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The Law Of Credit Institutions And Investment Firms, The Solution To The Crisis

Original Language Title: Laki luottolaitosten ja sijoituspalveluyritysten kriisinratkaisusta

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Law on the resolution of credit institutions and investment firms

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In accordance with the decision of the Parliament:

PART I

GENERAL

Chapter 1

General provisions

ARTICLE 1
Scope

This law provides for a credit institution and investment firm (hereinafter referred to as ' the Institution , provision of a resolution on crisis management, crisis resolution measures to be used and the reorganisation of activities, the powers of the Financial Stability Authority, The protection of shareholders and creditors, group resolution and recognition of a third country resolution procedure. In addition, the law provides for the Council's right to limit Finland's financial and financial market activities for a limited period.

The provisions of Chapters 4 to 18 shall apply to the institution, in addition to the institution's resolution:

(1) the institution's parent financial holding company, the mixed financial holding company and the mixed-activity holding company; and

(2) the subsidiary of the institution or of the undertaking referred to in paragraph 1, if it is a financial institution.

Chapter 15 of this Act shall also apply to a third-country branch in Finland.

This law shall apply subject to the adoption of uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms for the resolution of the Single Resolution Mechanism and of the Single Resolution Fund And Regulation (EU) No 806/2014 of the European Parliament and of the Council amending Regulation (EU) No 1093/2010, hereinafter referred to as: EU Resolution Regulation , or the transfer of stability charges for the joint resolution fund and the pooling of funds shares, hereinafter referred to as: State treaty , that is all.

ARTICLE 2
Financial Stability Authority

The performance of the crisis resolution and planning tasks of institutions in accordance with this law falls within the law of the Financial Stability Board (195/2014) (hereinafter ' the Office law , the Financial Stability Agency referred to in Agency Unless otherwise provided for in the EU Resolution Regulation or in this Act.

The tasks relating to the design of the Group's resolution shall be the responsibility of the Agency if the parent undertaking of the group is a Finnish company which is not a subsidiary of the parent undertaking of another EEA State, unless otherwise provided for in this Act.

The tasks of the financial stability authority as set out in Chapters 4 to 14 related to a group resolution shall be the tasks of the Agency if a credit institution or an investment firm or a parent undertaking within the meaning of Article 1 (2) (1) is a Finnish company that is not A subsidiary of a parent undertaking in another EEA State, unless otherwise provided for in this Act.

ARTICLE 3
Definitions

For the purposes of this law:

(1) Credit institution Of the Law on credit institutions (610/2014) Chapter 1, Article 7 Of the credit institution referred to;

(2) Investment firm Investment services (747/2012) Chapter 6 The investment firm, as referred to in paragraph 1, which carries on a financial instrument for own account or from guaranteeing the issue;

(3) Financial institution Regulation (EU) No 575/2013 of the European Parliament and of the Council on the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012 (hereinafter referred to as: EU Capital Requirements Regulation , the financial institution referred to in Article 4 (1) (26);

(4) Parent undertaking Accounting law (1336/1997) in Chapter 1, Article 6 The parent undertaking;

(5) Subsidiary undertaking A subsidiary undertaking within the meaning of Article 6 of Chapter 1 of the Accounting Act;

(6) Group The parent undertaking and its subsidiary;

(7) Group A group of undertakings consisting of a credit institution or an investment firm and the parent undertaking referred to in Article 1 (2) (1) and the subsidiaries referred to in paragraph 2 of that Article;

(8) Financial holding company The financial holding company referred to in Article 4 (1) (20) of the EU Solvency Regulation;

(9) Mixed financial holding company A mixed financial holding company within the meaning of Article 4 (1) (21) of the EU Solvency Regulation;

(10) Mixed-activity holding company A mixed-activity holding company within the meaning of Article 4 (1) (22) of the EU Solvency Regulation;

(11) Group parent undertaking A credit institution and an investment firm which is a parent undertaking of another credit institution or an investment firm or a subsidiary referred to in Article 1 (2) (2), as well as the credit institution or investment firm referred to in paragraph 1 The parent undertaking;

(12) Group subsidiary The subsidiary undertaking referred to in Article 1 (2) (2) of the parent undertaking referred to in paragraph 11;

(13) On a resolution instrument The measure referred to in Article 7 (2);

(14) Crisis resolution mandate The powers of the Agency referred to in Chapter 12;

(15) EEA State A State belonging to the European Economic Area;

16) Third country State other than the EEA State;

(17) A third-country credit institution A foreign credit institution within the meaning of Article 7 of Chapter 1 of the Law on Credit Institutions;

(18) Third-country investment firm A foreign investment firm within the meaning of Article 9 of Chapter 1 of the Investment Services Act;

19) Branding The branch referred to in Article 13 of Chapter 1 of the Law on Credit Institutions;

20) Significant branch The branch in the EEA State other than Finland, which is considered to be significant in the State in which it is located;

21) Group crisis resolution The simultaneous application of resolution instruments to an institution and an undertaking belonging to the same group;

22) Crisis resolution The use of a resolution tool in the establishment referred to in Article 1, in order to achieve the objective set out in Article 6;

23) Crisis resolution fund The resolution fund referred to in Chapter 4 of the Agency;

24) Exceptional public financial support On behalf of the institution referred to in Article 107 (1) of the Treaty on the Functioning of the European Union, or in order to maintain or restore the viability, liquidity or solvency of another undertaking within the meaning of Article 1 (2) State aid or other public trans-national financial aid which would be regarded as State aid at national level;

25) Competent authority The competent authority as defined in Article 4 (1) (40) of the EU Solvency Regulation and the European Central Bank for entrusting the European Central Bank with specific tasks in the field of prudential supervision of credit institutions Council Regulation (EU) No 1024/2013, hereinafter referred to as: Yvm Regulation , in respect of specific tasks assigned.

For the purpose of this Law The financing agreement :

(1) securities contracts which are:

(a) contracts for the purchase, sale or loan of a securities, securities group or securities index;

(b) an option for a security, a securities group or a securities index;

(c) repurchase agreements and reverse repurchase agreements for the securities, the securities group or the securities index;

(2) agreements on commodities which are:

(a) contracts for the purchase, sale or loan of a commodity, product group or commodity index for its subsequent delivery;

(b) an option for a commodity, a commodity group or a commodity index;

(c) repurchase agreements and reverse repurchase agreements for commodity, commodity group or commodity index;

(3) futures and forward contracts which, with the exception of contracts for commodities, are contracts for the purchase, sale or transfer of a commodity or any other asset, service, rights or interests at a later date;

(4) swaps, which are:

(a) swaps and options for underlying interest, spot contracts or other exchange rate agreements, currencies, equity or shares, credit index or credit, commodities or commodities, weather fluctuations, allowances or inflation rates;

(b) contracts for the exchange of returns, credit spreads or credit risk;

(c) contracts corresponding to the agreement referred to in points (a) or (b) which are repeatedly traded on the swap or derivative markets;

(5) inter-bank loan contracts with a maturity of up to three months;

(6) framework agreements for the agreements referred to in paragraphs 1 to 5.

What is laid down in this law for the Group and the group also applies in the Act on the association of deposit banks (599/2010) Of the consortium. The provisions of this Act concerning the parent undertaking of the group and the group shall also apply to the central entity of the consortium. The law provided for in this Act shall also apply to the affiliated credit institution and to an undertaking other than the central community.

In addition to what is provided for in Article 1, an institution is defined in Chapters 4 to 14 of the institution which is the subject of the resolution and with it in the same group.

The use of the stability charges referred to in Chapter 4 of the Agency Act is not exceptional public financial support.

§ 4
European legislation and the European Banking Authority

For the purposes of this law:

(1) By means of a resolution The recovery and resolution framework for credit institutions and investment firms and Council Directive 82 /891/EEC, Directives 2002/24/EC, 2002 /47/EC, 2004 /25/EC, 2005 /56/EC, 2007 /36/EC, 2011 /36/EC, 2012 /30/EU and Directive 2014 /59/EU of the European Parliament and of the Council amending Regulations (EU) No 1093/2010 and (EU) No 648/2012;

(2) The European Banking Supervision Regulation Regulation (EU) No 1093/2010 of the European Parliament and of the Council on the establishment of the European Supervisory Authority (European Banking Authority) and amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /78/EC;

(3) The credit institutions directive On the right to exercise credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC Directive 2013 /36/EU;

(4) European Banking Authority The European Banking Authority referred to in the European Banking Supervision Regulation.

§ 5
Technical standards of the European Union

In addition to this law, the European Commission, referred to in the Resolution Commission , the technical standards adopted by Regulation or Decision contain provisions on the resolution of the crisis.

ARTICLE 6
Objectives and general principles of application of the law

In applying this law, the Agency shall take into account the following general objectives of the resolution:

(1) the continuation of the installation's core activities;

(2) the prevention of, and the promotion of market discipline, the contagion effects of inter-institutional contagion and other financial instability;

3) the protection of public funds;

(4) security of depositors and investors and of client assets held by institutions;

5) maintaining asset values and minimising the cost of resolution.

Where the objectives referred to in paragraph 1 are in conflict with each other, the Agency shall, when deciding on the application of this law, consider the importance of the various objectives and shall take account of the objectives in such a way that the objectives as a whole can be best achieved. To achieve.

When applying this law, the Agency shall take into account any other company referred to in Article 1 (2):

(1) the nature, scale and complexity of the business;

(2) legal form and ownership structure;

3) the risk profile;

(4) links to other institutions or to the financial system;

(5) belonging to the derogation referred to in Article 113 (6) or (7) of the EU Solvency Regulation;

(6) the provision of investment services as referred to in Article 11 of the Investment Services Act.

§ 7
Provisions concerning the choice of laws

The provisions of this Act concerning crisis-resolution instruments and powers shall apply to assets and liabilities in the second EEA State of the institution, except in the case of this law or of commercial banks and other credit institutions (1501/2001) Article 24a to 24k , subject to the provisions of the conflict of laws.

PART II

RESERVATION FOR RESOLUTION

Chapter 2

Crisis resolution plan

ARTICLE 1
Obligation to draw up a resolution plan

The Agency shall draw up a resolution plan, after consulting the financial supervision and the resolution authorities of major branches. The resolution plan shall prepare for the resolution measures which the Agency may take if the conditions for the establishment of a crisis management are met. The plan shall identify the material obstacles to the possibilities of landing and redeployment and, where appropriate, present the relevant measures necessary to remove the obstacles.

Paragraph 1 shall not apply to an institution which is part of a group which, according to Article 5, must draw up a group resolution plan.

The resolution plan shall include policy options to address institutional difficulties and address the instability of the vast financial industry or the financial system.

The resolution plan shall not assume that the institution shall be granted:

1) exceptional public financial support;

(2) the marginal lending facility provided by the central bank; or

3) liquidity support provided by central bank collateral, maturity and rate of interest.

The resolution plan shall provide an explanation of how and when the institution may apply for the Bank's support and identify potential eligible assets.

The Agency may oblige the institution to assist in the preparation of the resolution plan and the updating of the plan.

The Agency may decide that the institution and its undertakings belonging to the same group shall maintain a detailed list of the financial agreements in which the institution or company belonging to the same group is a party. The Agency may order the date by which the list of the above list is to be drawn up and communicated to the Agency.

ARTICLE 2
Verification of the resolution plan

The Agency shall review the institution's resolution plans each year.

In addition, the resolution plan shall be checked after any change in the legal or operational structure, business or financial position of the institution which may have a significant impact on the plan Feasibility or otherwise require a verification of the plan. The institution and the financial supervision shall immediately inform the Agency of the changed information.

ARTICLE 3
Content of the resolution plan

The resolution plan shall include options for applying the resolution tools and powers referred to in Part III to the institution.

The decree of the Ministry of Finance sets out the detailed provisions necessary for the implementation of the Resolution Directive for the content of the resolution plan.

§ 4
Information needed to draw up a crisis resolution

The institution shall provide the Agency with the information and reports necessary for the preparation, maintenance and implementation of the resolution plan. The decree of the Ministry of Finance sets out the detailed provisions necessary for the implementation of the Resolution Directive in order to establish the information and reports necessary for the preparation of a resolution plan.

Where the information and reports referred to in paragraph 1 are held by financial supervision, the financial supervision shall, at the request of the Agency, provide the Agency with information and reports.

§ 5
Obligation to draw up a group resolution plan

Where the parent undertaking of a group is not a subsidiary of a parent undertaking in another EEA State, the Agency shall establish a group resolution plan with the authorities responsible for the resolution of the group's foreign subsidiaries, and To the extent relevant to the branch, after consultation with the resolution authorities of major branches. The Group's resolution plan shall include a plan for the whole group in order to address a potential crisis at the level of the parent undertaking or as a resolution at the level of the subsidiaries.

The Group's resolution plan shall identify the following resolution measures against group undertakings:

(1) an eu parent undertaking;

(2) subsidiaries of a group within the Union;

(3) the entities referred to in Article 1 (2);

(4) subsidiaries belonging to a group outside the Union.

The Group's resolution plan shall be drawn up on the basis of information submitted pursuant to Article 4.

ARTICLE 6
Content of the Group's resolution plan

The Group's resolution plan shall:

(1) present crisis-resolution measures for individual group undertakings in the group and present the compatibility of these measures with the different policy options referred to in Article 1 (3);

(2) consider the extent to which crisis resolution instruments for the whole group can be applied and resolution powers to be used in a coordinated manner to group companies, including measures to facilitate the sale of the group or its part; To a third party and to identify any obstacles which may include them;

(3) provide, where appropriate, cooperation arrangements with the authorities of third countries;

(4) identify the measures necessary to facilitate the Group's resolution;

(5) provide additional additional measures which the Agency intends to apply to the resolution of the group;

6) indicate how the resolution activities will be funded and the principles on how to divide the related responsibilities among the different EEA States.

The Group's resolution plan shall not assume that it is granted financial or liquidity support within the meaning of Article 1 (4). Shared principles for the financing of crisis-resolution operations must be established in a balanced manner and, in particular, take into account the criteria laid down in Article 13 (13), their contribution to the stability of financial markets and to all Equal treatment of Member States participating in a group resolution.

The Group's resolution plan shall include a description of the assessment of the possibility of landing in accordance with Section 2 of Chapter 3.

§ 7
Procedure relating to the Group's resolution plan

The group's parent undertaking shall provide it with the information and explanations provided to the Agency in accordance with Article 4 concerning other group undertakings, to the extent determined by the Agency.

The Agency shall transmit the information provided in accordance with paragraph 1:

1) the European Banking Authority;

(2) to the resolution authorities of the subsidiaries of the group of subsidiaries of the group;

(3) to the resolution authorities of the EEA States where the significant branch of the institution belonging to the group is located to the extent that it is relevant for the branch;

(4) the competent authorities referred to in Articles 115 and 116 of the Directive;

(5) for the resolution authorities of the EEA States to which the undertakings referred to in Article 1 (2) of Chapter 1 are established.

The Agency shall provide the authorities referred to in paragraph 2 with all information relevant to the performance of the tasks of those authorities.

The Agency shall not be obliged to transmit information concerning the third country subsidiary without the agreement of the supervisory authority or resolution authority of this subsidiary.

The Agency shall draw up a group resolution plan and the plan and its amendments in the resolution college referred to in Article 2 (2) of Chapter 14, after consulting the institutions of the group and of significant branches of the group Competent authorities. The Agency may invite the resolution authority of a third country to participate in the proceedings referred to in this paragraph if there are undertakings or significant branches of the group in that country.

The Agency shall review the group's resolution plan each year.

In addition, the Group's resolution plan shall be subject to a review of the group's legal or operational structure, business or financial position after any change which may have a significant impact on the Feasibility or otherwise require a verification of the plan.

§ 8
Approval of the Group's resolution plan

The Agency shall decide on the approval of a group resolution plan with the authorities responsible for the resolution of the subsidiaries.

A joint decision shall be sought with the authorities referred to in paragraph 1 within four months from the date on which the Agency has forwarded the information referred to in Article 4.

If the authorities referred to in paragraph 1 have not adopted the joint decision referred to in paragraph 1 within the period laid down in paragraph 2, the Agency shall take a decision on the Group's resolution plan. The decision shall take into account the positions and reservations expressed by other resolution authorities and shall be communicated to the parent undertaking of the group.

In the case referred to in paragraph 3, the Agency shall decide on a separate resolution plan for subsidiaries falling within the competence of the Agency. The decision shall reflect the reasons for the disagreement referred to in paragraph 3 and take into account the positions and reservations expressed by other resolution authorities. The Agency shall notify its decision to the other members of the college of crisis resolution referred to in Article 2 of Chapter 14.

Where, in accordance with Article 19 of the European Banking Supervision Regulation, the Agency or any other authority referred to in paragraph 1 has a disagreement in accordance with Article 19 of the European Banking Supervision Regulation to the European Banking Authority, the Agency shall defer: And await the decision of the European Banking Authority and its final decision in accordance with the decision of the European Banking Authority.

The period of four months referred to in paragraph 2 shall be the conciliation period referred to in Article 5 (5). It is not possible to refer the matter to the European Banking Authority after the four-month period referred to in paragraph 2 or after the adoption of the joint decision. If the European Banking Authority has not adopted its decision within one month, the Agency shall take the decision referred to in paragraphs 3 or 4.

In the case referred to in paragraph 4, where a joint decision has not been taken, the Agency shall recognise and apply the decision taken by another resolution authority on its subsidiaries.

Where the Agency considers that the disagreement over the Group's resolution plan referred to in paragraph 1 has an impact on the fiscal responsibility of the State, it shall initiate a review of the group's resolution plan, including: A minimum requirement for own resources and eligible liabilities.

§ 9
Communication requirements for crisis resolution plans

The Agency shall provide the resolution plans and the group resolution plans referred to in this Chapter and the amendments thereto to the Financial Supervisory Authority.

ARTICLE 10
Simplified obligations for certain institutions

The Agency shall take into account the objectives and the implementing principles laid down in Article 6 of Chapter 1 and the impact of the bankruptcy of the institution on the functioning of the financial markets, other institutions, access to finance and the wider economy, Define the requirements for a resolution plan which may derogate from the following requirements laid down in this Chapter:

(1) information to be included in the resolution plan;

(2) the resolution plan and the deadlines for its updating;

(3) according to Article 4, the content of the information required by the institution;

(4) the information necessary for the assessment of the winding-up and reorganization of the group referred to in Article 1 (1) and the group referred to in Article 2.

The Agency shall consult the financial supervision before carrying out the assessment referred to in paragraph 1.

The Agency shall provide the eba with a report on the application of this Article.

ARTICLE 11
Obligations concerning the consortium

The Agency may decide that Articles 1 to 9 shall not apply to an institution within the meaning of the Law on the Association of Deposit Banks, which is wholly or partially exempted pursuant to Article 1 of Chapter 9 of the Law on the operation of credit institutions. The prudential requirements referred to in Article 10 of the EU Solvency Regulation.

Where an institution is exempt from solvency requirements in accordance with Article 1 of Chapter 9 of the Act on the operation of credit institutions, Articles 1 to 9 of this Chapter shall be applied on the basis of consolidation in the central Community and in Article 10 of the EU Capital Requirements Regulation. In the case of affiliated institutions.

A crisis resolution plan of an establishment falling under the supervision of the European Central Bank referred to in Article 6 (4) of the YVM Regulation, or a significant proportion of the financial system, shall be drawn up in accordance with Articles 1 to 4.

An institution shall have a significant proportion of the financial system, as referred to in paragraph 3, if its assets:

1) a total value exceeding EUR 30 billion; or

2) the share of the domestic gross domestic product exceeds 20 % and the total value of the assets does not amount to eur 5 billion.

The Agency shall provide the eba with a report on the application of this Article.

ARTICLE 12
Application of the EU Resolution Regulation

The EU Resolution Regulation provides for a crisis resolution in the EU Common Resolution Mechanism. Article 8 of the Regulation provides for entities and groups whose resolution plans are to be drawn up and approved by the Resolution Board referred to in Article 42 of the EU Resolution Resolution, Article 9, other than those referred to in On the said entities and groups whose resolution plans are to be drawn up and approved by the national resolution authority and in Article 11 on the right of resolution of the resolution council to apply resolution plans Simplified obligations and exemptions.

Chapter 3

Assessment of the possibilities for dismantling and restructuring

ARTICLE 1
Obligation to assess the potential for liquidation and reorganisation of the installation

The Agency shall assess whether the facility may be restarted or reorganised within the meaning of this Law, without exceptional public financial assistance, or by means of emergency financing of the central bank or Liquidity support. The Agency shall consult the Financial Supervisory Authority in its assessment. Where an institution has a significant branch in another EEA State, the Agency shall also consult the competent resolution authority with regard to the branch, if it is relevant for the branch.

An institution may be reorganised or reorganised within the meaning of this Law, provided that:

1) it may be dissolved in a clearing or bankruptcy procedure;

(2) its operation may be restored by means of a business restructuring process; or

(3) its operation may be reorganised in accordance with this law with a view to safeguarding the continuity of its core activities.

The dismantling, restructuring or restructuring of an institution shall have as little significant adverse consequences as possible for the stability of the financial systems of Finland or other EEA States.

The Agency shall assess the potential for liquidation and reorganisation of the institution at the same time as it draws up or verifications, in accordance with Sections 1 and 2 of Chapter 2, of a resolution plan for the installation. The Agency shall notify the European Banking Authority if it considers that the facility does not comply with the conditions of landing or rearrangement provided for in this Article.

ARTICLE 2
Obligation to assess the potential for landing and restructuring in the group

Where the Agency is responsible for the institution's group resolution, it shall evaluate, together with the authorities responsible for the resolution of the group's subsidiaries, whether the group can be reorganised or reorganised within the meaning of Article 1. At the time of the assessment, the Agency shall consult the Financial Supervisory Authorities and the authorities responsible for the supervision of the subsidiaries belonging to the group, as well as the resolution authorities of the EEA States in which the significant branch of the group institution is located, To the extent that it is essential for the branch.

The group may be dismantled or reorganised within the meaning of this Law, provided that:

(1) the institutions belonging to the group may be dissolved in a clearing or bankruptcy procedure;

(2) the activities of the group's institutions may be rehabilited under the corporate restructuring process; or

(3) the activities of the institutions of the group may be reorganised in accordance with this law, in such a way that the continuity of the core functions of the institutions is safeguarded, either by separating them from other activities, if this can be done easily and without undue delay; Delay, or any other means available.

The dismantling, restructuring or restructuring of the group shall have as little significant adverse consequences as possible for the stability of the financial systems of Finland or other EEA States.

The assessment referred to in this Article shall be dealt with in the resolution college referred to in Article 2 of Chapter 14, in accordance with the procedure laid down in Article 5 of this Chapter.

The assessment of the possibility of dismantling and reorganising the group shall be carried out at the same time as the group's resolution plan is drawn up or checked. The assessment shall be carried out in accordance with the decision-making procedure laid down in Article 8 of Chapter 2.

The Agency shall notify the European Banking Authority without delay if the group cannot be considered as unwinding.

ARTICLE 3
Impact assessment factors

The decree of the Ministry of Finance shall lay down the provisions necessary for the implementation of the Resolution Directive on matters which the Agency shall at least take into account when assessing the fulfilment of the conditions referred to in Articles 1 and 2.

§ 4
Removal of barriers to the dismantling and reorganization of an institution

If, in its assessment under Article 1, the Agency finds, after consulting the Financial Supervisory Authority, that there is an essential obstacle to the liquidation or reorganisation of the institution, it shall inform the institution, the Financial Supervisory Authority and For crisis resolution authorities in the countries where the institution has a significant branch.

Within four months of receipt of the notification referred to in paragraph 1, the institution shall submit to the Agency a proposal for measures to remove the obstacle identified by the Agency.

The Agency shall assess whether the measures proposed by the institution in accordance with paragraph 2 are sufficient to remove the obstacle identified by the Agency. The Agency shall consult the Financial Supervisory Authority in its assessment. If the Agency considers that the measures proposed by the institution are not sufficient to remove the barrier, the Agency shall require the institution to take the measures identified by the Agency in order to remove the obstacle. The Agency shall inform in writing the required measures in writing to the institution which, within one month of receipt of the notification, shall submit a plan for their implementation. In deciding on the operational requirements of the Agency, the Agency shall state the reasons why the actions proposed by the Agency are necessary and the institution's proposed measures are insufficient. When deciding on the operational requirements, the Agency shall take into account the impact of the obstacle to the stability of the financial markets on the stability of the financial markets as well as the impact of the measures on the business, the stability of its activities, and The impact of the institution on the economy.

The Agency may require the institution to take the following measures in order to remove the obstacle to the dismantling or reorganization of the installation:

(1) the reappraisal of the content and the need for intra-group financing agreements and the establishment of service contracts for nuclear activities with either group undertakings or non-group undertakings in order to safeguard the provision of nuclear facilities;

(2) limitation of the institution's exposures;

(3) submission to the Agency, at the request or on a regular basis, of additional information relevant to the resolution;

(4) the sale of assets identified by the institution;

(5) limitation or termination of individual business activities;

(6) restrictions on the sale of business or products;

(7) the modification of the institution's legal or operational structures in such a way that the core functions of the institution can be separated from legal and economic activities for the purposes of applying the resolution tools referred to in Chapters 9 to 11;

(8) the establishment of an institution's parent financial holding company in the home country of the institution or the parent undertaking of the institution;

(9) the issuance of eligible debts as referred to in Chapter 8 by the institution or its parent company in order to fulfil the conditions set out in Chapter 8;

(10) measures other than those referred to in point 9, in order to fulfil the conditions of Section 7 of Chapter 8, including, in particular, in accordance with the EU Capital Requirements Regulation, in accordance with the provisions of Chapter 8 of the EU Capital Requirements Regulation The renegotiation of the terms of the readable financial instruments to ensure that the decision to reduce the value of the financial instrument referred to in Chapter 6 of the Agency is enforceable in the State whose law applies to the financial instrument;

(11) the establishment of a separate financial holding company and the transfer of the institution to its control if:

(a) it is necessary to promote a resolution of the institution and to avoid that the use of resolution powers and instruments provided for in this Law would have adverse effects on non-financial groups Undertakings;

(b) the institution is a subsidiary of a mixed financial holding company.

Before submitting a request to the institution under paragraph 3, the Agency shall assess the possible impact of that measure on the institution, the internal market in financial services and the other EEA States and the European Union. Financial stability. When carrying out its assessment, the Agency shall consult the Financial Supervisory Authority and, where appropriate, the Bank of Finland and the Ministry of Finance.

The establishment of a resolution plan for an institution and the adoption of a joint decision approving a proposal for a resolution of the group shall be suspended until the Agency has decided on measures to eliminate the essential obstacle.

§ 5
Removal of obstacles to the dismantling and reorganization of activities in the group

Where the Agency is responsible for the institution's group crisis resolution, it shall endeavour, within the Crisis Resolution Board referred to in Article 2 (2), in conjunction with other group undertakings, to do so as referred to in Article 2 of this Chapter. An assessment and a joint decision on the measures referred to in Article 4 (4) in group undertakings. The decision shall be made in consultation with the group on financial supervision (878/2008) § 65b And, in the case of significant branches, the competent resolution authorities, if it is relevant for the branch.

In accordance with Article 25 (1) of the European Banking Supervision Regulation, the Agency, in accordance with Article 25 (1) of the European Banking Supervision Regulation, shall draw up a report on the matter with the European Banking Authority and send it to the group's parent undertaking, The authorities responsible for the resolution of the subsidiaries and the resolution authorities of the home countries of significant branches. The report shall be drawn up in consultation with the authorities responsible for the supervision of the establishments in the group. The report shall address relevant barriers to the effective use of crisis resolution tools and powers in the Group and the impact on the business of the institution and shall recommend proportionate and targeted measures for which the Agency Assess the need to remove these barriers.

Within four months of the date on which it received the report referred to in paragraph 2, the group's parent may propose alternative measures to the Agency to remedy the obstacles identified in the report.

Where, in accordance with paragraph 3, the parent has submitted alternative measures, the Agency shall inform the Financial Supervisory Authority, the eba and the resolution authorities of the subsidiaries, as well as the Resolution authorities, if it is relevant for the branch. The Agency shall endeavour to ensure, within four months of the submission of the report, a joint decision on the identification of the essential obstacles and the measures required to remove them. When deciding on measures, account must be taken of their potential impact in all the EEA States in which the group operates. When the decision is taken, the Agency shall consult the competent resolution and supervisory authorities of the branches. The Agency shall notify the joint decision in writing to the group's parent undertaking.

In the absence of a joint decision within the period referred to in paragraph 4, the Agency shall adopt a decision on the measures referred to in Article 4 (4), which shall be carried out at the level of the group. The Agency's decision shall take into account the positions and reservations expressed by other resolution authorities. The Agency shall communicate the decision to the parent undertaking of the group.

Where, in accordance with Article 19 of the European Banking Supervision Regulation, the other Resolution authority has challenged the decision on the decision referred to in this Article to the European Banking Authority, the Agency shall defer its decision, and Await the decision of the European Banking Authority and take its final decision in accordance with the decision of the European Banking Authority.

The period of four months referred to in paragraph 4 shall be the conciliation period referred to in Article 19 of the European Banking Supervision Regulation. It is not possible to refer the matter to the European Banking Authority after the four-month period referred to in paragraph 4 or after the adoption of the joint decision. If the European Banking Authority has not adopted its decision within one month, the Agency shall take the decision referred to in paragraph 4.

ARTICLE 6
Removal of obstacles to the dismantling and reorganization of the group in a situation where the design of a group resolution falls within the remit of the other EEA State Resolution Authority

In a situation where the design of a group resolution is part of the tasks of the other EEA State Resolution Authority and the Agency is the competent resolution authority of a subsidiary of a group, the Agency shall seek Article 2 (2) of Chapter 14 , together with other competent resolution authorities, to carry out the assessment referred to in Article 1 of this Chapter and to decide jointly on the measures referred to in Article 4 (4). The Agency shall communicate the report referred to in Article 5 (2) to the group's subsidiaries whose competent resolution authority it is.

In the absence of a joint decision within the period of four months referred to in Article 5 (4), the Agency shall adopt a decision on the measures referred to in Article 4 (4), which shall be applied to a Finnish subsidiary. The Agency shall take into account the views expressed by other resolution authorities. The Agency shall inform the Finnish subsidiary and the resolution authority responsible for planning the crisis resolution of the group.

Where another resolution authority has referred the matter to the European Banking Authority in accordance with Article 19 of the European Banking Supervision Regulation, the Agency shall defer its decision and await the decision of the European Banking Authority, and Take its final decision in accordance with the decision of the European Banking Authority.

The period of four months referred to in Article 5 (4) shall be the conciliation period referred to in Article 19 of the European Banking Supervision Regulation. It is not possible to refer the matter to the European Banking Authority after the expiry of the four-month period or after the adoption of the joint decision. If the European Banking Authority has not adopted its decision within one month, the Agency shall adopt the decision referred to in paragraph 3.

The Agency may refer the matter referred to in paragraph 1 to the European Banking Authority.

§ 7
Predictive powers

Before setting up a facility, the Agency may require the institution to open negotiations with potential buyers on the transfer of funds or business activities of the institution if:

(1) the Agency has received the notification referred to in Article 5 (a) (4) of the Law on the Law on Credit Institutions;

(2) there are strong reasons for the Agency to assume that the credit institution will probably not be able to fulfil the conditions of authorisation in the next 12 months or to fulfil its obligations; or

(3) the credit institution has informed the Agency that it needs public capital or liquidity support, which is intended to safeguard the functioning of financial markets in the event of serious disruption.

§ 8
Application of the EU Resolution Regulation

Article 10 of the EU Resolution Regulation provides for an assessment of the winding-up and restructuring potential of the institution and of the group and of measures to remove obstacles to the dismantling and redeployment opportunities.

PART III

CRISIS RESOLUTION

Chapter 4

Setting up an institution in crisis management

ARTICLE 1
Conditions for establishing a crisis management

An institution may be placed in crisis management if all of the following conditions are met:

(1) the institution is unable or is likely to be unable to continue its operations;

(2) in view of the circumstances, it cannot reasonably be assumed that other measures could, within a reasonable time, ensure the continuation of the operation of the institution without jeopardising the objectives referred to in Article 6 (1) of Chapter 1;

(3) the establishment of an institution in crisis management is necessary to safeguard the overriding public interest.

An institution shall be unable or likely to be unable to carry on its activities as referred to in paragraph 1, paragraph 1, if:

(1) is in breach or likely to be assessed in the near future in breach of the requirement to extend the authorisation;

(2) is unable or is likely to be expected to be unable to fulfil its obligations in the near future; or

(3) in need of exceptional public support for the continuation of its activities, which is not a temporary State guarantee for the liquidity facility provided by the central bank or the acquisition of funds by the Bank, or the recapitalisation of an institution, Under conditions which do not meet the conditions referred to in paragraphs 1 and 2 or Article 1 (2) of Chapter 6, and where such measures are necessary to remedy a serious disturbance in the financial markets.

The condition referred to in paragraph 1 (3) shall be met if the establishment of a crisis management is proportionate and necessary in order to achieve the objectives set out in Article 6 (1) of Chapter 1 and the objectives cannot be achieved in a manner consistent with: By the liquidation or liquidation of the institution.

The Government of the institution shall notify the Financial Supervisory Authority without delay if it considers that the institution fulfils the conditions laid down in paragraph 1 (1). Financial supervision shall, without delay, inform the Agency of the notification received under this paragraph.

Where the Agency or the Financial Supervisory Authority considers that the institution meets the conditions referred to in paragraph 1 (1) or (2), they shall communicate their assessment to each other and:

(1) the competent control authority of the institution or group;

2) Suomen Pankki and the European Central Bank;

(3) any institution responsible for a group resolution of the institution;

4) to the Ministry of Finance;

5) to the European Systemic Risk Board.

ARTICLE 2
Decision setting up an institution in crisis management

Upon receipt of the notification referred to in Article 1 (4) or Article 5 (a) (4) of the Act on the operation of credit institutions, or after consulting the Financial Supervisory Authority, the Agency shall assess, on its own initiative, whether: Conditions. If the Agency considers that the conditions of Article 1 are not met, it must decide not to set up an institution in crisis management. If the conditions are met, the Agency shall take a decision to set up an institution in crisis management. A decision setting up an institution in crisis management shall include at least:

(1) the date and time from which the crisis resolution procedure applies to the institution;

(2) the institution's obligation to publish a decision in accordance with Article 4;

(3) the measures taken in accordance with this law, decided by the Resolution Authority in setting up an institution in crisis management.

Where an institution is subject to crisis management within the meaning of paragraph 1, the Agency may impose measures on the operation, assets and liabilities of the institution as provided for in this Act.

Where, following the decision referred to in paragraph 1, the Agency takes a decision on the use of the resolution instrument referred to in Chapters 8 to 11, the content of the decision shall be subject to paragraph 1, Article 3 and Article 4 thereof.

If, in accordance with Article 3 (1) (1) of that Chapter, the valuation carried out in accordance with Section 1 of Chapter 5 shows that the conditions for the establishment of an institution in crisis management are not met, the Agency shall withdraw the decision in accordance with Article 2 of this Chapter to the institution Crisis management. The withdrawal of the decision shall be notified immediately to the entities mentioned in Article 3 and shall be made public in accordance with Article 4.

The appeal to the Agency's decision to establish an institution in crisis management and the decision referred to in paragraphs 3 and 4 shall be laid down in Chapter 17, Section 3.

ARTICLE 3
Service of the decision

The Agency shall, without delay, notify the decision referred to in Article 2:

(1) the institution concerned;

2) Financial supervision and the European Central Bank;

(3) the competent control authority of the branch of the institution of the crisis management;

(4) any institution responsible for a group resolution of the institution;

5) Bank of Finland;

6) to the Ministry of Finance;

(7) the European Systemic Risk Board;

8) to the European Supervisory Authorities;

9) to the Commission;

(10) to the operators of clearing and settlement systems where the institution is subject to a law on certain terms and conditions of securities, foreign exchange and settlement systems (1084/1999) Of a clearing member.

§ 4
Publication of the decision to initiate the dispute settlement procedure

Where an institution is placed in crisis management, in the case referred to in Article 2, a summary of the decision and, failing that, the whole decision shall be made public:

1) on the Agency's website;

2) Financial supervision on the Internet;

(3) the website of the institution concerned;

4) on the website of the European Banking Authority;

5) in the Official Journal.

The summary referred to in paragraph 1 shall include a description of the impact of the decision on the powers of the administrative bodies of the institution, the status of the contracting parties to the institution, and in particular the principles of retail and deposit protection Application.

In addition, the Agency shall notify the decision in the Official Journal of the European Union and the two national daily newspapers in the official languages of the States concerned in the EEA States where the institution covered by the Decision has: The branch or where the institution provides services within the meaning of the Act on the activity of credit institutions or the investment services. The Agency shall also notify the termination of the decision.

At the same time, the notification of the decision referred to in Article 2 shall specify the purpose of the procedure, the applicable law, the time of appeal and the competent review authority. The decision shall be valid irrespective of whether the notice has been published.

In addition to the information referred to in paragraph 2, where shares, shares or debt instruments of the institution subject to the procedure are traded on a regulated market, (10/06/2012) Shall be kept available to the public.

Where shares, other equity or debt instruments of the institution subject to the procedure are not traded on a regulated market, the information referred to in paragraph 2 shall be provided to the known share or unit-owners of the institution; and Creditors.

In addition to the information referred to in paragraph 2, where the decision referred to in paragraph 1 is suspended or otherwise restricted to the exercise of the rights conferred by the law and contract of the Contracting Party, the duration of the suspension or restriction shall be disclosed; and Conditions and, if the duration or conditions of the suspension or restriction are subsequently amended, the content of the amendments.

§ 5
Setting up a group of companies in crisis management

At the same time, the Agency shall place the institution in crisis management at crisis management:

(1) a subsidiary of the parent undertaking of a group belonging to the same group, if it fulfils the conditions set out in paragraph 2;

(2) the parent undertaking of the group if it complies with the conditions laid down in Article 1 or it is otherwise necessary to establish a crisis management system in order to ensure the effective application of this law within the group or group of the group.

For the purpose of applying Article 1 (1) to the undertaking referred to in this Article, when assessing the conditions referred to in that paragraph, it is necessary to consider both the requirements of the individual undertaking and the consolidated requirements of the parent undertaking of the group.

ARTICLE 6
General principles for crisis resolution

Subject to the provisions of this Act, the following general principles shall apply for the application of crisis resolution instruments and the use of resolution powers:

(1) the loss of the institution's share or share holders, subordinated debt holders and creditors in the same priority as the institution's bankruptcy and the shares or shares of the shareholders or shareholders of the institution in the same relationship; As their value is reduced to cover losses;

(2) the same status as the creditor and other financial instruments holders are treated equally;

(3) the shareholders and creditors will not incur any higher losses than they would have incurred if the institution had been declared bankrupt rather than crisis management;

(4) the Agency shall appoint a new board of directors, ceo and senior management to the institution, unless it jeopardises the achievement of the objectives of the resolution.

Where an institution in a crisis management institution is a parent or subsidiary undertaking of a group consisting of one or more undertakings located in another EEA State, the resolution measures shall be taken in such a way that the other group undertakings and the whole The impact of the group and the adverse impact on financial stability in all the EEA States in which the institution operates, as well as in the other EEA States as far as possible.

§ 7
Application of the EU Resolution Regulation

Article 15 of the EU Resolution Regulation lays down the general principles for the resolution of the crisis, Article 16 on the implementation of the resolution on the financial institution and the parent undertaking referred to in Article 2 (b) and 18 , the conditions for setting up crisis management and the resolution procedure.

Chapter 5

Valuation of assets and liabilities

ARTICLE 1
Valuation

The Agency shall without delay reduce the value of the shares and units referred to in Chapter 6 and before taking resolution measures, ensure that the assets and liabilities of the institution are assessed as provided for in this Chapter ( Valuation, ). The Agency may also comply with the provisions of this Chapter before placing an institution in crisis management.

Valuation shall be based on methods of general use and, unless the European Union, hereinafter: EUROPEAN , subject to the provisions on State aid, under prudent assumptions. Valuation must be reasonable and fair to the end.

ARTICLE 2
Evaluator

The holder of the valuation referred to in Article 1 ( Assessor ) Shall have the training and experience necessary taking into account the nature and extent of the activities of the institution concerned and other relevant factors.

The evaluator shall be independent from the Agency and the other authorities, as well as the institution to be evaluated and with the other companies belonging to the same group.

ARTICLE 3
Purpose of the valuation

The purpose of the valuation is to create the conditions for the Agency's decisions on:

(1) whether the conditions for reducing the value of the shares and units provided for in this Act are fulfilled, or the conditions for the establishment of an institution in crisis management;

(2) which different resolution measures may need to be taken;

(3) whether the value of the shares and units and the number of shares in each share or unit are reduced and how much;

(4) whether the nominal value of the debt is to be reduced or converted into shares or units, and how much;

(5) what assets and liabilities are to be disclosed in the context of the establishment of a temporary agency or asset management company and how much consideration must be paid to the institution and shareholders of the crisis management body;

(6) which assets and liabilities of the institution shall be disclosed in the event of the transfer of the business and the net market value of the assets to be transferred;

(7) the amount of the shares or units to be released and the transfer price when carrying out the transfer of the business by transferring the shares or shares of the institution within the meaning of Article 1 (2) of Chapter 9.

In addition, the valuation shall ensure that any losses incurred by the institution concerned are detected at the time when the resolution instruments are applied or the value of the shares or units is reduced.

§ 4
Additional provisions on value measurement

The valuation consists of:

(1) share shares or other equity, capital loans and liabilities in categories according to the order of the institution in liquidation and bankruptcy;

(2) determine the amount to be paid to the holder of each category of financial instrument within the category referred to in paragraph 1 if the institution had been declared bankrupt.

The valuation shall take into account that the Agency may:

(1) charge the costs of the application of the resolution tools and the use of resolution powers to the crisis management body in accordance with Chapter 7, Article 2 (3);

(2) order the institution of a crisis management authority to pay interest or payments to the crisis resolution fund in accordance with a loan or guarantee from the Fund's assets, in accordance with the provisions of the Resolution on the use of funds for the resolution fund.

The valuation shall not assume that, during or after crisis management, the institution shall receive exceptional public financial assistance, liquidity assistance provided by the central bank, or the liquidity assistance provided by the central bank, which: In the case of unconventional collateral, maturity or interest.

§ 5
The valuation report and its annexes

The valuation shall be prepared in writing, accompanied by accounting and accounting documents:

(1) an updated balance sheet and an explanation of the financial situation of the institution;

(2) an estimate and breakdown of the book value of the assets, which may be supplemented by the market value of assets and liabilities for the purposes of paragraphs 5 and 6 of Article 3 (1);

(3) a list of debts evidenced by accounting and financial statements, as well as information on the corresponding claims and the law on the order of creditors of the creditors (1578/1992) (hereinafter ' the Order of the payment order , on the basis of the payment order applicable;

(4) a list of the assets held by the institution on behalf of a third party with ownership of the assets.

ARTICLE 6
Valuation approval

The valuer shall submit a valuation to the Agency for approval in the period prescribed. The Agency shall approve the valuation if it has been carried out in accordance with this law and there is no other pressing reason for not adopting it.

§ 7
Temporary valuation

If the valuation referred to in Article 1 cannot be made before a reduction in the value of the shares or units or before resolution measures are taken in the event of urgency or any other pressing cause, the Agency shall assess the assets and liabilities Temporarily ( Temporary valuation ).

The provisional valuation shall be carried out to the extent possible in accordance with Article 1, Article 4 (1) and Article 5.

The interim valuation shall include a reserve for additional losses.

Notwithstanding Article 1, the Agency may reduce the value of shares and shares and take resolution measures on the basis of a provisional valuation.

§ 8
Completing the provisional valuation as the final valuation

The provisional valuation referred to in Article 7 shall be supplemented, without undue delay, by a final valuation in accordance with Articles 1 to 6. The final valuation may be carried out either separately or at the same time as the assessment referred to in Article 12.

In addition, the final valuation shall:

(1) ensure that losses are fully taken into account in the institution's accounts;

2) assess the need to increase the value of the claims or to make additional consideration in accordance with Article 9.

§ 9
Withdrawal of debt write-off and payment of additional consideration

If the valuation in accordance with Article 8 shows that the value of the institution's net assets is higher than the value of the net assets estimated in the provisional valuation, the amount of the difference resulting from the difference shall be compensated by the difference between the following:

1) by cancelling the reduction in the value of the debts under Chapter 8;

(2) by means of a temporary establishment referred to in Chapter 10 or the asset management company referred to in Chapter 11, to pay additional consideration to the recipients of the funds and liabilities to be transferred.

ARTICLE 10
Integration of vat into the Agency's decision

The Agency shall include the valuation referred to in this Chapter as part of the decision to reduce the value of the shares or shares referred to in Chapter 6, Section 1 and the decision on the application of resolution instruments referred to in Article 1 of Chapter 7.

The valuation shall not be subject to a separate appeal.

ARTICLE 11
Application of the EU Resolution Regulation

Article 20 of the EU Resolution Regulation provides for the valuation of the Community's assets and liabilities as referred to in Article 2.

ARTICLE 12
Assessment of the treatment of shareholders and creditors

The Agency shall, without delay, after the adoption of the resolution measures referred to in Chapters 8 to 11, ensure that, on the basis of a decision, whether or not the shareholders and creditors of the shares or shareholders are entitled to the same, As opposed to the bankruptcy of an institution rather than a resolution measure. The assessment shall be made separately from the valuation in accordance with Article 1.

The authors of the assessment and the approval of the evaluation shall be subject to the provisions laid down in Article 2 of the assessment and of the approval of the valuation.

ARTICLE 13
Evaluation procedure

The assessment under Article 12 shall define and evaluate:

(1) the treatment which the shareholders or creditors of the shares or the creditors would have received if the institution in crisis management, subject to crisis resolution measures, would have been declared bankrupt at the same time as the decision on crisis management; Were made;

(2) the actual treatment received by the shareholders and creditors in the institution's resolution;

(3) any differences in treatment under paragraphs 1 and 2.

The evaluation shall:

(1) assume that the institution with crisis management measures imposed on crisis management would have been declared bankrupt at the same time as the decision to set up a crisis management;

2) assume that the resolution measures would not have been taken;

(3) exclude any exceptional public aid granted to the institution in crisis management.

Chapter 6

Reduction in the value of shares, units and other equity, and cancellation of shares and shares

ARTICLE 1
Obligation to reduce the nominal value of items to be read in equity

The Agency shall, without delay, after the institution has been set up in a crisis management and have undergone a valuation within the meaning of Article 1 of Chapter 5, decide to cover losses of the institution and to annul the shares and units. The Agency shall cover the losses of the institution by reducing the nominal value of the shares or units of an undertaking belonging to the same group and of other equity, under the conditions laid down in Article 3 and in accordance with the conditions laid down in Article 3. Or the share does not have a nominal value, an accounting equivalent. The Agency shall, at the same time, cancel out the shares or shares of the owner of each share or unit in the same proportion of the losses incurred by the institution in accordance with this paragraph, unless the Agency decides to dispose of such shares or shares Creditors whose value has been reduced or whose assets have been converted into financial instruments for own funds in accordance with Chapter 8.

The Agency shall also take the measures referred to in paragraph 1 if it considers that:

(1) measures are necessary to ensure the continued operation of the institution; or

2) the institution needs exceptional public support.

An institution does not have the conditions for the continuation of activities referred to in paragraph 2 (1) where the institution is unable or likely to be unable to continue its operations within the meaning of Section 1 (2) of Chapter 4 and taking into account the circumstances, It may reasonably be assumed that any measures other than those referred to in this Article may, within a reasonable period, ensure the continuation of the operation of the institution. For the purpose of assessing whether the group is unable or likely to be unable to continue its activities, Article 1 (2) of Chapter 4 shall apply to the assessment of the institution.

The aid referred to in paragraph 2 (2) shall not be regarded as constituting the recapitalisation of an institution under normal conditions which do not satisfy the conditions referred to in Article 1 (2) (1) and (2) or (2) (1) of Chapter 4.

Subject to Article 54 of the EU Solvency Regulation, the number of shares or units of an institution shall be reduced in the same priority order as in the case of bankruptcy, as referred to in paragraph 1. A reduction in the value of the shares, units and other tranches of the capital shall not affect the liability of the owner in respect of the obligations imposed on the reduced value or of any appeal against the measures referred to in paragraph 1. Of the European Parliament and of the Council.

The value of the shares or units of the subsidiary shall not be reduced more than those of the parent undertaking.

The reduction of the share or share capital shall not be subject to the provisions of the rest of the law, with the exception of the reduction in share capital or share capital, and the obligation to declare a reduction in share or share capital. Registration and the obligation of the registration authority to register the reduction of equity or equity capital.

What this chapter provides for shares and shares also applies to the savings bank's shares.

The Agency may, before adopting measures under this Article, decide to amend a credit institution's credit institution under the law on cooperative banks and other cooperative (423/2013) Article 18 And the savings bank account of the savings bank (1502/2001) in Article 91 Referred to as a savings bank limited company.

The provisions of this Chapter shall apply without prejudice to the powers of the institution's institutions elsewhere in law.

ARTICLE 2
Consultation of other authorities

Before the decision referred to in Article 1 is taken, the Agency shall inform the financial supervision thereof. Where the institution covered by the decision belongs to a group whose consolidated supervision is carried out by the other EEA Surveillance Authority, the Agency shall also inform this supervisory authority and the other EEA State. Authority.

Where the decision referred to in Article 1 relates to a subsidiary referred to in Article 3 (1) (2) or the parent undertaking referred to in paragraph 3, the Agency shall also inform the supervisory authorities and the Agency of all other EEA States To the authorities responsible for making a decision corresponding to Article 3 (1) (2) or (3).

The notification referred to in paragraphs 1 and 2 shall indicate the intended measure and its justification. The notification shall allow the authorities to issue an opinion following notification.

After consulting the other authorities, the Agency shall, before the decision referred to in Article 1, assess whether it is possible, in place of the decision, to transfer funds from the institution's parent undertaking or to implement Article 5a of Chapter 11 of the Law on the operation of credit institutions. The early intervention measures referred to in paragraph 1.

The Agency shall not take a decision within the meaning of Article 3 (1) (2) or (3) if any authority referred to in paragraph 1 or 2 of this Article is opposed to the decision.

ARTICLE 3
Reduction of equity in a company belonging to a group

Where an institution is in the same group with an institution in another EEA State, the Agency shall decide on the measures referred to in Article 1 where the institution is:

(1) A registered subsidiary of Finland, the consolidated supervision of a group, the competent authority of another EEA State and the items referred to in Article 1 (1) have been taken into account both of the own funds of the subsidiary and of the consolidated own funds In the calculation of the minimum number and the joint decision with the responsible authority of the second EEA State, the Agency considers that action is necessary to safeguard the conditions for the continuation of the group's activities;

2) A subsidiary registered in another EEA State, the financial supervision corresponds to the consolidated supervision of the group and the items referred to in Article 1 (1) have been taken into account both of the own funds of the subsidiary and of the consolidated own funds In the joint decision with the other EEA State responsible for the calculation and the Agency, considers that action is necessary to safeguard the conditions for the continuation of the group's activities;

(3) the parent undertaking, the items referred to in Article 1 (1) have been taken into account in the calculation of both the parent undertaking's own funds and the minimum own funds and the supervision of the consolidated financial supervision of the group, and the Agency considers that: Measures are necessary to safeguard the conditions for the continuation of the group's activities.

Article 10 of Chapter 14 shall apply to the joint decision-making referred to in paragraphs 1 and 2.

§ 4
Notification of the decision to other authorities

The Agency shall notify its decision referred to in Article 1 to the Financial Supervisory Authority and to the authorities responsible for the resolution or supervision of undertakings belonging to the same group in another EEA State.

§ 5
Decision disclosure

The Agency shall make public the decision referred to in Article 1 or its summary on its Internet site.

ARTICLE 6
Application of the EU Resolution Regulation

Article 21 of the EU Resolution Regulation provides for the reduction and conversion of the value of shares and units of a group established in the Community and a participating Member State.

Chapter 7

General principles for crisis resolution instruments

ARTICLE 1
Application of crisis resolution instruments

The Agency shall adopt a decision on the use of one or more of the crisis-resolution instruments referred to in Article 2 when:

(1) the institution or undertaking has been set up in crisis management in accordance with Chapter 4, Section 1; and

(2) the Agency has taken a decision in accordance with Article 1 of Chapter 6 to reduce the nominal value of the financial instruments to be read in the accounts of the institution or undertaking, or, where the financial instrument does not have a nominal value, an accounting value and each The cancellation of shares or units of a share or unit owner.

The decision on the application of one or more resolution instruments may be adopted simultaneously with or after the decision referred to in paragraph 1 (2).

ARTICLE 2
Resolution instruments

Resolution tools are:

(1) the reduction of the nominal value of the institution or the temporary institution's liabilities and the conversion of liabilities into the own funds of this institution for the purpose of improving the solvency of the institution or the transfer of assets in accordance with paragraphs 2 to 4 As provided for in Chapter 8 Debt write-down and conversion );

(2) the redemption of the shares and units of the institution from their owners and further transfer, or the transfer of assets and liabilities of the institution and the cessation of the operation of the institution without delay, as provided for in Chapter 9 ( The transfer of business );

(3) the redemption of the shares and units of the institution from their owners and further transfer to a public limited liability company or the transfer of assets and liabilities of an institution to such an institution or undertaking; And the cessation of activities as provided for in Chapter 10 ( Temporary agency );

(4) the transfer, in whole or in part, of the assets and liabilities of an institution or of a temporary institution to one or more limited liability companies with a view to converting the assets of the company into money at the lowest possible cost, as specified in Chapter 11; Lays down ( Asset management company ).

Where only the instruments referred to in paragraph 1 (2) or (3) are used in a resolution of the institution, and only part of the assets or liabilities of the institution is transferred by these instruments, the Agency shall terminate the institution of the insolvency proceedings or Through the liquidation. The Agency shall take into account the operating conditions of the transferee or temporary agency, as well as the general objectives set out in Article 6 of Chapter 1 and the general principles laid down in Section 6 of Chapter 4.

The Agency may decide to collect reasonable compensation for the costs incurred by the use of the resolution tools for the costs incurred by the institution or the temporary institution, or to suspend the compensation referred to in Article 1 (2) and (3). From the redemption price. The amount referred to in this paragraph of the Agency shall be paid in the event of liquidation of the institution or in the event of liquidation of the institution or company referred to in Article 1 (3) or (4), in accordance with Article 3 of the Office Act and Article 3 of the Law on Payment of Payment. Of the European Parliament and of the Council.

The difference between the transfer price of the shares or units referred to in paragraph 1 (2) and (3) and the lower redemption price shall be fully compensated for by the institution's share or unit owner.

ARTICLE 3
Conclusion, registration and legal effects

The Agency may take the necessary decisions to use the resolution tools referred to in Article 2 without prejudice to the powers of the institution's institutions elsewhere in the law. Where the law provides for the powers of the institution, the law shall apply, unless the Agency decides otherwise. The rest of the law on the legal liability of the institution's institutions shall not apply to the institution's decisions in so far as the powers of the institution are limited in accordance with this paragraph.

Where an institution carries out a legal action contrary to the rule of paragraph 1, the legal action taken is ineffective, unless the party was in good faith that the institution was not entitled to do so.

The registration of the decisions referred to in Article 1 and their legal effects and decisions in a host undertaking other than the temporary establishment and the management company and the submission of notifications to the authorities Shall apply as otherwise provided for in the law, subject to this law. The registration of issued share capital for an institution, temporary institution or asset management company shall not apply to the (624/2006) Chapter 2, Article 8 Paragraph 3 provides for an auditor's opinion.

As far as the law is concerned, the law does not apply to judicial proceedings in which the Office supplies the assets or liabilities of an institution or undertaking in accordance with this law, and The decision referred to in Article 7. However, Articles 6, 9 and 13 of the Law on Commercial banks and other credit institutions, Articles 9, 10 and 30 of the Law on credit institutions and other credit institutions are applicable to the depositary's right to be dismissed. And Articles 69, 87a and 89 of the Savings Bank Act.

The legal effects of the decision referred to in this Article shall be governed by Article 7 of Chapter 12.

If, as a result of the application of Chapter 8 to 11, an institution other than the audited financial supervisory body no longer meets the requirements laid down in the law, the Agency shall inform the financial supervision thereof. Upon receipt of the notification, the financial supervision shall set a time limit for such supervision to comply with the statutory requirements.

§ 4
Decision disclosure

The Agency shall make public the decision referred to in Article 1 or its summary on its Internet site.

§ 5
Application of securities markets legislation

The provisions of Chapter 4 of the Securities and Markets Act concerning the prospectus and its contents, as well as in Chapter 11, concerning the takeover bid and the tendering obligation, shall not apply to the transfer or acquisition of shares under the provisions of Chapters 9 to 11 of this Act.

ARTICLE 6
Application of the provisions on the control of ownership

In the case of converting liabilities into shares or units under Chapter 8, or the transfer of shares or units pursuant to Chapter 9, Chapter 3 of the Law on the operation of credit institutions, Chapter 7, Article 14 of the Investment Services Act and Article 32 of the Financial Supervisory Law Articles a-32c, unless otherwise specified in this Article.

Financial supervision shall, without undue delay, decide whether or not to prohibit or restrict the acquisition of rights based on shares or shares. In considering the matter, financial supervision shall take into account the urgency of debt conversion or the transfer of business and the need to achieve the objectives of the resolution. The financial supervision decision shall be notified to the Agency and to the reporting obligation.

By way of derogation from the Law on Credit Institutions and the Investment Services Act, the Agency may dispose of shares and shares in accordance with the provisions of Chairs 8 and 9 of this Act before the European Central Bank has made a credit institution The decision referred to in Article 2 (2) of Chapter 3 of the Act or Financial Supervision has granted the authorisation referred to in Article 15 (2) of Chapter 7 of the Investment Services Act. The Agency shall, however, have the exclusive right to exercise rights based on shares and shares until such time as the European Central Bank has issued that decision or the said authorisation has been issued by the European Central Bank or by a decision whether to prohibit: The transfer of shares or units, or after the expiry of the period laid down in Article 32b of the Financial Supervision Act.

§ 7
Setting up a client

The Agency may, by decision, place an agent in an institution, in accordance with the instructions given by it, to the Agency's powers under this law. The Agency shall make public the decision to appoint an agent in accordance with Article 4 (1) to (3) of Chapter 4. The Ombudsman shall be subject to the duties of an official of the Office.

In relation to the quality and scope of the task, the client must have sufficient capacity, experience and expertise and must be suitable for the task. The client shall make every effort to contribute to the achievement of the general objectives of Article 6 of Chapter 1. The Ombudsman shall draw up and submit to the Agency a description of the financial situation of the institution and the performance of his duties on a regular basis and at the beginning and end of his term of office.

The client may be set up for a maximum period of one year. The term of office of a client may be renewed for a specific reason. The Agency may withdraw the lodging of an agent.

Where an agent is placed in an establishment belonging to the same group in another EEA State, the Agency shall endeavour to agree with the other authorities responsible for crisis resolution in the EEA State to impose the same ombudsman on all Institutions belonging to the group.

Where the agent has jurisdiction under this Article to exercise the powers vested in the Government or the Executive Director, the Office shall notify the limitation of the powers of the Government or the Executive Director, as well as the identity of the agent To be registered. The information shall be entered in the commercial register in addition to the information entered in the commercial register of trade registers. (129/1979) In accordance with

§ 8
Labelling in another EEA State Register

The Agency shall request that the decision referred to in Article 1 be entered in a real estate register in another EEA State, in the trade register or in any other public register, if the registration is under the law of that State. Of such a decision.

§ 9
Application of the EU Resolution Regulation

Article 17 of the EU Resolution Regulation provides for the priority of the receivables, Article 22 of the general principles for crisis resolution instruments and Article 23 of the crisis resolution system, which shall include a resolution The details of the resolution tools used for the facility.

Chapter 8

Debt write-down and conversion into own funds instruments

ARTICLE 1
The right to reduce the nominal value of the debt and to convert liabilities into financial instruments for own funds

With the exceptions provided for in Articles 5 and 6, the Agency may, with the exceptions provided for in Articles 5 and 6, reduce the nominal value of the debts referred to in Article 4 of the facility and of the temporary establishment referred to in Chapter 10, hereinafter referred to as: Eligible liabilities , and convert the reduced debt to own funds into financial instruments as provided for in this Chapter.

Paragraph 1, which provides for the debts of the temporary institution, shall also apply to the temporary institution's debts transferred under this law.

The establishment of a crisis management body shall have adequate systems to ensure that, where appropriate, the Agency has access to the information necessary for the application of the provisions of this Chapter.

ARTICLE 2
Reorganisation proposal

Within one month of the adoption of the decision referred to in Article 1, the institution shall submit to the Agency a proposal for the reorganisation of its activities. The Agency may, for a specific reason, extend by one month.

The Agency shall evaluate the proposal in cooperation with the financial supervision. If the implementation of the proposal is likely to restore the institution, the Agency shall adopt the proposal. If the proposal does not achieve this objective, the Agency shall, in cooperation with the Financial Supervisory Authority, notify the institution of its comments. The institution shall submit a full proposal to the Agency within two weeks following receipt of the notification. Within one week after receiving the completed proposal, the Agency shall require the institution to either complete the proposal or approve the proposal.

For the purpose of reducing the nominal value of the liabilities of the undertaking referred to in Article 1 (2) of Chapter 1, the parent undertaking of the group shall present a proposal within the meaning of paragraph 1 of this Article covering all undertakings in the group.

The institution shall take the measures contained in the proposal adopted in accordance with paragraph 2 and shall provide the Agency with a description of the progress of the implementation of the proposal at least every six months. The Agency may, in cooperation with financial supervision, require the institution to submit a new proposal to the Agency for approval if it considers it necessary to achieve the objective referred to in paragraph 2.

The Decree of the Ministry of Finance sets out the requirements for the content of the proposal referred to in this Article for the implementation of the Resolution Directive.

ARTICLE 3
Implementation of debt reduction and conversion

In order to reduce the nominal value of the debt and to convert a reduced amount into financial instruments for own funds, the Agency shall assess, on the basis of the valuation in accordance with Chapter 5, the total amount of eligible liabilities The nominal value shall be reduced, subject to the conditions laid down in Article 4 (4), to be converted into own funds for legible financial instruments.

If the liabilities of the institution exceed its assets, the Agency shall first reduce the carrying amount of the liabilities by the amount corresponding to the difference between liabilities and assets in the same order as the liabilities corresponding to the losses in the bankruptcy of the institution.

In addition, the Agency shall reduce the nominal value of the liabilities and the amount of the write-off to be used as financial instruments for legibility. The conversion shall be made to the amount required after the reduction of the nominal value of the liabilities referred to in paragraph 2 to increase the own funds of the institution or the temporary institution to a level consistent with the own funds threshold which would secure the The continued operation of the institution or temporary institution of the market.

Where an institution or a temporary institution has financial instruments which are subordinated to the payment order in bankruptcy, the value of such liabilities must be reduced in full before ranking in the order of payment A reduction in the value of the debts. Where an institution or a temporary institution has financial instruments which, according to their terms, may be converted into financial instruments at a disadvantage in the event of bankruptcy, the financial instruments shall be amended in accordance with Before the date of application of this Article.

In order to convert liabilities into financial instruments for own funds under paragraph 1, the Agency may use a different balance of payments for debts with a different payment order in the event of bankruptcy. The Agency shall at least comply with at least one of the following principles:

(1) the conversion ratio must provide adequate compensation to the creditor for the impairment and conversion of the debt;

(2) The rate of conversion of the debts in the order of payment shall be higher than those of subordinated debt.

The creditor, whose nominal value has been reduced on the basis of the provisions laid down in paragraph 3, shall have the right to obtain the amount of the debt write-off of financial instruments which are subordinated to the payment order in the form of a reduced debt. Other protective measures for creditors are laid down in Chapter 13.

As provided for in this Chapter, the institution shall also be subject to the temporary institution referred to in Chapter 10.

§ 4
Liabilities whose nominal value cannot be reduced

This Chapter shall not apply to the following liabilities:

(1) deposits if they are replaced by Chapter 5 of the Agency Act;

(2) collateralised liabilities if the fair value of the collateral covers the amount of the debt;

3) a debt based on the employment relationship, with the exception of the variable remuneration referred to in Article 2 (4) of Chapter 8 of the Law on the operation of credit institutions;

(4) the purchase of goods and services required by the institution or undertaking;

(5) a debt of up to seven days from the original duration to an institution which does not belong to the same group;

(6) In the settlement system referred to in Article 2 (1) of the Law on certain conditions for securities and foreign exchange and settlement systems, a liability arising from the settlement of payments or securities, which expires earlier than seven days; After the adoption of the decision referred to in Article 7 (1) of this Act;

7. The deposit guarantee fee in accordance with Article 4 (1) of the Agency Act.

§ 5
Discretionary exceptions for eligible liabilities

The Agency may decide, within the limits set out in this Article, that Article 1 shall not apply to the debt or to any part thereof. This paragraph shall not apply to financial instruments for the institution's own funds.

The Agency may adopt the decision referred to in paragraph 1 if the write-off and conversion of the debt into financial instruments for own funds:

1) is not practicable within a reasonable time;

(2) would seriously jeopardise the ability of the institution to maintain its core activities or continue its core business;

(3) would unduly jeopardise financial stability;

4) to undermine the value of the assets of other creditors than if debt write-downs and conversion are not made.

However, in accordance with paragraph 1, the nominal value of other eligible liabilities may be reduced in accordance with Article 1, while respecting Article 6 (1) (3) of Chapter 4. The Agency may also decide that the amount not to be reduced shall be covered by the resolution fund in accordance with Article 6.

In considering the decision referred to in paragraph 1, the Agency shall take sufficient account of at least:

1) the principle that the losses of an institution which is the subject of a resolution must be covered by a reduction in the value of financial instruments for own funds and liabilities in the same order of payment as the institution's bankruptcy;

(2) the amount of the remaining own funds and eligible liabilities in the crisis management institution;

3) the need to maintain sufficient funds for a resolution.

The Agency shall immediately inform the Commission of the decision referred to in this Article. Where Article 6 applies, the decision shall not be implemented without the consent of the Commission.

ARTICLE 6
Explaining the amount of the derogation from the resolution fund

The amount in which the creditor of the institution has been excluded pursuant to Article 3 and which, under Article 3 (3), is not covered by an increase in the proportion of the total amount of other liabilities, may be covered, in whole or in part, from the resources of the resolution fund As provided for in this Article.

The funds of the Resolution Fund may be used in the case referred to in paragraph 1 within the limits set out in paragraph 3:

(1) to cover losses of the institution if they exceed the net assets estimated in accordance with Chapter 5 of Chapter 5;

(2) the purchase of financial instruments for the own funds of the institution.

The Agency may make the application of paragraph 2 (2) subject to the condition that the amount paid to the institution is subsequently repaid from the institution's distributable free capital.

The funds for the resolution fund may be used for the purposes of paragraph 2 only after the reduction in the nominal value of the eligible liabilities has been reduced in accordance with Article 1, at least equal to 8 % of crisis management. The balance sheet total in accordance with Chapter 5 of the installation. However, the funds may be used up to a maximum of:

(1) it is necessary to safeguard the financial capacity of an institution in crisis management within the meaning of Article 7 (1); and

(2) up to 5 % of the balance sheet total in accordance with Chapter 5 of the institution of the crisis management body, subject to paragraph 5 of this Article.

In exceptional circumstances, the Agency may decide that the amount exceeding the limit set out in paragraph 4 (2) shall be covered by the Fund or otherwise. It is required that the nominal value of all eligible liabilities has been reduced in full in accordance with this Chapter, but not:

(1) funds held in the deposit bank account;

(2) non-registered assets in the account of the settlement account;

(3) funds belonging to the public body, the other institution or financial institution.

By way of derogation from paragraph 4, the funds of the resolution fund may be used for the purpose of paragraph 2 if:

(1) the nominal value of the eligible liabilities has been reduced and the creditor has been converted in accordance with Article 1 at least equal to 20 % of the risk-weighted assets referred to in the EU Solvency Regulation. The sum of off-balance sheet items;

(2) the resolution fund has at least an amount equal to 3 % of the recoverable deposits referred to in Section 8 of Chapter 5 of the Agency; and

(3) The consolidated balance sheet of the institution of crisis management is less than EUR 900 billion.

4-6 shall apply from 1 January 2016.

§ 7
Minimum requirement for eligible debts

The institution shall continuously have its own funds and eligible liabilities at least the amount determined by the Agency. The Agency should consult the Financial Supervisory Authority before setting a minimum requirement. The Agency shall take into account the minimum number when setting at least:

(1) the need to ensure the achievement of the objectives of the resolution;

(2) the need to ensure that, where the value of the debt is reduced and converted, the institution has sufficient eligible liabilities in order to raise the institution's own funds to a level consistent with the own funds threshold, which Ensure the continued operation of the institution or the temporary agency and the confidence of the market;

(3) the size, business and financial model of the institution and the risk profile;

(4) the extent to which a crisis solution could be financed by the Deposit Guarantee Fund in accordance with Article 14 of Chapter 5 of the Agency;

(5) the adverse effects of the cessation of activities on financial stability, other institutions or the financial system.

Paragraph 1 provides for the institution's own resources, deductible liabilities and balance sheet total, to be applied to the consolidated own funds of the institution, the consolidated liabilities and the consolidated balance sheet. The calculation of the value of derivative contracts is governed by Article 12 (3).

Eligible liabilities may be included in the total amount referred to in paragraph 1 only if:

(1) the financial instrument is fully paid;

(2) the institution has not provided, directly or indirectly, any credit or guarantee for the acquisition of financial instruments on which the debt is based;

(3) the debt expires at the earliest one year after its birth;

4) the debt is not based on a derivative contract;

(5) the debt is not based on a deposit to be replaced by Article 8 of Chapter 5 of the Agency;

(6) the institution does not have the right to a debt and the institution has not issued a guarantee or guarantee.

Where the debt is governed by the law of a third country, the Agency may require that the debt be considered a degressive debt only if the decision of the Agency for impairment and conversion is considered binding under the law of the third country, and Valid. At the request of the Agency, this report shall be presented by the institution.

This article does not apply to the law on mortgage lending (688/2010) In the case of a mortgage lending bank.

§ 8
Eligible liabilities under contract

The Agency may decide that the minimum requirement laid down in Article 7 is to be covered by the contractually degressive debts. Such debt may only be accepted as a debt subject to a contractual condition:

(1) which allows the impairment or conversion of debt under this Chapter before any other eligible creditor; and

2) where the debt is subordinated to other eligible debts in the event of bankruptcy.

§ 9
Control of the minimum requirement for deductible liabilities

An institution shall have adequate systems to ensure that the Agency can continuously monitor whether the institution or company meets the requirements laid down in Article 7. The Agency, in cooperation with financial supervision, shall continuously monitor compliance with the requirements.

The Agency shall inform the European Banking Authority of the minimum requirement referred to in Article 7 for each institution.

ARTICLE 10
Cooperation with other EEA States Resolution Authorities

The Agency shall decide on the application of the minimum of eligible liabilities on the basis of the consolidated balance sheet of the parent undertaking, together with the other authorities responsible for the resolution of the group companies.

Where the authorities referred to in paragraph 1 have not adopted a joint decision within the meaning of paragraph 1 within four months and the Agency is the authority responsible for the group resolution, it shall take a decision. The decision shall take into account the assessment of group companies by other crisis resolution authorities and shall be submitted to the group's parent undertaking.

Where, in accordance with Article 19 of the European Banking Supervision Regulation, the authority referred to in paragraph 1 has divulged a disagreement over the decision referred to in paragraphs 1 or 2 to the European Banking Authority, the Agency shall defer its own And await the decision of the European Banking Authority and take its final decision in accordance with the decision of the European Banking Authority.

The period of four months referred to in paragraph 2 shall be the conciliation period referred to in Article 19 of the European Banking Supervision Regulation. It is not possible to refer the matter to the European Banking Authority after the four-month period referred to in paragraph 2 or after the adoption of the joint decision. If the European Banking Authority has not adopted its decision within one month, the Agency shall adopt the decision referred to in paragraph 2.

Where an institution or an institution located in another EEA State has at least one company domiciled in Finland and at least one company domiciled in another EEA State, the Agency shall work together with another With the EEA State Resolution Authority, a joint decision on the application of Article 7 or of any other EEA State legislation to the parent undertaking on the basis of the consolidated balance sheet and Article 7 or other EEA State The application of the legislation to the subsidiary.

Where the authorities referred to in paragraph 5 have not adopted a joint decision within a period of four months, the Agency shall take a decision on the subsidiary which falls within its competence. The decision shall take into account the positions and reservations expressed by the authorities responsible for collective crisis resolution and shall be communicated to the group's parent undertaking and to the subsidiaries.

Where, in accordance with Article 19 of the European Banking Supervision Regulation, the authority responsible for a group resolution, in accordance with Article 19 of the European Banking Supervision Regulation, has referred to the European Banking Authority, the Agency shall defer its own And await the decision of the European Banking Authority and take its final decision in accordance with the decision of the European Banking Authority. However, the matter shall not be referred to the European Banking Authority if the requirement calculated on the basis of the balance sheet of the subsidiary differs from that calculated on the basis of the consolidated balance sheet by a maximum of 1 percentage point.

The period of four months referred to in paragraph 6 shall be the conciliation period referred to in Article 19 of the European Banking Supervision Regulation. The case may not be submitted to the European Banking Authority after the four-month period referred to in paragraph 2 above or after the adoption of the joint decision. If the European Banking Authority has not adopted its decision within one month, the Agency shall adopt the decision referred to in paragraph 2.

The decisions referred to in this Article shall be reviewed at least once a year.

ARTICLE 11
Derogations from the application of the minimum requirements for reduction of eligible liabilities in the group

The Agency, acting as the authority responsible for a group resolution, may decide that the minimum requirement laid down in Article 7 shall apply to the parent institution of the group only on the basis of the consolidated financial position of the institution. It is required that financial supervision has decided to apply a minimum own funds requirement under the EU Solvency Regulation to the parent company pursuant to Article 7 of that Regulation on the basis of the consolidated financial position of the institution.

The Agency, acting as the authority responsible for the resolution of the group's subsidiary institution, may decide that the subsidiary shall not be subject to the minimum requirement laid down in Article 7 if:

(1) the parent undertaking of the group and the subsidiary concerned are registered and supervised in Finland;

(2) the subsidiary is controlled under Article 5 (1) of Chapter 1 of the Accounting Act of the parent company and is subject to the consolidated supervision of the parent institution;

(3) the parent undertaking of the group in Finland shall be subject to the minimum requirement laid down in Article 7 on the basis of the consolidated financial position of the parent undertaking;

(4) there are no obstacles to the assumption by the parent undertaking of the debt of the subsidiary or of the financial instruments to be used for its own funds;

(5) a subsidiary is managed in accordance with sound and prudent business principles and the parent undertaking guarantees the obligations of the subsidiary in a manner acceptable to the financial supervision, or the risks of the subsidiary are limited;

(6) the risk assessment, measurement and control procedures of the parent undertaking also cover the subsidiary; and

(7) The financial supervision has granted a full derogation from the requirements of the EU Capital Requirements Regulation to the subsidiary as referred to in Article 7 (1).

ARTICLE 12
Applying the impairment and conversion of eligible liabilities to derivative contracts

The value of the liability based on the derivative contract may be reduced only after the closure of the derivative contract. The Agency may close a derivative contract within the framework of a crisis resolution, irrespective of its terms.

Where an netting agreement applies to a derivative contract, the valuer referred to in Article 2 of Chapter 5 of the Agency or Chapter 5 shall, in the context of the valuation under Article 1 of that Chapter, establish a net liability based on such a derivative contract Under the terms of the netting agreement.

The assessment by the Agency or the assessor referred to in Article 2 of Chapter 5 shall be based on the value of the liabilities arising from the derivative contract:

(1) appropriate methods for determining the value of different classes of derivative contracts, including legal action under netting agreements;

(2) the principles for determining the correct time when the value of the derivative contracts should be determined;

(3) appropriate methods for comparing the loss of value resulting from the closure of a derivative contract with the loss resulting from the impairment and conversion of a liability on the basis of a derivative contract.

Article 12a (26/06/2015)
Recognition of impairment and conversion of eligible liabilities in contracts

The institution shall use the contractual condition whereby the creditor of the institution recognises and approves the reduction, conversion or cancellation of capital or outstanding amount by a decision of the Agency if the following conditions are met:

(1) the debt is not a liability as referred to in Article 4;

2) the debt is not a natural or non-audit law; (459/2007) The eligible deposit of the legal person referred to in paragraph 2;

(3) the debt shall be governed by the law of the non-European Economic Area; and

4) the debt is issued on or after 1 July 2015.

Paragraph 1 shall not apply where the Agency considers that the contract to be concluded by the institution is subject to the agreement referred to in Article 15 (1).

Upon request, the institution shall forward to the Agency an opinion on the enforceability and binding nature of the agreement referred to in paragraph 1.

The Agency shall have the right to reduce, modify and cancel debts in accordance with this law, even if the institution does not use the contractual condition referred to in paragraph 1.

ARTICLE 13
Application of the EU Resolution Regulation

Article 12 of the EU Resolution Regulation lays down a minimum requirement for own funds and eligible debts to be incurred by the institution and parent undertaking referred to in Articles 8 and 9 and which shall be subject to the Valuation and conversion powers. Article 27 of the said Regulation provides for debt write-down and conversion as financial instruments for own resources.

Chapter 9

Delivering business

ARTICLE 1
Right to release the institution's business

The Agency may adopt a decision on the transfer, in whole or in part, of the business of the institution in crisis management to another institution or to any other third party in one or more instalments as provided for in this Chapter. This Article shall not apply to the transfer of business to a temporary institution, unless otherwise provided for in Chapter 10.

On the transfer of business For the purposes of this law:

1) merge with another establishment or another undertaking;

(2) the division into two or more institutions or other undertakings;

(3) the transfer of assets and liabilities to the buyer;

4) the redemption of shares and units from their owner and further disclosure.

ARTICLE 2
Principles governing the supply of business

The business shall not be disclosed on terms which differ from one another between independent parties to the conditions commonly observed in the transfer of business. The redemption value shall be determined on the basis of the valuation set out in Chapter 5 for the redemption of the shares and units of the institution which is the subject of a resolution.

The Agency may, with the consent of the transferee, transfer the assets and liabilities transferred to another undertaking in accordance with this Chapter to the institution or, in the case of shares or units redeemed from the shareholder, of the shares, or The owner of the unit. The transfer referred to in this paragraph shall be made under the conditions referred to in paragraph 1.

The transfer of business shall be subject to safeguards for the partial transfer of assets referred to in Chapter 13.

The host institution shall be deemed to continue the operation of the institution in crisis management if it receives business services in another EEA State and the right to establishment in another EEA State Use.

ARTICLE 3
Procedure for the transfer of business

Subject to paragraph 2, the Agency shall publicly provide for the purchase of the business or each part thereof disposed of separately.

The Agency may release the business without a takeover bid if the takeover bid would pose a threat to the stability of the financial markets, or would otherwise compromise the objectives of the resolution or hamper the effective resolution of the resolution Implementation.

The Agency shall select the most favourable offer that does not jeopardise the continued sale of the business in a reliable manner and does not jeopardise the achievement of the objectives of the resolution.

For the purposes of applying this Chapter, the issuer of the security may suspend the publication of the information referred to in Article 5 of Chapter 6 of the Securities and Markets Act under the conditions laid down in that Article.

§ 4
Extension of business

The recipient undertaking shall have the right to operate an operating licence only to the extent that it is authorised. In order to exercise the right to provide services in another EEA State and to exercise the right of establishment in another EEA State, the recipient undertaking is considered to continue the operation of the institution in crisis management.

The institution's rights to participate in the payment and settlement system, operate on a regulated market and belong to the Deposit Guarantee Fund and to the investor compensation fund, as well as other comparable rights to the recipient firm directly under the law , where the recipient undertaking fulfils the conditions for exercising the right.

Notwithstanding the provisions of paragraph 2, the Agency may grant the recipient undertaking the right referred to in paragraph 2 where the recipient undertaking does not meet the requirements laid down in that paragraph. Such a right shall be valid for a period not exceeding two years.

§ 5
Application of the EU Resolution Regulation

Article 24 of the EU Resolution Regulation provides for the transfer of business within the framework of the Single Resolution Mechanism.

Chapter 10

Temporary agency

ARTICLE 1
Establishment of a temporary facility and disposal of assets and liabilities

The Agency may set up a limited liability company to continue the core business of the crisis management body ( Temporary agency ) And shall decide on the transfer of assets or liabilities of the institution in one or more instalments to the temporary institution as provided for in this Chapter. Unless otherwise specified below, the temporary institution shall be subject to the law on credit institutions and the law on business banks and other institutions in the form of limited liability companies. The statutes of the temporary body must show that the limited liability company is a temporary agency within the meaning of this law.

The Agency shall indicate at least the amount of the shares of the temporary institution which corresponds to more than half of the voting rights produced by all the shares. The share capital shall be paid in cash or in the form of an apportionment by the transfer of an adequate amount of funds to a temporary institution after the reduction of the value of its own funds and liabilities as referred to in Chapters 6 and 8. The amount of apportionassets referred to in this paragraph shall be determined by the Agency in accordance with the provisions of Chapter 5. The debts of the temporary institution may be converted into shares in the form of a temporary institution within the meaning of Chapter 8 up to a limit sufficient to safeguard the control of the Office.

The Agency may decide, in accordance with this Chapter, to refer the transfer of funds or liabilities to the temporary institution to the institution or, in the case of shares or units redeemed from ownership of the share or dividend, Or the unit owner if such transfer is expressly permitted in the Agency's decision under which the assets or liabilities have been transferred, or where those assets or liabilities have been transferred to the temporary institution in breach of the decision.

Chapter 13 shall apply to the establishment of a temporary establishment and the disposal of assets and liabilities in respect of a partial transfer of assets.

ARTICLE 2
Extension of activities

The Agency shall, in handing over the business to a temporary agency, ensure the ability of the temporary institution to continue its core activities without interruption.

The acquiring institution is considered to continue the operation of the crisis management body and has the right to provide services in another EEA State and to establish itself in another EEA State.

By way of derogation from the provisions of the Law on Credit Institutions and the Investment Services Act, the financial supervision shall decide, without undue delay, upon receipt of a notification from the Agency for the establishment of a temporary agency or The application of the provisions of this Chapter to a previously established temporary facility. Financial supervision may, upon application by the Agency, grant a temporary institution the period for a period of time to derogate from the solvency and liquidity requirements laid down in those laws.

The institution's rights to participate in the payment and settlement system, operate on a regulated market and belong to the Deposit Guarantee Fund and the investor compensation fund and other comparable rights will be transferred to the temporary institution.

Notwithstanding the provisions of paragraph 4, the Agency may decide that the entitlement referred to in paragraph 4 of the provisional establishment shall be valid only for a period not exceeding two years if the temporary institution does not fulfil the Or the conditions specified in the terms of the scheme.

ARTICLE 3
Ownership and management of a temporary establishment

The Agency shall not dispose of the control referred to in Article 1 (2) before the decision referred to in Article 4.

The Agency shall ensure that the chair and staff of the temporary agency have sufficient professional skills to manage the funds of the temporary institution.

The interim establishment's Board of Directors and the Executive Director shall lead the temporary institution with sound and prudent business principles as well as the action plan adopted by the Agency and the principles of risk-taking in it, and In accordance with the remuneration principles adopted by the Agency.

Subject to the restrictions imposed in accordance with the competition rules of the EU or Member States, the temporary body shall be managed in such a way that the institution or its business may be surrendered within the time limit laid down in Article 4 (1).

§ 4
Ending the temporary facility

The Agency shall take a decision on the merger, distribution, sale of the institution's shares or any other dismantling as soon as possible and no later than two years after the date of receipt of the provisional installation by the Agency. The last part of the business, assets or liabilities to be surrendered to the temporary institution of the institution which is the subject of the resolution.

The Agency may extend the period referred to in paragraph 1 for a period not exceeding one year, if necessary for the winding up of the temporary institution or for the sale of the shares, or where the extension is necessary for the central bank of the temporary institution, or To safeguard the continuation of financial activities.

In the event of an end to the activities of the temporary agency, the Agency shall make publicly available the shares or shares of the temporary agency or the assets. The Agency shall select the most favourable offer that does not jeopardise the objectives of the resolution or the smooth operation of the financial markets.

For the remainder of the transitional period, the rest of the law provides for the winding-up of a limited liability company.

§ 5
Application of the EU Resolution Regulation

Article 25 of the EU Resolution Regulation provides for the asset management company to be used within the framework of the Single Resolution Mechanism.

Chapter 11

Asset management company

ARTICLE 1
Creation of an asset management company and disposal of assets and liabilities

The Agency may, when applying Chapter 8 to 10, establish one or more limited liability companies ( Asset management company ) And decide on the transfer of assets and liabilities of an institution or temporary institution which is the subject of a resolution, under the conditions laid down in paragraph 2, in one or more instalments of the asset management company. The statutes of the asset management company must show that the company is an asset management company within the meaning of this law.

The Agency may decide on the transfer of assets and liabilities of an institution or temporary institution which is the subject of a resolution to the asset management company if they cannot be sold without loss or disturbance to the functioning of the financial markets, or where: To ensure the proper functioning of the institution or temporary institution which is the subject of a resolution.

The Agency shall determine the consideration to be given to the asset management company in respect of the assets or liabilities and in compliance with the valuation of the assets in Chapter 5.

The Agency shall, when applying this Article, indicate at least the amount of the shares in the asset management company that corresponds to more than half of the voting rights generated by all the shares of the company. For consideration of the shares, paragraph 3 shall apply.

In accordance with this Chapter, the Agency may decide to refer the transfer of funds or liabilities to the asset management company back to the institution where the transfer is expressly permitted in the Agency's decision under which the assets or liabilities have been transferred or where: The assets or liabilities mentioned have been transferred to the asset management company in breach of the decision.

The provisions of Chapter 13 for the transfer of assets, rights, liabilities and other obligations referred to in this Chapter shall be subject to the protection measures for the partial transfer of property.

ARTICLE 2
Ownership and management of the asset management company

The Agency shall ensure that the management and staff of the asset management company have sufficient professional skills to manage the assets of the asset management company.

The management and managing director of the asset management company shall lead the asset management company with sound and prudent business principles as well as the action plan adopted by the Agency, including the principles of risk-taking, and In accordance with the remuneration principles adopted by the Agency. The Agency may decide to refer the transfer of funds and liabilities renounced in accordance with this Chapter to the institution or temporary institution which is the subject of a resolution, where such transfer is expressly permitted in the Agency's decision, The asset or liability has been transferred to the asset management company and the asset or liability is relocated within that time limit.

ARTICLE 3
Closures of the asset management company

The Agency shall sell the shares of the asset management company, decide on the merger or division of the asset management company or the liquidation of the asset management company as soon as it is possible without significant losses following the cessation of activities Or significant disturbances in the financial markets or that the cessation of activities jeopardised the achievement of the objectives of the resolution in accordance with Article 6 of Chapter 1.

In the event of an end to the activities of the asset management company, the Agency shall make publicly available the shares or shares of the asset management company or the assets. The Agency shall select the most favourable offer that does not jeopardise the objectives of the resolution or the smooth operation of the financial markets.

The dissolution of the asset management company is subject to the rest of the law as provided for by the law on the winding-up of the company.

§ 4
Application of the EU Resolution Regulation

Article 26 of the EU Resolution Regulation provides for a resolution instrument on asset segregation corresponding to the asset management company used in the framework of the Single Resolution Mechanism.

PART IV

POWERS AND SAFEGUARDS OF THE AGENCY

Chapter 12

Powers of the Agency

ARTICLE 1
Powers

The Agency shall have the right:

(1) to obtain, without prejudice to the provisions of confidentiality, the documents, information and explanations required by the Agency for the application of resolution instruments, the drawing up of resolution plans and other tasks provided for in this Act;

(2) carry out, to the extent necessary for the performance of their duties, and without prejudice to the provisions of confidentiality, in the establishment of the administrative law (434/2003) Details are provided.

The Agency shall have the right under the conditions laid down in this Act:

(1) control and exercise control over all its owners, the Management Board, the Board of Directors, the Executive Director and the other senior management;

(2) redeem and dispose of shares and units issued by the institution;

(3) transfer the assets and liabilities of the institution to the other party in accordance with this agreement;

(4) reduce the value of the institution's eligible liabilities;

(5) convert the eligible creditor into shares or units of the institution or its parent undertaking, or the shares of the temporary institution to which the assets or liabilities of the institution are delivered;

(6) cancel the debt certificates issued by the institution;

(7) to reduce the value of shares and units and other equity items and to cancel shares and units in a similar relationship;

(8) order the institution or its parent undertaking to issue new shares or shares;

(9) amend the maturity date of the debt and the amount of interest payable on such debt and the eligible debt, transfer the maturity date and suspend the payment obligation;

(10) close and terminate derivative contracts;

(11) dismiss the members of the Board of Directors, the members of the Board of Directors and the Executive Director and dismiss the other members of the Executive Board referred to in Article 20 of Chapter 1 of the Law on the operation of the credit institutions, notwithstanding the rest of the law; And appoint new persons to replace them;

(12) Notwithstanding the time limits laid down in Article 32b of the Law on the suitability of the owner and the reliability of the owner referred to in Article 32a of the Law on Financial Supervision.

Paragraph 1 shall also apply to an undertaking which, on behalf of the institution, carries out tasks relating to this business, accounting, information systems, risk management or internal control.

The rights referred to in paragraphs 1 and 2 shall apply, subject to the provisions on State aid, notwithstanding the rest of the law, by means of a decision or agreement between the parties to the agreement.

The Agency may exercise the powers provided for in this Article, notwithstanding any other provision laid down by law or in the statutes or rules of the institution or otherwise agreed on the obligation to obtain the consent of another authority or person The exercise of the authority or the obligation to notify the authority before the authorisation is exercised.

ARTICLE 2
Associate powers

The Agency shall exercise the right of resolution powers provided for in Chapters 8 to 11:

(1) transfer the assets and liabilities of the institution, subject to the provisions of Chapter 13, to the institution's liabilities;

(2) withdraw rights to acquire shares or units from the institution subject to the resolution;

(3) require that the financial supervision suspends the admission of a financial instrument to a crisis management facility or suspends the admission to trading of a financial instrument to trading on the financial instrument (748/2012) The regulated market referred to in paragraph 6;

(4) decides that, when transferring the assets or liabilities of an institution, the recipient shall have the same rights and obligations to participate in the regulated market and payment and settlement systems, as well as the Deposit Guarantee Fund and the Investor Compensation Fund; With the exception of rights and obligations arising from the limitation of the powers of the governing bodies;

(5) decide that the recipient of the institution and its assets or liabilities must provide each other with the information required by the transfer or any other measure, and otherwise contribute to the effective implementation of resolution measures;

(6) cancel the terms of the contract or modify the terms of the contract to which the institution is party, and decide that the recipient of the rights, funds or liabilities will become a party to the agreement instead of the institution.

The Agency shall exercise the powers of resolution provided for in this Act to determine the continuity arrangements to ensure that the crisis resolution measure is effective and that the recipient of the rights, funds or liabilities may: To carry out the business entrusted to it. The continuity arrangement may be:

(1) the extension of contracts concluded by the institution so that the recipient takes over the rights and obligations of the institution relating to the assets and liabilities transferred to the recipient, and that the addressee enters a crisis management; Placed at the disposal of the institution in all relevant agreements;

(2) the imposition of the consignee instead of the institution for any legal proceedings and other legal proceedings relating to the financial instruments, rights, assets or liabilities which have been released;

(3) other continuity arrangements as referred to in paragraph 1.

Paragraphs 1 (4) and 2 (2) shall not affect:

(1) the employee's right to terminate or terminate the employment contract;

(2) the right to terminate or terminate the contract or to exercise other rights deriving from an agreement if:

(a) it is possible under the terms of the contract as a result of a measure taken or failed to be carried out by an institution in a crisis management system before or for which the recipient has taken or failed to carry out the transfer; After;

(b) and Article 11.

ARTICLE 3
Entitlements require the provision of a service or activity

The Agency shall have the right to decide that the institution shall provide the recipient of assets or liabilities with the services and activities required for the efficient operation of this business, which do not include financial support. The foregoing paragraph shall also apply to a company belonging to a group which is subject to liquidation or bankruptcy proceedings.

The Agency shall have the right to implement in Finland a decision equivalent to paragraph 1 of the second EEA State Resolution Authority, issued to a group of companies registered in Finland.

The services and activities referred to in paragraphs 1 and 2 shall be provided:

(1) under the same conditions as the Agreement on services and activities, the installation of a crisis management body immediately prior to taking the resolution measures; or

(2) in cases other than those referred to in paragraph 1 on reasonable terms.

§ 4
Implementation of crisis resolution measure decided in another EEA State in Finland

A decision on a crisis resolution measure in accordance with the law of the second EEA State concerning the transfer of assets, rights or debts in Finland, or any assets, rights or liabilities subject to Finnish law shall: In Finland, without a different decision, when the decision enters into force in the second EEA State referred to above.

A decision taken in accordance with the legislation of the second EEA State in respect of a resolution measure to reduce the value of shares, units or liabilities or to convert liabilities into shares or units will enter into force in Finland without a different decision At the same time as the decision enters into force in the second EEA State referred to above. The foregoing paragraph of this paragraph shall apply without prejudice to:

(1) shares, units or debts are governed by Finnish law; or

(2) the creditor's natural person is resident in Finland, the creditor is registered in Finland or the creditor is a Finnish public body.

Paragraph 2 shall also apply to the decision referred to in Sections 1 and 3 of Chapter 6.

At the request of the other EEA State Resolution Authority referred to in paragraphs 1 to 3, the Agency shall implement the decision.

The decision referred to in paragraphs 1 to 3 shall be governed by the law of the EEA State under which the relevant decision has been taken.

§ 5
Additional provisions on protection measures

The Agency shall decide on a crisis resolution measure:

(1) concerning assets or liabilities in another EEA State which are governed by the law of another EEA State;

(2) where the value of the shares, units or liabilities is reduced or the liabilities converted into shares or units, if:

(a) they shall be governed by the law of another EEA State;

(b) a natural person creditor resides in another EEA State;

(c) the legal person holding the creditor has its registered office in another EEA State; or

(d) the creditor is a public body of another EEA State.

Paragraph 1 (2) shall also apply to the decision to reduce the value of shares or units before any decision to be taken on a resolution measure.

The protection measures relating to the assets, rights and liabilities referred to in paragraph 1, paragraph 1, relating to the partial donation of assets, shall apply as provided for in Chapter 13.

ARTICLE 6
Entities in the supply of assets in a third country

Where a resolution measure is directed at assets in a third country or in assets or liabilities subject to the law of a third country, the Agency may decide that:

(1) the agent or any other person who exercises control over a crisis management institution and the recipient of assets or liabilities shall take all necessary measures to ensure that the transfer, reduction or other The measure enters into force;

(2) the agent or any other person who exercises control over a crisis management institution shall hold the funds or pay the debt on behalf of the consignee until such time as the transfer, reduction or other measure enters into force;

(3) the reasonable costs incurred by the consignee for carrying out the measures referred to in paragraphs 1 or 2 shall be replaced by the criteria laid down in Article 2 (3) of Chapter 7.

The Agency may decide that the provisions of paragraph 1 shall apply to the agent or other institution exercising control of the institution, or to the recipient, where the Agency supplies or intends to dispose of the institution's shares or shares, or Assets or liabilities from the institution to another person and:

(1) the funds released or released are located in a third country; or

(2) the shares, shares, other assets or liabilities of the third country shall be governed by the law of the third country.

Paragraph 1 (1) shall not apply where there is an exceptional uncertainty as to the extent to which the transfer of the addressee, the reduction in value or any other measure in a third State is exceptionally uncertain.

§ 7
Impact of crisis resolution and early intervention on certain contract terms

A crisis resolution measure decided by a third-country resolution authority referred to in Article 15 (3) of Chapter 15 shall not be regarded as a number of securities and foreign exchange transactions, as well as the law on settlement arrangements Or financial collateral law (2004) In the event of insolvency or netting or other enforcement of the contract, provided that the essential terms and obligations of the contract are still complied with.

The crisis resolution measure referred to in paragraph 1 and the event directly linked to its application do not justify the adoption of the measure:

(1) the purpose of which is the termination or termination of the contract, the suspension of the contract, the netting of payment obligations or the receipt of liabilities;

(2) the purpose of which is to take over the assets of the institution, the exercise of control over the amount of the security relating to assets or assets;

(3) which affects the rights under contract concluded by the institution.

Paragraph 2 (1) shall also apply to an agreement concluded by a subsidiary of a group whose obligations have been lodged by a parent undertaking or by another undertaking belonging to a group or group of undertakings whose obligations are fulfilled By the way, the company has guaranteed.

Paragraphs 2 and 3 shall apply only if the essential terms and obligations of the agreement are still complied with.

The provisions of this Article shall be without prejudice to any person's right to take a measure if the right is based on an element other than an early intervention in a measure or a resolution measure or directly linked to it.

Paragraphs 1 to 3 shall apply notwithstanding the suspension or restriction in accordance with Articles 8 to 10.

§ 8
Authorisation to suspend implementation of the Agreement

In addition to the Act concerning the temporary suspension of the operation of the deposit bank (1509/2001) , the Agency shall have the right to suspend the execution of payment or performance obligations of an institution's contract from the date of publication of the suspension notice, mainly until the end of the following day, which is a business day.

If, on the basis of the contract, the obligation referred to in paragraph 1 was due within the period of suspension, the obligation shall be deemed to have expired at the end of the period of suspension.

Where the implementation of obligations is suspended in accordance with paragraph 1, the payment and performance obligations of the counterparty shall be interrupted for the same period.

Paragraphs 1 to 3 shall not apply to:

(1) deposits to be replaced by Article 8 of Chapter 5 of the Agency Act or the corresponding second EEA State Act;

(2) clearing and settlement systems within the meaning of the Law on the terms and conditions of securities and foreign exchange and clearing and settlement systems, and clearing and settlement systems in another EEA State and not central counterparties; and Payment and performance obligations for central banks;

(3) exposures belonging to the investor compensation fund in accordance with the investment service, and not under the protection regime in another EEA State.

§ 9
Powers to limit the enforcement of collateral rights

The Agency shall have the right to limit the right of the guarantee creditors to enforce collateral rights against the assets of the institution. The above limit shall not exceed the period of suspension referred to in Article 8 (1).

Paragraph 1 shall not apply to certain clearing and settlement systems within the meaning of the law on the terms and conditions of securities, foreign exchange and settlement systems and the clearing and settlement systems in the other EEA State. The collateral rights of both parties and central counterparties and central banks against the assets of the institution imposed by the crisis management institution as collateral or margin.

In the case referred to in Section 1 of Chapter 13, the Agency shall ensure that the restrictions set out in paragraph 1 apply in the same way to all undertakings in the group against whom resolution measures have been taken.

ARTICLE 10
Authorisation to suspend temporarily the contract notice or termination of the contract

The Agency may suspend or terminate the contract of the contracting party to the crisis management body. The suspension shall not exceed the period of suspension referred to in Article 8 (1).

The Agency may suspend, terminate or terminate the contract with a subsidiary of an institution in a crisis management body if:

(1) the institution in crisis management has provided security for the fulfilment of its obligations or otherwise guaranteed compliance with the obligations of the contract;

(2) the contractual right to terminate or terminate the contract is based exclusively on the insolvency or financial position of the institution in crisis management; and

(3) all assets of the institution covered by the crisis management body in the subsidiary undertaking and the debt to the subsidiary have been or may be transferred and received by the recipient, or may be taken over from them; or The Agency shall otherwise provide equivalent protection to those obligations if the transfer of funds and liabilities to the crisis management institution has been or may be used.

The suspension referred to in paragraph 2 shall not exceed the period of suspension referred to in Article 8 (1). The termination period shall be determined by the home State of the subsidiary.

Paragraphs 1 and 2 shall not apply to clearing and settlement systems within the meaning of the Act on the terms and conditions of securities and foreign exchange and settlement systems, and to the clearing and settlement systems in the other EEA State. And central counterparties and central banks.

ARTICLE 11
Additional provisions on the use and suspension of the right of termination or termination of the contract

A party to the Agreement may exercise the right of withdrawal or termination referred to in Article 10 before the end of the period of suspension provided for in Article 10 (1) or (3), if he has received a notification from the Agency that:

1) rights and obligations are not handed over to another person; or

2) the value of the liabilities is not reduced in accordance with Article 3 (3) of Chapter 8.

Where, in accordance with Article 10 (1) or (2), the Agency suspends the right to terminate or discharge, and where the notification referred to in paragraph 1 of this Article has not been notified, the right may be exercised at the end of the period of suspension, within the limits of Article 7:

(1) where the assets and liabilities under the contract have been transferred to another person, the counterparty may exercise the right in accordance with the terms of the contract only in the case of an event justifying the execution of the recipient;

(2) where the assets and liabilities under the contract remain in the institution and the Agency has not devalued the value of the rights and liabilities under the Agreement in accordance with Article 3 (3) of Chapter 8, the counterparty may exercise the right, in accordance with the terms of the Agreement, immediately: At the end of the period of suspension provided for in paragraph 1.

The Agency or the financial supervision may require the institution to maintain a list of the contracts covered by Article 10.

The trade repository referred to in Article 2 (2) of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories at the request of the Agency or of financial supervision shall: Information necessary for the authorities responsible for crisis resolution and supervision of the EEA States to enable these authorities to fulfil their obligations under Article 81 of that Regulation.

Chapter 13

Safeguard measures

ARTICLE 1
Safeguard measures for shareholders and creditors

Where the Agency lowers the nominal value of the liabilities in accordance with Chapter 6 or provides, in the order of payment, with better priority financial instruments, the creditors shall not be subject to a higher loss than if the institution had been set Liquidation or bankruptcy immediately prior to the decision to set up an institution in crisis management.

Where the Agency supplies only part of the institution's rights, assets or liabilities, or reduce the proportional share, the owners and creditors whose rights, assets or liabilities have not been transferred or the holding have not been reduced, shall: The right to receive at least the same amount of compensation as they would have had if the institution had been liquidised or declared bankrupt immediately before the decision to set up the institution in crisis management.

ARTICLE 2
Right to compensation of the owner and the creditor

Where the assessment in accordance with Sections 12 and 13 of Chapter 5 states that the owner, creditor or depositary of the share or share has received a lower remuneration than that which it would have received in the liquidation or bankruptcy of the institution, it shall be replaced The missing amount in accordance with the EU Resolution Regulation.

ARTICLE 3
Protection of counterparties in partial donation

The protective measures referred to in this Section and Articles 4 to 7 shall be used if the Agency:

(1) release only part of the rights, funds or debts of an institution, temporary institution or asset management company set up in a crisis management company; or

2) use the power referred to in Article 2 (1) (6) of Chapter 12.

Safeguard measures shall be used for the following arrangements and their counterparties:

(1) the lodging of a financial guarantee based on transfer of ownership;

(2) the lodging of a security other than that referred to in paragraph 1;

(3) signature;

(4) netting of obligations;

(5) the issue of the collateralised bond;

6) securitisations and other structured finance instruments and financial instruments which are used to an essential degree for hedging purposes.

Safeguards shall be subject to the restrictions referred to in Articles 7 to 11 of Chapter 12. Safeguard measures shall apply irrespective of the number of parties, the origin criterion and the applicable law.

§ 4
Protection of financial security, receipt and netting arrangement

The Agency shall not dispose of the assets or liabilities of the institution in such a way that only a part of the assets or liabilities covered by the financial guarantee, acknowledgement or netting shall be transferred to another person.

The Agency shall not modify or terminate the rights, assets or liabilities protected by the arrangements referred to in paragraph 1 by using the ancillary powers referred to in Article 2 (2) of Chapter 12.

Rights, assets and liabilities shall be protected within the meaning of paragraph 1 if the parties to the arrangement have the right to sign or netting them.

Notwithstanding paragraphs 1 and 2, the Agency may, without prejudice to the availability of eligible deposits:

(1) transfer eligible deposits which form part of the arrangement referred to in paragraph 1, without giving up other rights, assets or liabilities under the same arrangement;

(2) release or terminate the assets and liabilities referred to in paragraph 1, or modify the terms and conditions of the assets referred to in paragraph 1, without giving up eligible deposits.

§ 5
Protection of the guarantee scheme

The Agency shall not:

(1) surrender debts against which a security has been lodged, without the security being lodged at the same time;

(2) subject the security to the object of the security, unless the return of the security is given at the same time;

(3) give the proceeds of the security unless the security is handed over at the same time;

(4) amend the terms and conditions of the collateral arrangement by using the ancillary powers referred to in Article 2 (2) of Chapter 12, so that the debt is no longer secured.

Notwithstanding the provisions of paragraph 1, the Agency may, without prejudice to the availability of eligible deposits:

(1) transfer eligible deposits which form part of the arrangement referred to in paragraph 1 without giving up other rights, assets or liabilities under the same arrangement;

(2) to release or terminate the rights, assets or liabilities referred to in paragraph 1, or to modify the terms and conditions in respect of which they are subject to non-recoverable deposits.

ARTICLE 6
Protection of structured finance and collateralised bonds

Where an institution is a party to a structured finance arrangement, the Agency shall not carry out any transfer of the assets or liabilities of the institution in which only part of the assets or liabilities covered by the financial arrangement is handed over to another person. The Agency shall not terminate the rights, assets or liabilities covered by the financial arrangement and shall not alter their terms by using the ancillary powers referred to in Article 2 (2) of Chapter 12.

Notwithstanding paragraph 1, the Agency may, without prejudice to the availability of eligible deposits:

(1) transfer eligible deposits which form part of the arrangement referred to in paragraph 1 without giving up other assets or liabilities under the same arrangement;

(2) release or terminate the assets or liabilities referred to in paragraph 1, or modify the terms and conditions of the assets referred to in paragraph 1, without giving up eligible deposits.

Paragraphs 1 and 2 shall also apply to the structured finance facility, including the collateralised bond.

§ 7
Protection of the trading and settlement system in partial donation

The Resolution measure does not affect the functioning of clearing and settlement systems within the meaning of the law on the terms of securities and foreign exchange transactions and the settlement system, and the application of the rules of these clearing and settlement systems if the Agency:

(1) release only some of the assets or liabilities of the institution; or

(2) use the ancillary powers referred to in Article 2 (2) of Chapter 12 for the withdrawal or modification of the terms of a contract by a party to a crisis management institution or to impose a contract instead of the institution of the recipient; The party.

PART V

GROUP RESOLUTION AND RELATIONS WITH THIRD COUNTRIES

Chapter 14

Group resolution

ARTICLE 1
General principles of decision-making and measures

The Agency shall respect the following general principles if the decision or measure may have an effect in one or more EEA States:

(1) decisions and measures are taken effectively, in a timely manner and, where appropriate, quickly;

(2) the Agency, the Financial Supervisory Authority, the Bank of Finland and the other authority shall cooperate to ensure that decisions and measures are compatible and effective;

(3) the role and functions of the authorities are clearly identified;

(4) in decision-making or in the measure, the Agency shall take into account the interests of the home State of the parent and subsidiary and the likely effect of the decision or measure on their economic stability, state finances, resolution fund, The deposit guarantee fund and the investor compensation fund;

(5) in decision-making or in the measure, the Agency shall take into account the interests of the host State and the effect of the decision or measure on the financial stability of that State;

(6) the Agency shall seek to balance the interests of the different EEA States in decision-making or in a measure to avoid excessive protection of the interests of one or more EEA States;

(7) Whereas the Agency shall take into account and comply with the resolution plan in the context of crisis-resolution measures, unless it considers that the objectives of the resolution can be achieved more effectively by means of measures which are not part of the resolution plan;

(8) the Agency shall consult the supervisory authority of the EEA State, of the parent undertaking, subsidiary or branch of the EEA State, of parts of the decisions and measures which affect or may affect the parent undertaking, the subsidiary or the branch, or the Financial stability.

ARTICLE 2
Establishment of the College of Crisis Resolution

The Agency shall establish a resolution college if the Agency is responsible for the group resolution of the institution and if the group includes an institution which has been authorised by the competent authority of the other EEA State.

The Agency shall also establish a resolution college if the Agency or any other crisis resolution authority of the group has considered that the conditions for setting the crisis management within the meaning of Section 1 of Chapter 4 have been fulfilled, or if the college has: Achieve a common vision for the adoption or rejection of a third-country resolution authority and crisis resolution measures in this country.

The Agency does not need to set up a crisis resolution college if the other college or the institution responsible is responsible for carrying out the tasks referred to in this Article or in Article 4 and complies with the provisions and conditions laid down in this Chapter.

ARTICLE 3
Members and observers of the College of Crisis

The members of the Crisis College are:

1) the Agency;

(2) any resolution authority of another subsidiary of the EEA Group;

(3) the resolution authority of the parent undertaking of the other EEA Group;

(4) the resolution authority of the State where the second EEA State is located;

(5) the supervisory authority and the competent authority responsible for the consolidated supervision of the second EEA State group, if the resolution authority is a member of the college;

(6) the competent ministry of the other EEA State, where the member of the resolution college does not represent the competent ministry;

(7) the other EEA Deposit Guarantee Scheme, if the State Resolution Authority is a member of the college;

8) European Banking Authority.

Where the competent authority referred to in paragraph 1 (5) is a non-central bank, the competent authority may represent the Member State in the college together with a representative of the Central Bank.

The European Banking Authority does not have the functions referred to in Article 4 and does not have the right to vote in the College.

The Agency may invite a third-country resolution authority as an observer to a member of the Resolution Board if the institution has a subsidiary or a significant branch in that third country, and if the Authority is bound by this law by the Agency, Meet the obligations of confidentiality.

§ 4
Role and functioning of the College of Resolution

The role of the Crisis Resolution College is to exchange information on a group crisis resolution that affects more than one EEA State. The College shall also be responsible for:

(1) exchange information on the development of a crisis resolution plan for the group referred to in Chapter 2, Section 5, for the application of preparatory and preventive measures and for the preparation of a resolution of the group;

(2) develop group resolution plans;

(3) to assess, within the meaning of Section 2 of Chapter 3, the conditions for the dismantling and reorganisation of the company belonging to the same group, and the conditions for the dismantling of the group relationship, and to take action to remove the obstacles to it;

(4) to decide on the establishment of a group resolution framework referred to in Article 11 and to contribute to the agreement on the framework;

(5) consider the application of minimum standards for the group set out in Chapter 8;

(6) coordinate information on the strategy and framework for a group resolution;

(7) coordinate the use of financial engineering instruments corresponding to the resolution fund referred to in the Agency;

(8) set minimum requirements for liabilities for groups of groups and subsidiaries in Chapter 8.

The Agency shall chair the college if the Agency has a duty to set up a resolution college as referred to in Article 2.

Chairman of the College:

(1) to establish, after consulting the other members of the College, the written operational principles for the resolution of the crisis resolution college;

(2) organise the activities of the resolution college;

(3) convene a resolution college and prepare the agenda for the meeting;

(4) inform the other members of the College of Resolution of the planned meetings;

(5) decide which members and observers are invited to attend the meetings of the resolution college taking into account the importance of the issues addressed to the parties invited by the other Member States, and in particular the possible impact on the Member State concerned; Financial stability;

(6) inform the members of the crisis resolution college of decisions and results of meetings;

(7) ensure the sharing of information between the authorities.

By way of derogation from paragraph 3 (5), another EEA State Resolution authority shall be entitled to participate in the meetings of the college if the present case concerns an undertaking belonging to a group and involves the formation of a joint decision or a group An institution located in an area of competence of the Authority.

§ 5
Participation of the Agency in a foreign resolution college

The Agency shall participate in a member of the EEA State and a third country crisis resolution if the Finnish institution is part of a group and is a subsidiary of a foreign institution or a Finnish institution in another EEA State.

ARTICLE 6
European resolution college

Where an institution authorised in a third country has a subsidiary or at least two significant branches in one or more EEA States, the EEA State Resolution Authorities shall establish a European resolution college.

Articles 2 to 5 shall apply to the Agency's obligation to establish a European resolution college for the resolution of a subsidiary and, where appropriate, a branch. If the institutions do not belong to the group, the members of the college shall decide and appoint the President of the college.

Notwithstanding paragraph 1, the Resolution authorities of the EEA State may jointly decide not to establish a European resolution college if another college or an equivalent institution carries out the tasks referred to in this Article and Article 4. And to comply with the provisions of this Chapter.

§ 7
Application of the EU Resolution Regulation

Notwithstanding Articles 2 to 6, the group resolution shall comply with the provisions of Articles 5, 18, 29, 31 and 32 of the EU Resolution Regulation.

§ 8
The Agency's obligation to report on the fulfilment of the conditions for a resolution

Where the Agency considers that a Finnish institution belonging to a group for which a resolution college referred to in Article 2 has been established or established, or an undertaking belonging to or with its parent company, meets the requirements laid down in Chapter 4, In the case of crisis management, the Agency shall inform the other members of the Crisis Resolution College and the Financial Supervisory Authority:

(1) the decision that the institution, its parent undertaking or the financial institution belonging to the same consolidation group fulfils the conditions for the establishment of a crisis management;

(2) crisis resolution measures which the Agency intends to apply to an institution, its parent undertaking or to a financial institution belonging to the same consolidation group, or liquidation or bankruptcy if the Agency considers it to be more appropriate; A resolution of the institution, its parent undertaking or a financial institution belonging to the same consolidation group.

If the Agency considers that a Finnish institution belonging to a group for which a crisis resolution college in accordance with the law of another EEA State is established or established in another EEA State, or its parent undertaking or its registered parent, A financial institution belonging to the same consolidation group in Finland fulfils the conditions for the establishment of crisis management in accordance with Chapter 4, or where the Agency has received a notification from the Financial Supervisory Authority, the Agency shall notify the The EEA State Party Resolution Authority, The information referred to in paragraph 1 of the second EEA Surveillance Authority, the other members of the Resolution Board and the Financial Supervisory Authority.

§ 9
The response of the second EEA Group Resolution Authority to the Agency and the Agency's measures

If, after having received the notification referred to in Article 8 (2) of the Second EEA State Resolution Authority and after consulting the other members of the Resolution College, the Agency shall inform the Agency that the conditions for a resolution are not likely to be met In a company belonging to a group which has its registered office in another EEA State other than Finland, the Agency may take action in accordance with its notice.

If, after receiving the notification referred to in Article 8 (2) of the Second EEA State Resolution Authority and after consulting the other members of the Resolution College, the Agency shall inform the Agency that the conditions for a resolution are likely to be met In a company belonging to a group domiciled in another EEA State other than Finland, the Agency shall await the proposal of the second EEA Group Resolution Authority as a group resolution framework.

If a group resolution authority of the other EEA State does not propose a group resolution framework within 24 hours of receipt of the notification referred to in Article 8 (2) of the Agency, neither the Agency nor the other EEA State Within a longer period agreed by the group resolution authority, the Agency may apply the resolution measures referred to in the notification or take any other measures in accordance with its notification.

Where a group resolution authority of another EEA State proposes a group resolution framework within 24 hours of receipt of the notification referred to in Article 8 (2) of the Agency, or the Agency and another EEA State Within a longer period agreed by the Group Resolution Authority, the Agency shall assess whether it can adopt a group resolution framework and the measures and procedures proposed therein.

Where the Agency considers that it cannot accept a group resolution framework, the Agency deviates from it or considers that, for reasons of financial stability, the institution, its parent or its parent company shall be subject to financial stability other than: Resolution measures or non-insolvency proceedings within the meaning of the group resolution framework, the Agency shall notify its decision and its explanatory memorandum to the other members of the resolution college and, at the same time, Indicate the measures it intends to take. In considering the matter, the Agency shall take into account the possible impact of its decision on the financial stability of the other EEA States concerned, as well as the possible impact of the measures on other undertakings in the group concerned.

Where the Agency considers that it can adopt a group resolution framework, it may adopt a joint decision with other EEA States Resolution authorities on the adoption of a group resolution framework, although one or more EEA States Resolution authorities do not accept it.

ARTICLE 10
Reporting obligations and duties of the Agency as a group resolution authority for the assessment of the conditions of the institution's crisis resolution

Where the Agency acts as a group resolution authority, it shall, in the case referred to in Article 8 (1) or, if it has received a notification containing the information referred to in Article 8 (1) from another EEA State Resolution Authority, An entity authorised in the EEA State, or a company belonging to the same group, shall assess the likely impact of resolution measures, liquidation or bankruptcy on the group and its affiliated undertakings. In particular, the Agency shall assess whether the conditions for the resolution are met by companies belonging to the group in two or more EEA States.

If, after consulting the Agency, other members of the College of Resolution consider that the conditions for a resolution are not likely to be met by companies belonging to the group in two or more EEA States, the Agency shall: Inform the other members of the College of Resolution.

If, after consulting the Agency, other members of the College of Resolution consider that the conditions for a resolution are likely to be met by companies belonging to the group in two or more EEA States, the Agency shall: Establish the group resolution framework referred to in Article 11 and submit it to the other members of the resolution college with a view to reaching a joint decision on the framework.

Where the establishment of a group resolution framework is based on the notification by another EEA State Resolution Authority referred to in paragraph 1, the resolution framework shall be submitted to the other members of the resolution college within 24 hours of the second The arrival of the notification by the EEA State Resolution Authority. This period may be extended by a joint decision of the Agency and the other EEA State Resolution Authority.

The Agency may develop a group resolution framework in the event of crisis resolution, liquidation or bankruptcy if:

(1) crisis resolution actions or other activities in the parent undertaking have demonstrated that resolution conditions are met in another institution;

(2) crisis resolution actions or other activities in the parent undertaking are not sufficient to stabilise the situation or do not produce the best outcome;

(3) the competent authority of the EEA State considers that one or more subsidiaries fulfils the conditions for a resolution;

(4) Resolution activities or other activities in the group are useful for the benefit of subsidiaries and support the establishment of a group resolution framework.

ARTICLE 11
Group resolution framework prepared by the Agency

The group resolution framework shall:

(1) describe the resolution measures which the Agency intends to use to the parent undertaking of the group and other companies registered under Finnish law, as well as resolution measures to be taken by the Agency as members of the crisis resolution college; The resolution authorities of other EEA States should use the group of companies domiciled in these other EEA States;

(2) describe how the various resolution measures should be coordinated;

(3) draw up a financial plan to take account of the group resolution plan referred to in Section 6 of Chapter 2 and the principles referred to in Article 6 (1) (6), for the allocation of financial responsibility in the various EEA States; Financing arrangements;

(4) take into account and comply with the resolution plan referred to in Chapter 2, unless the Agency considers that the objectives of the resolution can be achieved more effectively by means of measures which are not part of the resolution plan;

(5) take into account the impact of the decision on the economic stability of the other EEA States in the group resolution.

ARTICLE 12
Approval of the group resolution framework

The Agency shall endeavour to reach a joint decision on a group resolution framework with the other EEA Resolution Authorities in which the subsidiaries of the group are domiciled.

Where one or more crisis resolution authorities of another EEA State referred to in paragraph 1 adopt the proposed group resolution framework, the Agency shall make a common decision on the framework with those authorities. The decision shall apply to undertakings belonging to the group which are resident in the relevant EEA States.

ARTICLE 13
Financing of a group resolution

Before implementing resolution measures, the Agency shall propose to the other EEA States Resolution authorities a group resolution financing mechanism. The financial mechanism shall be included in the group resolution framework and shall be adopted in accordance with the procedure laid down in Article 12.

The financing plan shall include:

(1) the valuation of the assets and liabilities of institutions in a group resolution in accordance with Chapter 5;

(2) losses incurred by each institution in the group at the time of use of the resolution tools;

(3) the losses incurred by each institution in the group which would be incurred by the owners and the creditors;

(4) contributions to national deposit protection funds to be carried out in the same way as set out in Article 14 of Chapter 5 of the Agency;

(5) the total amount, purpose and form of the financial contribution required by the national financial stability fund referred to in Section 2 of Chapter 1;

(6) criteria for the contribution of the entity in charge of the national financial stability fund of each group to meet the amount referred to in paragraph 7;

(7) the amount to be carried out by each entity in charge of the National Financial Stability Fund to fund a group resolution;

(8) the amount of loans to which the national financial stability fund of each of the institutions in the group agrees with institutions, financial institutions or other third parties as referred to in Section 8 of Chapter 3 of the Agency Act;

9) the deadline for the financing of a group resolution.

In particular, account shall be taken of the contribution of the contributions from the national Financial Stability Fund (efsf) contributing to the financing of the Group Resolution:

(1) the group's risk-weighted assets held by the group resolution institutions;

2) from the group's assets held by the group resolution institutions;

(3) the losses caused by the resolution of the group crisis, which has been the subject of control by the Financial Supervisory Authorisations;

(4) resources which, according to the financing plan, are intended to be used for the direct benefit of the institutions in the group resolution.

The return on the financing of the group resolution shall be divided between those in charge of the national financial stability fund of the group resolution, in accordance with the financial contribution referred to in paragraph 2 (7).

ARTICLE 14
Miscellaneous provisions for a group resolution

The Agency shall take the measures referred to in Articles 8 to 13 without undue delay and taking into account the urgency required for each situation.

If the resolution framework is not reached within the group, the Agency shall work in close cooperation with the other members of the College, in close cooperation with other members of the College, and shall endeavour to achieve, as far as possible, coordinated objectives A resolution that is unable or likely to be unable to continue its activities.

The Agency shall provide the other members of the crisis resolution college with sufficient information on the measures it has taken on the basis of Articles 8 to 13 and on the progress of the resolution.

§ 15
Application of the EU Resolution Regulation

Notwithstanding Articles 8 to 13, the group resolution shall follow the provisions of Articles 31 and 32 of the EU Resolution Regulation.

Chapter 15

Resolution decisions of the third country and third country branches

ARTICLE 1
Application

If Finland has an agreement with a third country on the mutual recognition of a resolution, Articles 1 to 4 shall apply.

Where the EU has concluded an agreement with a third country, the provisions of that Agreement shall apply instead of the provisions of this Chapter, if they depart from the provisions of this Chapter.

ARTICLE 2
Recognition of a third country resolution procedure

Where a European resolution college for crisis resolution has been established for a group resolution, the Agency shall, as part of the College, endeavour to ensure that the College takes a joint decision on a third-country resolution procedure Recognition if the institution or parent undertaking of a third country has:

(1) a subsidiary or branch that is significant in at least two EEA States;

(2) funds, rights or debts located in at least two EEA States and which are governed by the law of the EEA States concerned.

The Agency shall implement the decision referred to in paragraph 1 in accordance with Finnish law, subject to Article 4.

In the absence of a joint decision within the meaning of paragraph 1 or the establishment of a European crisis resolution college, the Agency may recognise a third country resolution procedure. When adopting its decision, the Agency shall take into account the interest of all EEA States in which the institution or parent undertaking of a third country has activities. The Agency shall also take into account the potential impact of the decision on other parts of the group and on the stability of financial markets in the EEA States concerned.

ARTICLE 3
Right to refuse recognition of a third country resolution procedure

Notwithstanding the provisions of Article 2 (1), the Agency may refuse to recognise the decision referred to in Article 12 (2) of Chapter 14 of the European Resolution Board on the recognition of a third country resolution procedure if the third country:

(1) the resolution procedure would have a detrimental effect on the stability of the financial markets in Finland or any other EEA State;

(2) a separate crisis resolution procedure for branches in Finland is necessary to achieve the objective of one or more of the crisis resolution provided for in Article 6 of Chapter 1;

(3) Whereas a resolution procedure would lead to creditors, in particular depositors domiciled in an EEA State or whose deposits are settled in the EEA State, would not receive a fair treatment of creditors and depositors of a third country With;

(4) recognition of the crisis resolution procedure would have fundamental public finances implications for Finland; or

(5) recognition of the resolution procedure would have implications which would be contrary to Finnish law.

§ 4
Implementation of third country resolution procedure

Where the European crisis resolution college or the Agency decides, in accordance with Article 2, to recognise a third-country resolution procedure, the Agency shall have the right to use the resolution tools provided for in Section 2 of Chapter 7 and the powers provided for in Chapter 12:

(1) the assets of the third country institution or parent undertaking in Finland or which are subject to Finnish law;

(2) the assets, liabilities and rights of a branch of a third-country establishment in Finland which are subject to Finnish law or whose requirements are enforceable in Finland.

In the situations referred to in paragraph 1, the Agency may:

(1) transfer to new owners the ownership of a subsidiary of a third-country institution or a subsidiary undertaking in Finland;

(2) make use of the powers referred to in Articles 8 to 10 of Chapter 12 with a third-country institution or a subsidiary of a subsidiary in Finland, or a branch of a branch in a contractual relationship, if necessary for the third country The implementation of the resolution procedure;

(3) order the rights under the contract of enforceability to terminate or terminate the contract, to require early fulfilment of the contractual obligations or otherwise affect the institution or parent undertaking of a third country, or any other The contractual obligations of an undertaking belonging to the group if that contractual right is based on the use of resolution powers or instruments for resolution of a third country institution or resolution authority against a third-country institution or a third country Or other third country On the basis of resolution legislation and if the fulfilment of the key obligations arising from the agreement continues.

The Agency may use the resolution powers and instruments provided for in Chapters 8 to 12 to the parent undertaking of a third-country institution which has its registered office in Finland where it is necessary to safeguard the public interest and the third country The resolution authority is of the opinion that the institution of a third country fulfils the conditions for a resolution according to the law of that State. Article 7 of Chapter 12 shall apply.

This paragraph shall not apply if the bankruptcy procedure for the third country institution in question is pending in Finland.

§ 5
Agency decision on crisis resolution of third country branch

The Agency may decide on crisis resolution procedures against third country institutions in Finland which are not based on a third-country resolution procedure if the public interest so requires and:

(1) the branch of a third-country institution no longer fulfils or is unlikely to meet the conditions laid down for the authorisation and it is not expected that, by means of measures taken by the authorities, the third country or the market, the branch would meet The conditions of authorisation or the bankruptcy of a branch within a reasonable time;

(2) the institution of a third country does not pay its debts to the creditors of the EEA region in relation to its creditors or the obligations entered into by the branch in the event of its maturity, the third-country crisis resolution or normal insolvency procedure has not started or is not initiated; Become established within a reasonable time by the Agency; or

(3) The third-country resolution authority has initiated or has informed the Agency of its intention to initiate a crisis resolution procedure for a third country institution.

When adopting the decision referred to in paragraph 1, the Agency shall, in accordance with Sections 8 and 9 of Chapter 14, consult the other crisis resolution authorities involved in the European Resolution.

When implementing resolution measures in the situation referred to in paragraphs 1 and 2, the Agency shall take into account the objectives of the resolution set out in Article 6 of Chapter 1 and act on the use of the resolution tools provided for in Article 6 of Chapter 4. , in accordance with the principles.

ARTICLE 6
Cooperation with third country authority

Notwithstanding Article 33 of the EU Resolution Regulation, the Agency shall, where appropriate, agree on arrangements for cooperation with the third country authority if it has not been agreed within the meaning of Article 1 (2) EU Agreement. The cooperation arrangements shall not be binding on the parties.

The Agency shall inform the European Banking Authority of the arrangements for cooperation referred to in paragraph 1.

§ 7
Transmission of information to the third country authority

The Agency shall have the right to disclose to the authorities of a third country only the information necessary to carry out its tasks related to a resolution of this law. The Agency shall only disclose information to the authorities of a third country if they are bound by the same obligation of professional secrecy as the Agency.

The Agency shall not disclose any confidential information received from another authority to the authorities of a third country, unless expressly agreed by the issuing authority. The data to be disclosed may only be used for the purposes for which consent has been given.

Personal data shall be subject to personal data law (523/1999) .

PART VI

RESTRICTION, SECRECY AND APPEAL AND SANCTIONS

Chapter 16

Restriction of activities

ARTICLE 1
Decision to limit action

Notwithstanding the rest of this law, the Council of State may, if it is necessary due to serious international financial turmoil or by the authorities of another State, which are necessary for the financial markets or financial markets in Finland. For the purpose of ensuring stable and undisturbed functioning for a period not exceeding six months:

(1) limit activities in accordance with the authorisation and rules of credit institutions, management companies, depositaries, investment firms, exchanges, clearing houses, central counterparties and CSDs;

(2) decide on trade restrictions or prohibitions in respect of a regulated market and a multilateral trading system within the meaning of the law on trade in financial instruments.

ARTICLE 2
Decision-making procedure

The decision referred to in Article 1 shall be taken in the General Assembly of the Council. Before taking a decision, the Ministry of Finance shall request a statement from the Bank of Finland, the Financial Supervisory Authority and the Agency, subject to the urgency of the matter.

ARTICLE 3
Enforcement of the decision

Compliance with the Council's decision under this Chapter shall be subject to supervision by the Financial Supervisory Authority.

Chapter 17

Secrecy and appeal

ARTICLE 1
Professional secrecy

The confidentiality of information relating to the activities provided for in this Act is governed by the law of the authorities (18/09/1999) , the Law on Credit Insurance and the Investment Services Act.

ARTICLE 2
Right and obligation to disclose information

In addition to the provisions of the Law on Public Access, the Office shall have the right to disclose without prejudice to confidentiality rules:

(1) the authorities, persons and the Deposit Guarantee Fund referred to in paragraphs 2 and 3;

(2) the authorities referred to in paragraph 1 and the third State authorities responsible for the deposit guarantee fund, persons and Deposit Guarantee funds, where the authorities are bound by the obligation of professional secrecy other than the Finnish authorities; and Deposit protection fund;

(3) to a foreign authority whose task is to participate in a credit institution's liquidation or bankruptcy or any other similar procedure if the authorities are bound by the same obligation of professional secrecy as the Finnish authorities;

(4) the Agency's mandate to carry out tasks falling within its competence;

5) to the transferor referred to in Chapter 9, the temporary institution referred to in Chapter 10 and the asset management company referred to in Chapter 11.

The Agency shall inform the decision referred to in Article 2 (2) of Chapter 4 and the decisions on individual resolution actions based on it:

(1) the institution and its owner;

2) to the Ministry of Finance;

3) Financial supervision;

4) Bank of Finland.

The information referred to in paragraph 2 shall also be communicated to the competent authority referred to in paragraph 2 of the EEA State and to the Deposit Guarantee Fund, where the credit institution has a parent undertaking or a subsidiary of the parent undertaking, or A branch of a credit institution or another credit institution belonging to its group, and, where such other EEA State is responsible for macro-prudential supervision other than that authority, such a second EEA State authority, if: The addressee shall be bound by the obligation of professional secrecy equivalent to that law.

Information released pursuant to this Article shall not be disclosed to the authority, person or Deposit Guarantee Fund referred to in paragraphs 2 and 3 without the agreement of the undertaking or the Agency subject to the resolution procedure.

The notification referred to in paragraphs 2 and 3 shall be accompanied by a copy of the decision referred to in Article 2 of Chapter 4.

ARTICLE 3
Appeals appeal

The Agency's decision under this law may appeal to the Helsinki Administrative Court. The Agency shall have the right to appeal against the decision of the Helsinki Administrative Court, which has amended or annulled the decision of the Office. The appeal is laid down in the Law on Administrative Law (18/06/1996) .

The Agency shall provide the financial estimates used for its decision to the administrative court. Administrative justice must deal with the matter as a matter of urgency.

If the decision referred to in paragraph 1 is abrogated, the annulment does not affect the validity of the transfer to a third party of the assets, rights or liabilities under the annulled decision, if the transferee was in good faith when extradition A legal action was taken.

On the basis of the annulled decision, compensation shall be paid to the injured party from the resources of the resolution fund. The Agency shall decide on the application for compensation.

The Agency's decision to take a resolution measure may be implemented in spite of an appeal, unless the Authority decides otherwise.

§ 4
Impact on liquidation, bankruptcy, enterprise restructuring and temporary cessation of activities

Where an institution has been set up in a crisis management, it shall not be subject to liquidation or bankruptcy and shall not be subject to bankruptcy and shall not commence under the law on the restructuring of the undertaking (187/1993) Unless otherwise provided for in paragraph 3, the suspensive procedure referred to in the Act on the temporary suspension of the operation of the deposit bank or the temporary suspension of operations of the deposit bank.

The court or authority dealing with the application referred to in paragraph 1 shall inform the Agency and the financial supervision of the application or on the preparation of the decision without delay.

The decision referred to in paragraph 1 may be taken if the Agency:

(1) has indicated that it does not intend to take resolution measures; or

(2) has not responded to the notification referred to in paragraph 2 within seven days of sending the notification.

§ 5
Request for suspension of proceedings or other legal proceedings

The Agency shall have the right to request the Court to suspend a trial or any other legal procedure in which the institution is a party to a crisis management system or to which the institution may become a party if the delay is necessary. Effective application of resolution instruments or effective use of resolution powers.

Chapter 18

Administrative penalties

ARTICLE 1
Penalties fee

In addition to the provisions referred to in Article 40 (1) of the Financial Control Act, the failure to act or the imposition of penalties, the provisions of Chapter 2, Section 4, of Chapter 2 of this Act to the resolution plans shall be provided for in Article 4 (1) of this Law. The provision of the necessary information and the provision of Section 1 (4) of Chapter 4 to the Financial Supervisory Authority.

The provisions referred to in Article 40 (1) of the Financial Supervision Act are, in addition to the provisions laid down in paragraph 1 of this Article, for more detailed provisions relating to the provisions referred to therein, Provisions of Commission regulations and decisions.

The penalty payment may be imposed, in addition to the amount of the penalty imposed on the legal person, or for the head of the head of a legal person whose obligations are contrary to the obligations laid down in this Article. A penalty payment to be imposed on the person concerned shall be subject to the condition that the person has contributed substantially to the act or omission.

ARTICLE 2
Establishment and implementation of administrative penalties

The imposition, publication, enforcement and handling of administrative penalties under market law are laid down in Chapter 4 of the Law on Financial supervision.

Chapter 19

Entry into force

ARTICLE 1
Entry into force

This Act shall enter into force on 1 January 2015.

Article 6 (4) to (6) of Chapter 8 shall apply from 1 January 2016.

THEY 175/2014 , TaVM 20/2014, EV 191/2014, Directive 2014 /59/EU of the European Parliament and of the Council (32014L0059); OJ L 173, 12.6.2014, p. 190

Entry into force and application of amending acts:

26.6.2015/810:

This Act shall enter into force on 1 July 2015.

THEY 1/2015 , TaVM 1/2015, EV 3/2015, Directive 2014 /59/EU of the European Parliament and of the Council (32014L0059); OJ L 173, 12.6.2014, p. 190