

4.

the resolution authority responsible for branches of the institution concerned or of the undertaking concerned in accordance with Article 1 (1) (2) (2) to (4);

5.

the Oesterreichische Nationalbank;

6.

the Deposit Guarantee Facility to which the credit institution is a member, if necessary, in order to enable the Deposit Guarantee Facility to fulfil its task;

7.

the body responsible for the financing mechanisms for the settlement, where necessary, in order to enable the financing mechanisms for the settlement to be carried out;

8.

the resolution authority responsible at group level;

9.

the Federal Minister of Finance;

10.

provided that the institution or the undertaking is subject to supervision on a consolidated basis in accordance with Chapter 3 of Title VII of Directive 2013 /36/EU pursuant to Article 1 (1) (2) (2) to (4) of Directive 2013 /36/EU, the consolidating supervisor and

11.

the ESRB and the Financial Stability Board.

(4) The FMA or the resolution authority must ensure, when transmitting information in accordance with paragraph 3, that the secrecy required for achieving the settlement objectives is complied with. In this case, it may defer or narrow the transmission in whole or in part.

Decision preparation of the resolution authority

§ 115. (1) Upon receipt of a notification by the FMA pursuant to Section 114 (3) or on its own initiative, the resolution authority shall examine whether the conditions laid down in § 49 (1) and § 52 concerning the relevant institute or the relevant Companies pursuant to § 1 (1) (1) (2) to (4).

(2) The result of the examination of whether settlement measures should be initiated with regard to an institution or company pursuant to Article 1 (1) (1) (2) to (4) shall include the following:

1.

The reasons for the outcome of the examination, including the determination of whether or not the institution or company has the conditions for settlement in accordance with § 1 (1) (1) (2) (2) (2) (4) and (4);

2.

the measure which the resolution authority intends to take and, where appropriate, the establishment of an application to initiate bankruptcy proceedings, to appoint a liquidator or to take another measure in accordance with the provisions of this Federal Law, meet.

The resolution authority may, by way of derogation from § 3 (5), obtain an expert statement from the National Bank of Oesterreichische Nationalbank (Oesterreichische Nationalbank) for the selection of the measure envisaged in accordance with Z 2.

(3) The resolution authority shall document the result and the essential considerations for the consideration referred to in paragraphs 1 and 2 and the planned further action.

Procedure before the resolution authority

§ 116. (1) The arrangement of settlement measures in accordance with § 50 shall be effected by communication without previous investigation procedures (mandate notice).

(2) The notice of the mandate is to be issued by the proclamation of an edict in accordance with paragraph 3 (policy edict) and is thus deemed to be delivered. The policy edict shall contain:

1.

Name (Company), Company Book Number and seat

a)

of the institution or undertaking to be wound up pursuant to Article 1 (1) (2) (2) to (4);

b)

in the case of the application of one of the settlement instruments, in accordance with Article 74 (2) (1) to (3) of the transferable legal entity and of the accepting legal entity;

2.

Details of the resolution measures, in particular:

a)

information on the application of one of the resolution instruments in accordance with Article 74 (2) (2) (1) to (3); and

b)

information on the capital instruments and liabilities involved in the application of the instrument of creditor participation pursuant to § 85 or the instrument of the participation of the holders of relevant capital instruments in accordance with § 70,

where a generic name is sufficient;

3.

a copy of any arrangement with which resolution instruments are applied or given appropriate powers;

4.

the date from which the resolution measures shall take effect;

5.

a short instruction

a)

the direct legal effect on the institution or undertaking in liquidate pursuant to Article 1 (1) (2) (2) to (4), as well as for the creditors and shareholders concerned, and

b)

on the time limit laid down in paragraph 8.

(3) The policy edict shall be made available on a website of the resolution authority. If the publication on the Internet is not only temporarily impossible, the customer shall be able to take place in another suitable manner, in particular in one or more periodic media works or by broadcasting.

(4) With the presentation of the action service, the decision of the mandate in accordance with paragraph 1 shall apply to the entities referred to in paragraph 2 (1) and to all those affected by the resolution measures in their rights, in particular to the shareholders and creditors of the The institution or company to be wound up pursuant to § 1 (1) (1) (2) to (4) shall be deemed to have been issued and is effective

(5) copies of the action service shall be transmitted for information:

1.

The institution or company in question pursuant to § 1 (1) (1) (2) to (4);

2.

the FMA;

3.

the competent authority responsible for the branch offices of the institution or undertaking in question pursuant to Article 1 (1) (2) (2) to (4);

4.

the Oesterreichische Nationalbank;

5.

the Deposit Guarantee Facility, which is a member of the credit institution which is in liquidate;

6.

the body responsible for the financing mechanisms for the settlement;

7.

where appropriate, the resolution authority responsible at the group level;

8.

the Federal Minister of Finance;

9.

if the institution or undertaking in liquidation is subject to supervision on a consolidated basis in accordance with Section 1 (1) (1) (2) to (4) of Directive 2013 /36/EU on a consolidated basis, the consolidating supervisor;

10.

the ESRB and the Financial Stability Board;

11.

the European Commission, the ECB, the ESMA, the EIOPA and the EBA;

12.

provided that the institution in liquidate is an institution in accordance with Art. 2 lit. (b) Directive 98 /26/EC, the operator of the system in which it is involved.

(6) The resolution authority shall have the action service or a notice in which the impact of the settlement measure, in particular the impact on retail investors and, where appropriate, the conditions and duration of the suspension or Limitation pursuant to § § 64, 65 and 66 are summarised as follows, or to arrange for their publication:

1.

On a website of the resolution authority;

2.

on the website of the EBA;

3.

on the website of the institution or company in progress pursuant to § 1 (1) (1) (2) to (4);

4.

if the shares or other title or debt securities of the institution or undertaking in liquidate are admitted to trading on a regulated market pursuant to § 1 (1) (1) (2) to (4), using the funds for the notification of the Required information about the institution or company in liquidate pursuant to § 1 (1) (1) (2) to (4) in accordance with § 86 (3) BörseG.

(7) If the shares, title titles or debt securities are not admitted to trading on a regulated market, the resolution authority shall endeavour to ensure that the documents to prove the instruments referred to in paragraph 6 are the shareholders and creditors of the institution or undertaking in liquidate pursuant to Article 1 (1) (1) (2) to (4), which shall be based on the documents of the institution or company in progress pursuant to Article 1 (1) (1) (2) to (4), to which the The resolution authority has access to it, is known.

(8) In the case of a decision adopted pursuant to paragraph 1 to 4, legal entities referred to in paragraph 2 (1) and other persons concerned by the resolution measures in their rights, in particular shareholders and creditors of the institute or undertaking to be wound up, may be entitled to: in accordance with Section 1 (1) (1) (2) to (4), by way of derogation from Section 57 (2) of the AVG, within three months from the date of the action of the measure, presentation of the measure shall be made in writing. The performance does not have a suspensive effect. In any case, the legal entities referred to in paragraph 2 (1) are party to the procedure provided for in paragraph 9. Other persons affected by the resolution shall lose their position as a party, insofar as they do not raise an understanding within the preceding period. Section 42 (3) of the AVG is to be applied mutaly. Section 57 (3) of the AVG shall not apply.

(9) On the expiry of the period referred to in paragraph 8, the resolution authority shall initiate an investigative procedure from its own authority. The pleadings of other parties are excluded from a file inspection of a party within an open period. The resolution authority may take an oral hearing. The event is to be made known by Edict (Tagsedikt). § 44d (2) and § 44e (1) and (2) of the AVG are to be applied.

(10) If the resolution authority intends to amend the mandate of the resolution in such a way that persons who have not previously been the party in the proceedings are thereby affected in their rights, they shall have the persons affected in such a way through Edict within a period of time of 3 months to give an idea. The Edict shall contain the information referred to in paragraph 2 as well as the envisaged proposition to amend the mandate of the mandate. The provisions of paragraphs 3, 8 and 9 shall apply.

(11) The resolution authority shall have all notions against the mandate notice, including the notions in accordance with paragraph 10, to be informed of the mandate (notification of the notice of presentation). The communication is to be made known by Edict (Vorstelledikt). The provisions of Section 2 (1) to (4), (3) and (4) shall apply.

(12) As soon as a notice of mandate pursuant to para. 1 or a communication pursuant to paragraph 11 has grown in legal force, the resolution authority shall have the communication and, where appropriate, the indication that no appeal has been filed against the decision in open time. , is to be made known by Edict (legal force dict). Paragraph 3 shall apply.

(13) The resolution authority shall, until the proclamation of an edict in accordance with paragraph 12, impose the conditions laid down in (1) and (11) for public consultation during the official hours.

Inapplicability of social legislation

§ 117. In the application of resolution instruments, powers and mechanisms in accordance with § § 48 et seq. the provisions of this Federal Act shall be subject to conflicting company law provisions. The resolution authority has to comply with company law provisions only in so far as this is compatible with this federal law.

Appeal procedure

§ 118. (1) § 22 para. 2 FMABG shall apply with the following conditions: For the arrangement of settlement measures, the rebuttable presumption that the granting of the suspensive effect is contrary to compelling public interests shall be valid.

(2) The Bundesverwaltungsgericht (Federal Administrative Court) and the Verwaltungsgerichtshof (Administrative Court) have to base the review of the resolution of the resolution authority on the complex economic factual assessments of the resolution authority.

(3) The legal situation of the effects of the proceedings of the resolution authority, with the exception of the administrative proceedings, shall remain unaffected by the annulment or amendment by the Federal Administrative Court and the Administrative Court. There is no removal of the legal effects of the proceedings of the resolution authority.

(4) Paragraph 3 shall not apply if the removal of the legal effects

1.

the settlement objectives are not at risk,

2.

would not threaten any legitimate interests of third parties, and

3.

is not impossible.

(5) In so far as the removal of the legal effects referred to in paragraphs 3 and 4 is excluded, a person concerned may, within three months of the conclusion of the ordinary and exceptional appeal proceedings, be entitled to compensation for those who have been accused of The resolution authority shall assert against the Federal Government any unlawfully caused disadvantages which would not have occurred in the event of a legitimate conduct by the Authority. Existing claims for compensation are to be satisfied exclusively by the federal government. The claim is to be brought before the Commercial Court of Vienna in the proceedings in dispute.

Restrictions on insolvency proceedings and other procedures

§ 119. (1) Where an application for the initiation of insolvency proceedings is submitted in respect of an institution or a company pursuant to Article 1 (1) (1) (2) to (4), the insolvency court shall immediately inform the resolution authority thereof. This obligation to provide information shall not be required if the FMA has filed the insolvency application.

(2) Insolvency proceedings relating to the assets of an undertaking pursuant to Article 1 (1) (1) (2) to (4) may only be opened if the notification has been made in accordance with paragraph 1 and the resolution authority does not take effect within seven days from the receipt of the Notice the insolvency court informs that it is planning a settlement measure in respect of the company in accordance with § 1 (1) (1) (2) to (4).

(3) Insolvency proceedings concerning the assets of an institution or a company pursuant to Article 1 (1) (2) to (4) allow the application of a resolution instrument and the exercise of resolution powers and their respective legal effects unaffected. A dispute over the application of resolution instruments or the exercise of resolution powers according to the IO or the Dispute Settlement Order-AnfO, RGBl. No 337/1914, is excluded.

8. Main piece

Secrecy and information exchange

Secrecy

§ 120. (1) The persons and entities referred to in Z 1 to 14 as well as persons who are active in the persons and entities referred to in Z 1 to 14 shall be prohibited from exposing or passing on confidential information:

1.

The resolution authority;

2.

the FMA;

3.

the Federal Ministry of Finance;

4.

the Oesterreichische Nationalbank;

5.

the temporary liquidator and liquidator appointed in accordance with the provisions of this Federal Act;

6.

potential purchasers who have been contacted by the competent authorities or who have been contacted by the resolution authorities, whether or not they have been contacted in preparation for the application of the instrument of the sale of the company; and regardless of whether or not the contact has resulted in an acquisition;

7.

auditors, accountants, legal advisers, other professional advisers, evaluators and other competent authorities, competent authorities, competent ministries or the potential acquirers referred to in Z 6, directly or indirectly indirect experts;

8.

Security institutions pursuant to section 93 (3) of the BWG;

9.

the compensation system in accordance with § 75 WAG 2007;

10.

the body responsible for the financing mechanisms in the context of the settlement;

11.

other authorities involved in the settlement process;

12.

a bridge institute or a quarrying unit;

13.

any other person or body providing or providing services, either directly or indirectly, permanently or temporarily, to the persons, bodies or authorities referred to in Z 1 to 12;

14.

before, during and after their term of office, the senior management, the members of the management body and other staff of the persons and bodies referred to in the Z 1 to 12, and the authorities.

(2) Confidential information shall be information which is provided by the persons and entities referred to in Z 1 to 14 in the performance of their professional activities or by a competent authority or resolution authority in the context of their functions under this In any case, they have received federal law and, in any case, those which are to be kept secret by virtue of Section 14 (2) of the FMABG or any other legal provision or of Union law.

(3) By way of derogation from paragraph 1, the exchange of any information between employees within one of the offices in Z 1 to 11 shall be admissible at any rate.

(4) Institutes and a group of companies shall be obliged to treat as confidential the recovery plans and the grouping plans; they may only pass on the recovery plans or group restructuring plans to those third parties to the Creation and implementation of the remediation plan or group recovery plan are involved. For the purposes of this provision, the term "group" shall also include those undertakings which belong to a group in accordance with Section 6 (1) or (2).

(5) In the event of a breach of the obligation of secrecy, the federal legal provisions on damages shall apply, whereby § 3 (9) shall apply.

(6) Other federal provisions governing the disclosure of information for the purposes of criminal or civil proceedings shall remain unaffected by this paragraph.

Permitted information exchange

§ 121. (1) By way of derogation from § 120, the resolution authority and the FMA may exchange information, insofar as this is necessary for the performance of its tasks under this Federal Act, as well as with the following authorities, persons and entities:

1.

Settlement authorities in the EEA;

2.

competent authorities in the EEA;

3.

the Federal Ministry of Finance and other relevant ministries;

4.

the Oesterreichische Nationalbank and other central banks of the European System of Central Banks and other bodies in the Member States with similar functions;

5.

Deposit-guarantee schemes in accordance with Directive 94 /19/EC on Deposit Guarantee Schemes of the European Parliament and of the Council, OJ L 139, 30.4.1994, p. No. OJ L 135, 31.5.1994 p. 5;

6.

Investor-compensation schemes in accordance with Directive 97 /9/EC;

7.

Courts or authorities competent for bankruptcy proceedings and regular insolvency proceedings;

8.

the financial stability body and authorities responsible for maintaining the stability of the financial system in Member States through the application of macro-prudential rules;

9.

persons responsible for carrying out statutory audits;

10.

the EBA;

11.

Subject to compliance with § 122 with third country authorities performing similar tasks as resolution authorities;

12.

Subject to its obligation to comply with strict confidentiality obligations, a potential acquirer for the purpose of planning or implementing a settlement measure;

13.

Subject to the obligation to comply with strict confidentiality obligations, any other person, provided that such person is required for the purposes of planning or implementing a resolution measure;

14.

Parliamentary committees of inquiry pursuant to Article 53 (1) of the Federal Constitutional Law (B-VG) on the basis of a decision on a request pursuant to Article 53 (3) B-VG, the Court of Auditors, provided that its investigative mandate is applied to the decisions and other activities of the settlement authority pursuant to this federal law, as well as the public prosecutor's office within the framework of Art. 148b B-VG;

15.

the European Systemic Risk Board (ESRB);

16.

the national authorities responsible for the supervision of payment systems,

17.

public authorities in the EEA which are publicly entrusted with the supervision of other financial sector entities;

18.

authorities in the EEA responsible for the supervision of financial markets and insurance undertakings;

19.

Authorities in the EEA, which are responsible for ensuring the stability of the financial system in Member States through the application of macro-prudential rules, and authorities responsible for the protection of the stability of the financial system.

(2) By way of derogation from § 120, the persons referred to in § 120 (1) (1) to (12) may disclose confidential information to other persons and entities if:

1.

the disclosure of the confidential information necessary for the performance of their tasks under this Federal Act is required;

2.

the disclosure of the confidential information is made in summary or general form, so that no conclusions are made on individual institutions or undertakings in accordance with Article 1 (1) (1) (2) to (4); or

3.

the institution or undertaking according to § 1 (1) (2) (2) to (4) or the authority from which the information originates has expressly and in advance agreed to the disclosure.

Disclosure under this paragraph may only be made if an assessment of the possible consequences of the disclosure of the confidential data for public interests of the financial, monetary or economic policy, for business interests, shall be carried out before the end of the period of of natural and legal persons, for the purposes of inspection activities, for investigative activities and for auditing activities carried out by persons referred to in Article 120 (1) (1) (1) to (12). The procedure for the review of the consequences of such disclosure shall have a special assessment of the consequences of disclosure of the contents and details of remediation and settlement plans in accordance with § § 8, 9, 15, 16 and 19 to 23 as well as the results of the disclosure. of all assessments carried out in accordance with Articles 12 to 14, 17, 18 and 27. In order to ensure compliance with the confidentiality requirements in accordance with § 120 and this paragraph, the persons and entities referred to in § 120 (1), Z 1 to 4, 8, 9, 11 and 12 shall have to adopt internal rules which shall be subject to the appropriate legal requirements. Specify rules.

Exchange of confidential information with third country authorities

§ 122. (1) The resolution authority, the FMA and the Federal Minister of Finance may only exchange confidential information with the respective third country authorities within the meaning of Section 120 (2) if the following conditions are met:

1.

For the third country authorities concerned, requirements and standards relating to the protection of professional secrecy at least equivalent to the requirements of Article 84 of Directive 2014 /59/EU shall apply; the assessment of whether equivalent Requirements, must be made by the FMA and must be communicated to the Federal Minister of Finance upon request;

2.

the information is necessary for the respective third country authorities in order to exercise the settlement tasks, which are comparable to those provided for by national law, which are comparable to the functions provided for in this law, and shall be subject to the provisions of Z 1 is not used for any other purposes.

Confidential information coming from another Member State or a third country may be disclosed by the resolution authority, the FMA and the Federal Minister of Finance only to the respective third country authorities if: the following conditions are met:

1.

The competent authority of the Member State or the third country from which the information originates (the originating authority) shall agree to the disclosure;

2.

the information shall be disclosed only for the purposes approved by the originating authority.

(3) In so far as the conditions laid down in paragraphs 1 and 2 (1) and (2) are fulfilled, the power to exchange information shall also include the treatment and transfer of personal data to third country authorities.

Part 5

Resolution financing mechanism

Establishment of a resolution financing mechanism

§ 123. (1) The resolution financing mechanism shall be established by the resolution authority in order to ensure the effective application of the resolution instruments and powers. The settlement financing mechanism shall be replaced by the resolution authority in accordance with the resolution objectives and principles referred to in § § 48 and 53 and for the measures enumerated in § 124 (1). The resolution financing mechanism shall have adequate financial resources.

(2) For the purposes of the appropriate funding, the Resolution Authority shall:

1.

To calculate in advance contributions according to § 126 and extraordinary contributions according to § 127;

2.

to make contributions in advance in accordance with § 126 in order to achieve the target endowment in accordance with § 125 and

3.

If the contributions referred to in Z 1 are not sufficient, extraordinary contributions will be increased in accordance with § 127.

(3) The resolution authority shall be entitled to conclude credit agreements and to agree on other forms of support pursuant to § 128.

(4) Contributions to Deposit Guarantee Schemes shall not be set off as contributions to the target endowment of the resolution financing mechanism in accordance with § 125.

(5) All contributions shall be required by the resolution authority.

(6) The resolution authority has to apporate all contributions via the Austrian Federal Finance Agency (ÖBFA). To this end, the resolution authority has to set up an account at the ÖBFA until 30 June 2015. According to the Federal Minister of Finance, the ÖBFA has a federal law on the administration and coordination of the federal financial and other federal debt law, BGBl, according to § 2 paragraph 1 Z 10 Federal Act. I n ° 763/192, to carry out the assessment of all contributions to the resolution authority.

(7) The resolution authority shall forward to the Federal Minister of Finance, on an annual basis or at its request, information on the contributions received and the state of the financial envelope of the resolution financing mechanism.

(8) The FMA is entitled, at the request of the resolution authority, to prescribe the relevant calculation basis for the assessment of the contributions by means of a regulation pursuant to Section 74 (6) of the Federal Elections Act.

Use of the resolution financing mechanism

§ 124. (1) The resolution financing mechanism shall be used exclusively in the scope necessary for the effective application of the resolution instruments for the following actions:

1.

the collateralisation of the assets or liabilities of the institution in liquidation, its subsidiaries, a bridge institute or a mining unit;

2.

the granting of loans to the institution under management, its subsidiaries, a bridge institute or a mining unit;

3.

the acquisition of assets of the institution under management;

4.

Provision of capital for a bridge institute or a mining unit;

5.

Compensation payments to shareholders or creditors pursuant to § 108;

6.

contributions to the institution in liquidation, instead of the depreciation or conversion of the liabilities of certain creditors, if the instrument of creditor participation is applied and the resolution authority decides: to exclude certain creditors from the scope of the instrument of creditor participation in accordance with § 86 (4) and § 87;

7.

Lending to other resolution financing mechanisms in the Union on a voluntary basis in accordance with § 129 or

8.

Combination of the measures referred to in Z 1 to 7.

(2) In the case of the application of the liquidation instrument for the sale of the company in accordance with Article 75 by the resolution authority, the funds from the resolution financing mechanism may also be used for the above measures in relation to the acquirer shall be used.

(3) The funds from the resolution financing mechanism shall not be used directly to compensate for the losses of an institution or company pursuant to § 1 (1) (1) (2) to (4) or to recapitalise such an institution or company. If the use of the funds from the resolution financing mechanism for the measures referred to in paragraph 1 leads indirectly to the loss of part of the losses of an institution or of an undertaking pursuant to Article 1 (1) (1) (2) to (4) of the The settlement financing mechanism shall be subject to the principles governing the use of the resolution financing mechanism in accordance with § 87.

Target endowment of the resolution financing mechanism

§ 125. (1) The institutions shall contribute to the extent and the resolution authority shall ensure that, by 31 December 2015, the funds available under the resolution financing mechanism shall be at least 0.1 vH of the secured funds. Deposits of all institutes approved in Austria. By 31 December 2024, the funds available under the resolution financing mechanism shall be at least equal to 1 vH of the secured deposits of all institutions approved in Austria.

(2) In the build-up phase referred to in paragraph 1, the resolution authority shall have the contributions raised in accordance with § 126 as evenly as possible, but with due regard to the economic cycle and any effects of pro-cyclical contributions on to stagger the financial situation of the contributing institutions until the target level is reached.

(3) If the settlement financing mechanism has made total payments of more than 0.5 vH of the deposits of all institutions approved in Austria pursuant to Directive 2014 /49/EU, the build-up phase may not exceed four years. will be extended.

(4) Where the amount of available funds is below the target level, the resolution authority shall, in accordance with § 126, once again raise regular contributions until the target level is reached. Once the target level has been reached for the first time and the available financial resources have been reduced to less than two thirds of the target equipment, these contributions should be set at a level which will make it possible to meet the target level of the target equipment. within six years.

(5) The regular contribution shall be determined in the light of the economic cycle and the impact that pro-cyclical contributions may have in connection with the setting of annual contributions under the fourth paragraph.

Achievement of the target equipment

§ 126. (1) Provided that this is necessary to achieve the target equipment referred to in § 125, the resolution authority shall require the contributions to the institutes and branches approved in Austria and to raise the contributions.

(2) The resolution authority has the contributions of the individual institutions in proportion to the amount of their liabilities (excluding own funds) minus secured deposits in relation to the aggregate liabilities (excluding own funds) minus secured Deposits of all institutes approved in Austria. These contributions shall be adjusted in accordance with the risk profile of the institutions, based on the criteria laid down in paragraph 5.

(3) The available financial resources to be taken into account in view of the achievement of the target endowment in accordance with Section 125 may, with the approval of the resolution authority, include irrevocable payment obligations which are fully implemented by: Securities with a low risk, which are not subject to third party rights, are freely available and are reserved exclusively for the use by the resolution authority for the measures referred to in § 124 (1). The proportion of irrevocable payment obligations shall not exceed 30 vH of the total amount of the contributions raised.

(4) The amounts, interest and other income received from investments and any other revenue received from the institution in liquidation or the bridging institution may be transferred to the settlement financing mechanism.

(5) The assessment of the contributions shall be carried out in accordance with the following criteria:

1.

the risk exposure of the institution, including the scope of its trading activities, its off-balance-sheet positions and its external financing share;

2.

the stability and diversification of the company's sources of finance, as well as unburdened highly liquid assets;

3.

the financial position of the institution;

4.

Probability of a settlement of the Institute;

5.

the extent of the exceptional public financial support received by the institution concerned in the past;

6.

the complexity of the structure of the institution and its ability to settle;

7.

the importance of the Institute for the stability of the financial system or of the economy of one or more Member States or of the Union;

8.

the fact that the institute is part of an institute-related security system.

Extraordinary retrospection of contributions

§ 127. If the available financial resources are not sufficient to cover losses, costs and other expenses incurred in connection with the use of the resolution financing mechanism, the resolution authority shall be approved by the Austrian authorities. In order to cover the additional expenses, institutions and branches shall be subject to extraordinary retrospective contributions. The calculation of the amount of the extraordinarily cancelled contributions to the individual institutions shall be calculated in accordance with the rules laid down in Article 126 (2). The extraordinarily retrospected contributions shall not exceed three times the annual amount of the contributions as determined in accordance with Section 126.

(2) Section 126 (4) and (5) shall apply to the contributions made pursuant to this paragraph.

3. The resolution authority may postpone the obligation of an institution to pay extraordinary retrospected contributions to the resolution financing mechanism, in whole or in part, if the payment of such contributions is to: Liquidity or the solvency of the institute would be endangered. Such a postponing shall be granted for a maximum period of six months, but may be extended at the request of the Institute. The contribution made pursuant to this paragraph shall be paid as soon as the liquidity or solvency of the institution is no longer endangered by the payment of the amount.

Alternative financing options

§ 128. The resolution authority may borrow or use other forms of support from institutions, CRR financial institutions or other third parties if the contributions made pursuant to § 126 are not sufficient to cover the contributions made by the settlement authority. the losses, costs or other expenses incurred by the resolution financing mechanisms, and if the extraordinary retrospection provided for in § 127 is not immediately available or sufficient.

Borrowing under resolution financing mechanisms

§ 129. (1) The resolution authority may apply for credit to be included in other resolution financing mechanisms in the Union if:

1.

the contributions made in accordance with Section 126 are not sufficient to cover the losses, costs or other expenses incurred by the use of the resolution financing mechanism;

2.

the extraordinary post-paid contributions provided for in section 127 are not immediately available; and

3.

the alternative financing options provided for under Section 128 are not immediately available for reasonable conditions.

(2) The resolution authority shall be entitled to give credit to other resolution financing mechanisms in the Union in the cases referred to in paragraph 1.

(3) In the event of a request by the resolution authority of a different resolution financing mechanism for the granting of a loan, it shall immediately inform the Federal Minister of Finance of the request and the consent of the Federal Minister for Finance for the settlement of the financial finance to be obtained if it intends to grant credit. In deciding on the granting of a loan to another resolution financing mechanism in the Union, the resolution authority must comply with the following:

1.

the economic interest in Austrian and European financial stability;

2.

the fact whether and to what extent funds of the resolution financing mechanism have already been consumed or extraordinary ex-post contributions have been raised, and

3.

whether and to what extent the other resolution financing mechanism will use other alternative financing options.

(4) The interest rate, the repayment period and other conditions for borrowing shall be between the borrowing settlement financing mechanism and the other resolution financing mechanisms that have decided to participate in the loan agree. The same interest rate, the same repayment period and the same other terms and conditions shall apply to the loans of each participating settlement financing mechanism. The resolution authority may only make deviating agreements under the conditions laid down in paragraph 3 above and after consulting the Federal Minister of Finance.

(5) The amount of the credit of each participating resolution financing mechanism shall be proportional to the amount of the secured deposits in the Member State of the settlement financing mechanism concerned in relation to the aggregate level of the settlement financing mechanism. Secured deposits in the Member States of the participating resolution financing mechanisms. The resolution authority may only make deviating agreements under the conditions laid down in paragraph 3 above and after consulting the Federal Minister of Finance.

(6) The requirement to grant a loan to another resolution financing mechanism in accordance with the preceding paragraphs shall be set off against the target endowment of the resolution financing mechanism.

Mutual support of national resolution financing mechanisms for group development

§ 130. (1) In the case of a group winding up in accordance with § § 139 to 146, the resolution financing mechanism of an institution approved in Austria, which is part of the group, has to finance the group development in accordance with the following paragraphs. contribute.

(2) Where the resolution authority is the competent authority of the group, it shall, after consulting the resolution authorities of the institutions which are part of the group, shall, if necessary, pre-empt a settlement measure as part of the To propose a financing plan in accordance with § § 139 to 146. The financing plan shall be agreed in accordance with the decision-making procedure in accordance with § § 139 to 146.

(3) The financing plan shall include:

1.

An evaluation in accordance with § § 54 to 57 in relation to the affected companies of the group;

2.

the losses to be reported by each of the undertakings concerned in the group at the time of application of the resolution instruments;

3.

for each of the parties concerned, the losses incurred by each category of shareholders and creditors;

4.

the contribution of Deposit Guarantee Schemes in accordance with Section 132Paragraph 1;

5.

the overall contribution of the resolution financing mechanisms and the purpose and form of the contribution;

6.

the basis for the calculation of the amount which each of the national resolution financing mechanisms of the Member State in which the group of undertakings concerned is established must contribute to the financing of the group's development in order to ensure that the The overall contribution according to Z 5 can be applied;

7.

the amount which the national resolution financing mechanism of each of the companies concerned must contribute to the financing of the group's development and the form of such contributions;

8.

the amount of the loans which the settlement financing mechanisms of the Member States in which the group of undertakings concerned are established may be eligible by institutions, CRR financial institutions or other third parties pursuant to Section 128;

9.

a time frame for the use of the resolution financing mechanisms of the Member States where the undertakings concerned are established; the resolution authority may extend the time frame if and to the extent necessary is.

(4) The basis for the contribution referred to in paragraph 3 Z 6 shall be in accordance with paragraph 5 as well as the principles of the group settlement plan in accordance with § 23 para. 2 Z 6, unless otherwise agreed in the financing plan.

(5) Where nothing else has been agreed in the financing plan, the basis for the calculation of the contribution of each national resolution financing mechanism shall in particular take account of:

1.

the share of the risk-weighted assets of the group held by institutions and undertakings in accordance with Article 1 (1) (2), (2) to (4), established in the Member State of the resolution financing mechanism concerned;

2.

the share of the assets of the group held by institutions and undertakings in accordance with Article 1 (1) (2), (2) to (4), established in the Member State of the settlement financing mechanism concerned;

3.

the share of the losses required by the group winding up of the group's enterprises, which are carried out under the supervision of the competent authorities in the Member State of the settlement financing mechanism concerned standing, and

4.

the share of the resources of the group resolution financing mechanisms which are likely to be used within the framework of the financing plan in such a way that they directly benefit the companies of the group which are located in the Member State of the relevant financing plan. Settlement financing mechanism shall be established.

(6) For the purposes of this paragraph, the group resolution financing mechanisms under the conditions set out in § 128 are permitted to borrow from institutions, CRR financial institutions or other third parties, or to other third parties. To adopt forms of support.

(7) The respective national resolution financing mechanisms may provide guarantees for the credits received by the group resolution financing mechanisms in accordance with paragraph 6 of this article.

(8) Income or other benefits arising from the use of the group resolution financing mechanisms shall be provided by the resolution authority to all national resolution financing mechanisms in accordance with their terms and conditions as set out in paragraph 2 above. contributions to the financing of the settlement.

Rank of deposits in the insolvency ranking

Section 131. (1) The following claims have the same rank in bankruptcy proceedings, which is higher than the rank of claims of non-backed and non-preferred creditors:

1.

the part of eligible deposits of natural persons, micro-enterprises and small and medium-sized enterprises, which exceeds the coverage level as laid down in Article 6 of Directive 2014 /49/EU;

2.

Deposits which would be considered eligible deposits of natural persons, micro-enterprises and small and medium-sized enterprises if they were not to be derived from branches of institutions established in the Union, which are outside the Union.

(2) The following demands have the same rank in the bankruptcy proceedings, which is higher than the rank in accordance with paragraph 1:

1.

secured deposits;

2.

Deposit-guarantee schemes which, in the event of insolvency, enter into the rights and obligations of the secured depositors.

(3) Within the same rank, the claims are to be met in a proportionate way.

(4) The request for request does not need to contain an indication of the order of precedence.

Use of Deposit Guarantee Schemes as part of a settlement

§ 132. (1) In the event that the resolution authority takes a settlement measure and provided that this measure ensures that depositors can continue to access their deposits, the Deposit Guarantee Facility, which shall be the institution of the institution, shall be liable to the institution of the institution concerned. is a member of the following:

1.

In the event that the instrument of the creditor participation is applied, for the amount by which the secured deposits would have been hypothetically written down without the exception of the exception in accordance with § 86 (2) (1) (1), in order to reduce the losses of the institution in accordance with § § 86 (2) (c) 88 (1) Z 1, or

2.

in the event that one or more other resolution instruments are applied as the instrument of creditor participation, to the extent to which secured depositors have suffered a hypothetical loss without the exception of Article 86 (2) (1) (1) had.

(2) The obligation of the Deposit Guarantee Scheme shall in no case be higher than that which would be in the event of bankruptcy of the institution.

(3) Where the instrument of creditor participation is applied, the Deposit Guarantee Facility shall not contribute to the costs of recapitalisation of the Institute or the Bridge Institute pursuant to Section 88 (1) (2) (2).

(4) If the assessment in accordance with Section 107 shows that the contribution of the Deposit Guarantee Scheme to the settlement was greater than the net losses it would have suffered in the event of the Institute's use after the bankruptcy procedure, the Deposit-guarantee institution shall be entitled to the payment of the difference by the settlement financing mechanism in accordance with § 108.

(5) Deposit-guarantee institutions shall provide the resolution authority with the information required for the calculation referred to in paragraph 1.

(6) The determination of the amount for which the Deposit Guarantee Scheme is liable in accordance with paragraph 1 shall comply with the conditions set out in § 57.

(7) The contribution from the Deposit Guarantee Facility for the purpose of paragraph 1 shall be paid in assets according to Z 1 of Appendix 2 to § 43, Part 1 BWG.

(8) Where eligible deposits are transferred to another entity in an institution in liquidate with the aid of the instrument for the sale of undertakings or the instrument of the bridge institution, the depositors shall not have any Claim against the Deposit Guarantee Scheme in accordance with § § 93 ff of the Federal Elections Act in respect of the parts of its deposits with the institution in liquidate, which are not transferred, provided that the amount of the transferred funds to the institution in question is in Art. 6 of Directive 2014 /49/EU as a whole, or exceeds.

(9) In any event, the liability of the Deposit Guarantee Scheme does not go beyond the amount corresponding to 50 vH of its target equipment in accordance with Art. 10 of Directive 2014 /49/EU.

Part 6

Cross-border group development

Section 1

Cross-border decision-making and information; resolution collegies

General principles governing the decision to take part in more than one Member State

§ 133. If the resolution authority or any other authority empowered to do so under this Federal Act makes decisions or initiate measures under this Federal Act which may affect one or more other Member States, they shall have the following: the following principles should be observed:

1.

When initiating a settlement measure, it is necessary to comply with effective decision-making at the lowest possible settlement costs.

2.

Decisions and measures shall be taken, if necessary, expeditiously and with the urgency required.

3.

Austrian authorities shall cooperate with each other and with the resolution authorities, competent authorities and other authorities of other Member States, including the ECB, as the competent authority, in order to ensure that decisions and measures are taken in can be taken in a coordinated manner.

4.

Austrian authorities have to define each other and with the authorities of other Member States exactly which tasks and responsibilities they each have.

5.

The interests of the Member States in which EU parent undertakings or subsidiaries are established shall be duly taken into account, in particular with regard to the effects of a decision or measure or omission thereof. financial stability, financial resources, the settlement financing mechanism and the deposit-guarantee or investor-compensation scheme of those Member States.

6.

The interests of the individual Member States in which major branches are located shall be taken into account, in particular with regard to the effects of a decision or measure or their omission on the financial side. Stability of these Member States.

7.

The objectives of the balancing of interests between the various Member States concerned and the avoidance of unfair preferential treatment or discrimination against the interests of certain Member States, including the avoidance of unfair distribution the burden on the Member States shall be duly taken into account.

8.

If, under this federal law, obligations exist to consult other authority before a decision or measure is taken, those authorities shall at least be consulted on those aspects of the proposed decision or measure,

a)

which either have or are likely to have an impact on the Union's parent undertaking, the subsidiary or, where appropriate, the branch; and

b)

the impact on the stability of the Member State in which the Union parent undertaking, the subsidiary or, where appropriate, the branch is established or is located, or is likely to have it.

9.

When settlement measures are taken, the resolution authority shall take into account and follow the existing resolution plans, unless the resolution authority reaches the assessment, taking into account the facts, that the objectives of the resolution are: the handling of measures which are not included in the settlement plans are better to achieve.

10.

The transparency requirement shall be available in those cases where a proposed decision or measure is likely to be based on financial stability, financial resources, settlement financing mechanism, deposit-guarantee or the investor-compensation scheme of another Member State.

11.

The aim of coordination and cooperation is to reduce the total cost of the settlement.

Resolution Collegies

§ 134. (1) The resolution authority, as the competent authority for the group winding up, shall establish resolution collegias to carry out the tasks provided for in Articles 22 to 26, 28, 30, 31, 100 to 105 and 139 to 146 and, where appropriate, Cooperation and coordination with resolution authorities in third countries.

(2) The Resolution Collegium shall carry out the following tasks:

1.

exchange of information relevant for the preparation of group resolution plans, for the exercise of preparatory and preventive powers in relation to groups and for group development;

2.

Elaboration of group resolution plans in accordance with § § 22 to 26;

3.

Evaluation of the settlement capacity of groups according to § 28;

4.

Exercise of the powers to dismantuse or the removal of obstacles to the settlement capacity of groups in accordance with § § 30 and 31;

5.

Decision on the necessity of drawing up a group resolution concept in accordance with § § 139 to 146;

6.

Conclusion of the agreement on a group resolution concept, proposed in accordance with § § 139 to 146;

7.

Coordination of public communication of group resolution strategies and concepts;

8.

coordination of the use of the financing mechanisms set up under Title VII of Directive 2014 /59/EU;

9.

Definition of minimum requirements applicable to groups on a consolidated level and at the level of subsidiaries in accordance with § § 100 to 105.

In addition, the Resolution Collegium can also be used as a discussion forum for all issues relating to cross-border group development.

(3) The resolution authority, as the competent authority for the group winding up, may depart from the establishment of a resolution collegium if other groups or colleges already have the functions referred to in paragraphs 1 and 2 and sections 135 and 136 and to carry out tasks and to perform all the conditions and procedures laid down in paragraphs 1 and 2, as well as Articles 135, 136 and 138, including the conditions and procedures applicable to membership and participation in resolution collegies, and/or . In such a case, all references to resolution collegias contained in this Federal Act shall be understood as references to these other groups or colleges.

Members of the Resolution Collegium

§ 135. (1) Members of the Resolution Collegium shall be:

1.

the resolution authority shall be the competent authority for group management;

2.

the resolution authorities of each Member State in which a subsidiary undertaking subject to supervision on a consolidated basis is established;

3.

the settlement authorities of the Member States in which a parent undertaking of one or more institutions of the group is established;

4.

the settlement authorities of the Member States in which major branches are located;

5.

the FMA as a consolidating supervisor;

6.

the competent authorities of the Member States whose resolution authorities are members of the settlement collegiate; if the competent authority of a Member State is not the central bank of the Member State, the competent authorities may: the authority shall be accompanied by a representative of the central bank of the Member State;

7.

the Federal Ministry of Finance;

8.

the competent ministries of other Member States, where the competent ministries are not involved in the settlement authorities of other Member States which are members of the Resolution Collegiate;

9.

the authority responsible for the Deposit Guarantee Scheme of a Member State, where the settlement authority of that Member State is a member of the Resolution Collegium;

10.

the EBA in accordance with paragraph 2.

(2) EBA shall contribute to ensuring the efficient, effective and uniform functioning of resolution collegias in compliance with international standards. To this end, it shall be invited by the resolution authority as a member without the right to vote in the resolution collegium as a member without the right to vote in the group.

The resolution authority, as the competent authority for the group winding up, may invite the resolution authorities of third countries, at their request, to participate as observers in the resolution collegium, if:

1.

a parent undertaking or institute established in the EEA has a subsidiary or branch in that third country which would be considered to be significant if it were established in the EEA; and

2.

the resolution authority of the third country is subject to confidentiality requirements which, in the resolution authority's view, comply with the requirements laid down in Section 122.

Organization of the resolution collegium

§ 136. (1) The resolution authority, as the competent authority for the group winding up, shall be chaired by the resolution collegium and shall be chaired by the resolution authority in this function

1.

to record in writing the modalities and procedures for the functioning of the resolution collegium, after consulting the other members of the resolution collegiate;

2.

co-ordinate all the activities of the Resolution Collegium;

3.

to convene and chair the meetings and to give the members of the resolution board, prior to the meetings, full of the meetings of the resolution college, the main agenda items and the meetings of the resolution college, to provide information on issues discussed;

4.

inform the members of the Resolution Collegiate of the meetings planned to enable them to request participation;

5.

to decide, on the basis of concrete needs, which members and observers are invited to participate in certain meetings of the Resolution Collegium, taking into account the importance of the question to be discussed for the members concerned; and the observer, in particular the possible impact on the financial stability of the Member States concerned; and

6.

inform all members of the College in good time about the decisions and results of the meetings concerned.

The resolution authorities of other Member States shall always be invited to attend meetings of the resolution collegium when matters are on the agenda subject to the joint decision-making process or which are related to the resolution of the resolution. with a company of the group located in its Member State.

(2) The members of the Resolution Collegium shall cooperate closely with each other.

European Resolution Collegies

§ 137. (1) Where a third country institute or a third country sutterer undertaking in Austria and at least one other Member State has EU subsidiaries or an EU branch in Austria and at least one other Member State which has at least two Member States shall, together with the resolution authorities of the other Member States in which those EU subsidiaries are established or are located, have a joint resolution authority with the resolution authorities of the other Member States, European resolution collegium.

(2) The European resolution collegium shall have the functions and tasks referred to in Article 88 of Directive 2014 /59/EU with regard to the EU subsidiaries and with regard to the EU branches, insofar as the functions and tasks of these EU branches are significant.

(3) The resolution authority shall be chaired by the European Resolution Collegium if:

1.

the Union subsidiary undertakings, pursuant to Article 127 (3), third subparagraph, of Directive 2013 /36/EU, are held by a financial holding company established in the Union or the major branches of such a financial holding company are held in such a financial holding company , and

2.

The FMA is the consolidating supervisor in accordance with Directive 2013 /36/EU.

If the conditions of the first sentence or of the first subparagraph of Article 88 (3) of Directive 2014 /59/EU are not fulfilled, the nomination and appointment of the Chair of the Resolution Collegium shall be made by its members.

The resolution authority may, in the mutual agreement of all parties concerned, waive the establishment of a European resolution collegium if other groups or other colleges, including one pursuant to Art. 88 of the Directive 2014 /59/EU, the resolution collegium, performing the functions and tasks referred to in paragraphs 1 to 3 and 5, and all the conditions and procedures laid down in paragraphs 1 to 3, 5 and 138, including those relating to the membership in and participation in settlement colleges, or . In such a case, all references to European resolution collegias contained in this Federal Act shall be understood as references to these other groups or colleges.

(5) Subject to the provisions of paragraphs 3 and 4, the European resolution body shall act in accordance with Section 134 (1) and (2) as well as § § 135 and 136.

Exchange of information between authorities

§ 138. (1) Subject to § § 120 and 121, the resolution authority and the FMA shall forward to the resolution authorities and competent authorities in other Member States, at their request, all the information necessary for the exercise of the said information by the Directive 2014 /59/EU is relevant.

(2) The resolution authority, as the competent authority for group management, shall coordinate the exchange of all relevant information between the resolution authorities. In particular, the resolution authority, as the competent authority responsible for the management of the group, shall make available to the resolution authorities in other Member States all relevant information in good time to enable them to exercise the duties referred to in Article 134 (2) (2) (2) (2) of the up to nine tasks mentioned above.

Before the transfer of information originating from a third country resolution authority, the resolution authority shall obtain the agreement of the third country resolution authority concerned to disclose such information if a such consent is not already available. If the settlement authority of the third country does not give such consent, the resolution authority shall not be obliged to pass on information originating from the third country resolution authority.

(4) The resolution authority shall have information relating to a decision or matter, in the event of which a communication to the Federal Minister of Finance or other relevant ministries or the hearing or consent of the Federal Minister of Finance or any other competent ministry is required, or if the decision or matter may have an impact on the public finances of Austria or another Member State, the Federal Minister of Finance or the relevant Ministry of another Member State.

Section 2

Group development in connection with a subsidiary of the Group

Transfer of information on settlement requirements

§ 139. If the resolution authority considers that an institution or a company according to Article 1 (1) (2) to (4), which is a subsidiary of a group, fulfils the conditions of § § 49 or 52, it shall have the same for the group winding up , the competent authority, the consolidating supervisor and the members of the resolution collegiate responsible for the group:

1.

Your assessment that the Institute or the Company fulfils the requirements of § § 49 or 52 pursuant to § 1 (1) (1) (2) (2) (2) to (4); and

2.

Details of the settlement measures or insolvency measures deemed appropriate by the resolution authority in the case of the institution or undertaking concerned in accordance with Article 1 (1) (1) (2) to (4).

If the resolution authority is not the group responsible for the group management

§ 140. (1) If the resolution authority is not the competent authority for the group winding up, it may take the settlement measures or insolvency measures notified under section 139 (2) of the second subparagraph if:

1.

the group competent authority, after consulting the other members of the resolution collegium, has considered that the settlement measures or insolvency measures notified to it pursuant to Section 139 (2) of this Directive cannot be expected to: the conditions of § § 49 or 52 are met in respect of companies of the group in another Member State, or

2.

the competent authority of the resolution authority, within a period of 24 hours or an agreed longer period after receipt of the information in accordance with § 139, does not provide the competent authority of the resolution authority.

(2) If the resolution authority is not in agreement with a group resolution scheme in accordance with Article 91 (6) of Directive 2014 /59/EU proposed by the group competent authority, or does it consider that it should be The reasons for financial stability other than those proposed in the group resolution concept or measures relating to an institution or a company pursuant to Article 1 (1) (1) (2) to (4) must be justified in detail by the Commission, why it does not agree with the group resolution concept or may vary. On the basis of the explanatory statement, the resolution authority shall adequately address existing resolution plans, the possible impact on the financial stability of the Member States concerned and the possible consequences of the measures taken for other parts of the group. consideration. The resolution authority shall forward the statement of reasons for the group winding up authority and the other resolution authorities concerned with the group resolution concept, and at the same time to indicate what measures it intends to take.

(3) The resolution authority shall be deemed to have definitively recognised joint decisions pursuant to Article 91 (7) or (9) of Directive 2014 /59/EU and the decisions taken by other resolution authorities in accordance with Article 91 (8) of Directive 2014 /59/EU and ,

Procedure if the resolution authority is the competent authority for group management

§ 141. (1) The resolution authority shall, as the competent authority of the group winding up, issue a notification of a resolution authority of another Member State in accordance with Article 91 (1) of Directive 2014 /59/EU, it shall, after consulting the other members, of the respective resolution collegium to assess the consequences of the notified settlement measures or insolvency measures on the group and on undertakings of the group in other Member States. In particular, it is necessary to assess whether the settlement measures or insolvency measures notified to it can be expected to indicate that the conditions or conditions for settlement in respect of a company in the group in another Member State will be met.

(2) After consulting the other members of the Resolution Collegium, the resolution authority shall, as the competent authority responsible for the group winding up, arrive at the assessment that the measures notified to it do not allow the conditions to be met: pursuant to Art. 32 or 33 of Directive 2014 /59/EU in respect of a company of the Group in another Member State, it shall inform the co-participating resolution authority accordingly.

(3) After consulting the other members of the Resolution Collegium, the resolution authority shall, as the competent authority for the group winding up, arrive at the assessment that the settlement measures and insolvency measures notified to it shall be expected to be that the conditions laid down in Article 32 or 33 of Directive 2014 /59/EU are met in respect of a company of the group in another Member State, it shall have the resolution body within a period of 24 hours after receipt of the Notification in accordance with paragraph 1 a proposal for a group resolution concept according to § 142, whereby this period may be extended with the consent of the co-decision-making authority.

Group Fulfillment Concept

Section 142. (1) In a group resolution concept

1.

existing settlement plans shall be taken into account and shall be complied with, unless the resolution authorities, taking into account the facts, consider that the objectives of the settlement shall be carried out with measures to be taken in the No resolution plans are foreseen to be better achieved;

2.

, the resolution measures should be taken by the respective resolution authorities in relation to the EU parent undertaking or certain entities of the group in order to achieve the settlement objectives in accordance with § 48 and the resolution principles in accordance with § 53;

3.

to specify how the resolution measures should be coordinated;

4.

a financing plan shall be defined which shall take account of the group settlement plan, the principles governing the allocation of financing responsibilities in accordance with Article 23 (2) (6) and the mutual assistance provided for in Article 130.

(2) Subject to Article 91 (8) of Directive 2014 /59/EU, the group resolution concept shall be the subject of a joint decision of the resolution authority as the competent authority for group management and the resolution authorities of the other Member States responsible for the subsidiary undertakings covered by the group resolution concept. If not all resolution authorities of the other Member States agree to the group resolution concept, the resolution authority with the other resolution authorities in other Member States may decide on a joint decision on the Group resolution for the group's companies located in their Member States. The resolution authority and the other competent resolution authorities may, with the EBA, be able to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

(3) If a group resolution concept is not implemented and the resolution authority meets settlement measures with respect to a company of the group, it shall cooperate closely with those resolution authorities of the resolution collegium, which shall: also take resolution measures to develop a coordinated resolution strategy for all the group's defaulting or likely defaulting companies.

(4) The resolution authority shall inform the members of the Resolution Collegiate on a regular and comprehensive basis on the settlement measures taken by it in relation to a company of the Group and ongoing progress.

(5) The resolution authority shall be deemed to have definitively recognised and applied joint decisions pursuant to paragraph 2 and the decisions taken by other resolution authorities in accordance with Article 91 (8) of Directive 2014 /59/EU.

Implementation of the measures without delay

§ 143. The resolution authority shall implement all measures in accordance with § § 139 to 142 without delay and with due regard to the urgency of the matter.

Section 3

Group development in relation to an EU parent company

If the resolution authority is not the group responsible for the group management

§ 144. (1) Where the resolution authority is not in agreement with a group resolution scheme proposed by the group competent authority in accordance with Article 92 (1) of Directive 2014 /59/EU, or is it of the opinion that it should: For reasons of financial stability other than the settlement measures proposed in the group resolution concept or measures relating to an institution or a company pursuant to § 1 (1) (1) (2) to (4) must be taken, it shall have detailed information on the reasons why it does not agree with the group resolution concept or why it does not agree with the group resolution concept may vary. On the basis of the explanatory statement, the resolution authority shall adequately address existing resolution plans, the possible impact on the financial stability of the Member States concerned and the possible consequences of the measures taken for other parts of the group. consideration. The resolution authority shall forward the statement of reasons for the group winding up authority and the other resolution authorities concerned with the group resolution concept, and at the same time to indicate what measures it intends to take.

(2) The resolution authority shall be deemed to have definitively recognised joint decisions pursuant to Article 92 (3) and (5) of Directive 2014 /59/EU and the decisions taken by other resolution authorities in accordance with Article 92 (4) of Directive 2014 /59/EU; and ,

Procedure if the resolution authority is the competent authority for group management

§ 145. (1) The resolution authority, as the competent authority responsible for the management of the group, considers that an EU parent undertaking under its competence fulfils the conditions laid down in § § 49 or 52, it shall immediately inform the competent authority of the competent authority of the competent authority of the competent authority. information referred to in § 139 (1) and (2) to the FMA and to the other members of the resolution collegium responsible for the group concerned. The settlement measures or insolvency measures in accordance with § 139 Z 2 may also include the implementation of a group resolution concept elaborated in accordance with section 142 (1) if one of the following situations is present:

1.

On the basis of settlement measures or other measures at the parent company's level notified pursuant to § 139 Z 2, it is probable that the requirements of § § 49 or 52 in relation to one company of the group in another Member State shall be satisfied;

2.

Settlement measures or other measures taken at the level of the parent undertaking are not sufficient to stabilise the situation or are not likely to lead to a satisfactory outcome;

3.

in accordance with a determination of the resolution authorities responsible for them, one or more subsidiaries in other Member States shall fulfil the conditions laid down in § § 49 or 52;

4.

Settlement measures or other measures at the level of the Group shall be beneficial to the subsidiaries of the Group in such a way as to justify the application of a group resolution concept as an appropriate solution.

(2) In the event that the measures notified in accordance with paragraph 1 do not include a group resolution concept, the resolution authority shall, as the competent authority for the group winding up, take its decision after consulting the members of the resolution collegium. In its decision, the resolution authority shall:

1.

to take into account and comply with existing settlement plans, unless the resolution authorities, taking into account the facts, consider that the objectives of the settlement are to be carried out with measures not included in the settlement plans provided for, and to be better achieved, and

2.

to take account of the financial stability of the Member States concerned.

(3) For the measures notified in accordance with paragraph 1, a group resolution concept, the group resolution concept shall be the subject of a joint decision of the resolution authority as the competent authority for the group winding up and the Subsidiaries covered by the group resolution scheme, competent resolution authorities of other Member States. If not all resolution authorities agree to the group resolution concept, the resolution authority with the other resolution authorities of the other Member States may make a joint decision on a group resolution scheme for those in their Member States shall meet the Group companies. The resolution authority and the other competent resolution authorities may, with the EBA, be able to assist in the establishment of a joint decision in accordance with Art. 31 lit. (c) to Regulation (EU) No 1093/2010.

(4) If a group resolution concept is not implemented and the resolution authority meets settlement measures with respect to a company of the group, it shall cooperate closely with those resolution authorities of the resolution collegium, which shall: also take resolution measures to develop a coordinated resolution strategy for all the companies in the group concerned.

(5) The resolution authority shall inform the members of the Resolution Collegiate on a regular and comprehensive basis on the settlement measures taken by it in relation to a company of the Group and ongoing progress.

(6) The resolution authority shall be deemed to have definitively recognised and applied joint decisions pursuant to paragraph 3 and the decisions taken by other resolution authorities in accordance with Article 92 (4) of Directive 2014 /59/EU.

Implementation of the measures without delay

§ 146. The resolution authority shall implement all measures in accordance with § § 144 and 145 without delay and with due regard to the urgency of the matter.

Part 7

Relations with third countries

Agreements with third countries

§ 147. (1) Provided that the requirements of § 122 are fulfilled and the Federal Minister of Finance is authorized to conclude agreements pursuant to Art. 66 (2) B-VG, the Federal Minister of Finance may, on a proposal from the resolution authority, with The resolution authorities of third countries conclude agreements in which the cooperation between the resolution authority and the relevant third country authorities, inter alia, for the purpose of exchanging information in connection with the Planning of the refurbishment and settlement of institutions, CRR financial institutions, parent companies and third country institutes, for the following cases:

1.

in cases where a third-country parent undertaking has subsidiaries or major branches in Austria and at least one other Member State;

2.

in cases where a parent undertaking established in Austria which has a subsidiary or a major branch in at least one other Member State, has one or more third country subsidiary institutions;

3.

in cases where an institution established in Austria, which has in at least one other Member State a parent undertaking, a subsidiary undertaking or a major branch, one or more branches in one or more Third countries.

(2) In the context of an agreement referred to in paragraph 1 above, it is necessary, in particular, to ensure that procedures and modalities for cooperation between the resolution authority and the respective third country authorities in the performance of some or all of those referred to in § 148 The tasks and powers referred to in paragraphs 3 and 4 shall be determined.

(3) The inclusion of provisions relating to individual institutions, financial services institutions, parent undertakings or third country institutes shall be inadmissible in an agreement as set out in paragraph 1.

(4) Agreements referred to in paragraph 1 shall be concluded for an indefinite period. They shall not enter into force as soon as an agreement of the European Union enters into force with the third country concerned in accordance with Article 93 (1) of Directive 2014 /59/EU.

Cooperation with third country authorities

§ 148. (1) The provisions of paragraphs 2 to 5 shall apply with regard to cooperation with a third country as long as and in so far as no agreement of the European Union with the third country concerned enters into force, in accordance with Article 93 (1) of Directive 2014 /59/EU. Paragraphs 2 to 5 shall also apply after the entry into force of an international agreement in accordance with Article 93 (1) of Directive 2014 /59/EU with the third country concerned, provided that the agreement does not include the content provided for in paragraphs 2 to 5 of this Article. Object.

(2) With a view to cooperation with a third country, the EBA may conclude legally non-binding framework cooperation agreements with third country authorities in accordance with Article 97 of Directive 2014 /59/EU. The FMA or the resolution authority may conclude legally non-binding cooperation agreements with the third country authorities concerned, which are in line with EBA's framework cooperation agreements. These cooperation agreements may also include provisions relating to the subject areas referred to in paragraph 4.

(3) The FMA or the resolution authority may, independently of any existing framework cooperation agreement of the EBA with third country authorities in accordance with Art. 97 of Directive 2014 /59/EU, be able to conclude its own legally non-binding cooperation agreements with Third country authorities shall conclude, as far as they consider necessary. Such cooperation agreements may include the procedures and arrangements for the exchange of information and cooperation between the authorities concerned, with a view to the exercise of several or all of the following in the Z 1 up to 5 specified tasks and powers:

1.

Elaboration of settlement plans according to § 19 (1) and (2), § 20 and 21, § 22 (1) and (2) as well as § § 23 to 26 and the comparable requirements according to the law of the respective third countries;

2.

evaluation of the settlement capacity of the institutions and groups according to § § 27 and 28 and the comparable requirements according to the law of the respective third countries;

3.

the exercise of the powers to dismantuse or remove obstacles to settlement capacity in accordance with Articles 29 to 31 and the equivalent powers under the law of the respective third countries;

4.

the application of the early intervention measures in accordance with Section 44 and the equivalent powers under the law of the third countries concerned;

5.

Application of resolution instruments and the exercise of resolution powers and comparable powers which may be exercised by the respective third country authorities.

(4) The cooperation agreements concluded in accordance with paragraph 2 or 3 may also contain provisions relating to the following subject areas:

1.

on the exchange of information necessary for the preparation and continuation of settlement plans;

2.

hearings and cooperation in the preparation of resolution plans, including the principles governing the exercise of powers in accordance with Articles 149 and 151 and comparable powers under the law of the third countries concerned;

3.

on the exchange of information required for the application of resolution instruments and the exercise of resolution powers and comparable powers under the law of the respective third countries;

4.

on the early warning or consultation of the parties to the Cooperation Agreement before any substantial measures are taken in accordance with this Act or under the law of the third country concerned, concerning the Institute or the Working Party, the subject-matter of which: the agreement;

5.

on the coordination of public communication in the case of joint resolution actions;

6.

on procedures and modalities for the exchange of information and cooperation in accordance with Z 1 to 5, in particular, where appropriate, by setting up and taking action on crisis management groups.

(5) The FMA and the resolution authority shall inform the EBA of cooperation agreements which they have concluded in accordance with paragraphs 2 to 4.

Recognition and enforcement of the settlement procedures of third countries

Section 149. (1) The provisions of paragraphs 2 to 6 shall apply with respect to third country settlement procedures as long as and to the extent that no agreement of the European Union with the third country concerned enters into force pursuant to Article 93 (1) of Directive 2014 /59/EU. The provisions of paragraphs 2 to 6 shall also apply after the entry into force of an international agreement pursuant to Article 93 (1) of Directive 2014 /59/EU with the third country concerned, provided that the agreement does not recognise and enforce the resolution procedures of third countries on the subject.

(2) If a European resolution collegium exists in accordance with Article 137 (1), it shall, except in the cases referred to in § 150, decide, within the framework of a joint decision, to decide whether or not to proceed with a third country settlement procedure in respect of a Third country institute or a parent undertaking, which

1.

have EU subsidiaries established in two or more Member States, or in two or more Member States, which are considered to be significant by two or more Member States; or

2.

have assets, rights or liabilities which are situated in two or more Member States or are subject to the law of those Member States.

Where the European resolution collegium has agreed in a joint decision on the recognition of a third country settlement procedure, the resolution authority shall have the enforcement of the recognised third country settlement procedure, , to the extent that this is compatible with the Austrian legal stock.

(3) If the members of the European resolution collegium do not come to a joint decision on the recognition of a third country resolution procedure in accordance with paragraph 2, or if there is no European resolution body at all, the Resolution authority, taking into account § 150, itself to decide on the recognition of third country settlement procedures with regard to third country institutes or parent companies, which

1.

have EU subsidiaries in Austria and at least one other Member State, or have EU branches in Austria and at least one other Member State, which are considered to be significant by two or more Member States; or

2.

have 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 to the law of another Member State.

In this decision, the resolution authority shall have the interests of the individual Member States in which a third country institute or a parent undertaking operates, and in particular the possible effects of the recognition and enforcement of To take account of third country settlement procedures on other companies in the Group and on financial stability in the Member States concerned.

(4) For the purposes of paragraphs 3 and 4, the resolution authority shall be entitled:

1.

on the exercise of resolution powers in relation to

a)

the assets of a third country institute or a third country undertaking which is located in Austria or is subject to Austrian law;

b)

the rights or liabilities of a third country institute which is the EU branch in Austria or which is subject to Austrian law or which justifiably justifiably justifiably claims to be enforceable in Austria;

2.

for the purpose of executing or ordering the execution of a transfer of shares or title deeds on an EU subsidiary established in Austria;

3.

for the exercise of powers in accordance with Articles 64 to 66 of the Treaty with respect to the rights of the parties to a contract with a company referred to in paragraph 2, where this power is required for the enforcement of the third country settlement procedure;

4.

for the abolition of the enforceability of contractual rights to terminate, resolve or expedite contracts or to prejudice the contractual rights of the companies referred to in paragraph 2 and other undertakings of the group, if such rights are they result from a settlement measure relating to the third country institute, the third country supremation undertaking of such undertakings or other entities of the group, by the third country resolution authority itself or otherwise in accordance with the Settlement arrangements in the country concerned regulatory and prudential requirements, provided that the essential contractual obligations, including payment and performance obligations, as well as the obligation to provide collateral, are still fulfilled.

(5) Where the relevant third country authority finds that an institution established in the third country in question meets the conditions applicable to settlement in accordance with the law of this third country, the resolution authority may, in respect of a settlement in Austria, be able to: parent undertaking shall take settlement measures, where this is necessary in the public interest. To this end, the resolution authority may take any settlement measures in respect of the parent company and may apply § 63.

(6) Austrian bankruptcy proceedings, which may be applicable in accordance with this Federal Act, shall remain unaffected by the recognition and enforcement of third country settlement procedures.

Refusal of recognition or enforcement of the settlement procedures of third countries

§ 150. The resolution authority may refuse to recognise or enforce the settlement procedures of a third country in accordance with Section 149 if it considers that:

1.

the third country settlement procedure in question would have a negative effect on Austria, or that the procedure may have a negative impact on financial stability in another Member State;

2.

independent resolution measures in accordance with Section 151 relating to an EU branch are required to achieve one or more of the settlement objectives;

3.

Creditors, in particular depositors who are or are to be paid in a Member State, would not enjoy the same treatment under the third country settlement procedure as non-Community creditors and depositors with comparable rights;

4.

the recognition or enforcement of the third country resolution process would have a significant budgetary impact on Austria; or

5.

the effects of such recognition or enforcement would be contrary to the Austrian legal existence.

If a European resolution body exists in accordance with Article 5 (1), the resolution authority shall consult the resolution authorities of the other Member States concerned before the decision on the refusal of recognition or enforcement.

Handling of EU branches

§ 151. (1) Where an EU branch situated in Austria is either not subject to a third country settlement procedure or if an EU branch situated in Austria is subject to a third country settlement procedure, however, at the same time one of the circumstances in accordance with § 150, the resolution authority may, with respect to this EU branch, take settlement measures or apply section 63 if it considers that these measures are necessary in the public interest and, if at the same time, at least one of the following conditions is met:

1.

the EU branch located in Austria no longer meets or is likely to no longer meet the conditions for its admission and business activities in Austria in the near future, and there is no prospect of the a measure taken by the private sector, the FMA or the third country in which the parent undertaking has its registered office, has the effect of re-fulfilling the conditions within a reasonable time frame;

2.

the third country institute is not in a position to be able, in the opinion of the resolution authority, to be unable or unwilling to do so in the near future with regard to its financial obligations to creditors in the European Union, or to comply with the obligations of the EU branch, whether or not they are due at maturity, and the resolution authority assumes that no third country settlement procedure or third country insolvency proceedings concerning the third country institute has been initiated or has been initiated within a reasonable time frame ;

3.

the third country authority has initiated a third country settlement procedure with respect to the third country institute or has informed the resolution authority of its intention to initiate such proceedings.

(2) The resolution authority shall adopt resolution measures relating to an EU branch located in Austria, taking into account the settlement objectives and in accordance with the principles laid down in Article 53 and the conditions laid down in Article 53. take action in accordance with § § 54 to 57 concerning the application of resolution instruments, in so far as these principles or conditions are relevant for the exercise of the relevant settlement power.

8. Part

Penal provisions and other measures

Criminal provisions

§ 152. (1) Who

1.

if it is responsible (§ 9 VStG) of an institute which is not part of a group, it shall refrain from drawing up remedial plans according to § 8 (1) until the dates specified by the FMA in accordance with § 4 (1) Z 2, or to continue to continue according to § 11 or update;

2.

it is not responsible (§ 9 VStG) of an EU parent company to draw up group recovery plans according to § 15 paragraph 1 up to the dates specified by the FMA in accordance with § 4 (1) Z 2, or in accordance with § 15 (1) in conjunction with § 11 update or update;

3.

as the person responsible (§ 9 VStG) of a company, the FMA is not informed in accordance with § 40 (1) Z 1 of the intention to grant financial group support;

4.

it fails as the person responsible (§ 9 VStG) of an institute or company pursuant to § 1 (1) (2) to (4), contrary to § 114 (1), to inform the FMA that the institute or company fails pursuant to § 1 (1) (1) (2) to (4); or is in danger of falling;

5.

it is not responsible (§ 9 VStG) of an institute to provide the resolution authority or the FMA with all the information required for the development of settlement plans in accordance with § 21 (1),

shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to 5 million euros or up to two times the benefit drawn from the infringement, insofar as it may be used to quantify it.

(2) Who

1.

, as the person responsible (§ 9 VStG) of an institute in a refurbelling plan, makes inaccurate statements;

2.

it is the person responsible (§ 9 VStG) of an institute not to notify the FMA in writing without delay in accordance with section 10 (4) of the decision to take a measure of the remediation plan or to refrain from any measure of the remediation plan;

3.

as the person responsible (§ 9 VStG) of an institute, does not immediately notify the FMA in writing, in accordance with section 19 (2), of a change which is essential to the effect of the settlement plan, which may be revised or updated of the settlement plan,

is an administrative transgressing and is punishable by the FMA with a fine of up to 60 000 euros.

(3) In the event of a breach of a notification obligation in accordance with Section 10 (4) or § 19 (2), the FMA shall refrain from initiating and implementing an administrative penalty procedure if the unduly reimbursed advertisement has been obtained before the FMA Knowledge of this transgressing has gained. This also applies to proceedings pursuant to Section 153 (1) and (2).

Criminal provisions relating to legal persons

§ 153. (1) The FMA may impose financial penalties on legal persons if persons who have acted either alone or as part of an organ of the legal person and have a leading position within the legal person on the basis of

1.

the power to represent the legal person,

2.

the power to take decisions on behalf of the legal person, or

3.

an authority of control within the legal person

, in violation of the obligations referred to in Article 152 (1), (1), (2) or (5) or Article 152 (2), provided that the act does not constitute a criminal offence within the jurisdiction of the Courts.

(2) Legal persons may also be held liable for breaches of the obligations referred to in § 152 (1), (2) or (5) or § 152 (2), if the lack of supervision or control by a person referred to in paragraph 1 above is the commission has made possible these violations by a person working for the legal person.

(3) The financial penalty referred to in paragraph 1 or 2 shall be up to 10 vH of the total annual net turnover in accordance with paragraph 4 or up to two times the benefit drawn from the infringement, to the extent that it is possible to quantify the amount.

(4) The total annual net turnover in accordance with paragraph 3 is the total amount of all the income referred to in Section 43 of the Federal Elections Act (BWG) in accordance with Section 1 (1) of the Federal Elections Act (BWG) minus the expenses referred to therein; the total amount of the net turnover in the case of credit institutions is less than the expenses listed there A subsidiary company shall be subject to the annual total annual net turnover shown in the consolidated financial statements of the parent company at the top of the group in the previous financial year. For other legal entities, the total annual turnover shall be decisive. To the extent that the FMA cannot determine or calculate the basis for the total turnover, it has to estimate it. Account shall be taken of all the circumstances which are of importance for the estimation.

(5) The FMA may depart from the punishment of a person responsible pursuant to § 9 of the VStG if an administrative penalty is already imposed on the legal person for the same infringement and there are no special circumstances which are subject to an abuding of the Punishing against punishment.

Extension of the limitation period and the enforcement of foes

§ 154. (1) In the case of administrative transgressions according to § 152, a limitation period of 18 months shall apply instead of the limitation period of § 31 paragraph 1 VStG.

(2) The amount of EUR 30 000 shall be replaced by the amount of the amount provided for in Article 5 (3) of the VVG for the enforcement of a decision under this Federal Act.

Publication of legal violations and fines

§ 155. (1) The FMA may disclose the name of the natural person, the Institute, the CRR financial institution, the EU parent undertaking or any other legal entity in the event of an infringement in accordance with § 152, under the guidance of the committed breach, provided that: such disclosure would not seriously jeopardise the stability of the financial markets or inflict disproportionate damage on the parties involved.

(2) The FMA, together with the identity of the sanctioned person and the information on the nature and character of the underlying infringement, shall immediately be known to the FMA on the basis of an infringement of the nature and nature of the infringed violation in accordance with § § 152 and 153 of the German law. .

(3) The announcement pursuant to paragraph 2 shall be made on an anonymous basis, if a roll-call announcement is made

1.

of a sanctioned natural person would be disproportionate, or

2.

the stability of the financial markets of a Member State or of several Member States of the European Union, or

3.

the conduct of ongoing criminal investigations, or

4.

would cause disproportionate damage to the parties, provided that such damage can be determined.

If there are reasons for an anonymous publication in accordance with Z 1 to 4, however, it can be assumed that these reasons will no longer be available in the foreseeable future, so the FMA can look away from the acceptance of an anonymous publication and the sanction shall also announce, in accordance with paragraph 1, the reasons for the reasons in Z 1 to 4.

(4) The person concerned by a publication may request a review of the legality of the publication in accordance with para. 1, 2 or 3 in a procedure to be carried out in a modest way with the FMA. In this case, the FMA has to make the introduction of such a method known in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication which has been disclosed in accordance with paragraphs 1, 2 or 3 is granted suspensive effect in a court proceedings, the FMA shall make this known in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled.

(5) If a publication in accordance with paragraph 2 or 3 is not to be revoked on the basis of a decision pursuant to paragraph 4 or to be removed from the internet presence, it shall be maintained for at least five years. However, the publication of personal data should only be maintained for as long as one of the criteria laid down in paragraph 3 (3) (1) to (4) would not be fulfilled.

Notifications to the EBA

§ 156. The FMA has to report all administrative sanctions to the EBA due to violations in accordance with § 152. If an appeal has been initiated against a penalty imposed by the FMA, both this fact and the outcome of the appeal proceedings must also be reported to the EBA.

Other measures

§ 157. If an institution or a company violates this federal law in accordance with § 1 (1) (1) (2) (2) (2) (2), the FMA

1.

to apply a penalty to the institution or to the undertaking in accordance with Article 1 (1) (1) (2) (2) to (4), to establish the lawful condition within that period, which is appropriate with regard to the circumstances of the case;

2.

in the event of a repetition or continuation, to prohibit the management of the management in whole or in part, unless this would be inappropriate in the nature and seriousness of the infringement, and the restoration of the legitimate condition by: Further action in accordance with Z 1 can be expected; in this case, the first imposed penalty is to be carried out and the order shall be repeated under threat of a higher penalty.

Effective sanction of legal violations

§ 158. In determining the nature of the sanction or measure for violations of the provisions of this Federal Law and in the assessment of the amount of a fine, the following circumstances shall be taken into account, in particular:

1.

The seriousness and duration of the infringement;

2.

the degree of responsibility of the responsible natural or legal person;

3.

the financial strength of the natural or legal person responsible, as shown, for example, from the total turnover of the responsible legal person or the annual income of the responsible natural person;

4.

the amount of the profits or losses incurred by the natural or legal person responsible, if they are to be quantified;

5.

the losses incurred by third parties as a result of the infringement, provided that they are quantified;

6.

the willingness of the natural or legal person responsible to cooperate with the competent authority;

7.

previous violations by the responsible natural or legal person, and

8.

all potential systemic effects of the infringement.

The provisions of the VStG shall remain unaffected by this paragraph.

Use of collected fines

§ 159. The fines imposed by the FMA pursuant to this Federal Act are to be paid to the Federal Government.

Part 9

Costs, transitional and final provisions

Cost Determination

§ 160. (1) The costs of the FMA for its activities under this Federal Act are the costs of the accounting circuit 1 (costs of banking supervision) in accordance with § 19 para. 1 Z 1 FMABG. For the allocation of costs, § 69a of the Federal Elections Act shall apply mutatily and with the proviso that:

1.

Institutions and

2.

financial holding companies and mixed financial holding companies, provided that they form part of a group of credit institutions in accordance with Section 30 of the BWG;

are subject to a charge. To this end, the FMA has to form a sub-accounting group for these taxable persons in the Banking Supervision accounting group.

(2) The advance payments for the 2015 financial year for the taxable persons of this Federal Law shall be made by the FMA until 15 June 2015. On the basis of these prescriptions, the taxable persons shall have the prescribed amount by way of derogation from § 19 (5) FMABG in two equal parts by 15 July at the latest and 15 July at the latest. October 2015.

Transitional provisions

Section 161. (1) Institutes,

1.

for which the European Commission has already approved a settlement or restructuring plan in accordance with EU legislation and decisions on State aid pursuant to Articles 107 to 109 of the Treaty on the Functioning of the European Union (TFEU), and

2.

which are already settled at the date of entry into force of this Federal Act, and

3.

which are not subject to direct supervision by the ECB in accordance with Article 6 (4) of Regulation (EU) No 1024/2013,

The second part of this Federal Act is to be applied with the proviso that the content of the restructuring plan should be limited to a reference to the settlement plan and the content of the settlement plan to include the items referred to in paragraph 2 above .

(2) The settlement plan for institutions referred to in paragraph 1 shall include, as far as possible with quantifiable information,:

1.

Basic information about the institute, where, in addition to the company and address, other information should also be provided to ensure the safe identification of the institute;

2.

a summary presentation of the main elements of the settlement plan, which shall be disclosed to the institution concerned;

3.

a summary of the major changes that have occurred within the institute since the last settlement plan was presented;

4.

a reference to State aid decisions in accordance with Articles 107 to 109 of the TFEU by the respective institution;

5.

a presentation of the main points of the settlement or restructuring plan and of the essential obligations of the institution resulting from the state aid decision pursuant to Articles 107 to 109 of the TFEU, and of the essential measures which have been taken, in order to comply with the conditions of the aid decision;

6.

where appropriate, opinions of the Institute on the settlement plan;

7.

where appropriate, options for the application of resolution measures in accordance with 3, 4. and 5. Main part of the 4. Part of this federal law;

8.

a presentation of all major settlement obstacles, including explanations provided that this is necessary and proportionate, and the relevant measures by which these obstacles can be removed in accordance with the second main item;

9.

an analysis of how, when and under what conditions the Institute may apply for the use of central bank facilities, showing the assets that are likely to be considered as collateral;

10.

to specify how critical functions and core business areas could be legally and economically separated from other functions to the required extent in order to ensure their continuation following a failure of the Institute;

11.

a detailed description of the arrangements to ensure that the information to be provided in accordance with Article 21 is up-to-date and that the resolution authorities are at all times available;

12.

explanations of critical interdependencies;

13.

a description of the options for maintaining access to payment and clearing services and other infrastructures 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, within the framework of its determination in accordance with § 4 for the institutions referred to in paragraph 1, provide for less than the requirements referred to in paragraph 2 concerning the settlement plan.

Degradation Society

§ 162. (1) The FMA may, at the request of an institution, authorise the institution to operate as a mining company if the conditions laid down in paragraph 2 are fulfilled. § 84 shall apply to the dismantling company. The dismantling company shall work towards compliance with § 84 by the entities in which it is directly or indirectly involved with the majority of the voting rights.

(2) A permit referred to in paragraph 1 may be used for an institution which shall exclusively manage assets and liabilities with the aim of ensuring an orderly, active and best possible recovery (portfolio reduction) and this permanently decided to be granted when:

1.

the Institute no longer operates on the market or otherwise in relation to third parties, unless it is to carry out the dismantling of remaining transactions,

2.

the institution does not receive any deposits or other repayable funds from the public in accordance with the duration of the decision referred to in the first sentence of paragraph 2,

3.

, the Institute has established procedures to ensure the ongoing information and support of contractual partners from the remaining business relationships, and

4.

the institution has already managed, before 31 December 2014, its operations in accordance with a plan of settlement or restructuring which the European Commission has adopted in accordance with the rules laid down in Articles 107 to 109 of the TFEU and the provisions of Articles 107 to 109 of the Treaty on European Union Regulations have been approved.

The bank examiner must confirm the existence of the condition according to Z 1 to 3.

(3) The portfolio reduction shall be carried out in accordance with a breakdown plan in accordance with § 84. With the entry of the legal force of a decision issued in accordance with paragraph 1 by the FMA, a concession issued in accordance with the BWG shall end for the operation of banking transactions and the institute shall be continued as a dismantling company.

(4) The dismantling plan of the dismantling company shall be drawn up and approved in accordance with Section 84 (6). Each year, the Executive Board has to submit a recovery report to the Supervisory Board and the Resolution Authority on the course of recovery compared with the dismantling plan. The accuracy of the recovery report and compliance with the approved breakdown plan of the mining company shall be confirmed by the auditor.

(5) The purpose of the portfolio reduction is also to provide transitional services to such third parties who were included in the consolidated financial statements of the Institute on the last balance sheet date prior to the application date, or after that date until the date of application of the portfolio. The legal force of the signet pursuant to paragraph 1 was established as Group companies. Transitional services are those services which were provided on a contractual basis at the time of the legal force of the decision in accordance with paragraph 1 and for the continuation of which there is a legal obligation.

(6) To the mining company and to the mining unit according to § 2 of the Federal Law for the Creation of a Degradation Unit-GSA, BGBl. I n ° 51/2014, are those in the 4. Powers and instruments governed by this Federal Act shall apply. Section 51 (1) Z 2 shall not apply to the dismantling unit according to § 2 GSA.

Linguistic equality

§ 163. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.

References

§ 164. Insofar as other federal laws are referred to in this Federal Act, these are to be applied, if nothing else, in their respectively valid version.

Fees and charges

§ 165. The legal transactions, the writings and the official acts required for the implementation of this Federal Act are governed by the federal law of the Federal Republic of Germany, the Federal Administration and the Law of the Court of Justice and the Administrative Law of the Court of Justice-GGG 1984. BGBl. No 501/1984, regulated fees.

Enforcement

§ 166. With regard to the exemption of fees under the GGG 1984, the Federal Minister of Justice, with regard to Section 32 (4), § 59, § 60, § 117, § 118 (5) and § 119 of the Federal Minister of Finance, is in agreement with the Federal Minister for Finance. the Federal Minister for Justice and the other provisions of the Federal Minister of Finance.

entry into force

§ 167. This federal law comes with 1. Jänner 2015 in force.

Annex to § 9

Information that must be included in the recovery plan

In particular, the recovery plan shall contain:

1.

A summary of the main points of the plan and a summary of the total remediation capacity;

2.

a summary of the major changes that have taken place since the presentation of the last remediation plan at the Institute;

3.

a communication and information plan setting out how the firm intends to deal with any negative market reactions;

4.

a spectrum of capital and liquidity measures required to maintain or restore the existence and financial position of the Institute;

5.

an estimate of the time-frame for the implementation of each of the essential aspects of the plan;

6.

a detailed description of any significant obstacles to the effective and timely implementation of the plan, including consideration of the impact on the rest of the group, customers and counterparties;

7.

a list of critical functions;

8.

a detailed description of the procedures for determining the value and marketability of the core business units, operations and assets of the Institute;

9.

detailed information on the integration of the restructuring plan into the Institute's corporate constitution, the strategies and procedures for the approval of the recovery plan, and the persons involved in the organisation concerned for the the preparation and implementation of the plan;

10.

a list of the rules and measures for the conservation or restoration of the Institute ' s own resources;

11.

a list of the arrangements and measures to ensure that the Institute has adequate access to alternative sources of funding, including potential liquidity sources, in an emergency, an assessment of the existing Collateral and an assessment of the possibilities of a liquidity transfer between different companies and business units of the Group to ensure that the institution continues its business activities and its obligations under Maturity can be complied with;

12.

a list of the rules and measures to reduce the risks and the share of the external financing;

13.

a list of rules and measures to restructure liabilities;

14.

a list of rules and measures for the restructuring of business units;

15.

a list of the arrangements and measures necessary to maintain access to financial market infrastructures;

16.

a list of the arrangements and measures necessary to continue the business of the Institute, including infrastructure and IT services;

17.

a preparation of the preparatory measures to facilitate the sale of assets or business units within a time frame appropriate for the recovery of financial soundness;

18.

a list of other management measures or strategies to restore the financial soundness and the likely financial impact of these policies and strategies;

19.

a preparation of the preparatory actions taken or intended to be taken by the Institute to facilitate the implementation of the recovery plan, including the necessary for the timely recapitalisation of the institution measures;

20.

a set of indicators to determine when the appropriate measures referred to in the plan can be taken.

Annex to § 21

Information which the resolution authority may request for the preparation and continuation of settlement plans at the institutions

In order to prepare and update settlement plans, the resolution authority may, in particular, request the institutions to:

1.

A detailed description of the organisational structure of the Institute, including a list of all legal entities;

2.

information on the direct owners of each legal person and on the percentage of voting rights and of the voting rights in each case;

3.

information on the location, the state and the authorisation of each legal person, as well as the occupation of the key positions;

4.

Assignment of the critical operations and core business areas of the Institute, including significant assets and liabilities related to these operations and business areas, to the respective legal entities;

5.

Detailed information on the composition of the liabilities of the institution and all of its legal entities, including at least one breakdown by type and amount of short-term and long-term debt, collateralised, unsecured and subordinated liabilities;

6.

details of the liabilities of the Institute which are eligible for consideration;

7.

a list of the procedures necessary to determine to whom the institution has pledged collateral, in whose possession the pledged collateral is located and in which legal territory the collateral is situated;

8.

a description of the off-balance-sheet positions of the Institute and its legal entities, including assignment to the critical operations and core business areas;

9.

details of the institution's essential hedging operations, including assignment to the respective legal entity;

10.

information on the main or most critical counterparties to the Institute and the analysis of the impact of an outage of important counterparties on the financial position of the Institute;

11.

Information on all systems through which the Institute handles a volume or value of significant business volume, including assignment to the respective legal entities, critical operations and core business areas of the Institute;

12.

Information on all payment, clearing or settlement systems in which the Institute is directly or indirectly a member, including assignment to the respective legal entities, critical operations and core business areas of the Institute;

13.

a detailed list and description of the most important of the relevant institutions, including for risk management and reporting in the fields of accounting, finance and regulation management information systems, including assignment to the respective legal entities, critical operations and core business areas of the Institute;

14.

Information on the owners of the systems referred to in Z 13, on corresponding service quality agreements and on software, systems or licenses, including assignment to the respective legal entities, critical operations, and the core business areas of the Institute;

15.

a list and assignment of the various legal entities and their links and dependencies among themselves, for example:

a)

common or shared staff, facilities and systems;

b)

capital, financing or liquidity schemes;

c)

existing credit risks or potential credit risks;

d)

reciprocal guarantee agreements, cross-insurance agreements, cross-default clauses and cross-affiliate-Salting agreements;

e)

Risk transfers and agreements on back-to-back transactions; quality of service agreements;

16.

an indication of the competent authority and of the resolution authority;

17.

Indication of the member of the management who is responsible for the provision of the information required for the preparation of the institution's settlement plan, and, if it is not the same person, the information required for the various activities of the institution concerned. Senior staff responsible for legal persons, critical operations and core business areas;

18.

a presentation of the rules in force within the Institute to ensure that, in the event of a settlement, the resolution authority shall take all the necessary measures to ensure that the resolution instruments and powers are applied for the application of the resolution instruments and have the necessary information;

19.

all agreements concluded by the institutions and their legal persons with third parties, the termination of which could be triggered if the authorities decide to implement a resolution instrument, and to determine whether the application of the the settlement instrument could be affected as a result of a termination;

20.

a description of potential liquidity sources in support of the settlement;

21.

Information on the burden of assets, on liquid assets, off-balance-sheet activities, hedging strategies and accounting practices.

Annex to § 27

Aspects to be included in the resolution authority's assessment of the settlement capacity of an institution

In assessing the ability of an institution or group to settle, the resolution authority shall take into account the facts set out below.

In the context of the evaluation of the settlement capacity of a group, the reference to an institution shall be based on the assumption that it relates to each institution or entity in accordance with Article 1 (1) (1) (3) or (4) within the group:

1.

To what extent the Institute is capable of assigning legal persons to core business areas and critical operations;

2.

the extent to which legal and corporate structures are coordinated with core business areas and critical operations;

3.

to what extent there are rules to ensure that staff, infrastructure, financing, liquidity and capital are available to the necessary extent to support core business areas and critical operations; and to maintain;

4.

the extent to which the service agreements concluded by the Institute are fully enforceable in the event of a settlement of the Institute;

5.

the extent to which the Institute's corporate governance is appropriate in order to implement and ensure compliance with the Institute's internal strategies in relation to the agreed quality of service agreements;

6.

the extent to which the Institute has access to third parties in the case of a breakdown of critical functions or core business areas through a procedure for the transfer of services provided under the terms of service agreements;

7.

the extent to which contingency plans and measures are in place to ensure permanent access to payment and settlement systems;

8.

whether the management information systems are sufficient to ensure that the resolution authority is able to collect correct and complete information on the core business areas and critical operations, so that a rapid to facilitate decision-making;

9.

whether management information systems are able to provide essential information for the effective implementation of the Institute at any time, including under rapidly changing conditions;

10.

the extent to which the Institute underwent a stress test on its management information systems on the basis of scenarios set out by the resolution authority;

11.

the extent to which the Institute can ensure the continuity of its management information systems, both for the institute concerned and, in the case of a separation of the critical operations and core business areas, from the other operations and business units-for the new institute;

12.

the extent to which the institution has implemented appropriate procedures to ensure that the resolution authority receives the information required for the identification of depositors and the amounts secured by the Deposit Guarantee Scheme;

13.

if intra-group guarantee agreements exist: to what extent these guarantees are granted on market conditions and the extent to which the risk management systems are robust in relation to these guarantees;

14.

if the group is involved in back-to-back transactions: to what extent these transactions are carried out at market conditions and to what extent the risk management systems are sound in relation to these transactions;

15.

the extent to which group-internal guarantees or back-to-back transactions increase the risk of contagion within the group;

16.

the extent to which the legal structure of the group, by the number of legal persons, the complexity of the structure of the group or the difficulty of aligning business units with units of business, constitutes an obstacle to the application of the Resolution instruments;

17.

how high and what kind of liabilities of the institution are to be considered;

18.

if the assessment relates to a mixed holding company: the extent to which the processing of undertakings in the group, which are credit institutions, investment firms or other CRR financial institutions, is not adversely affected by the the financial sector could have an impact on parts of the group;

19.

whether there are quality-of-service agreements and how solid they are;

20.

whether third country authorities have the resolution instruments necessary to support resolution actions of the Union's resolution authority, and the possibilities for coordinated action between Union and third country authorities exist;

21.

whether, in view of their availability and the structure of the institution, the resolution instruments can be used in accordance with the resolution objectives;

22.

the extent to which the group structure allows the resolution authority, the whole group or one or more units of the group, without significant direct or indirect impairments to the financial system, market confidence or the economy with the the aim of maximising the value of the Group as a whole;

23.

what rules and means could be used to facilitate the handling of groups whose subsidiaries are established in different legal areas;

24.

the credibility of the settlement targets in view of the possible impact on creditors, counterparties, customers and employees and possible measures taken by third country authorities;

25.

the extent to which the impact of the Institute's implementation on the financial system and the confidence of the financial markets could be adequately assessed;

26.

the extent to which the implementation of the Institute could lead to significant direct or indirect impairment of the financial system, market confidence or the economy;

27.

the extent to which the contagion of other institutions or of the financial markets could be contained through the use of the resolution instruments and powers;

28.

the extent to which the implementation of the Institute could have a significant impact on the operation of payment and settlement systems.

Article 3

Amendment of the Banking Act

The Banking Act-BWG, BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. There is no entry in the table of contents " § 71a and § 71b. Early intervention " .

2. In Section 3 (2), the word order shall be "§ § 25, 27a, 39 para. 2b Z 7" through the phrase "§ § 27a, 39 para. 2b Z 7" replaced.

3. In § 3 (2a) the word order shall be "§ § 25, 27a, 39 para. 2b Z 7" through the phrase "§ § 27a, 39 para. 2b Z 7" replaced.

4. In § 3 (4a) the word order shall be "§ § 22 to 24a, 25, 27a, 39 para. 3" through the phrase "§ § 22 to 24a, 27a, 39 para. 3" replaced.

5. In § 3 (7) (lit). c will be the phrase "§ 1 para. 3, § § 22 to 24a, § 25, § 27a, § 39a, § 57 para. 5, § 74 paragraph 1" through the phrase "§ 1 para. 3, § § 22 to 24a, § 27a, § 39a, § 57 para. 5, § 74 para. 1" replaced.

6. In Section 9 (7), the phrase "§ § 25, 27a, 31 to 41, 44 (3) to 6, 60 to 63, 65 (3a), 66 to 68, 74 to 75, 93 (8) and (8a), 94 and 95 (3) and (4)" through the phrase "§ § 27a, 31 to 41, 44 (3) to 6, 60 to 63, 65 (3a), 66 to 68, 74 to 75, 93 (8) and 8a, 94 and 95 (3) and (4)" replaced.

7. In § 15 (1) the word order shall be "§ § 25, 27a, 31 to 41, 44 (3) to 6, 60 to 63, 65 (3a), 66 to 68, 74 to 75, 93 (8) and (8a), 94 and 95 (3) and (4)" through the phrase "§ § 27a, 31 to 41, 44 (3) to 6, 60 to 63, 65 (3a), 66 to 68, 74 to 75, 93 (8) and 8a, 94 and 95 (3) and (4)" replaced.

8. § 22 (1) (3) deleted.

9. § 27a Final section reads:

" The extent of the liquidity reserve shall be determined at the end of the months of March, June, September and December according to the level of deposits, and shall be adjusted for the following quarter of each year. If the deposits fall by more than 20 VH below the level of the last relevant calculation basis, the credit institution may request an adjustment to the next month's last. Other deposits are daily payments due to payment transactions (sight deposits), all dismissal and fixed funds, as well as deposits against the issuance of cash register. "

10. § 30a (5) reads:

" (5) Subject to paragraph 5a, changes in the composition of the members of the credit institution association of the FMA, accompanied by the documents referred to in paragraph 3 above, shall be notified in writing by the central organization prior to the implementation. If the conditions set out in paragraph 1 are omitted or if the credit institution group is permanently unable to meet the supervisory requirements set out in paragraph 7, the FMA has to state that and from what date a Credit institution network no longer exists. The composition of the credit institution association and its modification shall be published on the Internet site of the central organisation. With regard to the removal of the conditions laid down in paragraph 1 or, if the credit institution network is no longer in a position to comply with the supervisory requirements laid down in paragraph 7, this shall be notified in writing by the central organization of the FMA. "

11. In accordance with Section 30a (5), the following paragraph 5a is inserted:

" (5a) The withdrawal of a member of the credit institution-association from the credit institution-composite may only be made subject to the regular notice periods in accordance with the contractual arrangements between the central organisation and the associated institutions. Credit institutions shall be made and require the approval of the FMA; the issuing credit institution shall be entitled to a contract within one year before the date of the planned exit. The authorization shall be granted if compliance with the prudential requirements laid down in paragraph 7 by the credit institution network is also ensured after the date of the exit of the associated credit institution. The FMA may request the central organisation to submit, within a reasonable period, all the documents which it needs as a basis for its decision in the context of the authorization procedure. Where the central organisation is established by an associated credit institution, subject to compliance with the ordinary periods of notice under the contractual arrangements between the central organisation and the associated credit institutions, the intention of the central organisation shall be: In the context of the tasks assigned to it under this Federal Act and Regulation (EU) No 575/2013, the central organisation shall implement all appropriate measures in order to ensure compliance with the prudential requirements laid down in paragraph 7 of this Regulation. by the credit institution network at the time of the planned exit, even without the issuing associated credit institution is ensured. "

12. § 30a (6) reads:

" (6) The provisions of Sections 4 (3) and (4), 5 (1) (Z) 5, 10, 16, 23 to 24a, 39 (2), 39a, 69 (3) and (70) (4a to 4d) and Parts 2 to 4, as well as parts 5 to 8 of Regulation (EU) No. 575/2013 no application. In the remaining area of application of this Federal Law and Regulation (EU) No. 575/2013, the associated credit institutions shall, as a matter of priority, respect the interests of the credit institutions ' association. For the purposes of Article 405 (2) of Regulation (EU) No 575/2013, the central organisation shall be considered as an EEA parent credit institution and the associated credit institutions as subsidiary institutions. The associated credit institutions are exempted from the notification and reporting obligations (§ § 73 to 75), which are used exclusively for the monitoring of these provisions. By way of derogation from the other provisions of this paragraph, Section 69 (3) and the reporting provisions required for the purpose of monitoring this provision shall be applied in accordance with § 74 to associated credit institutions which are building societies pursuant to § 1 paragraph 1 BSpG. "

13. § 30a (8) reads:

" (8) For the purposes of full consolidation, the central organization shall be the parent institution and any associated credit institution, as well as any relevant legal entity pursuant to Section 92 (9) of this Federal Law or Section 8a (10) of the KWG, which according to § 92 9 of this Federal Act or Section 8a (10) of the KWG with all its assets is liable for an associated credit institution, is subject to a uniform management with the associated credit institution and its activity on the share management is to be treated as a parent institute. In this connection, the shares in the associated credit institutions and the relevant entities which are not held by the central organisation or by an associated credit institution are neither external shares nor shares of other shareholders. in accordance with Section 259 (1) of the UGB, provided that the associated credit institutions have, directly or indirectly, the majority of the voting shares in the central organization. In the calculation of the majority of the voting shares, measures pursuant to Section 1 of the Financial Market Stability Act shall not be taken into account. The items to be included in the consolidated financial statements "General banking risk funds", "subscribed capital", "capital reserves", "profit reserves", "arrests", "balance sheet profit/balance sheet loss" and "untaxed reserves" shall be without prejudice to the Section 254 of the UGB (UGB), the amounts added of the respective items of all the undertakings designated in the first sentence of this paragraph. "

14. § 30a (10) reads:

" (10) The central organisation shall be responsible for compliance with the provisions of this Federal Law and Regulation (EU) No 575/2013, which apply to the credit institution network, and shall, in particular, have the solvency of Solvenz in the context of this obligation and liquidity of the credit institution, and to monitor on the basis of consolidated financial statements of the central organisation and of the associated credit institutions. The central organization shall ensure that the directors of the associated credit institutions meet the requirements in accordance with § 4 (3) Z 6 and that the requirements are met in accordance with § 5 (1) Z 6 to 13 as well as that the credit institution network on administrative, accounting and control procedures for the collection, assessment, management and supervision of banking and banking risks and remuneration policies and practices (§ 39 para. 2). The right of instruction required for this purpose pursuant to Art. 10 (1) (lit). (c) of Regulation (EU) No 575/2013 of the Central Organisation shall be justified by the Treaty and the Statute. The associated credit institutions shall not be regarded as subsidiaries for the purposes of Articles 51 (2), 65 (5) of the last sentence and 66 AktG as a result of these right of instruction in relation to the central organisation. The central organization shall not be deemed to be the parent company of the associated credit institutions for the purposes of § 66a AktG on the basis of these rights of instructions. However, Section 70 (1) or Section 84 (1) of the German Stock Corporation Act (AktG) cannot be held against the right of instruction of the central organization. The directors of the associated credit institutions shall be obliged to comply immediately with the instructions given by the central body to fulfil the duties assigned to it under this Federal Act and Regulation (EU) No 575/2013. . The Executive Director of the Central Organisation shall not be bound by any instructions in the performance of the tasks assigned to them under this Federal Act and Regulation (EU) No 575/2013. "

15. In § 57 (5), the following sentence shall be inserted after the third sentence:

"The prison reserve is not a reserve within the meaning of § 183 AktG."

16. § 63 (4) (2) (2) reads:

" 2.

the observance of § § 27a and 30 to 30c of this Federal Law; "

17. § 69a para. 1 reads:

" (1) For the costs of banking supervision, which are not costs under the Federal Law on the Recovery and Resolution of Banks (BaSAG), a sub-accounting circuit shall be formed in the Accounting Circle 1 (costs of banking supervision) in accordance with § 19 (1) Z 1 FMABG. The allocation of these costs within the subunit to be set up to the credit institutions and financial holding companies subject to payment shall be made in accordance with the provisions of paragraphs 2, 3 and 4a of this Regulation. Charges are:

1.

credit institutions pursuant to Article 1 (1), with the exception of credit institutions pursuant to Article 1 (1) (1) (13), (13a) and (Z) 21;

2.

credit institutions pursuant to Article 9 (1) which carry out activities in Austria through a branch;

3.

Financial holding companies as defined in Article 4 (1) (20) of Regulation (EU) No 575/2013 and mixed financial holding companies in accordance with § 2 Z 15 FKG, provided that they are part of a group of credit institutions in accordance with Section 30 of the Federal Elections Act. "

18. § 69a para. 2 first and second sentence reads:

" For each taxable person in accordance with paragraph 1, the number of costs must first be determined. The number of costs for persons subject to the costs referred to in paragraph 1 Z 1 shall be the minimum requirement of own resources reported in the notification in accordance with Section 74 (1) for the last calendar quarter of the previous year. "

19. In § 69a, the following subsection (4a) is inserted after paragraph 4:

"(4a) By way of derogation from paragraphs 2 and 3, financial holding companies and mixed financial holding companies are to be required to prescribe EUR 3 1 000 in accordance with section 1 of the first paragraph of this Article."

20. In § 70 (4) of the introduction, the word order shall be "the Banking Intervention and Restructuring Act" through the phrase "the Federal Act on the Recovery and Resolution of Banks" replaced.

21. § 70 para. 4b Z 2 reads:

" 2.

the risks and risk components are not covered by capital buffers in accordance with § § 23 to 23d; "

22. In § 70 (4c) closing part the phrase "§ § 23 to 23c" through the phrase "§ § 23 to 23d" replaced.

Section 70 (4d) Z 2 reads as follows:

" 2.

the regulations, strategies and procedures in accordance with § § 39 and 39a or a regulation adopted pursuant to section 39 (4) (7) of the Federal Elections Act (BWG); "

§ 71a together with the title and § 71b are deleted.

25. § 73a First sentence reads:

" The FMA may, after hearing the Oesterreichische Nationalbank, prescribe by means of a regulation that the ads, transmissions, submissions, the bringing to knowledge and the submission pursuant to § 9 para. 5, § 10 para. 2, 5 and 6, § 11 para. 3 last sentence, § Article 13 (3), § 20 (3), section 28a (4), § 63 (1), § 70a (5), § 73 (1) (1) to (18), (1a), (2), (3), (4), (4a) and (5) and 93a (8) of this Federal Act, pursuant to Section 21 (1) of the Federal Act on the Reorganisation and Resolution of the Federal Republic of Germany Banks-BaSAG, BGBl. I n ° 98/2014, pursuant to Section 2 (2) of the Ordinance on the Security of the German Mündelsafeguards, BGBl. No 650/1993, as amended by the BGBl Regulation. II No 219/2003 and Art. 143 (4), Art. 312 (1) and (3), Art. 363 (3), 366 (5) and Article 396 (1) of Regulation (EU) No 575/2013, to be made exclusively in electronic form, as well as to certain sections, technical specifications and technical specifications. Minimum requirements and transmission modalities. "

Section 74 (4) reads as follows:

"(4) The Oesterreichische Nationalbank has to report on the notifications pursuant to Articles 92, 394 and 415 of Regulation (EU) No 575/2013."

27. The following paragraph 7 is added to § 82:

" (7) Is the assets of a credit institution or of a legal entity pursuant to § 1 of the Federal Law on the Recovery and Resolution of Banks-BaSAG, BGBl. I n ° 98/2014, a bankruptcy procedure has opened, it has continued to provide services or to provide assistance if an order has been issued by the resolution authority in accordance with § 61 BaSAG. The mass administrator shall be obliged to comply with this order. "

27a. According to Article 95 (1), the following paragraph 1a is inserted:

" (1a) By way of derogation from paragraph 1, the FMA may lay down, by means of a regulation, that fewer measures than those laid down in § 40 (2) may be applied in relation to the provision and verification of the identity of the members of savings clubs, if the FMA comes to the conclusion, on the basis of a risk analysis carried out by it, that savings banks, as customers of credit institutions, are at low risk of money laundering and terrorist financing; the FMA has such a risk in the context of such a Regulation to ensure that the lower measures are subject to only one Assessment of the credit institution as a low risk of money laundering and terrorist financing, and only with respect to those savings members whose annual savings amount does not exceed the amount of EUR 1 500. "

28. In Section 98 (5) (3) of the Federal Elections Act (BWG) the phrase " Art. 28, 51 or 52 " through the phrase " Art. 28, 52 or 63 " replaced.

29. In § 103q Z 11 the phrase "the combined capital buffer requirement according to § 2 Z 45" in each case by the word sequence "the sum of these two capital buffers" replaced.

30. The following paragraph 84 is added to § 107:

" (84) § 3 para. 2, paragraph 2a, para. 4a and para. 7 lit. c, § 9 para. 7, § 15 para. 1, § 27a, § 30a para. 5, 5a, 6, 8 and 10, § 57 para. 5, § 63 para. 4 Z 2, § 69a para. 1, para. 2 and para. 4a, § 70 para. 4, para. 4b Z 2, para. 4c and para. 4d Z 2, § 73a, § 74 para. 4, § § § 73a 82 (7), § 98 (5) (3) and § 103q Z 11 in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 98/2014 will be 1. Jänner 2015 in force. The table of contents with regard to § § 71a and § 71b, as well as the § § 22 (1) Z 3, 71a including heading and 71b shall expire on 31 December 2014. "

Article 4

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. In Section 2 (1), the phrase " in the Banking Intervention and Restructuring Act-BIRG, BGBl. I No 160/2013 " through the phrase " in the Federal Law on the Recovery and Resolution of Banks-BaSAG, BGBl. I n ° 98/2014 " replaced.

2. § 18 (1) last sentence reads:

" The direct costs of bank supervision notified by the Oesterreichische Nationalbank in accordance with Section 79 (4b) of the BWG, insofar as they do not exceed eight million euros, and in accordance with Section 3 (5) of the BaSAG in conjunction with Section 79 (4b) of the BWG, insofar as they exceed one million. If they do not exceed EUR 500 000, the insurance supervision according to § 129l VAG shall be shown separately in the profit and loss account of the FMA under the other operating expenses. "

3. § 19 (1) sixth sentence reads:

" The costs of banking supervision notified by the Oesterreichische Nationalbank in accordance with § 79 para. 4b BWG, insofar as they do not exceed eight million euros, and in accordance with § 3 para. 5 BaSAG in conjunction with § 79 para. 4b BWG, insofar as they do not exceed one million euros. , shall be assigned to the accounting unit 1. "

4. § 19 (5) fourth sentence reads:

" For the next following FMA financial year, the costs liable to be paid in advance of 105 vH of the amount calculated in accordance with the first sentence are to be required; provided that the national bank of the Oesterreichische Nationalbank according to § 79 (4b) BWG the direct costs of the bank supervision, which are reported separately in the annual financial statements of the FMA, or the amount of eight million euros or the amount of the direct costs incurred by the Oesterreichische Nationalbank in accordance with § 3 paragraph 5 BaSAG in conjunction with Section 79 (4b) of the BWG Direct costs of bank supervision, which are reported separately in the annual financial statements of the FMA the amount of one million euros has been reached, or the direct costs of insurance supervision notified in accordance with Section 129l VAG and shown separately in the annual accounts of the FMA have reached the amount of EUR 500 000, is different from the first To prescribe the percentage of this partial amount in the advance payment of 100 vH. "

5. The following paragraph 5c is added to § 19:

" (5c) The FMA has to pay reimbursement contributions to the Oesterreichische Nationalbank for the direct costs of its activities in the area of the rehabilitation and settlement of companies according to § 3 paragraph 5 BaSAG in conjunction with § 79 BWG. The refund fees are to be calculated on the basis of the direct costs of supervision according to § 3 (5) BaSAG in connection with Section 79 (4a) of the BaSAG in accordance with Section 3 (5) of the BaSAG, and amount to a maximum of one million Euro. The refund shall be made no later than the end of March of the next financial year. "

(6) The following paragraph 27 is added to § 28:

" (27) § 2 (1), § 18 (1) and § 19 (1), (5) and (5c) in the version of the Federal Law BGBl. I n ° 98/2014 will be 1. Jänner 2015 in force. "

Article 5

Amendment of the Insolvency Code

The insolvency order, RGBl. No 337/1914, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I No 69/2014, shall be amended as follows:

1. In § 221 (2) (10), the words shall be: "by compensation" by the words "by completing a refurbelling plan" replaced.

2. In § 226 (1), the turn-of-the- " in the sense of the species. I No 13 of Directive 93 /22/EEC through the turn "within the meaning of Art. 4 (1) (21) of Directive 2014 /65/EU" replaced.

3 In § 230 Z 3 the turn "others in Section B of the Annex to Directive 93 /22/EEC" through the turn " other financial instruments within the meaning of Article 4 (1) No 50 lit. b of Regulation (EU) No 575/2013 " replaced.

4. In § 232 the turn 'in the instruments referred to in Section B of the Annex to Directive 93 /22/EEC' through the turn " in financial instruments within the meaning of Article 4 (1) No 50 lit. b of Regulation (EU) No 575/2013 " replaced.

§ § 233 and 234 together with the headings are as follows:

" Salting Agreements

§ 233. For the purposes of salting agreements, the law applicable to the contract for such agreements shall be governed exclusively by the law.

Securities and Investment Pensions

Section 234. In the case of securities transactions, only the law applicable to the contract relating to such transactions shall apply. "

6. In § 238, the word "Bankruptcy" by the words "liquidate of insolvency proceedings" replaced.

(7) § 243 (1) is added to the following sentence: "The term of the credit institution shall also include investment firms within the meaning of Article 4 (1) (2) of Regulation (EU) No 575/2013 and their branches established in a Member State other than their own Member State."

8. In Section 246 (2), the quote shall be: "§ 174 (3)" by quoting "§ 257 (3)" replaced.

9. In § 247, the turn shall be "in the Official Journal of the European Union" through the turn "in the Official Journal of the European Union" replaced.

10. § 272 is added to the following paragraph 11:

" (11) § § 226, 230, 232 to 234 and 243 in the version of the Federal Act on the Recovery and Resolution of Banks, BGBl. I n ° 98/2014, enter 1. Jänner 2015 in force. "

Article 6

Amendment of the Takeover Act

The Takeover Act, BGBl. I n ° 127/1998, as last amended by the Federal Law BGBl. I No 190/2013, shall be amended as follows:

The following sentence shall be added to section 25 (2):

" In the case of a share acquisition through the application of settlement instruments, powers or mechanisms in accordance with § § 48 et seq. of the Federal Act on the Recovery and Settlement of Banks, the Takeover Board cannot order a mandatory offer; it but can impose conditions. "

Article 7

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I n ° 59/2014, shall be amended as follows:

1. The following § 78a is inserted after the title to § 79:

" § 78a. The provisions of § 81 to § 81m of the BWG are to be applied to investment firms in accordance with Article 4 (1) (2) of Regulation (EU) No. 575/2013 with the proviso that the reference to § 82 (2) of the Federal Elections Act (BWG) in Section 81 (2) of the Federal Elections Act (BWG) is to be applied to the reference to § 80 (2). This Federal Act and the reference to Article 9ff of the Directive 2013 /36/EU in Section 81 (3) of the Federal Elections Act shall be the reference to Article 5 of Directive 2014 /65/EU. "

(2) The following paragraph 19 is added to § 108:

" (19) § 78a in the version of the Federal Law BGBl. I n ° 98/2014 comes with 1. Jänner 2015 in force. "

Article 8

Change of Alternative Investment Fund Manager Act

The Alternative Investment Fund Manager Law-AIFMG, BGBl. I No 135/2013, as last amended by the Federal Law BGBl. I No 70/2014, shall be amended as follows:

1. In the table of contents the entry is to § § 32 and 33:

" § 32.

Conditions for the management of EU-AIF and the provision of services by an AIFM concessioned in Austria "

" § 33.

Conditions for the management of EU-AIF and the provision of services in Austria by AIFM, based in another Member State "

2. § 2 para. 1 Z 18 lit. e and f is:

e)

a Member State other than the reference Member State in which a non-EU AIFM distributes shares of an EU-AIF;

f)

a Member State other than the reference Member State in which a non-EU-AIFM distributes shares of a non-EU AIF, or

3. In § 2 para. 1 Z 18, the following lit. g is added:

" (g)

a Member State which is not the home Member State and in which an EU-AIFM provides the services in accordance with Article 4 (4). "

4. The heading before § 32 reads:

"Terms and conditions for the management of EU-AIF and the provision of services by an AIFM concessioned in Austria"

5. § 32 (1) and (2) are:

" (1) An AIFM licensed in Austria may either directly or indirectly through a branch

1.

EU-AIF established in another Member State, provided that the concession entitles the AIFM to the management of this type of AIF, or

2.

provide services pursuant to § 4 (4) in another Member State, provided that the concession entitles the AIFM to do so.

(2) An AIFM, which for the first time intends to provide activities or services in accordance with paragraph 1, has the FMA to indicate this and to submit the following information:

1.

the Member State in which it intends to manage the EU-AIF directly or through a branch or to provide services in accordance with Article 4 (4),

2.

a business plan showing, in particular, the services it intends to provide or which EU-AIF it intends to manage. "

6. The title before § 33 reads:

"Terms and conditions for the management of EU-AIF and the provision of services in Austria by AIFM established in another Member State"

Section 33 (1) reads as follows:

" (1) An EU-AIFM authorised in another Member State may, either directly or indirectly, via a branch in Austria

1.

EU-AIF, provided that the EU-AIFM is authorised to manage this type of EU-AIF, or

2.

services provided for in Article 6 (4) of Directive 2011 /61/EU, provided that the AIFM has been authorised to do so. "

8. The subsection of section 33 (2) reads as follows:

"The inclusion of activities or services in accordance with paragraph 1 in Austria as well as the establishment of a branch by an EU-AIFM shall be permitted,"

(9) The following paragraph 4 is added to § 74:

" (4) The table of contents for § § 32 and 33, § 2 para. 1 Z 18, the transcripts before § § 32 and 33, § 32 para. 1 and 2 and § 33 (1) and 2 in the version of the Federal Law BGBl. I n ° 98/2014 will enter into force with 3 July 2015. "

Article 9

Amendment of the Stability Procurement Act

The Stability Procurement Act, BGBl. I No 111/2010, as last amended by BGBl. I No 40/2014 is amended as follows:

1. In § 10 (2), after the word "is" the phrase "the Federal Minister or" inserted.

Article 10

Amendment of the "Ratingagenturenvolltraction Act"

The Ratingagenturenvolltract Act, BGBl. I n ° 68/2010, as last amended by the Federal Law BGBl. I No 70/2013, is amended as follows:

1. In Section 1 (1), the word order shall be " as amended by Regulation (EU) No 513/2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (OJ L 145, 31.5.2009, p. No. OJ L 145, 31.5.2011, p. 30) through the phrase " as amended by Regulation (EU) No 462/2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (OJ L 139, 30.4.2009, p. No. OJ L 146, 31.5.2013, p. 1) replaced.

2. § 2 third sentence reads:

' In the context of its supervisory activity as the competent or sectoral competent authority, it shall, in particular, also have its role in respect of excessive recourse to credit ratings by financial institutions in accordance with Article 5a and the guidelines referred to in Article 21 of the EC Regulation. "

3. In § 3 (1), third sentence, the word order shall be "in accordance with the European legal acts referred to in Article 4 (1) of the EC Regulation" through the phrase " according to the sectoral legislation referred to in Article 3 (1) (lit). (q) of the EC Regulation " replaced.

4. § 5 reads:

" (1) Who as the person responsible (§ 9 VStG) of a user of credit ratings within the meaning of Art. 3 para. 1 lit. pa to pi of the EC Regulation

1.

contrary to Article 4 (1), first subparagraph, of the EC Regulation, or

2.

contrary to Article 8c of the EC Regulation,

shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to EUR 100 000.

(2) Anyone who is responsible (§ 9 VStG) of a user of credit ratings within the meaning of Art. 3 para. 1 lit. pa to pi of the EC Regulation

1.

contrary to Article 4 (1), second subparagraph, of the EC Regulation of its obligation to provide information,

2.

contrary to Article 8b of the EC Regulation, its obligation to publish information on structured financial instruments, or

3.

contrary to Article 8d (1), second sentence of the EC Regulation, its documentation requirement without delay

does not comply, commit an administrative surrender and is punished by the FMA with a fine of up to 30 000 euros. "

5. In accordance with Article 11 (2), the following paragraph 3 is added:

" (3) § 1 para. 1, § 2 third sentence, § 3 paragraph 1 third sentence and § 5 in the version of the Federal Law BGBl. I n ° 98/2014 will be 1. Jänner 2015 in force. "

Article 11

Repeal of the Banking Intervention and Restructuring Act

The Banking Intervention and Restructuring Act-BIRG, BGBl. I No 160/2013, shall expire on 31 December 2014.

Fischer

Faymann