Law No. 312 Of 4 December 2015
Original Language Title: LEGE nr. 312 din 4 decembrie 2015
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LEGE no. 312 312 of 4 December 2015 on the recovery and resolution of credit institutions and investment firms, as well as for amending and supplementing certain normative acts in the financial field
Published in OFFICIAL MONITOR no. 920 920 of 11 December 2015
The Romanian Parliament adopts this law + Title I Scope, definitions and authorities + Article 1 (1) This law establishes rules and procedures regarding the recovery and resolution of the following categories of entities: ... a) credit institutions and investment firms, Romanian legal entities; ... b) financial institutions, Romanian legal entities, which are subsidiaries of a credit institution, of an investment firm or of one of the companies referred to in lett. c) or d) and which are covered by the consolidated supervision of the parent undertaking in accordance with art. 6 6-17 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 ; ... c) financial holding companies, mixed financial holding companies and mixed financial holding companies, Romanian legal entities; ... d) financial holding companies-mother from Romania, financial holding companies-mother from the European Union, mixed financial holding companies-mother from Romania, mixed financial holding companies-mother from the European Union, Romanian legal entities; ... e) branches established on the territory of Romania of credit institutions and investment firms from third countries. ... (2) In the exercise of its powers arising from this law in relation to an entity referred to in par. (1), the National Bank of Romania considers the nature of the activity carried out, the structure of the shareholding, the legal form, the risk profile, the size, the legal status and the degree of its interconnection with other institutions or with the financial system in general, the extension and complexity of its activity, the membership of an institutional protection system that meets the requirements laid down in art. 113 113 para. ((7) of Regulation (EU) No 575/2013 or other mutual support schemes referred to in art. 113 113 para. ((6) of Regulation (EU) No 575/2013 ,, as well as the extent to which the entity provides services or investment activities as defined according to the provisions of the capital market legislation transposing art. 4 4 para. ((1) pt. 2 2 of Directive 2014 /65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002 /92/EC and a Directive 2011 /61/EU . ... (3) In the exercise of its powers arising from this law in relation to an entity referred to in par. (1), the Financial Supervisory Authority takes into account the nature of the work carried out, the ownership structure, the legal form, the risk profile, the size, the legal status and the degree of its interconnection with other institutions or with the financial system in general, the extension and complexity of its activity, the membership of an institutional protection system or other mutual support schemes referred to in art. 113 113 para. ((7) of Regulation (EU) No 575/2013 ,, and the extent to which the entities referred to in par. ((1) lit. a) or e), within the competence of the Financial Supervisory Authority, provide services or investment activities referred to in par. ((2). ... + Article 2 (1) Within the meaning of the present law, the following terms and expressions have the following meanings: ... 1. resolution-application of a resolution tool for the purpose of achieving one or more of the objectives of the resolution provided for in art. 178 178; 2. credit institution-credit institution defined in art. 4 4 para. ((1) pt. 1 1 of Regulation (EU) No 575/2013 ,, not including entities referred to in art. 1 1 para. (5) of Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or, as the case may be, the legislation of another Member State transposing the provisions of 2 2 para. ((5) of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002 /87/EC and repealing the Directives 2006 /48/EC and 2006 2006 /49/EC ; 3. investment firm-an investment firm as defined in art. 4 4 para. ((1) pt. 2 2 of Regulation (EU) No 575/2013 , subject to an initial capital requirement representing the equivalent in lei of 730,000 euros or provided by the legislation of another Member State transposing the provisions of art. 28 28 para. ((2) of Directive 2013 /36/EU ; 4. institutional protection system-arrangement that meets the conditions laid down in art. 113 113 para. ((7) of Regulation (EU) No 575/2013 ; 5. objectives of the resolution-the objectives provided in art. 178 178; 6. resolution authority-the authority designated by a Member State as the authority empowered to apply resolution tools and to exercise resolution powers; 7. instrument of resolution-a tool provided for in art. 216 216; 8. resolution competence-a competence provided for in art. 383-422 383-422; 9. competent authority-competent authority as defined in art. 4 4 para. ((1) pt. 40 40 of Regulation (EU) No 575/2013 ,, including the European Central Bank in the exercise of specific powers conferred by Regulation (EU) No 1.024/2013 of the Council of 15 October 2013 conferring specific tasks on the European Central Bank with regard to policies relating to the prudential supervision of credit institutions; 10. competent ministries-ministries of finance or other ministries of the Member States, responsible for economic, financial and budgetary decisions at national level in accordance with national competences, designated by the Member States for exercising the functions of the competent ministry according to the national legislation of the Member States transposing the 3 3 para. ((5) of Directive 2014 /59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Directive 82 /891/EEC of the Council and Directives 2001 /24/EC , 2002 2002 /47/EC , 2004 2004 /25/EC , 2005 2005 /56/EC , 2007 2007 /36/EC , 2011 2011 /35/EU , 2012 2012 /30/EU and 2013 2013 /36/EU of the European Parliament and of the Council, and of Regulations (EU) No 1.093/2010 and ((EU) No 648/2012 of the European Parliament and the Council; 11. institution-a credit institution or an investment firm; 12. governing body of a credit institution-the management and management bodies of a credit institution established according to the instruments of incorporation, in accordance with the provisions Company law no. 31/1990 , republished, with subsequent amendments and completions, and of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, or, as the case may be, in accordance with the legislation of another Member State transposing the provisions of art. 3 3 para. ((1) pt. 7 7 of Directive 2013 /36/EU , empowered/empowered to establish the overall strategy, objectives and guideline of the credit institution, which oversees and monitors the management decision-making process and which includes/include persons effectively driving the credit institution's activity; 13. senior management-individuals who exercise leadership positions within an institution and who are empowered with the current management activity of the institution and are responsible for how to perform it towards the body of management, according to national legislation, or, as the case may be, the senior management according to the legislation of another Member State transposing the 3 3 para. ((1) pt. 9 9 of Directive 2013 /36/EU ; 14. group-a parent undertaking and its subsidiaries; 15. cross-border group-a group of entities established in several Member States; 16. extraordinary public financial support-state aid within the meaning of art. 107 107 para. ((1) of the Treaty on the Functioning of the European Union or any other public financial support granted at supranational level, which, if granted at national level, would have constituted State aid, intended for preservation or restoration the viability, liquidity or solvency of an institution, an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or to a group of which they belong; 17. liquidity insurance in emergency situations-provision of liquidity by the central bank's central bank or any other form of assistance that may lead to the increase of the money volume of the central bank, an institution solvency financial institutions or a group of solvent financial institutions, which face temporary liquidity problems, without such an operation being part of the monetary policy; 18. the systemic crisis-a disruption of the financial system that can lead to serious negative consequences for the internal market and the real economy and which can be generated by any of the types of financial intermediaries, markets and infrastructures, Whereas any of them may be of systemic importance to a certain extent; 19. group entity-a legal person belonging to a group; 20. recovery plan-a plan developed and updated by an institution in accordance with art. 13-19 13-19; 21. group recovery plan-an elaborate and updated plan in accordance with art. 27-35 27-35; 22. significant branch-a branch that can be considered significant according to the provisions art. 173 ^ 1, 210 ^ 1 and 210 ^ 2 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or, as the case may be, according to the legislation of another Member State transposing the provisions of 51 51 para. ((1) of Directive 2013 /36/EU ; 23. critical functions-activities, services or operations whose interruption may lead, in one or more Member States, to disturbances in the provision of services essential to the real economy or to the disruption of financial stability given being the size, market share, internal and external interconnections, complexity of the institution or group or carrying out by the institution or group of cross-border activities; activities, services or operations; 24. basic activity lines-the lines of activity and associated services that represent important sources of income, profit or value of the franchise for an institution or for the group to which it belongs; 25. conditions for triggering the resolution procedure-the conditions provided for in art. 180 180 para. ((1); 26. resolution action-the decision to submit an institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) the resolution in accordance with art. 180 180-182 or art. 183-187, the application of a resolution tool or the exercise of one or more resolution powers; 27. resolution plan-a plan drawn up for an institution in accordance with art. 49-56 49-56; 28. group resolution-any of the following: a) the adoption of a resolution action at the level of the parent undertaking or institution subject to consolidated supervision; ... b) coordination of the application of resolution tools and the exercise of resolution powers by resolution authorities in relation to group entities that meet the conditions for resolution of the resolution procedure; ... 29. group resolution plan-a resolution plan drawn up for a group in accordance with art. 58-83 58-83; 30. group-level resolution authority-the resolution authority of the Member State where the consolidating supervisor is located; 31. the group resolution scheme-the plan drawn up for purposes related to the resolution of the group in accordance with art. 473-497 473-497; 32. College of Resolution-the college established in accordance with art. 458-463 in order to perform the tasks provided in art. 458 458; 33. insolvency proceedings-collective insolvency proceedings involving the partial or full lifting of the right of administration of a debtor and the appointment of a liquidator or an administrator, normally applicable to institutions under domestic law and which is either specific to the institutions concerned or generally applicable to any natural or legal person; in Romania the legal framework of insolvency proceedings is regulated by Law no. 85/2014 on insolvency and insolvency prevention procedures, respectively Law no. 151/2015 on the insolvency procedure of natural persons; 34. debt instruments within the meaning of art. 383 383 para. ((1) lit. g) and j)-bonds and other forms of transferable debt, instruments that create or recognise a debt and instruments giving the right to acquire debt instruments; 35. own funds requirements-the requirements laid down in art. 92 92-98 of Regulation (EU) No 575/2013 ; 36. supervisory college-the college established at the initiative of the consolidating supervisor, with the aim of facilitating the coordination of supervisory activities and the substantiation of joint decisions on the specific prudential requirements of a institutions and the exchange of information within the college, in compliance with the requirements relating to the preservation of professional secrecy and European Union law and to ensure, where appropriate, appropriate coordination and collaboration with the the relevant competent authorities of third countries with the appropriate application of relevant provisions of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or, as the case may be, the college established according to the legislation of another Member State transposing the provisions of 116 116 of Directive 2013 /36/EU ; 37. the EU framework on state aid-the legal framework established by art. 107 107, 108 and 109 of the Treaty on the Functioning of the European Union, regulations and other acts of the European Union, including guides, communications and notices carried out or adopted pursuant to art. 108 108 para. ((4) or art. 109 Treaty on the Functioning of the European Union; 38. liquidation-capitalizing on the assets of an institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d); 39 39. asset separation tool-the mechanism by which a resolution authority transfers assets, rights or obligations of an institution subject to resolution to an asset management vehicle in accordance with art. 268-280 268-280; 40. vehicle for the administration of assets-the legal entity that meets the requirements of art. 269 269; 41. instrument for internal recapitalisation-the mechanism by which a resolution authority exercises the powers to reduce the amount or conversion of debts of an institution subject to resolution in accordance with art. 281-284 281-284; 42. instrument of sale of the business-the mechanism by which a resolution authority transfers shares or other property instruments, issued by an institution subject to resolution, or assets, rights or obligations of an institution subject to resolution to a buyer who is not a bridge institution, according to art. 223-235 223-235; 43. institution-deck-a legal person fulfilling the requirements of art. 240 240; 44. the bridge institution tool-the mechanism by which a resolution authority transfers shares or other proprietary instruments, issued by an institution subject to resolution, or assets, rights or obligations of an institution subject to resolution to a bridge institution, according to art. 239-250 239-250; 45. proprietary instruments-shares and other capital instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other capital instruments and instruments representing interests in shares or other capital instruments that confer property rights; 46. shareholders-holders of shares or other property instruments; 47. transfer competence-competence to transfer shares, other property instruments, debt instruments, assets, rights or obligations or any combination thereof, from an institution subject to resolution to a recipient, according to art. 383 383 para. ((1) lit. c) or d); 48. central counterparty-central counterparty within the meaning provided in art. 2 2 section ((1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; 49. derivative financial instrument-the instrument referred to in art. 2 2 section 5 5 of Regulation (EU) No 648/2012 ; 50. the competence to reduce the value or conversion-the competence specified in art. 359 359 and art. 383 383 para. ((1) lit. e)-i); 51. Guaranteed obligation-debt for which the creditor's right to payment or other form of execution of the obligation is secured by a privilege, pledge or other real warranty contract or by any other means of guarantee, regardless of the form the legal entity in which the guarantee is constituted, including debts resulting from repo transactions or other collateral arrangements with transfer of ownership; 52. aggregate amount-the total amount by which the resolution authority determined that the eligible debts must be reduced or converted, according to art. 311 311; 53 53. Common Equity Tier 1 instruments-capital instruments that meet the conditions laid down in art. 28 28 para. ((1)-(4), art. 29 29 para. ((1)-(5) or art. 31 31 para. ((1) of Regulation (EU) No 575/2013 ; 54. Additional Tier 1 instruments-capital instruments that meet the conditions laid down in art. 52 52 para. ((1) of Regulation (EU) No 575/2013 ; 55. own funds instruments of level 2-capital instruments or subordinated loans that meet the conditions laid down in art. 63 63 of Regulation (EU) No 575/2013 ; 56. eligible debts-debts and capital instruments of an institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), which does not qualify as Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments that are not excluded from the scope of the application of the instrument of internal recapitalization according to art. 286 286; 57. Deposit Guarantee Scheme-the official deposit guarantee scheme recognized on the territory of Romania according to the provisions of the legislation on deposit guarantee schemes or, as the case may be, the official deposit guarantee scheme recognized in the territory of another Member State in accordance with national legislation transposing the provisions of art. 4 4 of Directive 2014 /49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes; 58. relevant capital instruments according to the provisions of art. 281 281-382-Additional Tier 1 instruments and Tier 2 instruments; 59. conversion rate-the factor determining the number of shares or other property instruments in which a liability in a given class will be transformed, with reference either to a single instrument in the class at issue or to a value unit specified in a claim; 60. affected creditor-a creditor whose claim is linked to a reduced debt item or converted into shares or other property instruments, as a result of the exercise of the power to reduce its conversion value in the context of the internal recapitalisation instrument; 61. affected shareholder-a holder of property instruments whose instruments have been cancelled following the application of the measures provided for in art. 383 383 para. ((1) lit. h); 62. authority responsible for determining-the authority in Romania designated according to art. 373-374, which has powers in carrying out the determinations provided in art. 360 360, respectively the authority of another Member State designated according to its national legislation transposing art. 61 61 of Directive 2014 /59/EU , and which is responsible for the determination of art. 59. para. ((3) of Directive 2014 /59/EU ; 63. parent institution-a parent institution in a Member State, a parent institution in the European Union, a financial holding company, a mixed financial holding company, a mixed financial holding company, a company financial holding-mother of a Member State, a parent financial holding company in the European Union, a mixed financial holding company-a parent in a Member State or a mixed financial holding company-the mother of the European Union, on which it is apply the internal recapitalisation tool; 64. the recipient-an entity to which shares are transferred, other proprietary instruments, debt instruments, assets, rights or other obligations or any combination thereof, from an institution subject to resolution; 65. working day-any day, other than Saturday, Sunday or another day on which it is a public holiday in the relevant Member State; 66. right of termination-the right to denounce a contract, the right to accelerate the execution, to extinguish or to compensate obligations or the right resulting from any clause with similar effect under which they may suspend, modify or extinguish obligations of one of the parties to the contract or a clause preventing the birth of an obligation under the contract, an obligation which would have existed in the absence thereof; 67 67. institution subject to resolution-an institution, a financial institution, a financial holding company, a mixed financial holding company, a mixed financial holding company, a parent financial holding company in a Member State, a financial holding company parent of the European Union, a parent mixed financial holding company in a Member State or a mixed financial holding company-the mother of the European Union, on which resolution actions are applied; 68. the Union subsidiary-an institution established in a Member State which is a subsidiary of an institution or parent undertaking in a third State; 69. parent undertaking in the European Union-a parent institution in the European Union, a parent financial holding company in the European Union, a parent mixed financial holding company in the European Union; 70. an institution in a third country-an entity established in a third country which, if it had been established in a Member State, would have been an institution; 71. parent undertaking in a third country-a parent institution, a parent financial holding company, a parent mixed financial holding company in a third country; 72 72. resolution procedures in a third country-procedures established by the legislation of a third country with the aim of managing the situation of a parent institution or undertaking in a third country, which are in major difficulty, which are comparable, from the point of the anticipated objectives and results, with the resolution actions of Directive 2014 /59/EU ; 73. branch in the Union-a branch, established in a Member State, of an institution in a third State; 74. branch in Romania-a branch established in Romania of an institution in a third country; 75 75. relevant authority of a third State-the authority of a third State with competence similar to those exercised according to Directive 2014 /59/EU the resolution authority or the competent authority; 76 76. financing mechanism of the group-the mechanism or financing mechanisms of the Member State in which the group resolution authority is; 77. back-to-back transactions-a transaction between two group entities carried out in order to transfer, in whole or in part, the risk generated by another transaction made by one of those entities with a third party; 78. intragroup guarantee-a contract by which a group entity guarantees the obligations of another entity in the group to a third party; 79. Guaranteed bond-obligation which complies with the criteria set out in art. 85 85 para. (6) of Government Emergency Ordinance no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies and for amending and supplementing Law no. 297/2004 on the capital market, approved with amendments and additions by Law no. 10/2015 , or, where appropriate, the instrument provided for in the legislation of another Member State transposing the provisions of Article 52 52 para. ((4) of Directive 2009 /65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS); 80. financial guarantee contract with transfer of ownership-the contract provided for in art. 2 2 para. ((1) lit. e) of Government Ordinance no. 9/2004 on some financial guarantee contracts, approved with amendments and additions by Law no. 222/2004 , as amended and supplemented, or, as the case may be, provided by the legislation of another Member State transposing the provisions of art. 2 2 para. ((1) lit. b) of Directive 2002 /47/EC of the European Parliament and of the Council of 6 June 2002 on financial guarantee contracts; 81. compensation agreement-any agreement or clause that several claims or obligations may be transformed into a single net claim, including compensation agreements with immediate chargeability that, upon the production of a determined event (however and wherever it is defined), the obligations of the parties immediately become chargeable or are extinguished and are, in any of the cases, transformed or replaced by a single net claim; are assimilated to the compensation agreement expressions: "compensation clauses with immediate chargeability" defined in art. 2 2 para. ((1) lit. c) of Government Ordinance no. 9/2004 , approved with amendments and additions by Law no. 222/2004 , as amended and supplemented, or, as the case may be, provided by the legislation of another Member State transposing the provisions of art. 2 2 para. ((1) lit. n) section ((i) Directive 2002 /47/EC ,, and 'offsets' as defined in art. 2 2 para. ((1) pt. 11 11 of Law no. 253/2004 on the definitive nature of settlement in payment systems and in systems for settlement of operations with financial instruments, as amended and supplemented, or, where appropriate, provided for by the legislation of another Member State transposing Art. 2 lit. k) of Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on the definitive nature of settlement in payment and securities settlement systems; 82. mutual compensation agreement-any arrangement or clause by which two or more claims or obligations existing between the institution subject to resolution and a counterparty shall be mutually extinguished; 83. financial contracts-at least the following contracts and agreements: a) securities contracts, including contracts for purchase, sale or loan of securities, groups or indices of securities or options on a security, group or index of securities or repo transactions, or reverse repo involving any such securities, groups or indices of securities; ... b) contracts on goods, including contracts for the purchase, sale or loan of goods, groups or indices of goods for future deliveries or options on a commodity, a group or a commodity index or repo or reverse repo transactions involving any such goods, groups or indices of goods; ... c) futures and forwards, including contracts (other than goods) relating to the purchase, sale or transfer of goods or goods of any kind, of services, rights or interests against a given price, at a certain time in future; ... d) swap contracts, including swaps and interest rate options; agreements on the exchange rate in view or of another type on the foreign exchange market; currency swaps, on indices of shares or on shares, on debt or debt indices, on indices of goods or goods, weather conditions; emissions or inflation or swaps on total return, on credit margin or credit default swaps or any similar agreement or transaction subject to repeated trading on the markets swaps or derivatives; ... e) interbank loan agreements where the loan is granted for a maximum period of three months; ... f) framework agreements relating to all types of contracts or agreements referred to in point (a). a)-e); ... 84. crisis prevention measure-the exercise of powers for the direct removal of deficiencies or obstacles to the possibility of recovery according to art. 25, the exercise of powers for the direct removal of deficiencies or obstacles to the possibility of settling according to art. 92 92-98 or art. 99-116, the application of early intervention measures according to art. 149-151, appointment of a temporary administrator according to art. 153-161 or the exercise of the power to reduce the value or conversion according to art. 358-367 358-367; 85. crisis management measure-a resolution action or appointment of a special administrator according to art. 194-200 times of a person according to art. 331 331 or 420; 86. recovery capacity-the capacity of an institution to restore its financial position after a significant deterioration thereof; 87. investor-any person who has entrusted funds or financial instruments to an investment firm, for the purpose of providing financial investment services, or, as the case may be, the investor within the meaning of the legislation of another Member State which Translate art. 1 1 section 4 4 of Directive 97 /9/EC of the European Parliament and of the Council of 3 March 1997 on investor compensation schemes; 88 88. designated macro-prudential national authority-authority responsible for carrying out the macro-prudential policy to which Recommendation B1 refers to the Recommendations of the European Systemic Risk Committee no. ESRB/2011/3 on the macro-prudential mandate of the national authorities; 89. micro, small and medium-sized enterprises-undertakings which comply with the criterion relating to the net annual turnover provided for in art. 3 3 para. ((1) lit. b) of Law no. 346/2004 on the stimulation of the establishment and development of small and medium-sized enterprises, with subsequent amendments and completions, or, where appropriate, micro and small and medium-sized enterprises as they are classified in other Member States according to the criterion regarding the turnover provided for in art. 2 2 para. ((1) of the Annex to Commission Recommendation 2003 /361/EC COUNCIL DECISION of 6 May 2003 on the definition of micro-and small-and 90. regulated market-market as defined according to the provisions of the capital market legislation transposing art. 4 4 para. ((1) pt. 21 21 of Directive 2014 /65/EU ; 91. the structure that exercises the function of resolution-structural organization within the National Bank of Romania, including governance structures and separate reporting lines, which ensure the fulfilment of the resolution tasks of the National Bank of Romania Romania according to this law; 92. the structure that exercises the supervisory function-structural organization within the National Bank of Romania, including governance structures and separate reporting lines, which ensure the performance of the supervisory tasks of the Bank National of Romania, according to Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, Regulation (EU) No 575/2013 and this law. (2) In the application of this law, the terms and expressions: ... a) financial institution, subsidiary, parent undertaking, consolidated basis, financial holding company, mixed financial holding company, mixed-activity holding company, parent financial holding company of a Member State, financial company holding-mother of the European Union, mixed financial holding company-mother of a Member State, mixed financial holding company-mother of the European Union, branch, consolidating supervisor, own funds, parent institution of a Member State, The European Union parent institution has the meaning set out in the Regulation (EU) No 575/2013 ; ... b) depositor, eligible deposit and covered deposit have the meaning provided by the legislation on deposit guarantee schemes or, as the case may be, by the legislation of another Member State transposing Directive 2014 /49/EU ; ... c) management body of an investment firm represents the management and management body of an investment firm established according to the constituent acts, in accordance with the provisions Law no. 31/1990 , republished, with subsequent amendments and completions, and of Law no. 297/2004 on the capital market, with subsequent amendments and completions, or, where appropriate, in accordance with the legislation of another Member State transposing the provisions of art. 3 3 para. ((1) pt. 7 7 of Directive 2013 /36/EU , empowered to establish the strategy, objectives and general orientation of the investment firm, which oversees and monitors the management decision-making process and which includes the persons who effectively run the business of the investment firm. ... + Article 3 (1) The National Bank of Romania shall be the resolution authority for: ... a) credit institutions, Romanian legal entities; ... b) branches in Romania of credit institutions from third countries; ... c) entities referred to in art. 1 1 para. ((1) lit. b), c) or d), which are part of a group subject to supervision on a consolidated basis, the parent company of which is a credit institution or which, where the parent company is a financial holding company or financial holding company mixed, also includes a credit institution. ... (. The Financial Supervisory Authority shall be the resolution authority for: ... a) investment firms, Romanian legal entities; ... b) branches in Romania of investment firms from third countries; ... c) entities referred to in art. 1 1 para. ((1) lit. b), c) or d), which are part of a group subject to supervision on a consolidated basis, the parent company of which is an investment firm or which, where the parent company is a financial holding company or financial holding company mixed, does not include a credit institution. ... (3) The National Bank of Romania informs the European Banking Authority, established by Regulation (EU) No 1.093/2010 of the European Parliament and of the Council of 24 November 2010 establishing the European Supervisory Authority (European Banking Authority), amending Decision no. 716 716 /2009/EC and repealing the Decision 2009 /78/EC of the Commission, with regard to the resolution authorities designated under par. ((1) and (2), as well as on the functions and responsibilities of each and shall notify the European Commission and the European Commission of the reasons for the segregation of national resolution responsibilities. ... (4) The National Bank of Romania and the Financial Supervisory Authority shall conclude written agreements on coordination and cooperation in order to exercise their powers under this law. ... + Article 4 (1) The National Bank of Romania is the competent authority art. 4 4 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and resolution authority according to art. 3 of this law, meaning that: ... a) ensure, within the framework of its internal organization, the operational independence and the avoidance of the conflict of interest between the structure exercising the resolution function according to the present law and the structure exercising the supervisory function Regulation (EU) No 575/2013 , Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and the present law, as well as between the structure exercising the resolution function and the structures exercising other functions according to the statute or other legal provisions; ... b) ensure that it has the necessary operational resources and operational capacity, including experienced personnel, to apply resolution actions and that it is able to exercise its powers with the necessary speed and flexibility to achieving the resolution's objectives; ... c) determine for the personnel involved in the exercise of the resolution function, under this law, distinct lines of reporting and structural separation from the personnel exercising supervisory tasks under Regulation (EU) No 575/2013 ,, of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and of the present law or to the personnel involved in the exercise of other functions of the National Bank of Romania; ... d) adopt and publish, for the purposes of this Article, those relevant internal rules, including those concerning professional secrecy and the exchange of information between the structures responsible for the various functions exercised according to the law; ... e) establishes procedures for the structures and persons exercising, on behalf of the National Bank of Romania, the supervisory function and, respectively, the resolution function, to cooperate closely in the preparation, planning and application of decisions of resolution; ... f) envisages the guidelines and recommendations issued by the European Banking Authority in the field of recovery and resolution, in accordance with the provisions of art. 16 16 of Regulation (EU) No 1.093/2010 . ... (2) The Financial Supervisory Authority is the appropriate competent authority art. 4 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and resolution authority according to art. 3 3 para. (2), meaning that: ... a) ensure, within the framework of its internal organization, the operational independence and the avoidance of the conflict of interest between the structure that exercises the resolution function according to the present law and the structure exercising the supervisory function Regulation (EU) No 575/2013 , Law no. 297/2004 , as amended and supplemented, Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and the present law, as well as between the structure exercising the resolution function and the structures exercising other functions according to the statute or other legal provisions; ... b) ensure that it has the necessary operational resources and operational capacity, including experienced personnel, to apply resolution actions and that it is able to exercise its powers with the necessary speed and flexibility to achieving the resolution's objectives; ... c) determine for the personnel involved in the exercise of the resolution function under this law separate lines of reporting and structural separation from the personnel exercising supervisory tasks, pursuant to Regulation (EU) No 575/2013 ,, of Law no. 297/2004 , as amended and supplemented, the Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and of this law, or to the personnel involved in the exercise of other functions of the Financial Supervisory Authority; ... d) adopt and publish, for the purposes of this Article, those relevant internal rules, including those concerning professional secrecy and the exchange of information between the structures responsible for the various functions exercised according to the law; ... e) establish procedures for the structures and persons exercising, on behalf of the Financial Supervisory Authority, the supervisory and resolution function to cooperate closely in the preparation, planning and application resolution decisions. ... + Article 5 The National Bank of Romania, as a resolution authority, is the contact authority for ensuring cooperation and coordination with the relevant authorities of the other Member States and informs the European Banking Authority thereof. + Article 6 (1) The Ministry of Public Finance is responsible for exercising in Romania the functions of the competent ministry according to this law ... (2) The National Bank of Romania and the Financial Supervisory Authority, as resolution authorities, shall inform the Ministry of Public Finance, as competent ministry, in relation to all decisions adopted pursuant to this Decision. laws, and, in the case of those decisions that have direct fiscal impact or systemic implications, obtain the approval of the Ministry of Public Finance, as competent ministry, before the decision is implemented, according to the protocol concluded between these authorities, according to the provisions of the ... + Article 7 ((1) Decisions adopted by the National Bank of Romania or, as the case may be, by the Financial Supervisory Authority, based on this law shall take into account the potential impact on all Member States in which the credit institution, investment firm or the group operates, so as to minimise the negative socio-economic effects and financial stability in those Member States. ... (2) The resolution tools protect the public interest in defending financial stability and apply when necessary to achieve the objectives of the resolution, i.e. when the institution cannot be liquidated in accordance with the procedure the usual insolvency, as this could destabilise the financial system. ... + Article 8 Provisions art. 25 25 para. ((3) and (4) of Law no. 312/2004 on the Statute of the National Bank of Romania shall be duly applicable as regards the regime of liability of the resolution authority, its staff and any person acting under the law under the control of this authority for the exercise of the powers provided for by + Title II Preparation + Chapter I Planning recovery and resolution + Section 1 General provisions + Article 9 (. Credit institutions holding an important share in the national financial system shall draw up their own recovery plans in accordance with art. 13 13-48 and are subject to individual resolution plans in accordance with art. 49-84. ... ((. In application of the provisions of this Article, a credit institution shall be deemed to have an important share in the national financial system if it meets any of the following conditions: ... a) the total value of its assets exceeds EUR 30 billion; ... b) the share of total assets in Romania's gross domestic product exceeds 20%, unless the value of total assets is less than 5 billion euros. ... + Article 10 (1) By exception to the provisions of art. 13-84, having regard to the elements provided in art. 1 1 para. (2), as well as the assessment of the impact that the situation of major difficulty of a credit institution and its subsequent liquidation through insolvency proceedings could have on financial markets, on other institutions, on the conditions of financing and on the economy as a whole, as well as the potential significant negative effects generated by the situation of major difficulty of the credit institution, the National Bank of Romania, as the competent authority and authority of resolution, may lay down simplified requirements for the recovery plan and the plan resolution of that entity, as regards: ... a) the content and details of the recovery and resolution plans provided for in art. 13-84 13-84; ... b) the date by which the first recovery and resolution plans will be developed and the frequency of updating these plans, which may be less than that provided for in art. 14 14, 33, 54 and 66; ... c) the content and level of detail of the information requested by credit institutions, in accordance with art. 17 17 para. ((1) lit. a) and b), art. 57 57 para. ((1), art. 60 60 and Sections A and B of the Annex which forms an integral part of this Law; ... d) the level of detail of the information necessary to assess the possibility of settlement provided in art. 85 85-91 and Section C of the Annex. ... (2) The assessment in par. (1) will be carried out by the National Bank of Romania, if applicable, after consultation with the designated macro-prudential national authority in Romania. ... (3) The National Bank of Romania, as competent authority and, as the case may be, of resolution authority, may impose at any time a credit institution to which simplified requirements have been applied, according to par. (1), the transition to the full application of the requirements provided in art. 13-84, with the establishment and communication of the deadline for compliance of the credit institution to the new requirements. ... (4) Application of simplified requirements, provided in par. (1), shall not affect the powers of the National Bank of Romania, as competent authority and, as the case may be, by the resolution authority, to order crisis prevention measures or crisis management measures. ... + Article 11 (1) In compliance with art. 9 9 and par. ((2) of this Article, the National Bank of Romania, as competent authority or, as the case may be, of resolution authority, may exempt the following categories of entities: ... a) credit cooperatives in a cooperative credit network that benefit under national exemption legislation from the application of prudential requirements in accordance with art. 10 10 of Regulation (EU) No 575/2013 , from the application of the requirements provided in art. 13 13-48 and, where applicable, art. 49-84 49-84; ... b) institutions that are members of an institutional protection system, from the application of the requirements provided in art. 13-48. ... (2) In the case provided in par. ((1): ... a) the requirements provided in art. 13 13-48 and, where applicable, art. 49-84 shall apply at consolidated level to the network consisting of the central house and credit cooperatives affiliated to it that comply with the conditions laid down in art. 10 10 of Regulation (EU) No 575/2013 ; ... b) the institutional protection system will comply with the requirements of art. 13-48, in cooperation with each of the institutions benefiting from the exemption. ... (3) In application of art. 13-48 entities referred to in par. ((1), in the case of a cooperative network of credit any reference to a group shall be considered to be made at the central house together with the credit cooperatives affiliated to it within the meaning of art. 10 10 of Regulation (EU) No 575/2013 ,, as well as with their subsidiaries, and any reference to parent undertakings or credit institutions subject to the appropriate consolidated supervision Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, it is considered to be made at the central house. ... + Article 12 The National Bank of Romania, as a resolution authority and competent authority, communicates to the European Banking Authority the application of art. 9 9, art. 10 10 para. ((1) and art. 11. + Section 2 Recovery planning 2.1. General provisions on recovery plans + Article 13 (1) Each credit institution, the Romanian legal person, which is not part of a group subject to consolidated supervision, according to art. 176, 181 and 192 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or the legislation of another Member State transposing the provisions of art. 111 111 and 112 of Directive 2013 /36/EU ,, develop and maintain a recovery plan providing for measures to be taken by the entity to restore its financial position in the event of its significant deterioration. ... ((2) Recovery plans are considered an integral part of the formal business management framework established by the right credit institution art. 24 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Article 14 Credit institutions shall update recovery plans at least annually or, at the request of the National Bank of Romania, as competent authority, with a higher frequency and, in any case, after any modification of the organizational structure or the business or financial situation of the credit institution that could have a significant impact on recovery plans or would require their modification. + Article 15 When drawing up recovery plans, credit institutions must not rely in any way on access to extraordinary public financial support. + Article 16 Credit institutions shall include in the recovery plan, where appropriate, an analysis of the situations in which they may request, under the conditions laid down in the plan, access to the facilities provided by the central bank and identify the assets that may be qualified as Collateral. + Article 17 ((. Without prejudice to the provisions of art. 9-84, recovery plans must include: ... a) the information set out in Section A of the Annex ... b) measures that can be taken by the credit institution when the conditions for the early intervention provided by art are met. 149-151 149-151; ... c) adequate conditions and procedures to ensure that recovery measures are applied in a timely manner, as well as a wide range of recovery options. ... (2) The recovery plans must be drawn up taking into account a number of major financial and macroeconomic crisis scenarios relevant to the specific characteristics of the credit institution, including systemic events, crisis specific to legal entities considered as individual as well as groups as a whole. ... + Article 18 The National Bank of Romania, as competent authority, may require a credit institution to keep detailed records of the financial contracts to which it is a party. + Article 19 The management body of the credit institution shall assess and approve the recovery plan before its transmission to the National Bank of Romania, as competent authority. + Article 20 (1) Credit institutions subject to the obligation to prepare recovery plans pursuant to art. 13, 27 and 29 must submit the recovery plans to the National Bank of Romania, as competent authority, to be evaluated. ... (2) The credit institutions must demonstrate in a satisfactory manner for the National Bank of Romania, as competent authority, that the recovery plans meet the criteria of art. 21. ... + Article 21 Within six months of receipt of the recovery plan, after consulting the competent authorities of the Member States where significant branches of the credit institution are located, where the recovery plan is relevant for the respective branch, the National Bank of Romania, as competent authority, shall consider the recovery plan and assess the extent to which it complies with the requirements laid down in art. 13-19 and the following criteria: a) the implementation of the arrangements proposed in the recovery plan is reasonably likely to ensure the preservation or restoration of the viability and financial position of the credit institution or, as the case may be, of the group, taking into account the measures prior to which the entity has undertaken or planned to undertake them; ... b) the implementation of the plan and the recovery options identified in it is reasonably likely to be achieved quickly and efficiently in financial crisis situations, with the maximum avoidance of significant negative effects on the system financial, including in scenarios where other institutions should implement recovery plans in the same period. ... + Article 22 When assessing the adequacy of the recovery plan according to art. 21, the National Bank of Romania, as competent authority, takes into account the degree to which the capital structure and financing of the credit institution corresponds to the complexity of the organizational structure and its risk profile. + Article 23 (1) The National Bank of Romania shall ensure that the structure exercising the supervisory function transmits the recovery plan to the structure exercising the resolution function. ... (2) The National Bank of Romania shall ensure that the structure exercising the resolution function assesses the recovery plan in order to identify those measures it contains, which may have a negative impact on the possibility of settling the credit institution, and may make recommendations on these aspects of the supervisory structure. ... + Article 24 ((1) If the National Bank of Romania, as competent authority, considers that the recovery plan presents major deficiencies or that there are significant obstacles to the implementation of the plan, it shall communicate to the institution of credit and, where applicable, the parent undertaking of the group the outcome of the assessment and shall require the credit institution to submit, within two months of the communication, a revised plan containing solutions for the removal of deficiencies; or overcoming obstacles. ... (2) The National Bank of Romania, as competent authority, may extend by one month the deadline provided in par. (1), at the request of the credit institution. ... (3) Before requiring a credit institution to submit a revised recovery plan according to par. (1), the National Bank of Romania, as competent authority, requests the opinion of the credit institution regarding such a requirement. ... ((4) If the National Bank of Romania, as competent authority, considers that deficiencies and obstacles have not been properly resolved by the revised plan, it may impose on the credit institution amendments punctual on the plan. ... + Article 25 ((1) If the credit institution does not present a revised recovery plan or the National Bank of Romania, as competent authority, it determines that the revised recovery plan does not solve the problem of deficiencies or obstacles potential identified in the initial assessment and that it is not possible to resolve by imposing specific changes to the plan, the National Bank of Romania requests the credit institution to identify, within a reasonable period, changes that it may bring to its economic activity to remove those deficiencies or overcome those obstacles to the implementation of the recovery plan. ... (2) The National Bank of Romania, as competent authority, shall determine the duration of the period provided in par. (1), on a case-by-case basis, depending on the situation of the entity and the nature of the deficiencies ... (3) If the credit institution does not identify, within the deadline set by the National Bank of Romania according to par. (2), changes that it may bring to its economic activity or if the National Bank of Romania estimates that the actions proposed by the credit institution would not adequately address the deficiencies or obstacles, the National Bank of Romania, as the competent authority, may impose on the credit institution one or more of the measures provided for in par. ((4) and/or any other measure it considers necessary and proportionate, taking into account the seriousness of the deficiencies or the amplitude of the obstacles and the effect of those measures on the activity of the credit institution. ... ((4) Without prejudice art. 226 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the National Bank of Romania, as competent authority, may impose on the credit institution one or more of the following measures: ... a) the reduction of the credit institution's risk profile, including the reduction of liquidity risk; ... b) the application of prompt recapitalisation measures; ... c) review of the credit institution's strategy and structure; ... d) modification of the financing strategy, to improve the shock resistance of the core business lines and critical functions; ... e) modification of the management structure of the credit institution. ... + Article 26 (1) Measures imposed on credit institutions by the National Bank of Romania, as competent authority, according to art. 25 25 para. (4), must be proportionate to the seriousness of the deficiencies and the amplitude of the obstacles subject to remediation. ... (2) The decision of the National Bank of Romania, as competent authority, accompanied by its reasoning, shall be communicated in writing to the credit institution and may be challenged under the conditions laid down in art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... 2.2. Recovery plans at group level + Article 27 ((1) The parent companies of the European Union that are based in Romania and for which the National Bank of Romania is a consolidating supervisor shall develop and transmit to the National Bank of Romania a recovery plan of the group as a whole. ... (. The parent undertaking shall ensure that in the recovery plan of the group the measures the application of which can be imposed at the level of the parent undertaking itself and at the level of each subsidiary are specified. ... (3) The parent undertaking shall update the recovery plans in compliance with the provisions of art. 14. ... + Article 28 Art. 27 shall also apply accordingly to the parent undertakings of the European Union which are based in Romania and for which the consolidating supervisor is a competent authority of another Member State. + Article 29 If the National Bank of Romania is a consolidating supervisor for the parent companies of the European Union that are not based in Romania, the National Bank of Romania may request the competent authority of the Member State in which the parent company has its headquarters to ask it to develop and transmit to the National Bank of Romania a recovery plan of the group, with the fulfilment of the requirements of art. 27 27 para. ((2) and (3). + Article 30 In the cases provided in art. 41-47, the National Bank of Romania, as an individual competent authority, may request credit institutions, Romanian legal entities, subsidiaries of a parent company in the European Union supervised by another supervisor consolidating, developing and transmitting individual recovery plans. + Article 31 (1) In compliance with the confidentiality requirements provided for in this Law, the National Bank of Romania, as consolidating supervisor, shall transmit the recovery plans of the group: ... a) the relevant competent authorities art. 184 and 185 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... b) to the competent authorities of the Member States where significant branches are located, in so far as the recovery plan is relevant to those branches; ... c) the other resolution authorities of the subsidiaries. ... (2) The National Bank of Romania shall ensure that the structure exercising the supervisory function conveys the recovery plans of the group of the structure exercising the resolution function. ... + Article 32 ((1) When drawing up the group recovery plan, the parent undertaking shall pursue the crisis stabilisation of the group as a whole or any institution in the group so as to resolve or eliminate the causes of disturbances and restore the financial position of the group or institution concerned, while taking into account the financial position of other entities of the group. ... (2) The parent undertaking shall include in the recovery plan of the group arrangements designed to ensure the coordination and consistency of the measures to be taken at the level of the parent undertaking, at the level of the entities referred to in Article 1 1 para. ((1) lit. c) and d), as well as those which are taken at the level of the subsidiaries and, where appropriate, Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, at the level of significant branches. ... + Article 33 The recovery plan of the group and any individual recovery plan drawn up by a subsidiary shall include the elements referred to in art. 13-19 13-19, including a range of recovery options that identify measures that can be taken on each crisis scenario provided for in art. 17 17 para. ((2) and, if applicable, the arrangements for intra-group financial support, adopted according to the agreement on intra-group financial support, concluded according to the provisions of art. 117-148. + Article 34 The parent undertaking shall identify in the group recovery plan, for each crisis scenario, any obstacles to the implementation of recovery measures within the group, including at the level of each entity, and possible major legal or practical obstacles to the prompt transfer of own funds or repayment of debt or repayment of assets within the group. + Article 35 The management body of the parent undertaking drawing up the recovery plan of the group pursuant to art. 27, 28 or 29, as the case may be, shall evaluate and approve the recovery plan of the group before its transmission to the National Bank of Romania, as consolidating supervisor, or, as the case may be, to the consolidating supervisor from another Member State. 2.3. Assessment of group recovery plans + Article 36 (1) The National Bank of Romania, as a consolidating supervisor, together with the competent authorities of the subsidiaries, following a consultation with the competent authorities provided for in art. 185 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and together with the competent authorities of significant branches, to the extent that the group recovery plan is relevant to significant branches, examines the plan and assesses the measure in which meets the requirements and criteria laid down in art. 20-35. ... (2) The assessment provided in par. (1) shall be made according to the procedure laid down in 20 20-26 and provisions of art. 37 37-40 and shall take into account the potential impact of recovery measures on financial stability in all Member States where the group operates. ... + Article 37 (1) The National Bank of Romania, as consolidating supervisor, shall submit all due diligence to adopt a joint decision together with the competent authorities of the subsidiaries, within a period of four months from the date of transmission of the plan of recovery of the group, in accordance with the provisions of art 31 31, as regards: ... a) the examination and evaluation of the group recovery plan; ... b) the need to develop recovery plans on an individual basis for institutions belonging to the group; ... c) application of the measures provided for in 24 24 and 25. ... (2) The National Bank of Romania, as consolidating supervisor, may request the European Banking Authority to provide assistance according to art. 31 lit. c) of Regulation (EU) No 1.093/2010 , in order to reach a common decision, within the meaning of the provisions of par. ((1). ... + Article 38 (. In the absence of a joint decision taken within the four-month period provided for in art. 37 37 para. ((1), by the competent authorities, with regard to the examination and evaluation of the recovery plan of the group or of any measures that the parent undertaking in the European Union must take according to art. 24 and 25, the National Bank of Romania, as consolidating supervisor, adopts its own decision, taking into account the opinions and reserves of the other competent authorities, expressed within the period of four months provided, and notifies the decision the parent undertaking of the European Union and the other competent authorities of the subsidiaries. ... ((. If, within the period of four months, any of the competent authorities referred to in art. 37 is addressed to the European Banking Authority in accordance with art. 19 19 of Regulation (EU) No 1.093/2010 in relation to the assessment of recovery plans and the implementation of the measures provided for in Article 25 25 para. ((4) lit. a), b) and d), the National Bank of Romania, as a consolidating supervisor, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (3) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (4) The National Bank of Romania, as a consolidating supervisor, shall take into account the adoption of its decision on the decision of the European Banking Authority expressed within one month. ... (5) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as consolidating supervisor, can no longer address the European Banking Authority in relation to the evaluation of the recovery and implementation of the measures provided for in Article 25 25 para. ((4) lit. a), b) and d). ... (6) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply as a consolidating supervisor. ... + Article 39 The National Bank of Romania, as a consolidating supervisor, together with the competent authorities that did not address the European Banking Authority according to art. 38 38 para. ((2) may reach a joint decision on a group-wide recovery plan targeting group entities under the jurisdiction of those authorities. + Article 40 The common decision provided in art. 37 and 39 or the decision adopted in the absence of the joint decision, provided for in 38 it shall be recognised as final and shall be applied by the competent authorities of the Member States concerned. 2.4. Recovery plans at group level if the National Bank of Romania is competent authority at individual level + Article 41 (1) The National Bank of Romania, as an individual competent authority, together with the consolidating supervisor, following a consultation with the competent authorities provided for in art. 185 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 ,, with subsequent amendments and completions, and together with the competent authorities of significant branches, to the extent that the group recovery plan is relevant to significant branches, it analyses the group recovery plan. transmitted by the consolidating supervisor and assesses the extent to which it meets the requirements and criteria laid down in art. 20 20-35 from the perspective of credit institutions supervised by it. ... (2) The assessment provided in par. ((1) takes into account the potential impact of recovery measures on financial stability in Romania. ... + Article 42 The National Bank of Romania, as the competent authority at the individual level, shall submit all due diligence in a period of four months from the date of sending the group recovery plan by the consolidating supervisor, common decision similar to that provided in art. 37, meaning in which it may request the European Banking Authority to provide assistance in accordance with the provisions of art. 31 lit. c) of Regulation (EU) No 1.093/2010 . + Article 43 In the absence of a joint decision of the competent authorities within the four-month period provided for in 42 42 on the need to develop the individual recovery plan for credit institutions under the jurisdiction of the respective competent authorities or on the application, at the subsidiary level, of the measures provided for in art. 24 and 25, the National Bank of Romania, as an individual competent authority, shall adopt its own decision. + Article 44 (1) If, within the four-month period provided for in art. 42, any of the competent authorities involved according to the same article shall be addressed to the European Banking Authority in accordance with Article 19 19 of Regulation (EU) No 1.093/2010 in relation to the assessment of recovery plans and the implementation of the measures provided for in Article 25 25 para. ((4) lit. a), b) and d), the National Bank of Romania, as an individual competent authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as an individual competent authority, shall adopt its own decision in accordance with the decision of the European Banking Authority expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as the competent authority at the individual level, can no longer address the European Banking Authority in relation to the evaluation recovery plans and the implementation of the measures provided for in art. 25 25 para. ((4) lit. a), b) and d). ... (5) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as an individual competent authority. ... + Article 45 If the National Bank of Romania, as an individual competent authority, did not address the European Banking Authority in a manner similar to that provided in art. 44 it may, together with the other competent authorities which have not addressed the European Banking Authority, reach a joint decision on a group-wide recovery plan targeting group entities under its jurisdiction. + Article 46 The common decision provided in art. 42 and 45 or the decision adopted in the absence of the joint decision, provided for in 43, is recognized as definitive and is applied accordingly. + Article 47 The National Bank of Romania, in the case of a significant branch in Romania, in so far as the recovery plan of the group is relevant for that branch, shall cooperate with the consolidating supervisor and the other competent authorities involved, in the process of analysis and evaluation of the group recovery plan submitted by the consolidating supervisor. 2.5. Recovery plan indicators + Article 48 (1) In application of art. 13-47 13-47, credit institutions shall establish and include in the recovery plans a number of qualitative or quantitative indicators related to the financial position of the credit institution, which can be easily monitored and specifying the moments at which the measures provided for in the plan must ... (2) The credit institutions shall establish the indicators so as to demonstrate to the National Bank of Romania, as the competent authority at the individual level, that they have adequate arrangements for the periodic monitoring of the indicators. ... (3) Indicators in par. (1) are agreed by the National Bank of Romania, as the competent authority at the individual level, when assessing the recovery plans in accordance with art. 20 20-26 and art. 41-47. ... ((. Without prejudice to paragraph 1. ((1), if the management body of the credit institution considers that this is appropriate under the circumstances, a credit institution may take measures on the basis of its recovery plan even if the relevant indicator has not been reached or does not take such measures even if the relevant indicator is reached. ... (5) The decision to take or not a measure provided for in the recovery plan shall be notified without delay to the National Bank of Romania, as an individual competent authority. ... + Section 3 Resolution planning 3.1. General provisions on resolution plans + Article 49 (1) The National Bank of Romania, as the resolution authority, shall develop a resolution plan for each credit institution the Romanian legal entity, which is not part of a group subject to consolidated supervision, in accordance with provisions art. 176, 181 and 192 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or the legislation of another Member State transposing the provisions of art. 111 111 and 112 of Directive 2013 /36/EU . The National Bank of Romania shall ensure that the structure exercising the resolution function elaborates the resolution plan after consulting the structure exercising the supervisory function. ... (2) The National Bank of Romania, as a resolution authority, shall also consult with the resolution authorities in the jurisdictions in which significant branches of the credit institution are located, where the resolution plan is relevant for those branches. ... (3) The resolution plan provides for the resolution actions that the National Bank of Romania, as the resolution authority, can take when the credit institution meets the conditions for the resolution of the resolution procedure. ... (4) The National Bank of Romania, as a resolution authority, shall communicate the information provided in art. 55 lit. a) the credit institution concerned. ... + Article 50 The National Bank of Romania, as the resolution authority, identifies in the resolution plan the major obstacles to the possibility of settlement, within the meaning of art. 85 85 para. ((3), of the entity and, if necessary and proportionate, the measures relevant to the removal of obstacles, in accordance with art. 85-116. + Article 51 (1) When drawing up the resolution plan, the National Bank of Romania, as the resolution authority, must consider relevant scenarios, including the possibility that the credit institution's situation of major difficulty is due individual circumstances or to occur against the background of extensive financial instability or systemic events. ... (2) When drawing up the resolution plan, the National Bank of Romania, as the resolution authority, shall not presume any of the following: ... a) extraordinary public financial support, except for the use of the financing mechanisms established in accordance with art. 531-535 531-535; ... b) liquidity insurance in emergency situations from the central bank; ... c) liquidity insurance from the central bank offered with guarantees, interest rates or non-standard durations. ... + Article 52 The National Bank of Romania, as a resolution authority, includes in the resolution plan an analysis of the modality and timing in which the credit institution can request, under the conditions provided for in the plan, access to the facilities offered by the bank central and identify assets that can be qualified as collateral. + Article 53 At the request of the National Bank of Romania, as a resolution authority, the credit institution provides assistance in the elaboration and updating of the resolution plan. + Article 54 (1) The National Bank of Romania, as the resolution authority, reassesses and, if applicable, updates the resolution plans at least annually and after any significant modification of the organizational or legal structure, its activity of the financial position of the credit institution that could have, in the opinion of the National Bank of Romania, as a resolution authority, a significant impact on the effectiveness of the resolution plans or that would require a modification of these. ... (2) In application of the provisions (1), the credit institutions shall promptly inform the National Bank of Romania, as the resolution authority, of any modification that may impose a reassessment or an update of the plans. The National Bank of Romania shall ensure that the structure exercising the supervisory function promptly informs the structure that exercises the resolution function on any modification that could impose a reassessment or an update of the plans. ... + Article 55 Without prejudice to art. 9-12, the National Bank of Romania, as the resolution authority, provides in the resolution plan options for the application of the resolution tools and the exercise of the resolution powers provided for in art. 177-456 and includes the following elements for which it sets out concrete values when, in its opinion, it is appropriate and possible: a) a summary of the main elements of the plan; ... b) a summary of important changes in the credit institution since the last update of the resolution plan; ... c) a presentation of the modality in which the critical functions and the basic activity lines could be separated from other functions, legally and economically grounded, in order to ensure their continuity in case of major difficulty the credit institution; ... d) an estimate of the timing of implementation of each important aspect of the plan; ... e) a detailed description of the assessment of the possibility of settling the entity, within the meaning of 85 85 para. (3), made according to art. 50 50 and art. 85-87 85-87; ... f) a description of any necessary measures according to art. 92 92-98 to address or remove obstacles to the possibility of settlement, within the meaning of art. 85 85 para. ((3), identified following the evaluation carried out according to art. 85-87 85-87; ... g) a description of the procedure for determining the value and the possibility of selling the critical functions, the basic business lines and the assets of the credit institution; ... h) a detailed description of the measures intended to ensure that the information requested according to art. 57 are updated and made available to the National Bank of Romania, as a resolution authority, at any time; ... i) the presentation of the way in which the National Bank of Romania, as a resolution authority, considers that the resolution options could be financed, without the credit institution resorting to extraordinary public financial support, except the use of financing mechanisms established in accordance with 531-535 531-535, or to provide liquidity in emergency situations from the central bank or to provide liquidity from the central bank offered with guarantees, interest rates or non-standard durations; ... j) a detailed description of the different resolution strategies that could be applied according to the possible scenarios and the applicable deadlines; ... k) a description of critical interdependence relationships; ... l) a description of the options that would allow access to payment and clearing services and other infrastructure, as well as an assessment of the portability of customer positions; ... m) an analysis of the plan's impact on the employees of the credit institution, including an assessment of any associated costs and a description of the consultation procedures during the staff resolution process, the employers ' organisation and the employees ' organization, as appropriate; ... n) a communication plan with the media and the public; ... o) the minimum requirement of own funds and eligible debts required pursuant to art. 296 296 and the time limit within which this level must be reached, where applicable; ... p) the minimum requirement of own funds and contractual instruments for internal recapitalisation, pursuant to art. 296, and, where appropriate, the time limit within which this level must be reached; ... q) a description of the essential operations and systems to maintain the continuous operation of the credit institution's operational processes; ... r) where applicable, any opinion expressed by the credit institution on the resolution plan. ... + Article 56 ((1) Without prejudice to art. 18, the National Bank of Romania, as a resolution authority, may request credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) or d) of its jurisdiction to keep detailed records of the financial contracts to which they are a party and may set the time limit within which the respective records must be made, which shall be communicated to them. ... (2) The term provided in par. ((1) may be different depending on the types of financial contracts defined in art. 2 2 section 83, the same terms being applied to all credit institutions and entities referred to in art. 1 1 para. ((1) lit. b)-d), in its jurisdiction. ... + Article 57 (1) At the request of the National Bank of Romania, as a resolution authority, each credit institution the Romanian legal person: ... a) cooperate in drawing up the resolution plan as much as necessary, as requested by the resolution authority; ... b) provide all information necessary for the development and implementation of the resolution plan, including the information and analyses provided for in Section B of the Annex. ... (2) The National Bank of Romania shall ensure that the structure exercising the supervisory function cooperates with the structure exercising the resolution function, in order to verify to what extent the information provided in par. ((1) are already available. The National Bank of Romania shall ensure that, if this information is available, the structure exercising the supervisory function shall transmit them to the structure exercising the resolution function. ... 3.2. Group level resolution planning + Article 58 (1) The National Bank of Romania, as a group-level resolution authority, together with the resolution authorities of the group subsidiaries and after consulting with the resolution authorities in the jurisdictions where there are significant branches, to the extent that the plan is relevant to them, drawing up plans for group resolution. ... (2) The group resolution plan is intended for the resolution of the group as a whole, either by resolution at the level of the parent undertaking in the European Union based in Romania, or by separation and resolution of the subsidiaries, and shall include the necessary measures for resolution: ... a) the parent undertaking of the European Union based in Romania; ... b) subsidiaries belonging to the group and are based in the European Union; ... c) entities referred to in art. 1 1 para. ((1) lit. c) and d); ... d) subsidiaries belonging to the group and are based outside the European Union, in compliance with the provisions of art. 512-529. ... + Article 59 If the National Bank of Romania is a resolution authority at the level of a group whose parent company in the European Union is not based in Romania, the National Bank of Romania cooperates closely with the resolution authority of the Member in which the parent undertaking is based in order to draw up the group's resolution plans. + Article 60 The group resolution plan shall be drawn up on the basis of information provided in accordance with 57. + Article 61 (1) The group-wide resolution plan shall bear in mind the following: ... a) the establishment of resolution actions to be taken in relation to the entities in the group, through the resolution actions taken with regard to the entities referred to in art. 1 1 para. ((1) lit. b), c) and d), to the parent undertaking and to the subsidiary institutions, and by means of coordinated resolution actions relating to the subsidiary institutions, according to the scenarios provided for in art. 51 51; ... b) to examine the extent to which resolution tools and powers can be applied, i.e. exercised in a coordinated manner in the case of group entities established in the European Union, including measures to facilitate the acquisition by a the third party of the group as a whole, of separate lines of activity or of activities carried out either by several entities in the group or only by some of them, and the identification of any obstacles to a coordinated resolution; ... c) identification, if the group includes entities established in third countries, of the appropriate modalities of cooperation and coordination with the relevant authorities of those third States and of the implications for the resolution at Union level European; ... d) identification of the necessary measures, including the legal and economic separation of certain functions or lines of activity, in order to facilitate the resolution of the group, in situations where the conditions for triggering the procedure are met resolution; ... e) the establishment of any additional measures, which are not provided for in this law and that the National Bank of Romania, as a group-level resolution authority, intends to apply for the resolution of the group; ... f) identifying how the group resolution actions could be financed and, in cases where the use of funding mechanisms is necessary, defining the principles of responsibility sharing for that funding between sources of funding from different Member States. The plan must not be based on extraordinary public financial support, outside the use of the financing mechanisms established under art. 531 531-535 and, where appropriate, the financing mechanisms established by other Member States according to art. 100 100 of Directive 2014 /59/EU or on liquidity insurance in emergency situations from the central bank or on liquidity insurance from the central bank offered with guarantees, interest rates or non-standard durations. ... (2) The principles on which the plan is drawn up envisage sharing responsibility on the basis of objective and balanced criteria, taking into account the provisions of art. 560 560 and the impact on financial stability in all the Member States concerned. ... + Article 62 Assessing the possibility of settling the group according to art. 88-91 is carried out simultaneously with the elaboration and updating of the group resolution plan according to art. 58 58-61 and art. 63, including a detailed description of the assessment carried out. + Article 63 The group resolution plan shall not have a disproportionate impact on any Member State in which the group operates. + Article 64 (1) The parent undertaking of the European Union based in Romania shall transmit to the National Bank of Romania, as a group-level resolution authority any information requested by it according to art. 57 57, relating to that parent undertaking in the European Union, and, if necessary, to each of the entities in the group, including those provided for in art. 1 1 para. ((1) lit. c) and d). ... (2) The parent undertaking of the European Union based in Romania shall develop and transmit to the resolution authority at group level, including in situations where it is a resolution authority of another Member State, the information required under art. 57 57, relating to the parent undertaking in the European Union, and, if necessary, to each of the entities belonging to the group, including those provided for in art. 1 1 para. ((1) lit. c) and d). ... ((3) In the case of the parent undertaking in the European Union which is not based in Romania, the National Bank of Romania, as a group-level resolution authority, shall request the resolution authority of the Member State in which the parent undertaking has the seat of transmission to the National Bank of Romania of the information similar to those provided by 57, relating to that parent undertaking, and, if necessary, to each of the entities belonging to the group, including those provided for in art. 1 1 para. ((1) lit. c) and d). ... (4) In compliance with the confidentiality requirements provided by this law, the National Bank of Romania, as a resolution authority at the group level, shall transmit the information provided in par. ((1) to: ... a) European Banking Authority; ... b) the resolution authorities of the subsidiaries; ... c) the resolution authorities in the jurisdictions where there are significant branches, in so far as the resolution plan is relevant to the significant branches; ... d) the relevant competent authorities art. 184 and 185 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... e) the resolution authorities of the Member States in which the entities referred to in art. 1 1 para. ((1) lit. c) and d) Directive 2014 /59/EU . ... (5) The National Bank of Romania, as a group-level resolution authority, shall submit all relevant information to the European Banking Authority for its role regarding the group resolution plans and to the authorities provided for in para. ((4) lit. b)-d) at least all relevant information for the significant branch or branch within the jurisdiction of each authority. ... (6) The National Bank of Romania, as a group-level resolution authority, may transmit the information relating to subsidiaries in third States only with the consent of the supervisory authority or the relevant resolution authority of the that third State. ... + Article 65 (1) The National Bank of Romania, as a group-level resolution authority, together with the resolution authorities referred to in art. 64 64 para. ((4), after consultation with the relevant competent authorities, including the competent authorities of the Member States where significant branches are located, develop and update the resolution plan of the group within the resolution colleges. ... (2) The National Bank of Romania, as a group level resolution authority, may, in compliance with the confidentiality requirements provided by art. 527-529, to involve in the drafting and updating of resolution plans of the group resolution authorities of third countries in which subsidiaries or financial holding companies of a group or significant branches are located, within the meaning of art. 210 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Article 66 The group resolution plan shall be reviewed and, where appropriate, updated at least once a year, as well as after any change in the legal or organisational structure, business or financial position of the group, including any entity in the group. group, which could, in the opinion of the National Bank of Romania, have as a resolution authority at group level and the other authorities involved, a significant impact on its plan would require its modification. + Article 67 The National Bank of Romania, as a group-level resolution authority, adopts together with the resolution authorities of the subsidiaries, by a joint decision, the group resolution plan, within four months from the transmission to these of the information provided in art. 64 64 para. ((4). The National Bank of Romania can request the support of the European Banking Authority to adopt a joint decision + Article 68 In the absence of a joint decision of the resolution authorities within the four-month period provided for in Article 67, the National Bank of Romania, as a group-level resolution authority, adopts its own decision on the group resolution plan, solidly argued and taking into account the opinions and reserves of the other resolution authorities, and notify the decision taken by the European Union parent undertaking. + Article 69 (1) If, within the four-month period provided for in art. 67, any of the other resolution authorities shall be addressed to the European Banking Authority in accordance with the provisions of 19 19 of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as a group-level resolution authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The four-month period is considered the conciliation period within the meaning of art. 19 19 of Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as a group-level resolution authority, shall take into account the adoption of its decision on the decision of the European Banking Authority, expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as a group-level resolution authority, can no longer address the European Banking Authority in order to reach a agreement on the group level resolution plan. ... (5) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as a group-level resolution authority. ... + Article 70 The National Bank of Romania, as a group-level resolution authority, can reach a joint decision on a group-level resolution plan targeting group entities under its jurisdiction, together with the authorities. of resolution that did not address the European Banking Authority in this regard, according to art. 69 69 para. ((1). + Article 71 The common decision provided in art. 67 and 70 or the decision adopted in the absence of the joint decision, provided for in 68 68, is recognised as final and is applied by the other resolution authorities concerned. + Article 72 If joint decisions are taken pursuant to art. 67 67 and 70 and if a resolution authority considers that the reason for disagreement on the group resolution plan, in respect of which the assistance of the European Banking Authority was requested, affects the fiscal responsibilities of the Member State respectively, the National Bank of Romania, as a group-level resolution authority, following the notification received from the resolution authority concerned, informs the European Banking Authority of this situation and reassesses the plan of group resolution, including minimum requirements for own funds and liabilities eligible. + Article 73 The National Bank of Romania, as a group-level resolution authority, shall transmit to the relevant competent authorities the resolution plan of the group, as well as any amendments thereto. 3.3. Planning the resolution at group level if the National Bank of Romania is an individual resolution authority + Article 74 (1) The National Bank of Romania, as an individual resolution authority, shall develop, together with the resolution authority at group level and with the other resolution authorities involved, group resolution plans, as a result consultation with resolution authorities in jurisdictions where significant branches are, insofar as the plan is relevant to them. ... (2) The provisions of art. 58 58 para. ((2) shall apply accordingly. ... + Article 75 In the case of a significant branch in Romania, the National Bank of Romania, as an individual resolution authority, shall cooperate with the group-level resolution authority and the other resolution authorities concerned, the purpose of drawing up the group resolution plans, in so far as the plan is relevant for that branch. + Article 76 The National Bank of Romania, as an individual resolution authority, participates in the elaboration and updating of the group resolution plan within the resolution colleges. + Article 77 The National Bank of Romania, as an individual resolution authority, adopts together with the other authorities of the resolution college, by a joint decision, the group resolution plan, within four months from the transmission to them, by the group-level resolution authority, of the information provided by the parent undertaking in the European Union, similarly to those provided for in art. 64 64 para. ((4). The National Bank of Romania can request the support of the European Banking Authority to adopt a joint decision + Article 78 ((1) In the absence of a joint decision of the resolution authorities within the four-month period provided for in art. 77, the National Bank of Romania, as an individual resolution authority, takes its own decision and develops and updates a resolution plan for entities in its jurisdiction. ... (2) The decision must be thoroughly motivated, provide the reasons for disagreement with the proposed group resolution plan and take into account the views and reservations of the other competent authorities and other resolution authorities. ... (3) The National Bank of Romania, as an individual resolution authority, shall notify its decision to the other members of the resolution college. ... + Article 79 (1) In compliance with art. 82, if within the four-month period provided for in art. 77, any of the resolution authorities involved shall be addressed to the European Banking Authority for assistance in accordance with the provisions of art. 19 19 of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as an individual resolution authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The period of four months shall be considered as conciliation period within the meaning Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as an individual resolution authority, shall adopt its own decision in accordance with the decision of the European Banking Authority expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as an individual resolution authority, can no longer address the European Banking Authority. ... (5) In the absence of a decision of the European Banking Authority, the decision of the National Bank of Romania shall apply, as an individual resolution authority. ... + Article 80 If the National Bank of Romania, as an individual resolution authority, did not address the European Banking Authority in a similar way to the one provided for in art. 79 79, it can reach a joint decision with the group-level resolution authority and resolution authorities that have not addressed the European Banking Authority according to art. 79 79, with regard to a group-level resolution plan targeting group entities under its jurisdiction. + Article 81 The common decision provided in art. 77 and 80 or the decision adopted in the absence of the joint decision, provided for in 78, is recognized as definitive and is applied accordingly. + Article 82 If the support of the European Banking Authority is requested in order to reach an agreement in accordance with the provisions of art. 19 19 para. ((3) of Commission Implementing Regulation (EU) No 1.093/2010 , on the taking of a joint decision on group-level resolution plans, the National Bank of Romania, as an individual resolution authority, considers whether the issue that is the subject of disagreement may affect the any way Romania's fiscal responsibilities. + Article 83 If the National Bank of Romania, as an individual resolution authority, considers that the reason for the disagreement on the group's resolution plans, in respect of which the assistance of the European Banking Authority was requested, affects Romania's fiscal responsibilities, it informs the European Banking Authority of this situation and asks the group-level resolution authority to reassess the group's resolution plan, including minimum requirements on own funds and eligible debts. + Article 84 The National Bank of Romania, as an individual resolution authority, shall transmit to the relevant competent authorities the resolution plan, as well as any amendments thereto. + Chapter II Possibility of settlement + Section 1 General provisions on the possibility of settling a credit institution + Article 85 (1) The National Bank of Romania, as the resolution authority, after consulting the resolution authorities in the jurisdictions in which significant branches are established, to the extent that the possibility of settlement is relevant for significant branches, assess the extent to which the settlement of a credit institution not part of a group is possible within the meaning of paragraph 1. (3), without relying on any of the following: ... a) extraordinary public financial support, except for the financing mechanisms established in accordance with art. 531-535 531-535; ... b) liquidity insurance in emergency situations from the central bank; ... c) liquidity insurance from the central bank offered with guarantees, interest rates or non-standard durations. ... (2) The National Bank of Romania shall ensure that the assessment referred to in par. ((1) shall be carried out after consultation, by the structure exercising the function of resolution, of the structure exercising the supervisory function. ... (3) The National Bank of Romania, as a resolution authority, considers that the settlement of a credit institution is possible if it is feasible and credible, in its opinion, or to liquidate the credit institution through the insolvency, or to remedy the situation of the credit institution through the application of resolution tools and the exercise of resolution powers, avoiding as far as possible any significant negative effects on the national financial system, the other Member States or the European Union, including in the event of financial instability, extended or events on the scale of the entire system, and with the aim of ensuring continuity of critical functions of the credit institution. ... (4) The National Bank of Romania, as a resolution authority, shall notify the European Banking Authority in a timely manner whenever it considers that the settlement of a credit institution is not possible. ... + Article 86 In order to assess the possibility of settlement provided in art. 85, the National Bank of Romania, as the resolution authority, shall examine at least the elements set out in Section C of the Annex. + Article 87 The National Bank of Romania, as a resolution authority, assesses the possibility of resolution pursuant to art. 85 85 and 86 concurrently and for the purpose of drafting and updating the resolution plan in accordance with art. 49-56. + Section 2 Possibility of settling a group 2.1. Assessment of the possibility of settling a group if the National Bank of Romania is a group-level resolution authority + Article 88 (1) The National Bank of Romania, as a group-level resolution authority, together with the resolution authorities of the subsidiaries, after consulting the competent authorities of the subsidiaries and resolution authorities in the jurisdictions in which the establishment of significant branches, in so far as it is relevant for those significant branches, shall assess the extent to which the resolution of the group is possible within the meaning of paragraph 1. (3), without foretold any of the following: ... a) extraordinary public financial support, except for the financing mechanisms established in accordance with the provisions of art. 531 531-535 and, as the case may be, the financing mechanisms established by other Member States in accordance with the provisions of art. 100 100 of Directive 2014 /59/EU ; ... b) liquidity insurance in emergency situations from the central bank; ... c) liquidity insurance from the central bank offered with guarantees, interest rates or non-standard durations. ... (2) The National Bank of Romania shall ensure that the assessment referred to in par. ((1) shall be carried out after consulting the structure exercising the supervisory function. ... (3) It is considered that the resolution of a group is possible if resolution authorities consider it feasible and credible either to liquidate group entities through insolvency proceedings or to remedy the situation by applying group entities. resolution tools and powers, with the avoidance, as far as possible, of the negative effects considered by the resolution authorities as significant on the financial systems of the Member States in which the group entities are located, the other Member States or the European Union, including in situations of financial instability, extended or event-scale events to the whole system, and with the aim of ensuring the continuity of critical functions performed by the entities in the group, where they can be easily separated in a timely manner or in other ways. ... (4) The National Bank of Romania, as a group-level resolution authority, shall notify the European Banking Authority in a timely manner whenever it considers that the settlement of a group is not possible. ... (5) The assessment of the possibility of settling a group is analyzed within the resolution colleges provided for in art. 458-463. ... + Article 89 For the assessment of the possibility of settling the group provided for in 88, the National Bank of Romania, as the resolution authority, shall examine at least the elements set out in Section C of the Annex. + Article 90 ((1) Evaluation of the possibility of settling the group pursuant to art. 88 and 89 shall be carried out simultaneously and in order to develop and update the group resolution plan in accordance with the provisions of art. 58-63. ... (2) The evaluation shall be carried out within the decision-making procedure provided for in 64-72. ... 2.2. Possibility of settling a group if the National Bank of Romania is an individual resolution authority + Article 91 (1) The National Bank of Romania, as an individual resolution authority, together with the group-level resolution authority and the resolution authorities of the other subsidiaries, after consulting the consolidating supervisor, the competent authorities of the other subsidiaries and resolution authorities in the jurisdictions in which significant branches are established, in so far as it is relevant for those significant branches, shall, in a similar manner, assess the provided in art. 88-90, the extent to which a group's settlement is possible. ... (2) The National Bank of Romania shall ensure that the assessment referred to in par. ((1) shall be carried out by the structure which exercises the function of resolution after consulting the structure exercising the supervisory function. ... + Section 3 The power to address or remove obstacles to the possibilities of settlement 3.1. General provisions + Article 92 (1) If following the assessment of the possibility of settling the credit institution, carried out in accordance with the provisions of art. 85-91, the National Bank of Romania, as a resolution authority, considers that there are significant obstacles to the possibility of settling the credit institution, will notify these findings in writing to the credit institution and resolution authorities in the jurisdictions where significant branches are located. ... (2) The National Bank of Romania shall ensure that the assessment referred to in par. ((1) shall be carried out after consulting the structure exercising the supervisory function and, where the structure exercising the function of resolution finds significant obstacles to the possibility of settling the institution. of credit, will notify these findings in writing to the structure exercising the supervisory function. ... + Article 93 The requirement that the National Bank of Romania, as the resolution authority, draw up the resolution plan and that the relevant resolution authorities seek to reach a joint decision on the group resolution plan provided in art. 49 and, respectively, art. 67 and 77 shall be suspended following the notification provided for in art. 92, until the measures to reduce or remove significant obstacles to the possibility of resolution were accepted by the National Bank of Romania, as a resolution authority, according to art. 94 94 or have been decided by it pursuant to art. 95. + Article 94 (1) Within four months from the date of receipt of the notification in accordance with the provisions of art. 92, the credit institution transmits to the National Bank of Romania, as a resolution authority, proposals for measures aimed at managing or removing the significant obstacles specified in the notification. ... (2) The National Bank of Romania, as the resolution authority, shall assess the effectiveness of the proposed measures for the management or removal of the significant obstacles in question. ... (3) The National Bank of Romania shall ensure that the assessment referred to in par. ((2) shall be carried out after consultation by the structure which exercises the function of resolution of the structure exercising the supervisory function. ... + Article 95 (1) If the National Bank of Romania, as a resolution authority, considers that the measures proposed by the credit institution in accordance with the provisions of art. 94 does not ensure the reduction or removal of the obstacles in question, requires it, either through the structure exercising the resolution function or through the structure which, exercises the supervisory function, alternative measures of the same purpose and notify those measures in writing to the credit institution, which, within one month of receipt of the notification, proposes a compliance plan. ... (2) The National Bank of Romania, as the resolution authority, accompanies the notification of alternative measures of arguments for which the measures proposed by the credit institution are not considered effective for removing obstacles to the the possibility of resolving and presenting how the proposed alternative measures are proportionate to the removal of these obstacles. ... ((3) When establishing alternative measures, the National Bank of Romania, as the resolution authority, shall take into account the threat to financial stability posed by these obstacles to the settlement and the effect of the measures on the credit institution's activity, its stability and its capacity to contribute to the economy. ... + Article 96 For the purposes of art 95, the National Bank of Romania, as the resolution authority, may take any of the following measures: a) ask the credit institution to review any intragroup financing agreements or to examine the reasons for their absence, the conclusion of service contracts-either intragroup or with third parties-aimed at ensuring critical functions of the credit institution; ... b) require the credit institution to limit its individual exposures and maximum aggregates; ... c) impose additional specific or periodic information requirements relevant to the resolution procedure; ... d) require the credit institution to waive certain assets; ... e) require the credit institution to limit or terminate certain activities carried out or proposed; ... f) limit or prevent the creation of new lines of activity, the development of existing ones, the sale of new products or the sale of existing products; ... g) to request changes in the legal or operational structure of the credit institution or any entity in the group, either directly or indirectly under the control of the credit institution or entity, in order to reduce complexity and ensure that the possibility of separation, from a legal and operational point of view, of critical functions from other functions to the application of resolution tools; ... h) to require the credit institution or parent undertaking to establish a parent financial holding company in Romania or a parent financial holding company in the European Union; ... i) to request the credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) issue debts eligible to meet the requirements laid down in art. 296-310 296-310; ... j) to request the credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) adopt other measures to meet the minimum requirement for own funds and eligible debts according to art. 296-310, including trying to renegotiate any eligible debt and any additional level 1 instrument or level 2 instrument that it has issued, to ensure that any decision of the National Bank of Romania, as an authority of resolution, to reduce the amount or to convert the debt or the instrument in question may be applied according to the legislation of the jurisdiction governing it; ... k) if the credit institution is a subsidiary of a mixed-activity financial holding company, it may ask the mixed-activity financial holding company to set up a separate financial holding company to control the credit institution, if this arrangement is necessary to facilitate the resolution of the credit institution and to avoid any negative effects of the application of the resolution tools and powers provided for in art. 177 177-456 on non-financial part of the group. ... + Article 97 Decision taken according to art. 92 92 or 95 must meet the following requirements: a) be supported by an exposure of the reasons behind the assessment or the finding in question; ... b) indicate how that assessment or finding complies with the requirement for the proportional application provided for in art. 95 95; ... c) to be challenged in compliance with the provisions art. 274-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Article 98 (1) Prior to the identification of any of the measures referred to in art. 95, the National Bank of Romania, as the resolution authority, after consulting, if applicable, the designated national macroprudential authority in Romania, shall take due account of the potential effect of the respective measures. on the credit institution concerned, on the internal market for financial services, on financial stability in other Member States and in the European Union as a whole. ... (2) The National Bank of Romania shall ensure that the activity referred to in par. ((1) shall be carried out after consultation by the structure which exercises the function of resolution of the structure exercising the supervisory function. ... 3.2. The power to address or remove obstacles to the possibility of settlement in the case of a group, where the National Bank of Romania is a group-level resolution authority + Article 99 The National Bank of Romania, as a group-level resolution authority, together with the resolution authorities of the subsidiaries, after consultation with the supervisory board and resolution authorities in the jurisdictions in which they are located significant branches, in so far as it is relevant for significant branches, shall analyse the assessment referred to in Article 1. 88 88-90 in the resolution college and shall take all reasonable measures to reach a joint decision on the application of the measures identified in accordance with art. 95 95 on institutions that are part of the group. + Article 100 (1) The National Bank of Romania, as a group-level resolution authority, together with the European Banking Authority, according to art. 25 25 para. ((1) of Regulation (EU) No 1.093/2010 , draw up and submit a report to the parent undertaking in the European Union and to the resolution authorities of the subsidiaries to be transmitted to the subsidiaries, as well as to the resolution authorities in the jurisdictions in which significant branches are located. ... (2) The National Bank of Romania shall ensure that the report referred to in par. ((1) is drawn up in consultation by the structure which exercises the function of resolution of the structure exercising the supervisory function. ... (3) The National Bank of Romania, as a group-level resolution authority, shall consult before finalizing the report of the other relevant competent authorities. The report includes an analysis of the obstacles considered by the National Bank of Romania as significant in the effective application of resolution tools and the exercise of resolution powers in relation to the group. ... (4) The National Bank of Romania, as a group-level resolution authority, shall ensure the inclusion in the report of the impact of measures on the economic model of the credit institution and the recommendation of proportionate measures and specific which, in its opinion, are necessary or appropriate to remove these obstacles. ... + Article 101 ((1) Within four months from the date of receipt of the report, the parent undertaking of the European Union based in Romania may present observations and may propose to the National Bank of Romania, as a group-level resolution authority, alternative measures to eliminate the obstacles identified in the report. ... (2) Provisions of para. ((1) are also applied where the group-level resolution authority is an authority in another Member State. ... + Article 102 (1) The National Bank of Romania, as a group-level resolution authority, shall communicate to the European Banking Authority, to the resolution authorities of the subsidiaries and to the resolution authorities of the jurisdictions in which branches are located significant, in so far as it is relevant for significant branches, the measures proposed by the parent undertaking in the European Union. ... (2) The National Bank of Romania shall ensure that the measures provided in par. ((1) are communicated by the structure which exercises the function of resolution of the structure exercising the supervisory function. ... (3) The National Bank of Romania, as a group-level resolution authority, and the resolution authorities of the subsidiaries, after consultation with the competent authorities and resolution authorities in the jurisdictions in which they are located significant branches, undertake all due diligence to reach a joint decision in the resolution college on the identification of the obstacles these authorities consider to be major and, where appropriate, to assess the measures proposed by the European Union parent company based in Romania and the measures imposed by the authorities to reduce or eliminate obstacles, taking into account the potential impact of the measures in all Member States where the group operates. ... + Article 103 The National Bank of Romania, as a group-level resolution authority, and the resolution authorities of the subsidiaries shall take the joint decision within four months from the date of submission of the report according to art. 100 100 or at the expiry of the four-month period following the submission of comments by the parent undertaking of the European Union, as the date of conclusion of any of these deadlines comes first. The decision must be motivated and formalized in a document that will be transmitted by the National Bank of Romania, as a group-level resolution authority, to the parent company in the European Union. The National Bank of Romania, as a group-level resolution authority, may request the assistance of the European Banking Authority, in accordance with the provisions of art. 31 lit. c) of Regulation (EU) No 1.093/2010 . + Article 104 In the absence of a joint decision, within the period provided for in 103, the National Bank of Romania, as a group-level resolution authority, shall adopt its own decision on the appropriate measures to be taken according to art. 95 95 at group level. + Article 105 (1) The decision must be thoroughly motivated and take into account the views and reservations of the other resolution authorities. ... (2) The decision in par. (1) is transmitted by the National Bank of Romania, as a group-level resolution authority, to the parent company in the European Union. ... + Article 106 (1) If within the four-month period provided for in art. 103 any of the resolution authorities requested the opinion of the European Banking Authority on the appropriate measures to be taken in accordance with art. 96 lit. g), h) or k) at the group level according to art. 19 19 of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as a group-level resolution authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as a group-level resolution authority, shall adopt its own decision in accordance with the decision of the European Banking Authority expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as a group-level resolution authority, can no longer request the opinion of the European Banking Authority. ... (5) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as a group-level resolution authority. ... + Article 107 The common decision provided in art. 103 or the decision adopted in the absence of a joint decision according to 104 104 is recognised as final and is applied by the resolution authorities concerned. 3.3. The power to address or remove obstacles to the possibility of settling in the case of a group, where the National Bank of Romania is an individual resolution authority + Article 108 The National Bank of Romania, as an individual resolution authority, together with the group-level resolution authority, after consultation with the supervisory board and resolution authorities in the jurisdictions in which they are located significant branches, in so far as it is relevant for significant branches, shall analyse the assessment referred to in Article 4. 91 within the resolution college and shall take all reasonable measures to reach a joint decision with the other authorities on the application of the measures identified in accordance with art. 95 on credit institutions that are part of the group and are supervised by it. + Article 109 In the case of a significant branch in Romania, the National Bank of Romania, as an individual resolution authority, shall cooperate with the group-level resolution authority and the other resolution authorities concerned, analysis of the assessment referred to in 91 in the resolution college, to the extent relevant to that branch. + Article 110 The National Bank of Romania, as an individual resolution authority, shall transmit to the credit institutions of the group within its jurisdiction the report received from the resolution authority of the group, which has drawn up similarly to those provided in art. 100. + Article 111 The National Bank of Romania, as an individual resolution authority, and the group-level resolution authority, after consultation with the competent authorities and resolution authorities in the jurisdictions in which they are located significant branches, undertake all due diligence to reach a joint decision in the resolution college on the identification of the obstacles these authorities consider to be major and, where appropriate, to assess the measures proposed by the European Union parent company based in Romania and the measures imposed by the authorities to reduce or eliminate obstacles, taking into account the potential impact of the measures in all Member States where the group operates. + Article 112 The National Bank of Romania, as the competent authority at the individual level and/or as the resolution authority in the case of a significant branch, as the case may be, shall cooperate with the resolution authority at group level and with the other Resolution authorities concerned, with a view to reaching a joint decision in the resolution college on the identification of the obstacles these authorities consider to be major and, where appropriate, to the assessment of the measures proposed by to the European Union parent undertaking and the measures imposed by the authorities in the to reduce or eliminate obstacles, taking into account the potential impact of measures in all Member States where the group operates. + Article 113 The National Bank of Romania, as an individual resolution authority, shall submit all due diligence to adopt a joint decision according to art. 111, respectively art. 112, within a period of 4 months, calculated according to art. 103 103. In this regard, it may request the assistance of the European Banking Authority in accordance with the provisions of 31 lit. c) of Regulation (EU) No 1.093/2010 . + Article 114 (1) In the absence of a joint decision within the time limit provided for in 113, the National Bank of Romania, as an individual resolution authority, shall take its own decision on the appropriate measures to be applied by the subsidiary at the individual level according to art. 95. The decision must be thoroughly motivated and take into account the opinions and reservations of the other resolution authorities. ... (2) The National Bank of Romania, as an individual resolution authority, shall transmit the decision of the concerned branch and the group-level resolution authority. ... + Article 115 (1) If, within the four-month period provided for in art. 113, any of the resolution authorities shall request the opinion of the European Banking Authority on the appropriate measures to be taken in accordance with art. 95, according to the provisions of art. 19 19 para. ((3) of Commission Implementing Regulation (EU) No 1.093/2010 , The National Bank of Romania, as an individual resolution authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as an individual resolution authority, shall adopt its own decision in accordance with the decision of the European Banking Authority expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as an individual resolution authority, can no longer request the opinion of the European Banking Authority in relation to appropriate measures to be taken according to art. 96 lit. g), h) or k). ... (5) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as an individual resolution authority. ... + Article 116 The common decision provided in art. 113 113 or the decision adopted in the absence of a joint decision referred to in 114 114 is recognised as final and is properly applied. + Chapter III Intragroup financial support + Section 1 Conclusion of intra-group financial support agreements + Article 117 (1) If the conditions laid down in art. 117-148, a parent institution in Romania, a parent institution in the European Union, the Romanian legal person, or an entity provided for in art. 1 1 para. ((1) lit. c) or d), the Romanian legal person, and its subsidiaries in Romania, other Member States or third countries which are the institution or financial institution and which are included in the supervision on a consolidated basis within the Union European Union may conclude intra-group agreements on the granting of financial support to any party to the Agreement which meets the conditions of early intervention in accordance with 149-151. ... (2) Financial institutions and institutions, Romanian legal entities, which are subsidiaries of parent institutions or entities similar to those referred to in art. 1 1 para. ((1) lit. c) or d) from other Member States, which are subject to supervision on a consolidated basis within the European Union, may participate in intra-group agreements concluded within the group under the conditions laid down in paragraph 1. ((1). ... + Article 118 Art. 117 117-148 shall not apply to intragroup financial agreements, including financing agreements and the carrying out of centralised financing agreements, intended for situations in which none of the parties to those agreements meets the conditions of early intervention. + Article 119 ((1) The existence of an intra-group financial support agreement does not constitute a precondition for a credit institution to be able to provide intragroup financial support to a group entity experiencing financial difficulties, if the institution of the credit thus decides, taking into account the specific situation of the entity and the policies of the group, if it does not represent a risk to the whole group. ... ((2) The existence of an intra-group financial support agreement does not constitute a precondition for the entities referred to in art. 117 to operate on the Romanian territory. ... + Article 120 (1) The provisions of national law, which constitute a legal impediment for transactions regarding the provision of intra-group financial support carried out according to the provisions of art. 117-148 117-148, does not apply. ... (2) Provisions art. 117 117-148 shall be without prejudice to the provisions setting limits of the right intragroup transactions Regulation (EU) No 575/2013 , the regulations given in its application or in accordance with the legislation of another Member State implementing the options provided for in Regulation (EU) No 575/2013 or transpose Directive 2013 /36/EU or the provisions requiring separation, for reasons of financial stability, of parts of a group or of activities carried out within a group. ... + Article 121 (1) The intra-group financial support agreement may cover one or more subsidiaries of the group and may provide for financial support from the parent undertaking to subsidiaries, from subsidiaries to the parent undertaking, between the subsidiaries of the group which are party to the agreement or any other combination of parts of the agreement. ... (2) The financial support provided for by the Agreement may be in the form of credit, the provision of personal guarantees, the supply of assets for use as collateral or any combination of these forms of financial support, within one or more many transactions, including between the beneficiary of support and a third party. ... ((3) If, in accordance with the terms of the intragroup financial support agreement, an entity in the group undertakes to provide financial support to another entity in the group, the latter agreement may include a reciprocity clause, whereby the group entity receiving the support undertakes to provide financial support to the group entity providing the support. ... + Article 122 The intragroup financial support agreement shall comply with the following requirements: a) each Party shall freely decide on the conclusion of the Agreement; ... b) the agreement includes the principles for determining the consideration due for any transaction made under the agreement; ... c) the consideration shall be established at the time of financial support; ... d) at the conclusion of the agreement and in determining the consideration of the provision of financial support, each party shall act according to its own interests, which may take into account any direct or indirect benefits which it may obtain in the the provision of financial support; ... e) each party providing financial support shall have access to all relevant information from the parties receiving financial support, prior to the establishment of the consideration related to its provision and before taking any decision on the provision ... f) the consideration given to the provision of financial support may take into account the information that the providing financial support party holds by virtue of the fact that it belongs to the same group as the beneficiary part of the financial support and which does not are available for the market; ... g) in calculating the consideration of the provision of financial support, there must be no obligation to take into account any anticipated temporary effects on market prices as a result of external events to the group. ... + Article 123 ((1) The intra-group financial support agreement may be concluded only if, at the time of drawing up the draft agreement, the relevant competent authorities estimate that none of the credit institutions in the group meets the conditions of intervention Early. ... ((2) In order to conclude the intra-group financial support agreement, the National Bank of Romania, as an individual competent authority, shall inform the consolidating supervisor whether the credit institutions in the group under supervision meet the conditions for early intervention or not. ... + Article 124 All rights, claims or actions arising from the intra-group financial support agreement may only be exercised by the parties to the Agreement. + Article 125 ((1) Entities in the group, Romanian legal entities, which may enter into an intra-group financial support agreement in accordance with the provisions of art. 117-124, make it public that they have concluded or have not concluded such an agreement. ... ((2) Entities in the group referred to in par. ((1) which are part of an intra-group financial support agreement must make public the description of the general terms of the agreement, the names of the group entities that are party to it and update that information at least once a year. ... (3) The provisions of art. 431 431-434 of Regulation (EU) No 575/2013 are properly applicable. ... + Section 2 Authorization of the draft intra-group financial support agreement where the National Bank of Romania is a consolidating supervisor + Article 126 (1) The parent institution of the European Union, the Romanian legal person, shall ask the National Bank of Romania, as a consolidating supervisor, to authorize for any draft agreement of intragroup financial support proposed pursuant to art. 117-124. ... (. The application for authorisation shall contain the text of the draft agreement and indicate the group entities intending to be a party to the agreement. ... + Article 127 The National Bank of Romania, as a consolidating supervisor, shall transmit without delay the request of the competent authorities of the subsidiaries that intend to be a party to the agreement in order to reach a joint decision with them. + Article 128 In accordance with the procedure provided for in Article 130 and 131, the National Bank of Romania, as a consolidating supervisor, shall grant the authorization only if the terms of the proposed agreement comply with the conditions for granting the intra-group financial support provided for in art. 137. + Article 129 The National Bank of Romania, as a consolidating supervisor, rejects the application for authorization if, from the analysis carried out, it follows that the draft intra-group financial support agreement does not comply with the conditions laid down in art. 137. + Article 130 (1) The National Bank of Romania, as a consolidating supervisor, shall submit all due diligence to adopt, together with the relevant competent authorities, within four months from the date of receipt of the application for authorization, a joint decision with the on the extent to which the terms of the proposed agreement comply with the conditions for granting financial support provided for in 137, taking into account the potential impact, including any tax consequences, of the application of the agreement in all the Member States in which the group operates. ... (2) The National Bank of Romania, as consolidating supervisor, shall communicate in writing to the applicant the joint decision, accompanied by its foundation. ... (3) The National Bank of Romania, as consolidating supervisor, may ask the European Banking Authority for assistance for the adoption of a joint decision by the competent authorities, in accordance with the provisions of art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 131 ((1) If the competent authorities do not reach a joint decision within the four-month period provided for in art. 130 130 para. (1), the National Bank of Romania, as a consolidating supervisor, shall adopt its own decision in relation to the application for authorisation, which it shall transmit to the other competent authorities and to the requesting credit institution. ... (2) The decision must be formalised in a document, be substantiated and take into account the opinions and reservations of the other competent authorities, expressed within the period of four months. ... + Article 132 (1) If, within the four-month period provided for in art. 130 130 para. ((. Any of the competent authorities concerned shall request the opinion of the European Banking Authority in accordance with 19 19 of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as a consolidating supervisor, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (2) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (3) The National Bank of Romania, as consolidating supervisor, shall adopt its own decision in accordance with the decision of the European Banking Authority expressed within one month. ... (4) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as consolidating supervisor, can no longer request the opinion of the European Banking Authority in relation to the application for authorization of Intragroup financial aid. ... + Section 3 Authorization of the draft intra-group financial support agreement where the National Bank of Romania is competent authority at individual level + Article 133 (1) The National Bank of Romania, as the competent authority at the individual level, shall submit all due diligence for the adoption of a joint decision with the other relevant competent authorities, within four months from the date of receipt of the request for authorization by the consolidating supervisor, on the extent to which the terms of the proposed agreement comply with the conditions for granting the financial support provided for in art. 137, taking into account the potential impact, including any fiscal consequences, of the application of the agreement in Romania. ... (2) The National Bank of Romania, as an individual competent authority, may request the European Banking Authority to assist in the adoption of a joint decision by the competent authorities, in accordance with the provisions of art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 134 (1) Within the four-month period provided for in art. 133 133 para. (1), the National Bank of Romania, as an individual competent authority, may request the opinion of the European Banking Authority according to art. 19 19 of Regulation (EU) No 1.093/2010 . ... (2) The period of four months shall be considered the period of conciliation within the meaning of 19 19 of Regulation (EU) No 1.093/2010 . ... (3) After the expiry of the four-month period or after a joint decision has been reached, the National Bank of Romania, as the competent authority at the individual level, can no longer request the opinion of the European Banking Authority in relation to the request authorising intragroup financial aid. ... + Section 4 Approval by the shareholders of the draft agreement + Article 135 (. Any draft agreement which has been authorized by the consolidating supervisor shall be subject to the approval of the shareholders of each group entity intending to be a party to the agreement. ... (2) The agreement is valid only for group entities whose shareholders have approved the agreement and authorized the management body of that group entity to decide to grant and/or receive financial support in accordance with the terms the agreement and the conditions established in art. 117-148. The agreement is no longer valid if shareholders revoke the authorization. ... + Article 136 The management body of the Romanian entity, party to a group-level financial support agreement, shall submit to the shareholders each year a report on the execution of the agreement and the implementation of any decision taken under it. + Section 5-a Granting of intra-group financial support + Article 137 Financial support may be granted by an entity from the group, the Romanian legal person, in accordance with the provisions of art. 117-124, if the following conditions are met cumulatively: a) there is, in the opinion of the group entity providing financial support, a reasonable prospect that the support provided will contribute significantly to the resolution of the financial difficulties of the beneficiary group entity; ... b) the provision of financial support is aimed at maintaining or restoring the financial stability of the group as a whole or any entity in the group and is in the interest of the group entity providing the support; ... c) financial support is offered in the terms provided in art. 122 122, including as regards consideration; ... d) on the basis of the information available to the management body of the group entity providing the financial support at the time of the decision to grant financial support, there is a reasonable prospect that the entity of the beneficiary group pay the consideration of the support granted and, if the support is granted as a loan, that the entity of the beneficiary group will reimburse it. Where support is granted in the form of a personal guarantee or other form of guarantee, the condition relating to the prospect of repayment shall be applied in relation to the debt resulting from the beneficiary in the case of execution. guarantee; ... e) the provision of financial support does not compromise the liquidity or solvency of the group entity providing support; ... f) the provision of financial support is not a threat to Romania's financial stability; ... g) the group entity providing the support meets the amount of capital and liquidity requirements laid down by the Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, by Regulation (EU) No 575/2013 and the regulations issued in their application, as well as the additional own funds requirements ordered by the National Bank of Romania according to art. 226 226 para. (4) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and the provision of financial support does not lead to the violation by the group entity of these requirements, unless it obtains an approval in this regard from the National Bank of Romania, as the competent authority; ... h) the group entity providing the support meets at the time of granting support the requirements relating to large exposures provided by Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 ,, with subsequent amendments and completions, by Regulation (EU) No 575/2013 and the regulations issued in their application, and the provision of financial support does not lead to the group entity's violation of these requirements, unless it obtains an approval in this regard from the National Bank Romania, as competent authority; ... i) the provision of financial support would not undermine the possibility of settling the group entity providing the support. ... + Article 138 The National Bank of Romania shall ensure that the structure exercising the supervisory function remit the intragroup financial support agreements that it has authorized and any changes thereof to the structure exercising the resolution function, as well as the other relevant resolution authorities. + Article 139 ((. The decision to provide intra-group financial support in accordance with the Agreement shall be taken by the management body of the group entity providing the financial support. ... (2) This decision must be reasoned and indicate the purpose for which financial support is proposed, namely the way in which the provision of financial support is in line with the conditions laid down in art. 137. ... ((3) The decision to accept the intra-group financial support on the basis of the agreement shall be taken by the management body of the group entity receiving financial support. ... + Article 140 ((1) Before granting support under an intra-group financial support agreement, the management body of the group entity, the Romanian legal entity, which intends to grant financial support and which is subject to the supervision of the National Bank of Romania at the individual or consolidated level, must notify: ... a) National Bank of Romania, as competent authority; ... b) the consolidating supervisor, if it is authority distinct from the authorities referred to in lett. a) and c), as applicable; ... c) the competent authority of the beneficiary entity of financial support, if it is the authority distinct from the authorities referred to in point a) and b); ... d) European Banking Authority. ... (2) The notification must contain the reasoned decision of the management body, according to art. 139 139, as well as details of the proposed financial support, including a copy of the intragroup financial support agreement. ... + Section 6 Approval of the granting of intra-group financial support by the National Bank of Romania, as an individual competent authority of the entity providing the support + Article 141 (1) The National Bank of Romania, as the competent authority at the individual level of the group entity providing financial support, shall assess whether the conditions for the granting of intra-group financial support provided for in art. 137 137 and, within five working days from the date of receipt of a complete notification from the entity providing financial support, approve the granting or, if it finds that the conditions laid down in art. 137, prohibit or limit financial support. ... (2) The decision of the National Bank of Romania, as an individual competent authority, regarding the prohibition or limitation of financial support must be motivated. ... + Article 142 The National Bank of Romania, as the competent authority at the individual level of the entity providing financial support, shall communicate without delay the decision on the approval, prohibition or limitation of financial support to: a) the consolidating supervisor, if different; ... b) the competent authority of the group entity benefiting from financial support; and ... c) European Banking Authority. ... + Article 143 If the National Bank of Romania, as the competent authority at the individual level of the entity providing financial support, does not prohibit or limit financial support within the period provided for in art. 141 141 or agreed with that support before the end of that period, the financial support may be granted in accordance with the conditions set out therein. + Article 144 The credit institution, the Romanian legal entity, which provides financial support and which is subject to the supervision of the National Bank of Romania at the individual and/or consolidated level shall transmit the decision of the management body regarding the provision financial support: a) the National Bank of Romania; ... b) the consolidating supervisor, if it is the authority distinct from the authorities referred to in point a) and c), as applicable; ... c) the competent authority of the group entity benefiting from financial support, if it is the authority distinct from the authorities referred to in point a) and b); ... d) European Banking Authority. ... + Section 7 Powers of the National Bank of Romania, as consolidating supervisor or competent authority at the individual level of the beneficiary entity + Article 145 The National Bank of Romania, as consolidating supervisor, shall promptly communicate to the other members of the supervisory college and to the members of the resolution college the decision on the approval, prohibition or limitation of financial support, adopted by the competent authority of the entity providing the support. + Article 146 If it has objections to the decision to prohibit or limit the financial support taken by the competent authority of the group entity providing financial support, the National Bank of Romania, as supervisor the consolidating or authoritative individual entity of the entity in the group receiving the financial support, may refer the matter to the European Banking Authority and may request its assistance in accordance with art. 31 31 of Regulation (EU) No 1.093/2010 ,, within two days of receipt of the decision of the competent authority of the group entity providing the financial support. + Article 147 The National Bank of Romania, as a consolidating supervisor, shall promptly communicate to the other members of the supervisory college and to the members of the resolution college the decision of the management body of the credit institution providing the support Financial. + Article 148 If the competent authority of the group entity providing intra-group financial support prohibits or limits the provision of intra-group financial support and the group-level recovery plan provides for the provision of financial support intragroup according to art. 33 33, the National Bank of Romania, as the competent authority at the individual level of the group entity that would have benefited from the financial support, may ask the consolidating supervisor to reassess the recovery plan at group level under art. 41 41-47 or, if the recovery plan is drawn up at the individual level, ask the group entity that would have benefited from the intragroup financial support to submit a revised recovery plan. + Title III Early intervention + Chapter I Early intervention measures + Article 149 (1) Where a credit institution infringes or, inter alia, a rapid deterioration of the financial situation is likely to infringe, in the near future, the requirements laid down by Regulation (EU) No 575/2013 ,, of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and by the regulations issued by the National Bank of Romania in their application, by the provisions on the capital market transposing Title II of Directive 2014 /65/EU or any of the art. 3-7 3-7, art. 14-17 14-17, art. 24 24, 25 and 26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 , The National Bank of Romania, as competent authority, without prejudice to the measures provided for in art. 226 226 and art. 230 ^ 1 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, may, where appropriate, take at least the following measures: ... a) require the management body of the credit institution to implement one or more arrangements or measures set out in the recovery plan or, in accordance with art. 14 14, update such a recovery plan when the circumstances leading up to the early intervention differ from the assumptions set out in the original recovery plan and implement one or more of the arrangements or measures. set out in the updated plan within a given time frame to ensure that the conditions set out in the introductory part of this Article no longer exist; ... b) to ask the management body of the credit institution to examine the situation, to identify the measures to resolve any problems found and to develop an action programme for the resolution of those problems and a timetable for its implementation; ... c) ask the management body of the credit institution to convene a general meeting of the shareholders of the credit institution or, if the management body fails to comply with this requirement, to directly convene the assembly in both cases, to determine the agenda and to require that certain decisions be taken into account in order to be adopted by the shareholders; ... d) require the replacement of one or more members of the management body or senior management of the credit institution, where such persons prove inadequate for the performance of their duties in the sense of art. 13, 14, 38, 71, 107 and 108 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or the provisions of the legislation on the capital market transposing art. 9 9 of Directive 2014 /65/EU ; ... e) require the management body of the credit institution to develop a plan to negotiate debt restructuring with one party or all creditors of the credit institution, in accordance with the recovery plan, as appropriate; ... f) to request changes in the business strategy of the credit institution; ... g) to request changes in the legal structure or operational structure of the credit institution; and ... h) to obtain, including through on-site inspections, and to provide to the National Bank of Romania as resolution authority all the information necessary to update the resolution plan and to prepare a possible resolution of the credit institution, as well as for carrying out an evaluation of the assets and liabilities of the credit institution in accordance with the provisions of art. 201-213. ... (2) For the purposes of paragraph (1), the rapid deterioration of the financial situation of a credit institution includes a deterioration of the liquidity situation, an increase in the level of indebtedness, non-performing loans or the concentration of exposures, assessed on the basis of a set of indicators, which may include the credit institution's own funds requirement plus 1.5 percentage points. ... + Article 150 The National Bank of Romania shall ensure that the structure exercising the supervisory function notifies, without delay, the structure that exercises the resolution function regarding the fulfilment of the conditions provided in art. 149 149 para. ((1) and (2) in relation to a credit institution. The powers of the National Bank of Romania, as a resolution authority, also include the competence to ask the credit institution to contact potential buyers to prepare the resolution of the credit institution, in compliance with the conditions provided in art. 237 and the provisions on confidentiality provided for in art. 448-452. + Article 151 For each of the measures provided in art. 149 149 para. (1), the National Bank of Romania, as the competent authority, shall establish an appropriate deadline for completion to allow it to assess the effectiveness of the measure. + Chapter II Replacement of senior management and management body + Article 152 In the event of a significant deterioration of the financial situation of a credit institution or when serious infringements of the laws, regulations or instruments of incorporation of the credit institution or serious administrative irregularities occur and if other measures taken in accordance with art. 149-151 are not sufficient to end this deterioration, the National Bank of Romania, as competent authority, may request the replacement of the senior management or the management body of the credit institution, as a whole, or some of its members. The appointment of the new senior management or the new management body shall be made in accordance with the provisions Law no. 31/1990 , republished, with subsequent amendments and completions, and with those of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and with the right of the European Union and is subject to the approval of the National Bank of Romania, as competent authority. + Chapter III Temporary administrator designation + Article 153 (1) If the National Bank of Romania, as competent authority, considers that the replacement of the senior management or the management body, as provided for in art. 152, is insufficient to remedy the situation, the National Bank of Romania, as competent authority, can designate one or more temporary administrators of the credit institution, among which can be the Guarantee Fund of bank deposits constituted according to provisions Government Ordinance no. 39/1996 on the establishment and functioning of the Deposit Guarantee Fund in the banking system, republished, with subsequent amendments and completions. ... (2) The National Bank of Romania, as competent authority, may designate any temporary administrator, proportional to the given circumstances, either to temporarily replace the management body of the credit institution or to work temporarily with the management body of the credit institution and shall specify this in its decision at the time of designation. ... ((3) If the National Bank of Romania, as competent authority, designates a temporary administrator to work with the management body of the credit institution, it shall also specify at the time of designation, the role, the tasks and powers of the temporary administrator, as well as any requirements, for the management body of the credit institution, to consult with the temporary administrator or to obtain its consent before taking certain decisions or to undertake certain actions. ... (4) The National Bank of Romania, as competent authority, shall make public on its official website the appointment of any temporary administrator, unless the temporary administrator does not have the competence to represent the institution of credit. Upon appointment of the temporary administrator, the National Bank of Romania shall consider that it shall hold the necessary qualifications, knowledge and capacity for the exercise of its functions and shall not be in conflict of interest. ... + Article 154 (1) The National Bank of Romania, as competent authority, shall assign to the temporary administrator, at the time of its designation, the powers incumbent upon it, depending on the circumstances. Powers may include some or all of the powers of the credit institution's management body in accordance with the credit institution's constituent acts and applicable national law, including the power to exercise some of or all the administrative functions of the management body of the credit institution. The powers of the temporary administrator respect, in relation to the credit institution, Law no. 31/1990 , republished, with subsequent amendments and completions, and of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (2) The remuneration of the temporary administrator, as the case may be, of the temporary administrators shall be borne by the credit institution and shall be established by the National Bank of Romania, as the competent authority, taking into account the remuneration policy of the the credit institution, drawn up in compliance with the applicable legal provisions, the total level of such remuneration cannot exceed the cumulative level of remuneration granted to the members of the management body of the credit institution for a period of Equivalent time. ... + Article 155 The role and functions of the temporary administrator shall be established by the National Bank of Romania, as the competent authority, at the time of its appointment and may include the assessment of the financial position of the credit institution, or a part of the credit institution's activity in order to maintain or restore the financial position of the credit institution and to adopt measures to restore the sound and prudent management of the credit institution's activity. The National Bank of Romania, as competent authority, specifies, at the time of appointment of the temporary administrator, any limits of its role and functions. + Article 156 The National Bank of Romania, as competent authority, has the exclusive competence to designate, to replace and, as the case may be, to revoke any temporary administrator. The National Bank of Romania, as the competent authority, may replace a temporary administrator at any time and for any reason. the mandate conferred on the temporary administrator, according to art. 153-161. + Article 157 (1) The National Bank of Romania, as competent authority, may request that certain acts of a temporary administrator be subject to its prior approval. The National Bank of Romania, as competent authority, shall establish any such requirements at the time of appointment of a temporary administrator or at the time of any modification of the terms of the mandate conferred on a temporary administrator. ... (2) The temporary administrator may exercise, in any situation, the competence to convene the general meeting of the shareholders of the credit institution and to establish the agenda of this meeting only with the prior approval of the National Bank of Romania, in quality of competent authority. ... + Article 158 The National Bank of Romania, as competent authority, may request the temporary administrator to draw up reports on the financial position of the credit institution and the acts undertaken during its mandate, at established intervals of this and at the end of the term of the temporary administrator + Article 159 The period of appointment of a temporary administrator shall not exceed one year. This period may exceptionally be renewed if the conditions for the appointment of the temporary administrator continue to be met. The National Bank of Romania, as the competent authority, is responsible for determining to what extent the conditions for maintaining a temporary administrator are met and to justify such a decision in front of the shareholders. + Article 160 Appointment of a temporary administrator in accordance with the provisions of Article 153-161 shall be made by way of derogation from the provisions on the designation and revocation of the administrators contained in Title III Head. IV Section III of Law no. 31/1990 , republished, with subsequent amendments and completions. Designation according to art. 153 153-161 is without prejudice to other shareholders ' rights provided for by Law no. 31/1990 , republished, as amended and supplemented, or by European Union law in the matter of companies. + Article 161 Provisions art. 25 25 para. ((3) and (4) of Law no. 312/2004 shall be duly applicable as regards the arrangements for the liability of the temporary administrator for the exercise of the powers conferred in accordance with art. 155. + Chapter IV Coordination of early intervention measures and appointment of temporary administrator in case of groups for which the National Bank of Romania is consolidating supervisor + Article 162 If the conditions for imposing the measures provided for in art. 149-151 or designating a temporary administrator in accordance with the provisions of art. 153-161 are fulfilled in connection with a parent company in the European Union for which the National Bank of Romania is a consolidating supervisor, it must notify the European Banking Authority and consult with the other authorities competent authority of the supervisory college. + Article 163 Following this notification and consultation, the National Bank of Romania, as a consolidating supervisor, decides whether to apply any of the measures provided for in art. 149 149-151 or to designate a temporary administrator in accordance with the provisions of art. 153-161 in relation to the relevant parent undertaking in the European Union, taking into account the impact of those measures on group entities located in other Member States. The National Bank of Romania, as a consolidating supervisor, shall notify the decision of the other competent authorities of the supervisory college and the European Banking Authority. + Article 164 Upon receipt of a request for consultation from a competent authority responsible for supervision at the individual level in relation to the imposition of measures provided for in art. 149-151 or the appointment of a temporary administrator in accordance with the provisions of art. 153-161 on a subsidiary for whose parent company in the European Union The National Bank of Romania is a consolidating supervisor, the National Bank of Romania, as a consolidating supervisor, can assess the likely impact of imposing the measures provided for in art. 149-151 or the appointment of a temporary administrator in accordance with the provisions of art. 153 153-161 on the institution concerned, the group or group entities located in other Member States. The National Bank of Romania, as a consolidating supervisor, shall communicate that assessment to the competent authority concerned within three days of receipt of the request for consultation. + Article 165 (1) If several competent authorities intend, each one, to designate a temporary administrator or to apply any of the measures provided for in art. 149-151 several institutions within the same group, the National Bank of Romania, as consolidating supervisor, must assess together with the other relevant competent authorities to what extent the appointment of the same administrator temporarily for all entities concerned or the coordination of the application of any of the measures provided for in art. 149-151 more institutions would be more appropriate to facilitate the finding of solutions to restore the financial position of the institutions concerned. The evaluation must take the form of a joint decision of the National Bank of Romania, as a consolidating supervisor, and of the other relevant competent authorities. The joint decision must be taken within five days from the date of the notification provided for in art. 162 162. The joint decision shall be formalised in a document containing the grounds on which it is based and which is transmitted by the National Bank of Romania, as a consolidating supervisor, to the parent undertaking of the European Union for which The National Bank of Romania is a consolidating supervisor. ... (2) The National Bank of Romania, as consolidating supervisor, may request the assistance of the European Banking Authority in accordance with art. 31 31 of Regulation (EU) No 1.093/2010 . ... (3) In the absence of a joint decision within the five-day period, provided in par. (1), the National Bank of Romania, as a consolidating supervisor, and the competent authorities of the subsidiaries may take individual decisions on the appointment of a temporary administrator in the institutions for which they have responsibilities and regarding the application of any of the measures provided for in art. 149-151. ... + Article 166 If the National Bank of Romania, as a consolidating supervisor, does not agree with the notified decision in accordance with the provisions of art. 164 or in the absence of a joint decision in accordance with art. 165, it may refer the European Banking Authority in accordance with the provisions of art. 167. + Article 167 If the National Bank of Romania, as a consolidating supervisor, intends to apply one or more of the measures provided for in art. 149 149 para. ((1) lit. a) in respect of lit. d), j), k), s) of Section A of the Annex, in art. 149 149 para. ((1) lit. e) or lit. g), it may request the assistance of the European Banking Authority in accordance with the provisions of 19 19 para. ((3) of Regulation (EU) No 1.093/2010 , in order to reach an agreement on the appointment of the temporary administrator. + Article 168 (1) The decision of the National Bank of Romania, as a consolidating supervisor, must be motivated. This decision shall take into account the views and reservations expressed by the other competent authorities during the consultation period referred to in Article 2. 162 162 or art. 164 times during the five-day period provided for in art. 165 165, as well as the potential impact of the decision on financial stability in the Member States concerned. The decision of the National Bank of Romania, as a consolidating supervisor, is transmitted by this parent company from the European Union for which the National Bank of Romania is a consolidating supervisor. ... (2) In the situations provided in art. 167, in which, before the end of the consultation period provided for in art. 162 and 164 or at the end of the five-day period provided in art. 165, any of the competent authorities concerned brought the matter to the attention of the European Banking Authority in accordance with the provisions of Article 19 19 para. ((3) of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as a consolidating supervisor, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (3) The five-day period shall be deemed to be the conciliation period within the meaning of Regulation (EU) No 1.093/2010 . ... (4) The National Bank of Romania, as consolidating supervisor, shall adopt its own decision in accordance with the decision of the European Banking Authority, expressed within three days. ... (5) The problem cannot be brought to the attention of the European Banking Authority after the expiry of the five-day period or after reaching a joint decision. ... + Article 169 In the absence of a decision from the European Banking Authority within three days the individual decisions taken in accordance with the provisions of art. 162, 164 or the provisions of art. 165 165 para. ((3). + Chapter V Coordination of early intervention measures and appointment of temporary administrator in the case of groups for which the National Bank of Romania is competent authority at individual level + Article 170 The National Bank of Romania, as an individual competent authority, member of the relevant supervisory college, collaborates with the consolidating supervisor and other competent authorities of the supervisory college when the conditions for imposing the requirements laid down in art. 149-151 or designating a temporary administrator in accordance with the provisions of art. 153-161 are fulfilled in relation to a parent undertaking in the European Union. + Article 171 (1) If the conditions for imposing the measures provided for in art. 149-151 or designating a temporary administrator in accordance with the provisions of art. 153-161 are fulfilled in relation to a subsidiary of a parent undertaking in the European Union, for which the National Bank of Romania, as an individual competent authority, intends to take a measure in accordance with those provisions, it must notify the European Banking Authority and consult with the consolidating supervisor. ... (2) Following the notification provided in par. (1) and to the consultation, the National Bank of Romania, as an individual competent authority, decides whether to apply any of the measures provided for in art. 149 149-151 or to designate a temporary administrator in accordance with the provisions of art. 153-161. When making this decision the National Bank of Romania must take into account, accordingly, any evaluation carried out by the consolidating supervisor. The National Bank of Romania, as the competent authority at the individual level, must notify the decision of the consolidating supervisor to the other competent authorities of the supervisory college and the European Banking Authority. ... + Article 172 (1) If several competent authorities intend, each one, to designate a temporary administrator or to apply any of the measures provided for in art. 149-151 to several institutions within the same group, the National Bank of Romania, as the competent authority at the individual level, shall evaluate together with the consolidating supervisor and the other relevant competent authorities to what extent the appointment of the same temporary administrator for all entities concerned or the coordination of the application of any of the measures provided for in 149-151 more institutions would be more appropriate to facilitate the finding of solutions to restore the financial position of the institutions concerned. The evaluation shall take the form of a joint decision of the consolidating supervisor, of the National Bank of Romania, as an individual competent authority, and of the other relevant competent authorities. The joint decision must be taken within five days from the date of the notification provided for in art. 171 171. The joint decision shall be formalised in a document containing the grounds on which it is based. ... (2) The National Bank of Romania, as an individual competent authority, may request the assistance of the European Banking Authority, in order to reach an agreement in accordance with the provisions of art. 31 31 of Regulation (EU) No 1.093/2010 . ... ((3) In the absence of a joint decision within the five-day period provided in par. (1), the consolidating supervisor, the National Bank of Romania, as the competent authority at the individual level, and the other competent authorities of the subsidiaries may take individual decisions on the appointment of a temporary administrator in institutions for which they have responsibilities and regarding the application of any of those provided for in art. 149-151. ... + Article 173 If the National Bank of Romania, as an individual competent authority, does not agree with the decision similarly notified to those provided for in art. 162 or in the absence of a joint decision in accordance with art. 172, it may bring the matter to the attention of the European Banking Authority in accordance with the provisions 174. + Article 174 When the National Bank of Romania, as an individual competent authority, intends to apply one or more of the measures provided for in art. 149 149 para. ((1) lit. a) in respect of lit. d), j), k) and s) of Section A of the Annex, in art. 149 149 para. ((1) lit. e) or lit. g), it may request the assistance of the European Banking Authority in order to reach an agreement in accordance with the provisions of art. 19 19 para. ((3) of Regulation (EU) No 1.093/2010 ,, on the appointment of the temporary administrator. + Article 175 (1) The decision of the National Bank of Romania, as the competent authority at the individual level, must be motivated. This decision shall take into account the views and reservations expressed by the other competent authorities and the consolidating supervisor during the consultation period referred to in Article 5. 170 170 or art. 171 times during the five-day period provided for in art. 172 172, as well as the potential impact of the decision on financial stability in the Member States concerned. The decision is transmitted by the National Bank of Romania to the subsidiaries of the parent company in the European Union for which it is responsible for supervision at the individual level ... (2) In the situations provided in art. 174, in which, before the end of the consultation period provided for in art. 170 170 and 171 or at the end of the five-day period provided in art. 172 172 para. ((1), any of the relevant competent authorities brought the matter to the attention of the European Banking Authority in accordance with the provisions of 19 19 para. ((3) of Regulation (EU) No 1.093/2010 , The National Bank of Romania, as an individual competent authority, shall postpone its decision and await the decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (3) The five-day period shall be deemed to be the conciliation period within the meaning of Regulation (EU) No 1.093/2010 . ... (4) The National Bank of Romania, as an individual competent authority, shall adopt its own decision in accordance with the decision of the European Banking Authority, expressed within three days. ... (5) The problem cannot be brought to the attention of the European Banking Authority after the expiry of the five-day period or after reaching a joint decision. ... + Article 176 In the absence of a decision from the European Banking Authority within three days the individual decisions taken in accordance with the provisions of art. 170 170, art. 171 171 or with art. 172 172 para. ((3). + Title IV Resolution + Chapter I General objectives, conditions and principles + Section 1 Objectives + Article 177 When applying resolution tools and exercising resolution powers, the National Bank of Romania, in its capacity as a resolution authority, envisages the objectives of the resolution and chooses those tools and competences that allow the achievement in the highest degree of the objectives considered by it to be relevant to each individual situation. + Article 178 (1) The objectives of the resolution provided in art. 177 177 are the following: ... a) ensuring continuity of critical functions; ... b) avoiding significant negative effects on financial stability, in particular by preventing contagion, including market infrastructures, and by maintaining market discipline; ... c) to protect public funds by minimising reliance on extraordinary public financial support; ... d) protection of depositors who fall under the legislation on the guarantee of deposits and investors who fall under the provisions on their compensation according to the legislation on the capital market; ... e) protection of client funds and assets. ... (2) If it pursues the objectives referred to in par. (1), the National Bank of Romania, in its capacity as a resolution authority, seeks to minimize the cost of the resolution and to avoid destruction of value, in so far as the achievement of the objectives of the resolution is not affected. ... + Article 179 Unless otherwise provided in the present law, the objectives of the resolution are of equal importance, and the National Bank of Romania, in its capacity as a resolution authority, must apply them in a balanced way, depending on the nature and the the circumstances of each case. + Section 2 Conditions for the resolution of the resolution procedure + Article 180 (1) The National Bank of Romania, in its capacity as a resolution authority, shall take a resolution action on a credit institution only if it considers that the following conditions are met cumulatively: ... a) was determined by the National Bank of Romania, in its capacity as competent authority, that the credit institution enters or is likely to enter a state of major difficulty. In this regard, the structure exercising the supervisory function shall be consulted with the structure exercising the resolution function; ... b) in view of the time horizon and other relevant circumstances, there is no reasonable prospect that the state of major difficulty could be prevented, within a reasonable period, by alternative measures of the private sector, including measures taken by an institutional protection system, or by supervisory measures, including early intervention measures or measures to reduce the value or conversion of the relevant capital instruments, in accordance with Art. 359 359, taken in connection with the credit institution concerned; ... c) resolution action is necessary from the perspective of public interest within the meaning of art. 182. ... (2) Prior adoption of an early intervention measure in accordance with the provisions of art. 149-151 does not constitute a condition for the undertaking of a resolution action. ... + Article 181 (. For the purposes of art. 180 180 para. ((1) lit. a), a credit institution shall be deemed to enter or be liable to enter a state of major difficulty if at least one of the following conditions is met: ... a) the credit institution violates the requirements underlying the maintenance of the authorization or there are objective elements, on the basis of which the National Bank of Romania, as competent authority, may determine that the credit institution will violate these requirements in the near future, to a degree that would justify the withdrawal of the authorisation, including but not limited to where the credit institution has incurred or is liable to incur losses that will exhaust all or part of its significant of own funds; ... b) the assets of the credit institution are inferior to debts or there are objective elements, on the basis of which the National Bank of Romania, as competent authority, can determine that this will occur in the near future; ... c) the credit institution is unable to pay its debts or other obligations at maturity or there are objective elements, on the basis of which the National Bank of Romania, as competent authority, may determine that this will be spend in the near future; ... d) extraordinary public financial support is required. ... (2) The condition provided in par. ((1) lit. d) it is not considered to be fulfilled in situations where, in order to avoid or remedy a serious disturbance in the economy and to maintain financial stability, the extraordinary public financial support shall take any of the following forms: ... a) a state guarantee to ensure access to the liquidity facilities offered by the central bank in accordance with its conditions; ... b) a state guarantee for new obligations; or ... c) a contribution of own funds or the purchase of capital instruments at prices and under conditions which do not confer an advantage on the credit institution, where, at the time of the granting of public support, there are neither the circumstances provided for in para. ((1) lit. a), b) or c), nor the circumstances referred to in art. 360. ... (3) In each of the cases provided in par. ((2) lit. a), b) and c), the guarantee measures or their equivalent measures provided for in these letters are limited to solvent credit institutions and are subject to final approval under the EU State aid framework. Those measures are of a temporary and preventive nature, are proportionate in relation to the remediation of the consequences of serious disruption and are not used to compensate for the losses that the credit institution has incurred or is likely to support them in the near future. ... (4) The support measures provided for in par. ((2) lit. c) is limited to the necessary contribution to address the capital shortfall, the existence of which has been established in the framework of the simulation of crisis situations at national level, at the level of the European Union or at the level of the Single Supervisory Mechanism, by assessments of the quality of the assets or through equivalent exercises carried out by the European Central Bank, the European Banking Authority or by the national authorities, as the case may be, confirmed by the National Bank of Romania, in its capacity competent authority. ... + Article 182 For the purposes of art 180 180 para. ((1) lit. c), a resolution action is considered of public interest if it is necessary to achieve, respectively it is proportional in relation to one or more objectives of the resolution provided for in art. 177-179, and the liquidation of the credit institution under the insolvency procedure that is applicable to credit institutions would not allow the objectives of the resolution to be met to the same extent. + Article 183 The National Bank of Romania, in its capacity as a resolution authority, may take resolution actions in relation to a financial institution referred to in art. 1 1 para. ((1) lit. b), when the conditions laid down in art. 180 180 para. ((1) are fulfilled both in respect of the financial institution and in respect of the parent undertaking subject to consolidated supervision. + Article 184 The National Bank of Romania, in its capacity as a resolution authority, may take a resolution action in relation to an entity referred to in art. 1 1 para. ((1) lit. c) or d), when the conditions laid down in art. 180 180 para. ((1) are fulfilled both in respect of the entity referred to in art. 1 1 para. ((1) lit. c) or d), and as regards one or more subsidiary institutions or, if the subsidiary is not established in the European Union, the authority of the third State has determined that it meets the conditions for triggering the procedure for resolution in accordance with the legislation of that third State + Article 185 ((1) Where the subsidiaries of a mixed-activity holding company are held, directly or indirectly, by an intermediary financial holding company, resolution actions for the resolution of the group shall be taken, in relation to the interim financial holding company, by the National Bank of Romania, when it fulfils the quality of resolution authority of the respective intermediary financial holding company. ... (2) The National Bank of Romania does not take resolution actions regarding the resolution of the group in relation to the mixed-activity holding company. ... + Article 186 In compliance with art. 185, despite the fact that an entity referred to in art. 1 1 para. ((1) lit. c) or d) does not meet the conditions established in art. 180 180 para. (1), the National Bank of Romania, in its capacity as a resolution authority, may take resolution actions on that entity when one or more of the subsidiary institutions meet the conditions set out in art. 180 180 para. ((1), art. 181 181 and 182 or, where applicable, in the legislation of another Member State transposing the provisions of art. 32 32 para. ((1), (4) and (5) of Directive 2014 /59/EU ,, and their assets, liabilities and equity are such that the state of major difficulty in which an institution or group as a whole is located threatens, or the insolvency law of the Member State requires that the groups shall be treated as a whole and the resolution actions taken with regard to the entity referred to in art. 1 1 para. ((1) lit. c) or d) are necessary for the resolution of such institutions-subsidiaries or for the resolution of the group as a whole. + Article 187 ((1) For the undertaking by a resolution authority of a resolution action in relation to the following companies in other Member States: financial holding company, mixed financial holding company, financial holding company with mixed activity, financial holding company-parent and financial holding company mixed-mother, as well as the following companies in the European Union, foreign legal entities: financial holding company-mother, financial holding company the parent, when assessing the fulfilment of the conditions laid down in art. 180 180 para. ((1) as regards a credit institution-a subsidiary, the National Bank of Romania, in its capacity as a resolution authority and the respective resolution authority, by a common agreement, may not take into account any intra-group transfer of capital or losses between entities, including the exercise of the powers to reduce its conversion value. ... (2) In application of art. 184 184 and 186, when the assessment of the fulfilment of the conditions laid down in art. 180 180 para. ((1) or, where applicable, in the legislation of another Member State transposing the provisions of art. 32 32 para. ((1) of Directive 2014 /59/EU with regard to a subsidiary institution, its resolution authority and the National Bank of Romania, in its capacity as the resolution authority of the entity referred to in art. 1 1 para. ((1) lit. c) or d), by a common agreement, may not take into account any intra-group transfer of capital or losses between entities, including the exercise of powers to reduce its conversion value. ... + Section 3 General principles of the resolution + Article 188 In the application of resolution tools and in the exercise of resolution powers, the following principles are applicable: a) the shareholders of the institution subject to resolution are the first to bear ... b) the creditors of the institution subject to the resolution incur losses subsequently to the shareholders, in accordance with the order of priority of their claims within the insolvency proceedings, unless expressly provided for in this law otherwise; ... c) the management body and senior management of the institution subject to resolution are replaced, except in cases where the full or partial retention of the management body or senior management, depending on the circumstances, is deemed necessary to achieve the resolution's objectives; ... d) the management body and senior management of the institution subject to the resolution provide the full assistance necessary to achieve the objectives of the resolution ... e) the natural and legal persons who contributed to the state of major difficulty of the institution subject to resolution are held liable according to civil or criminal law; ... f) without prejudice to other provisions of this law, creditors of the same category shall be treated equally; ... g) no creditor shall bear greater losses than those he would have incurred if the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) would have been liquidated by means of insolvency proceedings according to the safety mechanisms provided in art. 423-427 423-427; ... h) the covered deposits are fully protected; and ... i) resolution actions shall be undertaken in compliance with the safety mechanisms of this Law. ... + Article 189 If a credit institution is an entity in a group, the National Bank of Romania, in its capacity as a resolution authority, shall apply resolution tools and exercise resolution powers, without prejudice to the provisions of art. 177-179, in a way that minimizes the impact on other entities in the group and on the group as a whole, as well as the negative effects on financial stability in the European Union and, in particular, in its Member States where the group they operate. + Article 190 (1) The application of resolution tools and the exercise of resolution powers by the National Bank of Romania, in its capacity as a resolution authority, shall be carried out, as the case may be, in compliance with the EU framework on state aid. ... (2) It is forbidden to finance or grant guarantees by the National Bank of Romania, in case of application of resolution tools. ... (3) The resolution authority shall not be held responsible for any delay in the application of the resolution measures, caused by the procedure for notifying and obtaining the approval of the European Commission on State aid. ... + Article 191 If a credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) one of the resolution tools, namely the sale of the business, the bridge institution or the separation of assets, does not apply the legal provisions in the field of protection of employees ' rights in case of transfer of the enterprise, of the unit or parts thereof, the credit institution or entity being considered as the subject of bankruptcy proceedings in the sense of art. 5 5 para. ((2) of Law no. 67/2006 on the protection of the rights of employees in the event of the transfer of the undertaking, of the establishment + Article 192 When applying resolution tools and exercising resolution powers, the National Bank of Romania, in its capacity as a resolution authority, shall inform and consult with the representatives of the employees of the institution subject to resolution, if is the case + Article 193 The National Bank of Romania, in its capacity as a resolution authority, applies resolution tools and exercises resolution powers without prejudice, if any, to practices regarding the representation of employees in the bodies of Corporate leadership. + Chapter II Special Administrator + Article 194 The National Bank of Romania, in its capacity as a resolution authority, may designate a special administrator to replace the management body of the institution subject to resolution, in which case it makes public its appointment on its official website. The special administrator must possess the qualifications, knowledge and capacity required to perform its functions. The bank deposit guarantee fund can be appointed as special administrator. + Article 195 The special administrator shall have all the powers of the general meeting of the shareholders and the management body of that institution. However, the special administrator may only exercise these powers under the control of the National Bank of Romania in its capacity as a resolution authority. + Article 196 The special administrator has the obligation to take all necessary measures to achieve the objectives of the resolution provided for in art. 177-179 and to implement the resolution actions in accordance with the decision of the National Bank of Romania, in its capacity as a resolution authority. Where applicable, this obligation shall take precedence over any other management obligation resulting from other normative acts or from the constituent acts of the institution to which the special administrator has been designated, if they are incompatible. The measures in question may include an increase in capital, the reorganisation of the ownership structure of that institution or the acquisition of its control by financial and organisational sound institutions in accordance with the the resolution tools referred to in art. 214-357. + Article 197 The National Bank of Romania, in its capacity as a resolution authority, can establish restrictions on how to act of the special administrator or request that certain acts of the special administrator be subject its prior approval. The National Bank of Romania, in its capacity as a resolution authority, can replace the special administrator at any time. + Article 198 The special administrator has the obligation to draw up and submit to the National Bank of Romania, in its capacity as resolution authority, at regular intervals established by it, as well as at the beginning and at the end of its mandate, reports on the economic and financial situation of the institution to which the special administrator was appointed and the action taken on the occasion of the exercise of its duties + Article 199 (. The mandate of a special administrator shall not exceed one year. The mandate may be renewed with periods of maximum one year, in exceptional cases, if the National Bank of Romania, in its capacity as a resolution authority, considers that the conditions for appointment of a special administrator are still met. ... (2) Provisions art. 154 154 para. ((2) shall apply accordingly. ... + Article 200 If several resolution authorities, including the National Bank of Romania, intend, each one, to designate a special administrator for an entity in a group, the National Bank of Romania, in its capacity The resolution authority shall assess, together with the other authorities, to what extent the designation of the same special administrator for all the entities concerned would be more appropriate to facilitate the finding of solutions to recover the financial soundness of the the entities concerned. + Chapter III Assessment + Article 201 Before taking any resolution action or exercising the power to reduce the value or conversion of the relevant capital instruments, in relation to a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), the National Bank of Romania, in its capacity as a resolution authority, shall ensure that a person independent of any public authority, including the National Bank of Romania and that credit institution or entity, conduct a fair, prudent and realistic assessment of the assets, liabilities and equity of the credit institution or entity. In compliance with art. 213 213 and art. 453-455, if all the requirements of this Article and art. 202-212, the assessment shall be deemed to be final. + Article 202 If an independent evaluation in accordance with the provisions of art. 201 it is not possible, the National Bank of Romania, in its capacity as a resolution authority, may carry out a provisional assessment of the assets, debts and equity of that credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d), in accordance with the provisions of art. 209. + Article 203 The objective of the assessment is to determine the value of the assets, liabilities and equity of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) which meets the conditions for triggering the resolution procedure provided for in art. 180-187. + Article 204 The purpose of the evaluation a) support the assessment of how the conditions for the resolution of the resolution procedure or the conditions for reducing the value or conversion of the relevant capital instruments are met; ... b) if the conditions for triggering the resolution procedure are met, to contribute to substantiating the decision on the appropriate resolution action to be taken in relation to the credit institution or to the entity referred to in art. 1 1 para. ((1) lit. b), c) or d); ... c) in the case of the exercise of the power to reduce the value or conversion of the relevant capital instruments, to contribute to the substantiation of the decision on the extent to which the shares or other property instruments are cancelled or diluted, such as and the extent to which the reduction of the value or conversion of the relevant capital instruments takes place; ... d) in the case of the application of the internal recapitalisation instrument, it shall contribute to the substantiation of the decision on the extent to which the reduction of the eligible ... e) in the case of application of the bridge institution instrument or asset separation instrument, to contribute to the substantiation of the decision on assets, rights, obligations, shares or other property instruments to be transferred and the decision on the value of any consideration to be paid to the institution subject to resolution or, where applicable, to the owners of the shares or other property instruments; ... f) where the business sale tool applies, to help substantiate the decision on assets, rights, obligations, shares or other proprietary instruments to be transferred and provide information allowing the National Bank of Romania, in its capacity as a resolution authority, to determine the commercial conditions within the meaning of art. 223-235 223-235; ... g) in all situations, to ensure that any losses on the assets of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) are recognised in full at the time of application of resolution tools or the exercise of the power to reduce the value or conversion of the relevant capital instruments. ... + Article 205 Without prejudice, where appropriate, to the EU State aid framework, the assessment shall be based on prudent estimates, including in terms of default rates and loss size. The assessment shall not be based on any potential future provision of extraordinary public financial support or liquidity insurance in emergency situations from the central bank or any form of liquidity insurance from the central bank. offered with guarantees, interest rates or non-standard durations to the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) from the moment the resolution action is taken or the power to reduce the value or conversion of the relevant capital instruments is exercised. In addition, the assessment shall take into account that, in the case of application of any resolution instrument: a) The National Bank of Romania, in its capacity as a resolution authority, and the Bank Deposit Guarantee Fund, in its capacity as administrator of the bank resolution fund, acting according to the provisions of art. 536 and 537, may recover any reasonable expenses incurred justifiably from the institution subject to the resolution, in accordance with the provisions of art. 220 220; ... b) The bank deposit guarantee fund, in its capacity as administrator of the bank resolution fund, may charge interest or fees in relation to any loans or guarantees provided to the institution subject to resolution, in accordance with Art. 536 536 and 537. ... + Article 206 The assessment shall be accompanied by the following information, which shall be included in the books and accounts of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d): a) an updated balance sheet and a report on the financial position of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d); ... b) an analysis and estimation of the book value of the assets; ... c) a list of balance sheet debt balances and off-balance sheet obligations that appear in the books and records of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), with the indication of those claims and priority ranks, according to the applicable insolvency law. ... + Article 207 Where appropriate, in order to support the foundation of the decisions provided for in art. 204 lit. e) and f), the information from art. 206 lit. b) may be accompanied by an analysis and an estimate of the value of the assets, liabilities and equity of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) on the basis of market value. + Article 208 (1) The assessment indicates the distribution of the creditors by category according to the priority ranks under the applicable insolvency law and provides an estimate of the treatment of which each of the categories of shareholders and creditors if the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) would have been liquidated according to insolvency proceedings. ... (2) This estimate does not affect the application of the principle that "no creditor must be disadvantaged" in accordance with the provisions of art. 424-426. ... + Article 209 (1) If, for reasons related to the urgency of the situation, it is not possible to comply with the requirements laid down in art. 206 and 208 or apply art. 202 202, a provisional assessment is carried out. The provisional assessment shall comply with the requirements of 203 and, as is reasonably possible, in view of the given situation, the requirements of art. 201, 206 and 208. ... (2) The provisional assessment referred to in par. ((1) also includes a reserve for additional, duly justified losses. ... + Article 210 (1) An assessment that does not comply with all the requirements provided in art. 201 201-213 is considered provisional until an independent person performs an assessment that fully complies with all the requirements laid down in art. 201-213. This definitive ex-post evaluation shall be carried out as soon as possible. It is distinct from the assessment provided for in art. 424-426, regardless of whether it is carried out simultaneously with it or by the same independent person. ... (. The final ex-post evaluation shall be carried out for the following purposes: ... a) ensure that any losses on the assets of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) are recognized entirely in the accounting records; ... b) to contribute to the substantiation of the decision to readjust the creditors ' claims or to increase the value of the paid consideration, in accordance with the provisions of art. 211. ... + Article 211 If the ex-post final evaluation is estimated to be the net asset value of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) is higher than the net asset value, estimated according to the provisional assessment, the National Bank of Romania, in its capacity as a resolution authority, has the possibility: a) exercise the power to increase the value of creditors ' claims or the owners of relevant capital instruments that have been reduced under the internal recapitalisation instrument; ... b) require the bridge institution or the asset management vehicle to make an additional payment of consideration related to the assets, rights or obligations to the institution subject to resolution or, as the case may be, related to the shares or property instruments to property owners or property instruments. ... + Article 212 Without prejudice to the provisions of art. 201, the provisional assessment carried out in accordance with the provisions of 209 and 210 constitute the basis for the National Bank of Romania, in its capacity as a resolution authority, to take resolution actions, including to take control of a credit institution or entities provided for in art. 1 1 para. ((1) lit. b), c) or d), which enter into a state of major difficulty, or exercise its competence to reduce the value or conversion of the relevant capital instruments. + Article 213 The assessment shall be an integral part of the decision to apply a resolution instrument or to exercise a resolution power or the decision to exercise the power to reduce the amount or conversion of capital instruments. relevant. The assessment itself cannot be challenged separately, but it can be challenged together with the decision taken, in accordance with the provisions of art. 453-455. + Chapter IV Resolution tools + Section 1 General principles + Article 214 The National Bank of Romania, in its capacity as a resolution authority, is empowered to apply the resolution tools to credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) or d), which meet the applicable conditions for the resolution of the resolution procedure. + Article 215 If the National Bank of Romania, in its capacity as a resolution authority, decides to apply a resolution instrument to a credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d), and the respective resolution action would lead to the incursion of losses by creditors or the conversion of their claims, the National Bank of Romania, in its capacity as a resolution authority, exercises its competence to reduce the value or conversion of the relevant capital instruments in accordance with the provisions of art. 358 358-367 immediately before or with the application of the resolution tool. + Article 216 The resolution tools referred to in art. 214 214 are the following: a) sale of business; ... b) establishment; ... c) separation of assets; ... d) internal recapitalisation. ... + Article 217 In compliance with art. 218, the National Bank of Romania, in its capacity as a resolution authority, can apply the resolution tools individually or in any combination. + Article 218 The National Bank of Romania, in its capacity as a resolution authority, can apply the asset separation tool only together with another resolution tool. + Article 219 If only the resolution tools provided for in art. 216 lit. a) or b), and they are used to transfer only partially assets, rights or obligations of an institution subject to resolution, the residual credit institution or the residual entity referred to in art. 1 1 para. ((1) lit. b), c) or d) from which the assets were transferred, the rights or obligations are liquidated, according to the insolvency procedure. The liquidation shall be carried out within a reasonable period, taking into account any possible situation in which the residual credit institution or the residual entity referred to in art. 1 1 para. ((1) lit. b), c) or d) must provide services or support in accordance with the provisions of art. 388-390, in order to allow the recipient to carry out his activities or to provide the services related to the transferred items, and any other reason that makes it necessary to continue the activity of the residual credit institution or entity residual referred to in art. 1 1 para. ((1) lit. b), c) or d) to achieve the objectives of the resolution or compliance with the principles provided in art. 188-193. + Article 220 (1) The National Bank of Romania, in its capacity as a resolution authority, and the Bank Deposit Guarantee Fund, in its capacity as administrator of the bank resolution fund, acting according to the provisions of art. 536 and 537, may recover any reasonable expenses reasonably incurred in connection with the use of resolution tools, the exercise of resolution powers or the use of public financial stabilisation instruments, in one or more of the following ways: ... a) as a deduction from any consideration paid by the recipient to the institution subject to resolution or, as the case may be, to the owners of the shares or other property instruments; ... b) from the institution subject to resolution, as a preferential creditor; ... c) of any proceeds resulting from the termination of the operation of the bridge institution or the asset management vehicle, as a preferential creditor. ... (2) In case of bankruptcy, the claim of the National Bank of Romania, as a resolution authority, respectively of the Bank Deposit Guarantee Fund, resulting from the expenses provided in par. ((1), has the rank of receivables arising from employment relationships. ... + Article 221 In the extraordinary situation of a systemic crisis, the National Bank of Romania, in its capacity as a resolution authority, can seek financing from alternative sources by using the public financial stabilization instruments provided in art. 352-357, where the following conditions are met: a) shareholders and holders of other property instruments, as well as holders of relevant capital instruments and other eligible debt instruments, have contributed, by reducing the value of these instruments, by conversion or other modalities, the absorption of losses and the recapitalisation of the institution subject to resolution, with at least 8% of the total debt and equity of that institution, an assessed contribution, at the time of the resolution action, in accordance with the assessment referred to in Article 201-213 201-213; ... b) obtaining the prior and final approval provided for by the EU State aid framework. ... + Article 222 ((1) Provisions Law no. 85/2014 relating to the cancellation or inoposability of acts prejudicial to the creditors ' mass shall not apply to transfers of assets, rights or obligations from an institution subject to resolution to another entity, carried out by virtue of the application of a resolution instrument, the exercise of a resolution power or the use of a public financial stabilisation instrument. ... (2) Provisions art. 38 38, art. 113 lit. f) and g), art. 116 116, art. 153 ^ 24, art. 204 204 para. ((1), (4) and (5), art. 208 208 para. ((3)-(5), art. 212 212 para. ((1), art. 215 215 para. ((1), art. 216 and 216 ^ 1, art. 220 220 ^ 1, art. 239 239, 241-249, 250-251 ^ 1 and 251 ^ 3-251 ^ 19 of Law no. 31/1990 , republished, with subsequent amendments and completions, are not applicable to the use of the instruments, powers and resolution mechanisms provided for in art. 177-456. ... + Section 2 The business selling tool + Article 223 (1) The National Bank of Romania, in its capacity as a resolution authority, shall be empowered to transfer to a buyer that is not a bridge institution: ... a) shares or other property instruments issued by an institution subject to resolution; ... b) any of the assets, rights or obligations of an institution subject to resolution or their totality. ... (2) In compliance with art. 230, 231 and art. 453-455, the transfer referred to in paragraph (1) takes place without obtaining the consent of the shareholders of the institution subject to resolution or any third party other than the purchaser, and is not subject to any procedural requirements laid down by applicable company law or law capital market, apart from those provided in art. 236-238, provisions of art. 384 384 being applicable. ... + Article 224 A transfer made in accordance with the provisions of art. 223 must be carried out under commercial conditions, depending on the existing circumstances, and in accordance with the EU framework on State aid. + Article 225 For the purposes of art 224, the National Bank of Romania, in its capacity as a resolution authority, shall take all reasonable measures to carry out a transfer under commercial conditions that comply with the assessment carried out according to art. 201-213, given the circumstances of the situation. + Article 226 In compliance with art. 220, any consideration shall be paid by the buyer in favour of: a) the owners of the shares or other property instruments, if the sale of the business was made by transferring to the buyer the shares or instruments of ownership issued by the institution subject to the resolution, from the holders of those shares or instruments; ... b) the institution subject to resolution, if the sale to the buyer of the business was made by transferring some or all of the assets, rights or obligations of the institution subject to the resolution. ... + Article 227 If it applies the business selling tool, the National Bank of Romania, in its capacity as a resolution authority, can exercise the transfer competence repeatedly, in order to carry out additional transfers of shares or other property instruments issued by an institution subject to resolution or, where applicable, assets, rights or obligations of the institution subject to resolution. + Article 228 After the application of the sales tool of the business, the National Bank of Romania, in its capacity as a resolution authority, can exercise, with the approval of the buyer, the transfer powers regarding the assets, rights or obligations transferred to the buyer, in order to transfer assets, rights or obligations back to the institution subject to resolution, or to shares or other property instruments back to their original owners, and the institution subject to resolution or the original owners are required to rereceive any such assets, rights or obligations, shares or other property instruments. + Article 229 The buyer must meet the legal conditions for carrying out the activities he acquires by transfer if the transfer is carried out in accordance with the provisions of art. 223 223. If the National Bank of Romania is the competent authority of the buyer, it shall assess an eventual application for authorization in this regard, together with the transfer, in due time. + Article 230 By derogation from the provisions of art. 25 25, 26, 26 ^ 1, 27, 29 and art. 31 31 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, which may affect the timely conduct of the procedure relating to the assessment of the procurement of qualified holdings, where a transfer of shares or other instruments of ownership, taking place in the virtue of the application of the business sale tool, would lead to the purchase or increase of a qualified holding in a credit institution, of the type to which the provisions of art. 25 25 para. (1) of the said normative act, the National Bank of Romania, in its capacity as the competent authority of that credit institution, shall carry out the necessary assessment so as to allow the prompt application of the instrument of sale of the business and to facilitate the resolution action of the relevant objectives of the resolution. + Article 231 (1) If the structure exercising the supervisory function has not completed the evaluation of the acquisition of the qualified holding provided in art. 230, from the date of transfer of shares or other instruments of ownership, related to the application of the instrument for the sale of the business by the structure exercising the resolution function, the following provisions shall apply: ... a) the transfer of shares or other instruments of ownership to the purchaser has immediate legal effect; ... b) during the period of evaluation of the purchase and during any period in which the divestment of the shares or other property instruments was requested, according to par. ((2) lit. b), the voting rights of the buyer are suspended and accrue only to the National Bank of Romania, in its capacity as a resolution authority, which has no obligation to exercise those voting rights and no liability for exercise or non-performance; ... c) during the period of evaluation of the acquisition and during any period in which the divestment of the shares or other property instruments was requested, according to par. ((2) lit. b), sanctions and sanctioning measures for violation of the requirements regarding the notification of the acquisition, respectively of the disposal of a qualified holding, provided in art. 229 229 para. ((1) lit. b)-d) and f) and para. ((2) lit. a) and c), in art. 229 229 ^ 1 lit. a) and b) and to art. 234 234 para. (4)-(7) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, shall not apply in the case of such transfer of shares or other property instruments; ... d) The National Bank of Romania shall ensure that, immediately after the completion of the evaluation of the acquisition, the structure exercising the supervisory function shall notify the buyer and the structure exercising the resolution function in writing to the decision acquisition or, in accordance with the provisions art. 25 25 para. (8) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the decision to oppose the acquisition; ... e) if the National Bank of Romania, as competent authority, approves the acquisition, voting rights related to the shares or other property instruments that have been the subject of the transfer to the buyer shall be deemed granted in its entirety, immediately after receipt by the purchaser and by the structure exercising the resolution function, of the notification of the approval decision; ... f) if the National Bank of Romania, in its capacity as competent authority, opposes the acquisition, the provisions of par. ((2). ... (2) For the case provided in par. ((1) lit. f) the following provisions are applicable: ... a) the voting rights related to those shares or other property instruments are fully valid and exercised under the conditions provided in par. ((1) lit. b); ... b) The National Bank of Romania, in its capacity as a resolution authority, may ask the buyer to assign those shares or other property instruments within a specified period of time, after having taken into account the conditions of the prevailing market; and ... c) if the buyer does not complete that divestment within the deadline set according to lit. b), then the National Bank of Romania, in its capacity as competent authority, may impose on the buyer the sanctions and sanctioning measures for the violation of the requirements regarding the notification of the acquisition, namely the disposal of a qualified holding, provided in art. 229 229 para. ((1) lit. b), c), d) and f) and para. ((2) lit. a) and c), in art. 229 229 ^ 1 lit. a) and b) and to art. 234 234 para. (4)-(7) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; the National Bank of Romania shall ensure that the respective sanctions and/or sanctioning measures are imposed with the agreement of the structure exercising the resolution function. ... + Article 232 Transfers made by virtue of the application of the sales instrument of the business are subject to the safety mechanisms provided for in 423-436. + Article 233 For the purpose of exercising the right to provide services directly or to establish a branch in another Member State, Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or capital market legislation, the buyer is considered the rightful continuator of the institution subject to resolution and may continue to exercise any such rights exercised by the institution subject to the resolution of the transferred assets, rights or obligations. + Article 234 (1) If the institution subject to resolution is a member of payment, clearing and settlement systems, stock exchanges, investor compensation schemes and deposit guarantee schemes, the buyer may continue to exercise. the rights of the institution subject to resolution arising from membership and its access rights to those systems, scholarships or schemes. ... (2) Provisions of para. ((1) does not remove the requirement for the buyer to meet the criteria for membership and the criteria for participation, depending on which such systems, scholarships and schemes can be taken. ... (3) Without prejudice to the provisions of par. (1), the following provisions are applicable: ... a) the systems, scholarships and schemes provided in par. ((1) cannot refuse access on the grounds that the buyer does not have a rating from a credit rating agency or that that rating is not proportional to the rating levels required to benefit from access to the systems provided in par. ((1); ... b) if the buyer does not meet the criteria related to membership or criteria for participation in a relevant system of payments, clearing or settlement, on a stock exchange, on a compensation scheme for investors or a the deposit guarantee scheme, the rights provided in par. (1) shall be exercised by the buyer only for a period of time that may be established by the National Bank of Romania, in its capacity as a resolution authority, not more than 24 months from the date of transfer and which may be extended by periods not exceeding 12 months, at the request of the buyer addressed to the same ... + Article 235 Without prejudice to the provisions of art. 423-436, the shareholders or creditors of the institution subject to resolution and other third parties whose assets, rights or obligations are not transferred shall have no right to the assets, rights or obligations transferred or related thereto. + Article 236 In compliance with art. 238, if they apply to a credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) the instrument of sale of the business, the National Bank of Romania, in its capacity as a resolution authority, puts on the market or takes measures to remove assets, rights, obligations, shares or other instruments on the market of the property they intend to transfer. Rights groups, assets and obligations may be placed on the market separately. + Article 237 ((. Without prejudice to the EU State aid framework, if applicable, the market removal provided for in art. 236 236 shall be performed in accordance with the following principles: ... a) must be as transparent as possible and must not materially present erroneously, the assets, rights, obligations, shares or other property instruments that the National Bank of Romania, in its capacity as the authority of resolution, intends to transfer them, given the circumstances and in particular the need to maintain financial stability; ... b) they must not favour or unduly discriminate against any potential purchaser; ... c) must be free from any conflict of interest; ... d) should not confer any undue advantage on any potential purchaser; ... e) must take into account the need for resolution action to be carried out rapidly; ... f) the aim must be to maximise, as far as possible, the selling price of shares or other proprietary instruments, assets, rights or obligations in question. ... (2) In compliance with the principle provided in par. ((1) lit. b), the other principles provided in par. (1), as well as the one provided in par. (3) are without prejudice to the right of the National Bank of Romania, in its capacity as a resolution authority, to individually contact potential buyers. ... (3) Any publication of the removal on the market of a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), normally required in accordance with the provisions of art. 17 17 para. ((1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing the Directive 2003 /6/EC of the European Parliament and of the Council and Directives 2003 /124/EC , 2003 2003 /125/EC and 2004 2004 /72/EC of the Commission, may be postponed in accordance with the provisions of Article 17 17 para. ((4) or (5) of the same Regulation. ... + Article 238 The National Bank of Romania, in its capacity as a resolution authority, can apply the instrument of sale of the business without complying with the requirement for market removal provided for in art. 236, if it establishes that compliance with the requirements of art. 237 237 could undermine one or more of the objectives of the resolution and especially if the following conditions are met: a) The National Bank of Romania, in its capacity as a resolution authority, considers that the state of major difficulty in which it is located or it is possible to find out the institution subject to the resolution would create or worsen an already serious threat to the financial stability; and ... b) The National Bank of Romania, in its capacity as a resolution authority, considers that compliance with the requirements of art. 237 could undermine the effectiveness of the sales instrument of the business in terms of eliminating the threat to financial stability or achieving the objective of the resolution provided for in art. 178 178 para. ((1) lit. b). ... + Section 3 Bridge institution tool 3.1. General provisions + Article 239 (1) The National Bank of Romania, as the resolution authority, shall be empowered to transfer to a bridge institution: ... a) shares or other property instruments issued by one or more institutions subject to resolution; ... b) any of the assets, rights or obligations of one or more institutions subject to resolution or their totality. ... (2) In compliance with art. 453-455, the transfer referred to in paragraph ((1) may take place without obtaining the consent of the shareholders of the institutions subject to resolution or any third party other than the bridge institution, and shall not be subject to any procedural requirements laid down by the applicable law in matters of companies or by capital market legislation, the provisions of art. 384 384 being applicable. ... + Article 240 (. The bridge institution shall be a legal person who cumulatively meets the following requirements: ... a) the share capital is held in whole or in part by one or more public authorities and the bridge institution is controlled by the National Bank of Romania, in its capacity as a resolution authority, in the sense of those provided in art. 383 383 para. ((1) lit. b) and, in particular, having regard to the provisions of art. 251 251 para. ((1). The bank deposit guarantee fund, in its capacity as manager of the bank resolution fund, may be a shareholder of the institution; ... b) is created in order to receive and hold some or all of the shares or other property instruments issued by an institution subject to resolution or some or all of the assets, rights and obligations of one or more institutions subject to resolution, in order to preserve access to critical functions and the sale of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... ((2) The application of the internal recapitalisation instrument for the purpose referred to in 282 lit. b) must not affect the capacity of the National Bank of Romania, in its capacity as a resolution authority, to exercise control over the bridge institution. ... + Article 241 If the institution applies the bridge institution, the National Bank of Romania, in its capacity as a resolution authority, shall ensure that the total value of the obligations transferred to the bridge institution does not exceed the total value of the rights and assets transferred from the institution subject to resolution or provided from other sources. + Article 242 In compliance with art. 220 220, any consideration shall be paid by the bridge institution in favour of: a) the owners of the shares or instruments of ownership, if the transfer to the bridge institution was made by transferring the shares or instruments of ownership issued by the institution subject to the resolution, from the holders those actions or instruments at the institution; ... b) the institution subject to resolution, if the transfer to the bridge institution was made by transferring some or all of the assets, rights or obligations of the institution subject to the resolution to the bridge institution. ... + Article 243 If the institution applies the bridge institution, the National Bank of Romania, in its capacity as a resolution authority, may exercise the transfer competence repeatedly, in order to carry out additional transfers of shares or other property instruments issued by an institution subject to resolution or, where applicable, assets, rights or obligations of the institution subject to resolution. + Article 244 Following the application of the bridge institution instrument, the National Bank of Romania, in its capacity as a resolution authority, may: a) transfer back the rights, assets or obligations from the bridge institution to the institution subject to resolution or shares or other property instruments back to their original owners, and the institution subject to resolution or owners initials have the obligation to rereceive any such assets, rights or obligations or shares or other property instruments, only if the conditions provided in art. 245 245; ... b) transfer shares or other property or assets, rights or obligations from the bridge institution to a third party. ... + Article 245 (1) The National Bank of Romania, in its capacity as a resolution authority, may transfer back shares or other instruments of ownership or assets, rights or obligations from the bridge institution, in one of the following situations: ... a) where the possibility that such shares or other instruments of ownership, assets, rights or obligations are transferred back is expressly specified in the decision to apply the bridge institution instrument, in the basis of which the transfer was made; ... b) in the event that such shares or other instruments of ownership, assets, rights or obligations do not fulfil the conditions of transfer or fall within the category of shares or other instruments of ownership, assets, rights or the obligations specified in the decision referred to in lett. a). ... ((. Such a transfer back may be effected at any time and shall comply with any other conditions laid down in the decision to apply the bridge institution instrument for the purpose of carrying out the transfer in question. ... + Article 246 Transfers between the institution subject to the resolution or the original owners of the shares or other instruments of ownership on the one hand and the bridge institution shall be subject to the safety mechanisms provided for in art. 423-436. + Article 247 ((1) For the purpose of exercising the right to provide services directly or to establish a branch in another Member State, Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or capital market legislation, the bridge institution is considered the rightful continuator of the institution subject to resolution and may continue to exercise any such rights exercised by the institution subject to the resolution of the transferred assets, rights or obligations ... (2) For other purposes, the National Bank of Romania, in its capacity as a resolution authority, has the power to establish that a bridge institution be considered as a continuator of the institution subject to resolution and may continue to exercise all the rights exercised by the institution subject to the resolution of the transferred assets, rights or obligations. ... + Article 248 (1) If the institution subject to resolution is a member of payment, clearing and settlement systems, stock exchanges, investor compensation schemes and deposit guarantee schemes, the bridge institution may continue to exercise. the rights of the institution subject to resolution arising from membership and its access rights to those systems, scholarships or schemes. ... (2) Provisions of para. ((1) does not remove the requirement for the bridge institution to meet the criteria for membership and the criteria for participation, depending on which such systems, scholarships and schemes can be taken. ... (3) Without prejudice to the provisions of par. (1), the following provisions are applicable: ... a) the systems, scholarships and schemes provided in par. ((1) cannot refuse access on the grounds that the bridge institution does not have a rating from a credit rating agency or that that rating is not proportional to the rating levels required to benefit from access to the systems provided for in para. ((1); ... b) where the bridge institution does not meet the criteria related to membership or the criteria for participation in a relevant system of payments, clearing or settlement, on a stock exchange, on a compensation scheme for investors or on a deposit guarantee scheme, the rights referred to in par. (1) shall be exercised by the bridge institution only for a period of time that may be established by the National Bank of Romania, in its capacity as a resolution authority, not more than 24 months after the transfer date and which may be extended by periods not exceeding 12 months, at the request of the bridge institution addressed to the same authority. ... + Article 249 Without prejudice to the provisions of art. 423-436, the shareholders or creditors of the institution subject to resolution and other third parties whose assets, rights or obligations are not transferred to the bridge institution have no right to the assets, rights or obligations transferred the institution of the bridge, the management body or its senior management or related thereto. + Article 250 The objectives of the bridge institution do not imply any obligation or responsibility of it to the shareholders or creditors of the institution subject to resolution, and the management body or senior management does not respond to shareholders or creditors those for acts committed and omissions recorded in the performance of their duties, unless the act or omission in question implies intent or gross negligence according to the law, which directly affects the rights shareholders or creditors. + Article 251 (. The operation of a bridge institution shall comply with the following requirements: ... a) the content of the documents on the establishment of the bridge institution is approved by the National Bank of Romania, in its capacity as a resolution authority; ... b) depending on the structure of the bridge institution, the National Bank of Romania, in its capacity as a resolution authority, appoints or approves, as the case may be, the governing body of the institution; ... c) The National Bank of Romania, in its capacity as a resolution authority, approves the remuneration of the members of the management body and establishes their responsibilities; ... d) The National Bank of Romania, in its capacity as a resolution authority, approves the strategy and risk profile of the bridge institution, with the proper application of the provisions art. 149 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... e) the bridge institution is authorized in accordance with the provisions Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, with the regulations issued by the National Bank of Romania in its application or with the capital market legislation, if this requirement is applicable, and holds the necessary permits for carrying out the activities or providing the services related to the elements taken after a transfer carried out according to 383 383 and 384; ... f) the bridge institution complies, if the provisions are applicable, the provisions Regulation (EU) No 575/2013 ,, of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, of the regulations issued by the National Bank of Romania in their application, as well as those of the capital market legislation and, if applicable, is subject to supervision in accordance with same provisions; ... g) the bridge institution operates in accordance with the EU framework on state aid, and the National Bank of Romania, in its capacity as a resolution authority, can properly provide for restrictions on its activity. ... ((2) If necessary to meet the objectives of the resolution, the bridge institution may be constituted and authorized without it respecting, for a short period of time, at the beginning of its operation, the requirements contained in the acts normative provided in par. ((1) lit. e) and f). In this regard, the structure of the National Bank of Romania exercising the resolution function sends a request to the structure that exercises the supervisory function. If it decides to grant such authorization, the National Bank of Romania, in its capacity as competent authority, indicates the interval in which the bridge institution is exempted from compliance with the requirements of these legal provisions. ... + Article 252 In compliance with any restrictions applied in accordance with European Union or national competition rules, the management of the bridge institution shall manage the bridge institution in order to maintain access to critical functions and the sale of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), of its assets, rights or obligations to one or more buyers in the private sector, if the conditions are favorable, in the opinion of the National Bank of Romania, in its capacity as a resolution authority, and within the term specified in art. 255 255 or 256, as appropriate. + Article 253 The National Bank of Romania, in its capacity as a resolution authority, decides that a bridge institution no longer represents a bridge institution in accordance with the provisions of art. 240 following the occurrence of any of the following situations: a) merging the bridge institution with another entity; ... b) the bridge institution no longer complies with the requirements of art. 240 240; ... c) the sale entirely or almost entirely of the assets, rights or obligations of the bridge institution to a third party; ... d) the expiry of the period specified in 255 or, as the case may be, art. 256 256; ... e) the assets of the bridge institution are fully liquidated and its obligations are fully paid. ... + Article 254 (1) If the National Bank of Romania, in its capacity as a resolution authority, intends to sell the bridge institution or its assets, rights or obligations, it shall ensure that the institution-bridge or assets, rights or the relevant obligations are put up for sale in an open and transparent manner and are not misrepresented, significantly, and no potential buyer is unduly favoured or discriminated against in the sale. ... ((2) Any such sales must be made under commercial conditions, in view of the circumstances, and in accordance with the EU framework on State aid. ... + Article 255 If none of the situations referred to in art. 253 lit. a)-c) or e), the National Bank of Romania, in its capacity as a resolution authority, shall take measures to terminate the functioning of the bridge institution, as soon as possible, according to its own assessment, but not later than 2 years from the date on which it was carried out the last transfer from an institution subject to resolution, by virtue of the application of the bridge institution instrument. + Article 256 The National Bank of Romania, in its capacity as a resolution authority, may extend the period provided for in art. 255 with one or more additional periods of one year, where such extension: a) supports the realization of one of the situations provided in art. 253 lit. a)-c) or e); or ... b) is necessary to ensure the continuity of essential banking and/or financial services. ... + Article 257 All decisions of the National Bank of Romania, in its capacity as a resolution authority, to extend the period provided for in art. 255 shall be reasoned and shall include a detailed assessment of the situation justifying the extension, including the conditions and prospects of the market. + Article 258 ((1) If the operation of a bridge institution ceases in the situations referred to in art. 253 lit. c) or d), the bridge institution shall be liquidated in accordance with insolvency proceedings. ... (2) In compliance with art. 220, all proceeds resulting from the termination of the operation of the bridge institution shall return to the shareholders of the bridge institution. ... + Article 259 Where a bridge institution is used for the purpose of transferring the assets, rights or obligations belonging to several institutions subject to resolution, the obligation laid down in art. 258 258 refers to the assets, rights or obligations transferred from each of these institutions subject to resolution, and not to the bridge institution itself. 3.2. Other provisions on the establishment and operation of a bridge institution + Article 260 The National Bank of Romania, as competent authority, may authorise a bridge credit institution with a social capital established below the level provided for in art. 11 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, but which cannot be less than the equivalent in lei of 1 million euros. Application of provisions art. 36 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the National Bank of Romania shall notify, in this case, the authorization of the credit institution-bridge and the European Commission, together with the motivation of the level established for the share capital + Article 261 Fulfilment by the shareholders of the credit institution-deck, public authorities and/or Deposit Guarantee Fund in the banking system, of the criteria set out in art. 26 26 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, is presumed. + Article 262 By way of derogation from art. 33 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the National Bank of Romania, as competent authority, shall rule on the authorization of the credit institution-bridge as soon as possible from the transmission by the structure that exercise the resolution function of the documentation referred to in art. 264 and having regard to its decision, as a resolution authority, on the approval of the elements relating to the operation of the bridge institution provided for in art. 251 251 para. ((1) lit. a)-d). + Article 263 ((1) By way of derogation from provisions art. 10 10 para. ((3) of Law no. 31/1990 , republished, with subsequent amendments and completions, an authorized bridge institution in accordance with the provisions Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, it can be constituted as a joint stock company with a single shareholder. ... ((2) Provisions art. 9 9 para. ((2) of Law no. 31/1990 , republished, with subsequent amendments and completions, shall not apply to the bridge institution authorized in accordance with the provisions Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Article 264 The National Bank of Romania shall establish by regulations the conditions and documentation under which the credit-deck institution is authorized in accordance with Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. + Article 265 (1) The registration of the bridge institution in the commercial register shall be made as a matter of urgency, only on the basis of the articles of association and, as the case may be, of the authorization issued by the National Bank of Romania, as competent authority, within 24 hours from their submission to the trade register office in whose constituency the establishment of the bridge institution is located. ... (2) Within a maximum of 30 days from registration the other documents provided by law for the registration of a company are also filed. ... (3) Failure to comply with par. (2) the bridge institution shall be sanctioned in accordance with the provisions of art. 44 44 para. ((2) of Law no. 26/1990 on the trade register, republished, with subsequent amendments and completions. ... + Article 266 Commencement of work by the authorized bridge institution in accordance with Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, takes place on the first working day following the date of registration of the bridge institution in the trade register. + Article 267 ((1) Where the sale of the approved bridge institution in accordance with Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, it is carried out by selling the shares, from the time of their sale, the credit institution that functioned as the bridge institution must meet all the conditions provided by the same ordinance of urgency and Regulation (EU) No 575/2013 for the operation of a credit institution. In application of art. 93 93 para. ((1) of Regulation (EU) No 575/2013 , the minimum initial capital to be taken into account shall be that provided for the corresponding category of those listed in art. 3 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 ,, with subsequent amendments and completions, to which the credit institution concerned belongs. ... (2) In the situation referred to in par. ((1) the validity of the authorisation of the credit institution which functioned as the bridge institution does not cease to be legal, the authorisation in question still producing effects for an indefinite period. ... + Section 4 Asset separation tool + Article 268 (1) In order for the asset separation instrument to be effective, the National Bank of Romania, in its capacity as a resolution authority, shall be empowered to transfer the assets, rights or obligations of an institution subject to resolution or of a Bridge institutions, to one or more asset management vehicles. ... (2) In compliance with art. 453-455, the transfer provided in par. ((1) may take place without obtaining the consent of the shareholders of the institutions subject to resolution or any third party other than the bridge institution, and shall not be subject to any procedural requirements laid down by the applicable law in matters of companies or by capital market legislation, the provisions of art. 384 384 being applicable. ... + Article 269 For the purposes of the asset separation instrument, an asset management vehicle shall be a legal entity that cumulatively meets the following requirements: a) the share capital is held in whole or in part by one or more public authorities and the asset management vehicle is controlled by the National Bank of Romania, in its capacity as a resolution authority, within the meaning of the to art. 383 383 para. ((1) lit. b) and, in particular, having regard to the provisions of art. 271 271. The bank deposit guarantee fund, in its capacity as manager of the bank resolution fund, may be a shareholder of the asset management vehicle; ... b) was created in order to receive, in part or in full, the assets, rights and obligations of one or more institutions subject to resolution or a bridge institution. ... + Article 270 The asset management vehicle manages the assets that are transferred to it in order to maximise their value by means of a possible sale or by their orderly liquidation. + Article 271 The operation of an asset management vehicle complies with the following provisions: a) the content of the documents on the establishment of the asset management vehicle is approved by the National Bank of Romania, in its capacity as a resolution authority; ... b) depending on the ownership structure of the asset management vehicle, the National Bank of Romania, in its capacity as a resolution authority, appoints or approves the management body of the asset management vehicle; ... c) The National Bank of Romania, in its capacity as a resolution authority, approves the remuneration of the members of the management body and establishes their responsibilities; ... d) The National Bank of Romania, in its capacity as a resolution authority, approves the strategy and risk profile of the asset management vehicle. ... + Article 272 The National Bank of Romania, in its capacity as a resolution authority, may exercise the competence provided for in art. 268 268 to transfer assets, rights or obligations only if: a) the situation on the specific market of those assets is such that their liquidation in the insolvency proceedings could have a negative effect on one or more financial markets; ... b) such a transfer is necessary to ensure the proper functioning of the institution subject to resolution or to the institution; or ... c) such a transfer is necessary to maximize the proceeds of the liquidation. ... + Article 273 When applying the asset separation tool, the National Bank of Romania, in its capacity as a resolution authority, establishes the consideration in exchange for which the assets, rights and obligations to the vehicle are transferred asset management in accordance with the principles set out in art. 201 201-213 and in accordance with the EU framework on State aid. The provisions of this Article shall not prevent that consideration from having a nominal or negative value. + Article 274 In compliance with art. 220, any consideration related to the assets, rights or obligations acquired directly from the institution subject to the resolution, shall be paid by the asset management vehicle in favour of the institution subject to the resolution. The counterclaim can be paid by debt instruments issued by the asset management vehicle. + Article 275 Where the bridge institution instrument has been applied, an asset management vehicle may, after application of the bridge institution, acquire assets, rights or obligations from the bridge institution. + Article 276 (1) The National Bank of Romania, in its capacity as a resolution authority, may transfer assets, rights or obligations from the institution subject to resolution to one or more assets management vehicles on several occasions and may transfer back assets, rights or obligations from one or more asset management vehicles to the institution subject to resolution, only if the conditions laid down in art. 277. ... (2) The institution subject to resolution has the obligation to rereceive any such assets, rights or obligations. ... + Article 277 (1) The National Bank of Romania, in its capacity as a resolution authority, may transfer back rights, assets or obligations, from the asset management vehicle to the institution subject to resolution, in one of the following situations: ... a) where the possibility that those rights, assets or obligations are transferred back is expressly specified in the framework of the decision to apply the asset separation instrument, on the basis of which the transfer was made; ... b) in a situation where those rights, assets or obligations do not meet the conditions of transfer or fall within the category of rights, assets or obligations specified in the decision referred to in lett. a). ... (2) In any of the cases provided in par. ((1), the transfer back may be made at any time and shall comply with any other conditions stipulated in the decision to apply the asset separation instrument, for the purpose of carrying out the transfer in question. ... + Article 278 Transfers between the institution subject to resolution and the asset management vehicle shall be subject to the safety mechanisms of partial ownership transfers specified in art. 423-436. + Article 279 Without prejudice to the provisions of art. 423-436, the shareholders or creditors of the institution subject to resolution and other third parties whose assets, rights or obligations are not transferred to the asset management vehicle have no rights to assets, rights or obligations transferred to the vehicle for the management of the assets, the management body or its senior management, or in relation to them. + Article 280 The objectives of the asset management vehicle do not imply any obligation or responsibility of it to the shareholders or creditors of the institution subject to resolution, and the management body or senior management does not respond to the shareholders or creditors concerned for the acts committed and omissions recorded in the performance of their duties, unless the act or omission in question involves the intent or gross negligence according to the law, which affects the rights of shareholders or creditors. + Section 5-a Internal recapitalisation tool 5.1. Objective and scope of the internal recapitalisation instrument + Article 281 The National Bank of Romania, as the resolution authority, has the resolution powers provided for in art. 383, in order to apply the internal recapitalisation instrument. + Article 282 The National Bank of Romania, as a resolution authority, may apply the internal recapitalisation tool in order to achieve the objectives of the resolution provided for in art. 178, in accordance with the principles of the resolution provided in art. 188 for any of the following purposes: a) the recapitalisation of a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), when the conditions for the resolution of the resolution procedure are met, to a sufficient extent to restore its ability to comply with the conditions of authorization and to continue to carry out its activities for which it is authorised in accordance with Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, in so far as the conditions of authorization apply to the entity, and to maintain a sufficient level of confidence of the market in the credit institution or entity; ... b) the conversion into equity securities or the reduction of the principal amount of debt or debt instruments transferred to a bridge institution with a view to achieving a capital contribution to that bridge institution or within the framework of the the instrument for the sale of the business or the asset separation instrument. ... + Article 283 (1) The National Bank of Romania, as a resolution authority, may apply the internal recapitalization tool for the purpose provided in art. 282 lit. a), only if, in his opinion, there is a reasonable prospect that the application of this instrument, together with other relevant measures, including measures implemented in accordance with the plan for the reorganization of the activity provided for in art. 332 332 will result in the achievement of the relevant objectives of the resolution and the restoration of the long-term viability and financial soundness of the credit institution or entity concerned. ... (2) The National Bank of Romania, as the resolution authority, may apply any of the resolution tools referred to in art. 216 lit. a)-c) and the internal recapitalisation instrument referred to in art. 282 lit. b), if the conditions provided in art. 283 283 para. ((1) are not fulfilled. ... + Article 284 The National Bank of Romania, as a resolution authority, may apply the internal recapitalization tool to all credit institutions or entities referred to in art. 1 1 para. ((1) lit. b), c) or d), respecting, in each case, the legal form of the credit institution or the entity concerned, or may change their legal form, if another legal form is allowed by law. + Article 285 The internal recapitalization tool can be applied by the National Bank of Romania, as the resolution authority, to all debts of a credit institution or entities provided in art. 1 1 para. ((1) lit. b), c) or d), which are not excluded from the scope of this instrument in accordance with the provisions of art. 286 or 287. + Article 286 (1) The National Bank of Romania, as a resolution authority, does not exercise the powers to reduce its conversion value in the case of the following debts, whether regulated by the Romanian law or another Member State, or by the law of a state third party: ... a) covered deposits; ... b) the guaranteed obligations, including covered bonds and liabilities in the form of financial instruments used for hedging purposes, which form an integral part of the underlying portfolio and which, under national law, are guaranteed in the same way as covered bonds; ... c) any debt that results by virtue of the holding, by the credit institution or by the entity referred to in art. 1 1 para. ((1) lit. b), c) or d), of assets or liquidity belonging to customers, including assets or liquidity belonging to customers, held on behalf of a UCITS, as defined by art. 2 2 para. (1) of Government Emergency Ordinance no. 32/2012 , approved with amendments and additions by Law no. 10/2015 ,, or an AIF in Romania, as defined in art. 3 3 section 20 20 of Law no. 74/2015 on alternative investment fund managers, with subsequent amendments and completions, provided that the customer is protected under the applicable insolvency law; ... d) any debt resulting from the existence of a fiduciary relationship between the credit institution or the entity referred to in art. 1 1 para. ((1) lit. b), c) or d), as a fiduciary, and another person, as a beneficiary, provided that the beneficiary is protected under civil or insolvency law; ... e) debts to institutions, excluding entities belonging to the same group, with an initial maturity of less than seven days; ... f) debts with a residual maturity of less than seven days from systems or system operators, designated in accordance with the provisions art. 13 13 of Law no. 253/2004 , with subsequent amendments and completions, or to participants in such systems and resulting from participation in such a system; ... g) a debt to any of the entities referred to in par. ((2). ... (2) In application of the provisions ((1) lit. g), the categories of entities are: ... a) an employee, in respect of wages, benefits of the type of pensions or other forms of fixed remuneration accrued, with the exception of the variable component of remuneration which is not regulated by a collective agreement; ... b) commercial creditors, in order to obtain or not profit, in respect of the supply to the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of goods or services that are crucial for the daily conduct of its activities, including computer services, utility services, as well as rental, maintenance and repairs of workspaces; ... c) tax and social security authorities, provided that those debts are considered to be privileged claims on the basis of the applicable law; ... d) deposit guarantee schemes for debts arising from contributions due under the deposit guarantee schemes legislation. ... (3) The provisions of par. ((2) lit. a) does not apply to the variable component of the remuneration of the personnel who expose the credit institution to significant risks, as identified according to the regulations issued by the National Bank of Romania in application of the provisions art. 24 24 para. (22) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (4) All guaranteed assets included in a portfolio underlying covered bonds shall remain unaffected, segregated and with sufficient funds. ... (5) No requirement provided in par. (4) nor the provisions of par. ((1) lit. b) does not prevent the National Bank of Romania, as a resolution authority, to exercise, as the case may be, those powers in relation to any part of a guaranteed obligation or a debt, for which a real guarantee was deposited, which exceeds the value of the assets, the pledge, the retention of title or the collateral that covers it. ... (6) Provisions of para. ((1) lit. a) does not prevent the National Bank of Romania, as a resolution authority, to exercise, as the case may be, those powers in relation to any part of a deposit that exceeds the level of guarantee provided by the legislation on schemes Deposit guarantee. ... ((7) Without prejudice to the provisions on large exposures under the Regulation (EU) No 575/2013 from the relevant regulations issued by the National Bank of Romania, in order to ensure the possibility of settling credit institutions and groups, the National Bank of Romania, as a resolution authority, limits, in compliance with art. 96 lit. b) of this law, the extent to which other institutions hold debts eligible for the application of the bail-in instrument, with the exception of debts that are held in entities belonging to the same group. ... + Article 287 (1) In exceptional circumstances, when the internal recapitalisation instrument is applied, the National Bank of Romania, as the resolution authority, may exclude, in whole or in part, certain debts from the application of the reduction powers of the value or conversion, in cases where it considers that: ... a) the application of the internal recapitalisation tool to that debt is not possible within a reasonable period, despite the efforts made in good faith by the National Bank of Romania, as the resolution authority; ... b) the exclusion is strictly necessary and is proportionate to achieve the continuity of critical functions and essential lines of activity in a manner that maintains the capacity of the institution subject to resolution to continue operations, services and Key transactions; ... c) exclusion is strictly necessary and proportionate to avoid the onset of widespread contamination, in particular with regard to eligible deposits held by individuals and micro, small and medium-sized enterprises, which would seriously disrupt the functioning of financial markets, including financial market infrastructures, in a way that could lead to a serious disturbance in the economy of Romania, another Member State or the European Union; or ... d) the application of the domestic recapitalisation instrument to those debts would cause a loss of value which would cause losses incurred by other creditors to be higher than if those debts had been excluded from Internal review. ... (2) If the National Bank of Romania, as a resolution authority, decides to exclude, in whole or in part, an eligible debt or a category of debts eligible under par. ((1), the level of reduction of the amount or conversion applied to other eligible debts may be increased to take account of those exclusions, provided that the level of the reduction of the amount or conversion applied to other eligible debts complies with the principle provided in art. 188 lit. g). ... + Article 288 If the National Bank of Romania, as a resolution authority, decides to exclude, in whole or in part, an eligible debt or a category of eligible debts in compliance with art. 285-295 285-295, and the losses that would have been incurred by those debts have not been completely transferred to other creditors, the bank resolution fund may contribute an input for the benefit of the institution subject to resolution to achieve one or both of the following purposes: a) to cover any losses that have not been absorbed by the eligible debts and to restore to zero the value of the net asset of the institution subject to the resolution in accordance with the provisions of art. 311 lit. a); ... b) to purchase shares or other property or capital instruments in the institution subject to the resolution, in order to recapitalize the respective credit institution, in accordance with the provisions of art. 311 lit. b). ... + Article 289 The bank resolution fund can contribute an intake according to art. 288 288 only if: a) shareholders and holders of other property instruments, as well as holders of relevant capital instruments and other eligible debt instruments, have contributed, by reducing the value of these instruments, by conversion or other modalities, the absorption of losses and the recapitalisation of the institution subject to resolution, with at least 8% of the total debt and equity of that institution, an assessed contribution, at the time of the resolution action, in accordance with the assessment referred to in Article 201-213 201-213; and ... b) the contribution of the bank resolution fund does not exceed 5% of the total debts and equity of the institution subject to the resolution, quantified, at the time of initiation of the resolution action, according to the evaluation provided in art. 201-213. ... + Article 290 Contribution of the bank resolution fund provided for in art. 288 288 may be financed by: a) the amount available to the bank resolution fund which has been drawn by contributions from credit institutions and their branches in the Union in accordance with the provisions of art. 533 533 and art. 542-545 542-545; ... b) the amount that can be attracted by extraordinary contributions in accordance with the provisions of art. 546 546-548 over three years; and ... c) if the amounts referred to in lett. a) and b) are insufficient, amounts attracted from alternative financing sources in accordance with the provisions of art. 549. ... + Article 291 (1) In extraordinary circumstances, the National Bank of Romania, as a resolution authority, may aim to obtain additional financing from alternative financing sources after: ... a) the limit of 5% provided for in art. 289 lit. b); and ... b) all unsecured and non-privileged debts, other than eligible deposits, have been reduced or converted in full. ... (2) As an alternative or in an additional way, when the conditions of par. ((1), the bank resolution fund may make a contribution from the resources that have been attracted by annual contributions in accordance with the provisions of art. 533 533 and art. 542 542-545 and which have not yet been used. ... + Article 292 By exemption from the provisions of art. 289 lit. a), the bank resolution fund may also make a contribution according to art. 288, under the following conditions: a) the contribution to the absorption of losses and the recapitalisation provided 289 lit. a) has a value of at least 20% of the risk-weighted assets of the credit institution concerned; ... b) the bank resolution fund has at its disposal, through the annual contributions (excluding contributions to the deposit guarantee scheme) charged in accordance with the provisions of art. 533 533 and art. 542-545, an amount at least equal to 3% of the covered deposits of all credit institutions authorized on the territory of Romania; and ... c) the credit institution concerned has assets of less than EUR 900 billion, determined on a consolidated basis. ... + Article 293 When exercising the powers of exclusion provided for in art. 287, the National Bank of Romania, as the resolution authority, shall give due consideration to: a) the principle that losses should be borne primarily by shareholders and, secondly, by creditors of the institution subject to resolution, in the order of preference; ... b) the level of the loss absorbing capacity of which the institution is subject to resolution in the event of the exclusion of a debt or a debt category; and ... c) the need to retain adequate resources to finance the resolution. ... + Article 294 Exclusions provided for in art. 287 287 may be applied either to completely exclude a debt from the reduction of value, or to limit the level of the reduction in the amount applied to that debt. + Article 295 ((1) Before exercising the option to exclude a debt pursuant to art. 287, the National Bank of Romania, as a resolution authority, sends a notification in this regard to the European Commission. ... ((2) Exclusion which would require a contribution from the bank resolution fund or from an alternative financing source, pursuant to art. 288-292, can be carried out by the National Bank of Romania, as a resolution authority, with the agreement of the European Commission. ... 5.2. Minimum own funds requirement and eligible liabilities + Article 296 (1) Credit institutions shall meet at all times a minimum requirement of own funds and eligible debts. ... (. The minimum requirement shall be calculated as the sum of own funds and eligible liabilities, expressed as a percentage of the total liabilities and own funds of the credit institution. ... (3) For the purposes of paragraph ((2), liabilities arising from derivatives are included in total liabilities on the basis that counterparty clearing rights are fully recognised. ... + Article 297 By exemption from the provisions of art. 296, the National Bank of Romania, as a resolution authority, exempts the mortgage banks from the obligation to fulfill, at any time, a minimum requirement of own funds and eligible debts, if: a) these credit institutions will be liquidated by the application of insolvency proceedings or by other types of procedures implemented in accordance with the provisions of art. 223-235 223-235, art. 239-250, as well as art. 268-280 268-280; and ... b) the national insolvency proceedings or the other types of procedures referred to in point. a) ensure that the creditors of such credit institutions are supported by the creditors, including the covered bond holders, as the case may be, in a manner that allows the resolution to be achieved. ... + Article 298 (1) The eligible debts are included in the amount of own funds and eligible debts provided for in art. 296 296 only if they meet the following conditions ... a) the instrument is fully issued and paid; ... b) the debt is not compared to the credit institution itself, is not guaranteed and is not subject to a guarantee granted by it; ... c) the acquisition of the instrument was not financed, directly or indirectly, by the credit institution; ... d) the debt has a residual maturity of at least one year; ... e) the debt does not arise from a derivative; ... f) the debt does not arise from a deposit that is preferably in accordance with insolvency law. ... (2) For the purposes of paragraph ((1) lit. d), when a debt confers on the owner or a right of early repayment, the maturity of the debt is represented by the first time this right is born. ... + Article 299 When a debt is regulated by the legislation of a third country, the National Bank of Romania, as a resolution authority, may require the credit institution to demonstrate that any decision of the latter or other resolution authority to reduce or convert the amount of that debt may be applied, according to the legislation of the third State concerned, taking into account the contractual terms governing the debt, the international agreements on the recognition of procedures for resolution and other relevant issues. If the National Bank of Romania, as the resolution authority, is not convinced that any decision taken can be applied according to the legislation of the third country concerned, the debt is not included in the calculation of the minimum requirement of funds Own and eligible debts. + Article 300 The National Bank of Romania shall ensure that the minimum requirement of own funds and eligible debts of each credit institution in accordance with the provisions of art. 296 296 is determined by the structure exercising the resolution function, following consultation with the structure which exercises the supervisory function, on the basis of at least the following criteria: a) the need to ensure that the settlement of the credit institution is possible, within the meaning of art. 85 85 para. ((3), by applying resolution tools including, where appropriate, the internal recapitalisation instrument, in a manner which would enable the objectives of the resolution to be achieved; ... b) the need to ensure, where appropriate, that the credit institution has sufficient eligible debts to ensure that, in the case of the application of the internal recapitalisation instrument, losses can be absorbed and the own funds rate of tier 1 the credit institution's base may be brought back to a level that allows it to continue to comply with the conditions that were the basis for the authorisation and to carry out the activities for which it was authorised under Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 ,, with subsequent amendments and completions, as well as to maintain a sufficient degree of confidence of the market in that credit institution or entity; ... c) the need to ensure that, if according to the resolution plan, certain classes of eligible debt are anticipated to be excluded from the internal recapitalisation pursuant to art. 287 287 or that certain classes of eligible debt could be transferred in full to a recipient under a partial transfer, the credit institution holds sufficient other eligible debts to guarantee that losses could be absorbed and that the rate the Common Equity Tier 1 capital of the credit institution could be brought back to a level necessary to enable it to continue to comply with the conditions underlying the authorisation and to carry out the activities for which it was authorised in Basis Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... d) size, economic model, financing model and risk profile of the credit institution; ... e) the extent to which the deposit guarantee scheme could contribute to the financing of the resolution in accordance with the provisions of art. 565-568 565-568; ... f) the extent to which the situation of major difficulty in which the credit institution is located would have negative effects on financial stability, including because of the contagion resulting from its interconnection with other institutions or with the rest financial system. ... + Article 301 (. Credit institutions shall comply with the minimum requirements laid down in art. 296 296-310 on an individual basis. ... (2) The National Bank of Romania, as a resolution authority, may decide to apply the minimum requirement provided for in art. 296-310 in the case of an entity provided in art. 1 1 para. ((1) lit. b), c) or d). ... (3) In order to take the decision according to paragraph (2), the National Bank of Romania shall ensure that the structure exercising the function of resolution consults with the structure exercising the supervisory function. ... + Article 302 (1) In addition to those provided in art. 301, the mother enterprises of the European Union, Romanian legal entities, comply with the minimum requirements provided in art. 296 296-310 on a consolidated basis. ... (2) The minimum requirement of own funds and eligible debts at the consolidated level of a parent company in the European Union is determined by the National Bank of Romania, as a group-level resolution authority, in accordance with Art. 303 303, at least based on the criteria set out in art. 300 and taking into account whether the settlement of the group's subsidiaries in third countries is likely to be carried out separately according to the resolution plan. ... (3) The National Bank of Romania shall ensure that the decision referred to in par. ((2) is taken following consultation between the structure exercising the function of resolution and the structure exercising the supervisory function. ... + Article 303 (1) The National Bank of Romania, as a group-level resolution authority, must do all due diligence in order to reach a joint decision with the resolution authorities responsible for subsidiaries at the individual level, in what concerns the level of the minimum requirement applied at consolidated level, within 4 months from the date on which the National Bank of Romania communicates to the resolution authorities at the level of the subsidiaries the proposal regarding the level of the respective requirement. ... (2) Provisions of para. ((1) are also applicable if the National Bank of Romania is only responsible resolution authority for subsidiaries at the individual level. ... (3) The joint decision shall be fully motivated and shall be made available to the parent undertaking in the European Union by the National Bank of Romania, as a group-level resolution authority. ... (4) In the absence of a joint decision within the four-month period, the National Bank of Romania, as a group-level resolution authority, shall take a decision on the minimum requirement at consolidated level, after careful verification of the evaluation of the subsidiaries, carried out by the relevant resolution authorities. ... (5) If within four months any of the resolution authorities concerned submit the case for resolution to the European Banking Authority in accordance with the provisions of art. 19 19 of Regulation (EU) No 1.093/2010 , as amended, the National Bank of Romania, as a group-level resolution authority, shall postpone its decision and await any decision that may be taken by the European Banking Authority in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (6) The National Bank of Romania, as a group-level resolution authority, shall adopt its own decision in accordance with the decision of the European Banking Authority, expressed within one month. ... (7) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as a group-level resolution authority. ... (8) The National Bank of Romania, as an individual resolution authority, shall carry out the evaluation of subsidiaries, Romanian legal entities, on the basis of which the group-level resolution authority makes a decision similar to that provided for in para. ((4) on the minimum consolidated requirement. ... (9) Within the four-month period for the adoption of the decision on establishing the level of the minimum requirement applied at consolidated level, the National Bank of Romania, as an individual resolution authority, may submit the case for resolution European banking authority in accordance with the provisions of art. 19 19 of Regulation (EU) No 1.093/2010 ,, as amended. ... (10) The four-month period is considered to be the conciliation stage within the meaning of the same Regulation. ... (11) The problem cannot be brought to the attention of the European Banking Authority after the expiry of the four-month period or after a joint decision has been reached. ... (12) The common decision referred to in par. ((1) and (2) and the decision adopted in the absence of the joint decision by the group-level resolution authority shall be binding on the resolution authorities of the Member States concerned. ... (13) The common decision and any decision taken in the absence of a joint decision shall be reviewed and, where appropriate, updated regularly. ... + Article 304 (1) The National Bank of Romania, as an individual resolution authority, determines the minimum requirements to be applied at the individual level to the subsidiaries, Romanian legal entities, from the group of a parent company from the Union European. The minimum requirements shall be set at an appropriate level for the subsidiary, taking into account the following: ... a) the criteria provided in art. 300 300, in particular the size, economic model and risk profile of the subsidiary, including its own funds; and ... b) the consolidated requirement that has been established at group level in accordance with the provisions of art. 303. ... (2) The National Bank of Romania, as an individual resolution authority, must do all due diligence in order to reach a joint decision with the resolution authority at group level and with the other authorities of Individually responsible resolution for group subsidiaries, as regards the level of the minimum requirement to be applied to each individual subsidiary. ... (3) The joint decision is taken within 4 months from the date on which the National Bank of Romania communicates to the group resolution authority the proposal on the level of the minimum requirement of own funds and eligible debts at the individual level. ... (4) The provisions of par. (2) are also applicable if the National Bank of Romania is a group-level resolution authority, in which case the 4-month period provided in par. ... ((3) flows from the date on which the resolution authorities at the individual level communicate to the National Bank of Romania the proposals regarding the level of the minimum requirement of own funds and eligible debts to be applied to each branch at the level individually. ... (5) The joint decision is fully motivated and is made available to the subsidiaries and the parent institution of the European Union by the National Bank of Romania, as the resolution authority at individual level, respectively as Group level resolution authority, as appropriate. ... (6) In the absence of such a joint decision of the resolution authorities within four months, the decision shall be taken by the National Bank of Romania, as an individual resolution authority, taking due account of the views and reservations expressed by the group-level resolution authority. ... (7) In the absence of a joint decision of the resolution authorities within the four-month period, the National Bank of Romania, as a group-level resolution authority, may express its views, respectively, on the determination of the minimum requirement to be applied to subsidiaries by resolution authorities. ... (8) Within the four-month period, the National Bank of Romania, as a group-level resolution authority, may bring the matter to the attention of the European Banking Authority, in accordance with the provisions of art. 19 19 of Regulation (EU) No 1.093/2010 ,, as amended. ... (9) The National Bank of Romania, as a group-level resolution authority, does not bring to the attention of the European Banking Authority the problem for mediation, if the level of the minimum requirement of own funds and eligible debts established by the resolution authority at the individual level falls within a percentage point compared to the level established at consolidated level, in accordance with the provisions of art. 303. ... (10) If, by the end of the four-month period, the group level resolution authority brings the matter to the attention of the European Banking Authority in accordance with the provisions of art. 19 19 of Regulation (EU) No 1.093/2010 , as amended, the National Bank of Romania, as an individual resolution authority, shall postpone its decision and await any decision that the European Banking Authority may take in accordance with the provisions of art. 19 19 para. ((3) of the same Regulation. ... (11) The National Bank of Romania, as an individual resolution authority, shall adopt its own decision in accordance with the decision of the European Banking Authority, expressed within one month. ... (12) In the absence of a decision of the European Banking Authority within one month, the decision of the National Bank of Romania shall apply, as an individual resolution authority. ... (13) The four-month period provided for in par. ((8) and (10) shall be considered to be the conciliation stage within the meaning of the same Regulation. ... (14) The problem cannot be brought to the attention of the European Banking Authority after the expiry of the four-month period provided for in ((8) or after a joint decision has been reached. ... (15) Joint decisions taken according to par. (2) and (3) and any decision taken by the National Bank of Romania, as an individual resolution authority, in the absence of a joint decision, shall be binding on the resolution authorities concerned. ... (16) The common decision and any decision taken in the absence of a joint decision shall be reviewed and, where appropriate, updated regularly. ... + Article 305 The National Bank of Romania, as a group-level resolution authority, can entirely exempt an institution-mother from the European Union, the Romanian legal person, from the application of the minimum requirement at the individual level, if: a) the parent institution of the European Union shall comply, on a consolidated basis, with the minimum requirement laid down in 302 302; and ... b) The National Bank of Romania, as the competent authority responsible for the supervision of the parent institution in the European Union, has entirely exempted the respective parent institution from the application of the capital requirements at the individual level, according to art. 7 7 para. ((3) of Regulation (EU) No 575/2013 . ... + Article 306 The National Bank of Romania, as an individual resolution authority, may entirely exempt a subsidiary from the application of the provisions of art. 301, if: a) the subsidiary and its parent undertaking shall be subject to authorization and supervision by competent authorities of Romania; ... b) the subsidiary is included in the supervision on the consolidated basis of the institution which is the parent undertaking; ... c) the institution of the highest level within the group, located in Romania, if it is different from the parent company in the European Union, respects, on a sub-consolidated basis, the minimum requirement established in accordance with the provisions of art. 301 301; ... d) there is no significant, practical or legal, current or potential impediment to the prompt transfer of own funds or the rapid repayment of debts to the subsidiary by its parent undertaking; ... e) either the parent undertaking meets the requirements of the competent authority on the prudent management of the subsidiary and has declared, with the consent of the competent authority, that it guarantees the commitments made by the subsidiary, or are negligible; ... f) the assessment, measurement and risk control procedures applied by the parent undertaking shall include the subsidiary; ... g) the parent undertaking holds more than 50% of the voting rights attached to the shares held in the capital of the subsidiary or has the right to appoint or revoke the majority of the members of the management body of the subsidiary; and ... h) The National Bank of Romania, as the competent authority at the individual level, has exempted in its entirety the subsidiary from the application of individual capital requirements, in accordance with the provisions of art. 7 7 para. ((1) of Regulation (EU) No 575/2013 . ... + Article 307 Decisions taken pursuant to the provisions of art. 296 296-310 may provide that the minimum requirement of own funds and eligible debts shall be partially respected at consolidated or individual level through contractual instruments of internal recapitalisation. + Article 308 In order to qualify as a contractual instrument for internal recapitalisation pursuant to art. 307 must be demonstrated to the National Bank of Romania, as a resolution authority, the fact that the instrument: a) contains a contractual clause stipulating that, if the National Bank of Romania, as the resolution authority, decides to apply the internal recapitalisation instrument to the credit institution, its value is reduced or converted to the extent necessary, before the amount of other eligible debts is reduced or converted; and ... b) is subject to an agreement, a commitment or a provision of binding subordination, according to which, in the event of insolvency proceedings, the instrument is of rank inferior to other eligible debts and may not be reimbursed until after the liquidation of other eligible debts due at the time. ... + Article 309 The National Bank of Romania shall ensure that the structure exercising the resolution function, in collaboration with the structure exercising the supervisory function, requests and verifies the credit institutions ' compliance with the minimum requirements regarding the funds own and eligible debts provided for in art. 296 and, as the case may be, the requirements of art. 307 and makes all the decisions provided in art. 296-310, in parallel with the development and updating of resolution plans. + Article 310 The National Bank of Romania shall ensure that the structure exercising the resolution function, in collaboration with the structure exercising the supervisory function, informs the European Banking Authority of the minimum requirement of own funds and debts eligible and, where applicable, the requirement laid down in art. 307 307, established for each credit institution under its jurisdiction. 5.3. Implementation of the internal recapitalisation instrument + Article 311 When applying the internal recapitalization tool, the National Bank of Romania, as the resolution authority, establishes, on the basis of an evaluation that complies with the provisions of art. 201-213, the aggregate amount of the following: a) where applicable, the amount by which the eligible debts must be reduced in order to ensure that the net asset value of the institution subject to resolution is equal to zero; and ... b) where applicable, the amount in which the eligible debts must be converted into shares or other types of capital instruments to restore the institution's Common Equity Tier 1 ratio to the resolution or the bridge institution. ... + Article 312 (1) The assessment provided in art. 311 311 determine the amount by which eligible debts must be reduced or converted to restore the institution's Common Equity Tier 1 ratio subject to resolution or, where applicable, to ensure Common Equity Tier 1 ratio for the bridge institution, taking into account any contribution to capital from the bank resolution fund pursuant to art. 536 536 para. ((1) lit. d), in order to maintain sufficient market confidence in the institution subject to resolution or in the bridge institution and to allow it, for a period of at least one year, to comply with the conditions of authorization and to continue to carry out the activities for which it was authorised in accordance with Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or with the capital market legislation. ... (2) When the National Bank of Romania, as a resolution authority, intends to use the asset separation instrument provided for in art. 268-280 268-280, the amount by which the eligible debts must be reduced shall take into account a prudent estimate of the capital needs of the asset management vehicle, as the case may be. ... + Article 313 When the capital has been reduced in accordance with the provisions of art. 358-382 358-382, and the internal recapitalisation was applied pursuant to art. 282 282 and it is found that the level of the reduction of the value applied on the basis of the 201-213 is superior to the necessary one, taking into account the final evaluation carried out in accordance with the provisions of 210, the National Bank of Romania, as a resolution authority, may apply a mechanism to increase the value of creditors ' claims and, subsequently, of shareholders, up to the necessary level. + Article 314 The National Bank of Romania, as the resolution authority, establishes and maintains mechanisms that ensure that the verification and evaluation process is based on the most up-to-date and comprehensive information possible regarding the assets, the debt and equity of the institution subject to resolution. + Article 315 (1) When applying the internal recapitalization tool, according to art. 282, or reducing the value or conversion of capital instruments, according to art. 358-367, the National Bank of Romania, as the resolution authority, takes, as regards the shareholders and the holders of other property instruments, at least one of the following measures: ... a) the cancellation of the shares or other existing instruments of ownership or the transfer thereof to creditors which have been the subject of an internal recapitalisation measure; ... b) if the institution subject to the resolution registers a positive net value according to the assessment carried out pursuant to 201-213, dilution of the equity share held by existing shareholders and holders of other property instruments as a result of the conversion into shares and other instruments of ownership of the relevant capital instruments issued by the institution of credit, pursuant to the competence provided in art. 359 359, or of eligible debts issued by the institution subject to resolution, pursuant to the competence provided in art. 383 383 para. ((1) lit. f). ... ((2) The conversion made according to the provisions of para. ((1) lit. b) is performed at a conversion rate that significantly dilutes existing holdings of shares or other proprietary instruments. ... + Article 316 Measures provided for in art. 315 315 shall also apply with respect to shareholders and holders of other property instruments whose shares or other property instruments have been issued or granted in the following circumstances: a) as a result of the conversion of debt instruments into shares or other instruments of ownership, in accordance with the contractual clauses of the original debt instruments, made on the occasion of the occurrence of an event that preceded or which took place at the same time as the assessment carried out by the National Bank of Romania, as a resolution authority, according to which the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) met the conditions for the resolution of the resolution procedure; or ... b) as a result of the conversion of the relevant capital instruments into Common Equity Tier 1 instruments, in accordance with the provisions of art. 368-372. ... + Article 317 When establishing the measures to be taken in accordance with the provisions of 315, the National Bank of Romania, as a resolution authority, envisages: a) the evaluation carried out in accordance with the provisions of 201-213 201-213; ... b) the amount with which it has assessed that the Common Equity Tier 1 items must be reduced and with which the relevant capital instruments must be reduced or converted pursuant to art. 368 368; and ... c) the aggregate amount determined by it pursuant to art. 311-314. ... + Article 318 By way of derogation from the provisions regarding the notification and evaluation of purchases of qualified holdings in a credit institution, contained in art. 7 7 para. ((1) pt. 1 ^ 1-1 ^ 3, art. 25 25 para. ((1) and (3)-(10), art. 26 and 26 ^ 1, art. 27 27, art. 31 31 para. ((1) and art. 147 147 para. (2) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions Law no. 227/2007 , with subsequent amendments and completions, and from the obligation of information/communication provided for in art. 29 29 and art. 31 31 para. ((2) of the same emergency ordinance, where the application of the internal recapitalisation instrument or the conversion of capital instruments would lead to the acquisition or increase of a qualifying holding in a credit institution of the type of those provided in art. 25 25 para. (1) of the same emergency ordinance, the National Bank of Romania, as the competent authority at the individual level, shall carry out the necessary assessment under the respective provisions in a timely manner, so as not to delay the application the internal recapitalisation instrument or the conversion of capital instruments or not to prevent resolution action from achieving its relevant resolution objectives. + Article 319 If the National Bank of Romania, as the competent authority of a credit institution, has not completed the necessary assessment pursuant to art. 318 on the date of application of the instrument of internal recapitalization or conversion of capital instruments, the provisions of art. 231 231 applies to any acquisition or increase of a qualifying holding by an acquirer, resulting from the application of the instrument of internal recapitalisation or the conversion of capital instruments. + Article 320 When applying the internal recapitalization tool, the National Bank of Romania, as a resolution authority, exercises the powers to reduce its conversion value, in compliance with any exclusions provided in art. 286 286 and 287 and in compliance with the following requirements: a) the value of the Common Equity Tier 1 items is reduced in accordance with the provisions of art. 368 lit. a); ... b) only if the total reduction of the value, made pursuant to lit. a), is below the total value of the amounts provided in art. 317 lit. b) and c), the National Bank of Romania shall reduce the value of the principal of the Additional Tier 1 instruments, in so far as it is necessary and within the limits of their capacity; ... c) only if the total reduction of the value, made pursuant to lit. a) and b), is below the total value of the amounts provided in art. 317 lit. b) and c), the National Bank of Romania reduces the value of the principal of Tier 2 instruments, in so far as it is necessary and within the limits of their capacity; ... d) only if the total reduction of the value of the shares or other instruments of ownership and of the relevant capital instruments, carried out pursuant to lit. a), b) and c), is below the total value of the amounts provided in art. 317 lit. b) and c), the National Bank of Romania reduces, to the extent necessary, the value of the principal of subordinated debts that do not represent Additional Tier 1 or Tier 2 instruments, in accordance with the hierarchy of receivables from insolvency proceedings, together with the reduction in the amount referred to in point a)-c), in order to obtain the total value of the amounts provided in art. 317 lit. b) and c); ... e) only if the total reduction of the value of the shares or other instruments of ownership and of the relevant capital instruments, as well as of the eligible debts, made pursuant to lit. a), b), c) and d), is below the total value of the amounts provided in art. 317 lit. b) and c), the National Bank of Romania shall reduce, to the extent necessary, the principal amount or the amount of payment due, related to the eligible debts remaining in accordance with the hierarchy of claims in insolvency proceedings, including the hierarchy deposits provided for art. 234 234 of Law no. 85/2014 , in compliance with art. 285-295, together with the reduction of the value provided for in a), b), c) and d), in order to obtain the total value of the amounts provided in art. 317 lit. b) and c). ... + Article 321 (1) When applying the powers to reduce its conversion value, the National Bank of Romania, as a resolution authority, allocates the losses represented by the total amount of the amounts provided in art. 317 lit. b) and c) equally between shares or other property instruments and eligible debts of the same rank, by equally reducing the value of the principal or the amount of payment due, related to shares or other property instruments and the respective eligible debts, in proportion to their value, unless a different distribution of losses between debts of the same rank is allowed according to the provisions of art. 287. ... (2) Provisions of para. ((1) does not prevent the granting of more favourable treatment to debts that have been excluded from the internal recapitalization in accordance with the provisions of art. 286 286 and 287, in comparison with eligible debts that have the same rank of priority in insolvency proceedings. ... + Article 322 Before applying the reduction of the value or conversion referred to in art. 320 lit. e), the National Bank of Romania, as a resolution authority, converts or reduces the value of the principal of the instruments provided in art. 320 lit. b)-d), when these instruments contain the following clauses and have not already been converted: a) clauses that provide for the reduction of the value of the principal of the instrument, in case of production of any event affecting the financial situation, solvency or own funds of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d); ... b) clauses that provide for the conversion of instruments into actions or other proprietary instruments, in the event of such an event. ... + Article 323 If the value of the principal of a instrument has been reduced, but not in full, in accordance with the type of clauses referred to in art. 322 lit. a), before the application of internal recapitalization in accordance with the provisions of art. 320, the National Bank of Romania, as a resolution authority, shall exercise the powers to reduce its conversion value in respect of the residual value of the principal concerned, in accordance with the provisions of art. 320. + Article 324 When deciding whether the amount of debts must be reduced or converted into equity securities, the National Bank of Romania, as a resolution authority, does not convert a debt category if for another debt category, which is subordinated to the premium, for the most part the conversion into equity securities has not been achieved or the value has not been reduced, unless this is allowed according to art. 286 and 287. + Article 325 The National Bank of Romania, as a resolution authority, applies the powers to reduce the value and conversion of debts arising from derivatives, in compliance with the provisions of art. 326-328. + Article 326 (1) The National Bank of Romania, as a resolution authority, shall exercise its powers of value reduction and conversion in relation to a debt arising from a financial instrument derived only at the time of liquidation or after the liquidation of derivatives. ... (2) Upon entering into the resolution procedure, the National Bank of Romania, as the resolution authority, shall be empowered to cease and liquidate, for this purpose, any contract related to a derivative financial instrument. ... ((3) Where a debt arising from a derivative has been excluded from the application of the internal recapitalisation instrument pursuant to art. 287, the National Bank of Romania, as a resolution authority, is not obliged to cease the contract related to the derivative or to liquidate it. ... + Article 327 Where transactions with derivatives are subject to a clearing agreement, the National Bank of Romania, as a resolution authority, or an independent person shall determine, as part of the assessment carried out in compliance with art. 201-213 201-213, the debt resulting from those transactions on a net basis, in accordance with the provisions of the agreement in question. + Article 328 The National Bank of Romania, as the resolution authority, shall determine the amount of debts arising from financial derivatives on the basis of: a) appropriate methodologies for determining the value of derivatives, including transactions subject to clearing arrangements; ... b) principles determining the exact time at which the value of a position on derivatives must be determined; and ... c) appropriate methodologies for comparing the loss of value that would result from the liquidation and use of derivatives for internal recapitalisation, with the amount of losses that would be borne by the financial instruments derived in an internal recapitalisation. ... + Article 329 (1) When exercising the powers provided for in art. 360 and to art. 383 383 para. ((1) lit. f), the National Bank of Romania, as a resolution authority, may apply different conversion rates for different categories of capital instruments and debts, in accordance with at least one of the principles provided in par. ((2) and (3). ... (. The conversion rate shall, for the affected creditor, represent an adequate compensation for any loss incurred as a result of the exercise of the powers to reduce its conversion value. ... (3) When different conversion rates are applied in accordance with the provisions of par. ((1), the conversion rate applicable to debts considered as a priority under the legal provisions on insolvency must be higher than that applicable to subordinated debts. ... + Article 330 The application by the National Bank of Romania, as a resolution authority, of the internal recapitalisation instrument to recapitalise a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), in accordance with the provisions of art. 282 lit. a), is accompanied by measures to ensure, develop and implement a plan to reorganize the activity for the respective institution or entity, in accordance with the provisions of art. 332-340. + Article 331 Measures provided for in art. 330 may include the appointment by the National Bank of Romania, as a resolution authority, of one or more persons appointed in accordance with the provisions of art. 420 with the objective of elaborating and implementing the plan of reorganization of the activity provided for in art. 332-340. + Article 332 (1) Within one month of application, in accordance with the provisions of art. 282 lit. a), of the internal recapitalisation instrument in relation to a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), the governing body, respectively the person or persons designated pursuant to art. 420 elaborates and presents to the National Bank of Romania, as a resolution authority, a plan to reorganize the activity that satisfies the requirements provided in art. 334. ... ((. Where the EU State aid framework is applicable, this plan shall be compatible with the restructuring plan which the credit institution or entity referred to in Article 2 (2) of the Treaty requires. 1 1 para. ((1) lit. b), c) or d) is obliged to submit it to the European Commission under that framework. ... ((3) When the internal recapitalisation instrument referred to in art. 282 lit. a) is applied for two or more entities in the group, the reorganization plan of the activity is developed by the parent credit institution of the European Union, concerns all institutions within the group, in accordance with the specified procedure within art. 27-40, and is presented to the National Bank of Romania, as a group-level resolution authority. ... (4) The National Bank of Romania, as a group-level resolution authority, shall communicate the plan referred to in paragraph 1. (1) the other resolution authorities involved and the European Banking Authority. ... + Article 333 (1) In situations considered by the National Bank of Romania, as a resolution authority, as exceptional and if this is necessary to achieve the objectives of the resolution, it may extend the period referred to in art. 332 332 para. ((1) up to a maximum of two months from the date of application of the bail-in instrument ... (2) When the EU state aid framework provides for the notification of the activity reorganization plan, the National Bank of Romania, as a resolution authority, may extend the period provided for in art. 332 332 para. ((1) either up to a maximum of two months from the date of application of the internal recapitalisation instrument, or by the deadline set by the EU State aid framework, whichever occurs first. ... + Article 334 (1) The reorganization plan of the activity establishes measures aimed at restoring the long-term viability of the credit institution or entity provided in art. 1 1 para. ((1) lit. b), c) or d) or parts of their business, within a reasonable period. These measures are based on realistic assumptions about the economic and financial conditions on the market, in which the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... (2) The plan to reorganize the activity takes into account at least the current situation and future prospects of financial markets, reflecting the most optimistic assumptions as well as the most pessimistic, including a combination of events to allow identification of the main vulnerable points of the credit institution. The assumptions must be compared with appropriate reference values at the sector level. ... (. The reorganisation plan shall include at least the following elements: ... a) a detailed description of the factors and problems that led to the situation in which the credit institution or one of the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) enter or be liable to enter a situation of major difficulty and the circumstances that have led to the difficulties faced by it; ... b) a description of the measures to be adopted, aimed at restoring the long-term viability of the credit institution or the entity referred to in art. 1 1 para. ((1) lit. b), c) or d); ... c) a timetable for the implementation of those measures. ... + Article 335 Measures aimed at restoring the long-term viability of a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) may include: a) reorganization of the activities of the credit institution or entity referred to in 1 1 para. ((1) lit. b), c) or d); ... b) changes in the operational and infrastructure systems within the credit institution; ... c) withdrawal from loss-making activities; ... d) restructuring of existing activities that can be made competitive; ... e) the sale of assets or lines of activity. ... + Article 336 (1) Within one month from the date of submission of the activity reorganization plan, the National Bank of Romania, as the resolution authority, assesses the probability that the plan, if implemented, will restore the long-term viability of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... (2) The National Bank of Romania shall ensure that the structure exercising the resolution function carries out the assessment referred to in par. ((1) in agreement with the structure exercising the supervisory function. ... (3) The National Bank of Romania, as the resolution authority, approves the plan of reorganization of the activity, if the structure exercising the resolution function together with the structure exercising the supervisory function reach the conclusion that the plan will achieve the objective set out in ((1). ... + Article 337 (1) If the National Bank of Romania, as a resolution authority, is not convinced that the plan will reach the objective provided for in art. 336, it shall notify its concerns to the management body or person/persons designated pursuant to art. 420 420 and calls for changes to the plan in a way that meets these concerns ... (2) The National Bank of Romania shall ensure that notification of the concerns referred to in paragraph ((1) shall be carried out by the structure which exercises the function of resolution, in agreement with the structure exercising the supervisory function. ... + Article 338 (1) Within two weeks from the date of receipt of the notification provided for in art. 337, the governing body, respectively the person or persons designated pursuant to art. 420 presents to the National Bank of Romania, as a resolution authority, for approval, an amended plan. ... (2) The National Bank of Romania, as a resolution authority, shall assess, in compliance with the provisions of art. 336 336 para. ((2), the amended plan and communicate to the management body, respectively to the person or persons designated pursuant to art. 420, within one week from the date of its receipt, to what extent the plan, thus amended, responds to the notified concerns or further amendments are necessary. ... + Article 339 The management body, respectively the person or persons designated pursuant to art. 420 implement the reorganization plan agreed according to art. 336 and send a report to the National Bank of Romania, as the resolution authority, at least every six months in relation to the progress made in the implementation of the plan. + Article 340 (1) The governing body, respectively the person or persons designated pursuant to art. 420 I review the plan if, in the opinion of the National Bank of Romania, as a resolution authority, this is necessary in order to meet the objective provided for in art. 334 334 para. ((1) and (2) and submit any such revision to the National Bank of Romania, as a resolution authority, for approval. ... (2) When expressing the opinion according to par. (1), the National Bank of Romania shall ensure that the structure exercising the resolution function has obtained the prior agreement of the structure exercising the supervisory function. ... 5.4. Other provisions on the internal recapitalisation instrument + Article 341 If the National Bank of Romania, as a resolution authority, exercises one of the powers provided for in art. 383 383 para. ((1) lit. e)-i) and art. 359, the reduction in the value of the principal or the amount of payment due, the conversion or cancellation immediately produces effects and becomes mandatory for the institution subject to resolution and for the affected creditors and its shareholders. + Article 342 The National Bank of Romania, as a resolution authority, has the power to fulfill or request the fulfilment of all administrative and procedural tasks necessary to give effect to the exercise of one of the powers provided for in to art. 383 383 para. ((1) lit. e)-i) and art. 359 359, including: a) modification of all relevant registers; ... b) the delisting or withdrawal from trading of shares, other property instruments or debt instruments; ... c) listing or admission to trading of new shares or other proprietary instruments; ... d) the listing again or the return to trading of any debt instruments that have been reduced, without the need to issue a prospectus in accordance with the provisions of art. 183 183 para. ((1), art. 192 192 para. ((2) or art. 211 211 para. ((1) of Law no. 297/2004 , with subsequent amendments and completions. ... + Article 343 If the National Bank of Romania, as a resolution authority, fully reduces the value of the principal of a debt or the amount of payment due in connection with this debt, by means of the competence provided in art. 383 383 para. ((1) lit. e), that debt and any other related obligations or claims which are not chargeable, as the case may be, at the time of the exercise of jurisdiction shall be regarded as fully paid or extinguished, as the case may be, and shall not be opposable to the institution itself the resolution in any subsequent proceedings, nor any entity succeeding it, in any subsequent winding-up proceedings. + Article 344 If the National Bank of Romania, as a resolution authority, partially reduces the value of the principal of a debt or the amount of payment due in connection with this debt, by means of the competence provided in art. 383 383 para. ((1) lit. e): a) the debt is reduced by the reduced value; ... b) the instrument or the relevant agreement which gave rise to the original debt shall continue to apply in relation to the residual amount of the debt or the amount of payment due thereon, in compliance with any change in the amount of the payment interest to take into account the reduction of the principal's value, as well as with respect for any other subsequent modification of the clauses that the National Bank of Romania, as a resolution authority, could do by virtue of its competence provided in art. 383 383 para. ((1) lit. j). ... + Article 345 Without prejudice to art. 383 383 para. ((1) lit. i), credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) must permanently hold a sufficient quantity of authorized authorized capital or other Common Equity Tier 1 instruments, so that, if the National Bank of Romania, as the resolution authority, would exercise the powers provided in art. 383 383 para. ((1) lit. e) and f) in relation to that credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or any of its subsidiaries, credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) is not prevented from issuing sufficient shares or other new ownership instruments to guarantee a possible effective conversion of debts into shares or other proprietary instruments. + Article 346 In the context of drafting and updating the resolution plan of a credit institution or a group, the National Bank of Romania, as a resolution authority, assesses the appropriateness of imposing on the credit institution or entity provided in art. 1 1 para. ((1) lit. b), c) or d) of the obligation provided in art. 345, taking into account in particular the resolution actions provided for in that plan. If the resolution plan provides for the possibility of applying the internal recapitalisation instrument, the National Bank of Romania, as the resolution authority, shall verify to what extent the authorized share capital or other instruments of funds the own basic level 1 shall be sufficient to cover the total amount of the amounts referred to in art. 317 lit. b) and c). + Article 347 The constituent documents or the status of the credit institution, including the preemption rights of the shareholders or the obligation to obtain the approval of the shareholders for a capital increase, do not hinder the conversion procedurally debts in shares or other property instruments. + Article 348 Art. 345-347 are without prejudice to the amendments to the national legislative framework, provided in art. 632 632, nor the provisions of art. 222 222 para. ((2). + Article 349 Credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) include in the contractual provisions a clause by virtue of which the creditor or party to the agreement governing a debt accepts that it may be subject to the exercise of the powers of value reduction and conversion and is of agreement to be subject to any measure to reduce the value of the principal or the amount of payment due, conversion or cancellation, which may be imposed by the National Bank of Romania, as a resolution authority, in the exercise of powers its, provided that such a liability: a) not to be excluded pursuant to art. 286 286; ... b) not be a deposit provided for in art. 234 234 of Law no. 85/2014 ; ... c) be governed by the laws of a third country; and ... d) be issued or contracted after the date from which the provisions relating to the internal recapitalisation apply. ... + Article 350 (1) The provisions of art. 349 349 does not apply if the National Bank of Romania, as a resolution authority, determines that the debts or instruments referred to in that Article may be subject to the powers of value reduction and conversion exercised by the National Bank of Romania, as a resolution authority, in accordance with the legislation of the third country or with an agreement concluded with the respective third country that is binding. ... (2) The National Bank of Romania, as a resolution authority, may request credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) to provide him with a legal opinion on the enforceability and effectiveness of the clause provided in art. 349. ... + Article 351 If a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) does not include in the contractual provisions applicable to a relevant debt a clause of the type referred to in art. 349, this default does not prevent the National Bank of Romania, as a resolution authority, to exercise its powers to reduce its conversion value in relation to that debt. + Chapter V Public financial stabilisation instruments + Article 352 (1) In order to participate in the resolution of a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), including intervening directly in order to avoid its liquidation, in order to meet the objectives of the resolution established in art. 178 in relation to Romania or the European Union as a whole, extraordinary public financial support may be granted through additional financial stabilisation instruments, in accordance with the provisions of art. 221 221, 353 and the EU State aid framework. Such measures are taken under the leadership of the Ministry of Public Finance as a competent ministry in close cooperation with the National Bank of Romania, as a resolution authority. ... (2) In application of the provisions (1), the Ministry of Public Finance, as competent ministry, has the resolution powers provided for in art. 383-422. Art. 391-397 391-397, art. 400-405 400-405, art. 443-447, as well as art. 630 630 are applicable in order to ensure the effectiveness of public financial stabilisation instruments ... + Article 353 Public financial stabilisation instruments are used as a last resort, following the assessment and making the most of other resolution tools, while maintaining financial stability, according to the Ministry's decision. Public Finance, as competent ministry, after consulting with the National Bank of Romania, as a resolution authority. + Article 354 The Ministry of Public Finance, as competent ministry, and the National Bank of Romania, as a resolution authority, shall apply the public financial stabilization instruments only if all the conditions of art. 180 180 para. (1), as well as one of the following conditions: a) The Ministry of Public Finance, as competent ministry, and the National Bank of Romania, as the resolution authority, determine that the application of resolution tools would not be sufficient to avoid negative effects significant on financial stability. The National Bank of Romania shall ensure that the analysis in question also takes into account its powers of central bank and competent authority; ... b) The Ministry of Public Finance, as the competent ministry, and the National Bank of Romania, as the resolution authority, determine that the application of the resolution tools would not be sufficient to protect the public interest, in the case in which the credit institution has already been granted an extraordinary liquidity contribution from the National Bank of Romania, as the central bank; ... c) with regard to the temporary instrument of temporary passage into the private property of the State, the Ministry of Public Finance, as the competent ministry, determines that the application of the resolution tools would not be sufficient to protect the public interest, where the credit institution has already been granted a public capital contribution through the financial support instrument by way of capital contribution. This decision is taken after consulting the National Bank of Romania, as competent authority and resolution. ... + Article 355 Financial stabilisation instruments are as follows: a) the instrument of financial support through public capital contribution provided for in art. 356 356; ... b) the instrument of temporary passage into the private property of the state provided in art. 357. ... + Article 356 (1) In compliance with provisions Law no. 31/1990 , republished, with subsequent amendments and completions, the Ministry of Public Finance, as competent ministry, may participate in the recapitalisation of a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), through capital contribution in exchange for the following instruments, in compliance with the requirements set out in Regulation (EU) No 575/2013 ,, as amended: ... a) Common Equity Tier 1 instruments; ... b) Additional Tier 1 or Tier 2 instruments. ... (2) The Ministry of Public Finance, as a competent ministry, must ensure, in so far as the share of capital it holds in a credit institution or an entity provided for in art. 1 1 para. ((1) lit. b), c) or d) allows it, the professional and commercial management of the respective credit institutions or entities subject to the financial support instrument through public capital contribution in accordance with the provisions this article. ... ((3) If the financial support instrument through public capital contribution is implemented in accordance with the provisions of this Article, the Ministry of Public Finance, as the competent ministry, must ensure the transfer capital held at the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) in the private sector as soon as the commercial and financial circumstances permit it. ... + Article 357 (1) A credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) may be temporarily passed into the private property of the state. ... (2) In application of para. (1), the Ministry of Public Finance, as competent ministry, may make one or more transfer orders in which the beneficiary of the transfer is: ... a) an entity designated by the competent ministry; or ... b) a company on shares wholly owned by the State. ... (3) The Ministry of Public Finance, as competent ministry, must ensure that the credit institutions or entities referred to in art. 1 1 para. ((1) lit. b), c) or d), which are subject to the temporary transit instrument in public property in accordance with the provisions of this Article, shall be administered professionally and on a commercial basis and shall become private as soon as the circumstances Commercial and financial allow it. ... + Chapter VI Reducing the amount of capital instruments + Section 1 Value reduction or conversion of capital instruments + Article 358 The power to reduce the value or conversion of the relevant capital instruments may be exercised either: a) independent of resolution action; or ... b) together with a resolution action, when the conditions for triggering the resolution procedure provided for in art. 180-187. ... + Article 359 The National Bank of Romania, as a resolution authority, has the power to reduce or convert relevant capital instruments into shares or other property instruments of credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d). + Article 360 The National Bank of Romania, as a resolution authority, shall exercise its competence to reduce its conversion value in accordance with the provisions of art. 368 368-372 without delay, in respect of the relevant capital instruments issued by a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), where at least one of the following conditions is met: a) if it was determined that all the conditions for triggering the resolution procedure provided for in art. 180-187 were fulfilled before a resolution action was carried out; ... b) The National Bank of Romania, as competent authority, determines that, if that competence is not exercised in respect of the relevant capital instruments, the credit institution or the entity referred to in art. 1 1 para. ((1) lit. b), c) or d) will cease to be viable; c) in the case of relevant capital instruments issued by a subsidiary, the Romanian legal person, when these capital instruments are taken into account in order to meet the own funds requirements at the individual and consolidated level, if the Bank The Romanian national team does not have the status of consolidating supervisor, the authority responsible for determining the consolidating supervisor and the National Bank of Romania, as the competent authority at the level individually, determine together, by common decision, in accordance with the provisions of art. 506 506 and 507, the fact that, in the event of a non-exercise of the power to reduce its conversion value in respect of these instruments, the group will no longer be viable; d) in the case of relevant capital instruments issued by a subsidiary of a parent undertaking in the European Union, the Romanian legal person, where such capital instruments are taken into account for the purpose of complying with the requirements of funds own at the individual and consolidated level, and the National Bank of Romania is a consolidating supervisor, the authority responsible for the determination in the home Member State of the branch and the National Bank of Romania, as the authority competence, determine together, by common decision, in accordance with the provisions of art. 500 500 and 501, the fact that, in the event of non-exercise of the power to reduce the value or conversion in respect of these instruments, the group will no longer be viable; ... e) in the case of relevant capital instruments issued at the level of the parent company, if the National Bank of Romania is a consolidating supervisor, when these capital instruments are taken into account in order to comply with the requirements of the own funds of the parent undertaking at an individual or consolidated level, and the National Bank of Romania, as the competent authority, determines that, in case of non-exercise of the power to reduce its conversion value, the question of these instruments, the group will no longer be viable; ... f) the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) request extraordinary public financial support, except for any of the situations provided in art. 181 181 para. ((2) lit. c). ... + Article 361 For the purposes of art 360 360, shall be considered as a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or a group are no longer viable only if the following conditions are met cumulatively: a) the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or the group enters or is susceptible/likely to enter a situation of major difficulty; ... b) in view of the time horizon and other relevant circumstances, there is no reasonable prospect that the entry into a situation of major difficulty of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or the group could be prevented in due time by any measure, be it an alternative measure of the private sector or a supervisory measure, including an early intervention measure, outside a measure to reduce its value of conversion of capital instruments, taken individually or in combination with a resolution action. ... + Article 362 For the purposes of art 361 lit. a), shall be considered as a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) enter or is likely to enter a situation of major difficulty if at least one of the conditions laid down in art. 181 181 is fulfilled. + Article 363 For the purposes of art 361 lit. a), it is considered that a group enters or is likely to enter a situation of major difficulty if that group violates prudential requirements at consolidated level or there are objective elements that support the conclusion that the respective group will infringes in the near future the prudential requirements at consolidated level, to a degree that would justify the action of the National Bank of Romania, as competent authority, including but not limited to the recital that the group of incurred or is liable to incur losses that will deplete all of its own funds or a significant part of them. + Article 364 A relevant capital instrument issued by a subsidiary, the Romanian legal person, is not reduced to a greater extent or converted under more disadvantageous conditions, pursuant to art. 360 lit. c) and d), than those in which the capital instruments of equal rank at the level of the parent company were reduced or converted. + Article 365 The National Bank of Romania shall ensure that, if a determination provided for in art. 360 360 is carried out, the structure exercising the supervisory function shall immediately inform the structure exercising the resolution function. + Article 366 In order to achieve the determinations provided in art. 360 lit. c) and d) in connection with a subsidiary, the Romanian legal entity, which issues relevant capital instruments, taken into account in order to meet the own funds requirements at the individual and consolidated level, the National Bank of Romania, as competent authority, complies with the notification and consultation requirements provided for in art. 375-382. + Article 367 (1) Before exercising its power to reduce or convert capital instruments, the National Bank of Romania, as the resolution authority, shall ensure that an assessment of the assets, liabilities and equity of the the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), in accordance with the provisions of art. 201-213. ... (2) For the purposes of paragraph ((1), the assessment is the basis for calculating the value reduction to be applied to the relevant capital instruments in order to absorb the losses and the level of conversion to be applied to the relevant capital instruments in the purpose of recapitalising the credit institution or entity referred to in 1 1 para. ((1) lit. b), c) or d). ... + Article 368 When acting according to art. 358-367, the National Bank of Romania, as a resolution authority, exercises the competence to reduce its conversion value in accordance with the order of priority of claims from insolvency proceedings, in such a way that it produces following results: a) the Common Equity Tier 1 items shall be reduced in the first place, corresponding to the amount of losses and within the limits of their absorption capacity, and the National Bank of Romania, as the resolution authority, shall take one or both measures specified in art. 315 315 on holders of Common Equity Tier 1 instruments; ... b) the principal amount of the Additional Tier 1 instruments is reduced and/or converted into Common Equity Tier 1 instruments, within the limit necessary to achieve the objectives of the resolution set out in art. 177 177-179 or within the amount of the relevant capital instruments, whichever is lower; ... c) the principal amount of Tier 2 instruments is reduced and/or converted into Common Equity Tier 1 instruments, within the limit necessary to achieve the objectives of the resolution set out in art. 177 177-179 or within the value of the relevant capital instruments, any of these limits shall be lower. ... + Article 369 ((. Where the principal amount of the relevant capital instruments is reduced: ... a) the reduction of the value of that instrument is permanent, in compliance with any increase in accordance with the reimbursement mechanism provided for in art. 313 313; ... b) to the holder of the relevant capital instrument does not subsist any debt within or in relation to the value with which the instrument has been reduced, except for any debts already matured and of any compensation due, which may arise as a result of the legal challenge of the legality of the exercise of the power to reduce the value; ... c) no compensation is paid to the holders of relevant capital instruments, outside those provided in art. 370. ... (2) The provisions provided in par. ((1) lit. b) does not prevent the issuance of Common Equity Tier 1 instruments to a holder of relevant capital instruments, in accordance with the provisions of art. 370. ... + Article 370 To perform, pursuant to art. 368 lit. b), a conversion of the relevant capital instruments, the National Bank of Romania, as a resolution authority, may request the credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) issue Common Equity Tier 1 instruments for holders of relevant capital instruments. The relevant capital instruments may be converted only if the following conditions are met: a) those Common Equity Tier 1 instruments are issued by the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or by a parent undertaking of the respective credit institution or entity, with the consent of the National Bank of Romania, as the resolution authority of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or, as the case may be, of the parent undertaking; ... b) those Common Equity Tier 1 instruments are previously issued to any issue of shares or other proprietary instruments made by the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), with a view to a capital contribution from the State or a governmental entity; ... c) those Common Equity Tier 1 instruments are assigned and transferred without delay after the exercise of the conversion competence; ... d) the conversion rate that determines the number of Common Equity Tier 1 instruments that are issued for each relevant capital instrument shall comply with the principles laid down in art. 329 329 and all the guidelines in matters drawn up by the European Banking Authority. ... + Article 371 For the purpose of providing Common Equity Tier 1 instruments in accordance with the provisions of art. 370, the National Bank of Romania, as a resolution authority, may request credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) have at all times a prior authorization required to issue the relevant number of Common Equity Tier 1 instruments. + Article 372 If a credit institution meets the conditions for resolution of the resolution procedure, and the National Bank of Romania, as the resolution authority, decides to apply a resolution instrument to the credit institution before the application of that instrument, the National Bank of Romania, as a resolution authority, must comply with the requirements of art. 360. + Section 2 Authority responsible for determining + Article 373 If the relevant capital instruments are taken into account in order to meet the own funds requirements at the individual level, in accordance with the provisions of art. 92 the following shall be added: 575/2013, as amended, the National Bank of Romania, as competent authority, is the authority responsible for the determinations provided in art. 360, for credit institutions or entities referred to in art. 1 1 para. ((1) lit. b), c) or d), authorized in Romania, in accordance with the provisions of the head. II and III of Title I of Part I of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. + Article 374 Where the relevant capital instruments are issued by a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), representing a subsidiary, the Romanian legal person, and are taken into account in order to meet the own funds requirements at the individual and consolidated level: a) The National Bank of Romania, as competent authority, is responsible for the determination provided in art. 360 lit. b); ... b) The National Bank of Romania, as competent authority, is responsible for carrying out, together with the authority responsible for the determination of the Member State in which the consolidating supervisor is located, of the common determination, in the form of a joint decisions, provided for in art. 360 lit. c) and d). ... + Section 3 Application at consolidated level of the determination process + Article 375 Before making one of the determinations provided in art. 360 lit. b), c), d), e) or f) in connection with a subsidiary, the Romanian legal person, which issues relevant capital instruments taken into account in order to meet the own funds requirements at the individual and consolidated level, the National Bank of Romania, as the competent authority, complies with the following requirements: a) if they intend to carry out one of the determinations provided in art. 360 lit. b), c), d), e) or f), shall notify the consolidating supervisor without delay, if it is different from the National Bank of Romania, as well as the determining authority in the Member State in which the consolidating supervisor is located, if it is different from that consolidating supervisor; ... b) if they intend to carry out one of the determinations provided in art. 360 lit. c) and d), shall notify without delay the competent authorities responsible for the supervision of each credit institution or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU of other Member States, which has issued the relevant capital instruments in relation to which the power to reduce the amount or conversion should be exercised, where that determination would be carried out, and, if those authorities are different, the authorities responsible for the determination in those States, including that of the Member State in which the consolidating supervisor is located. ... + Article 376 When a determination provided for in art. 360 lit. c), d), e) or f) in the case of a credit institution or a group with cross-border activity, the National Bank of Romania, as competent authority, takes into account the potential impact of the resolution in all the Member States in which it operates the credit institution or group. + Article 377 Notification sent by the National Bank of Romania, as competent authority, in accordance with the provisions of art. 375 375 it must be accompanied by an explanation of the reasons why it envisages the achievement of the determination in question. + Article 378 If the National Bank of Romania, as competent authority, makes a notification in accordance with the provisions of art. 375, after consultation with the notified authorities, must examine the following: a) the existence of an eventual alternative measure, which could be applied instead of exercising the power to reduce its conversion value in accordance with the provisions of art. 360 360; ... b) if such an alternative measure exists, how feasible its application would be; ... c) if the application of such an alternative measure would be feasible, what are the actual prospects for this measure to address, in its opinion, within an appropriate time frame, those circumstances that would otherwise require performing one of the determinations provided in art. 360. ... + Article 379 For the purposes of art 378, by alternative measures, the early intervention measures provided for in art. 149-151 149-151, measures provided for in art. 226 226 para. (2) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or a transfer of funds or capital from the parent company. + Article 380 If, in accordance with the provisions of art. 378, the National Bank of Romania, as competent authority, after consulting the notified authorities, estimates that one or more alternative measures are available, that their application is feasible and that they would allow the result provided in art. 378 lit. c), it must ensure the application of these measures. + Article 381 If, in the situation provided for in art. 375 lit. a) and according to the provisions of art. 378, the National Bank of Romania, as competent authority, after consulting the notified authorities, estimates that there are no alternative measures that would allow the result provided in art. 378 lit. c), it decides to what extent it is appropriate to carry out a determination provided for in art. 360, which he will consider. + Article 382 (1) If the National Bank of Romania, as competent authority, decides to make a determination pursuant to art. 360 lit. c) and d), it shall immediately notify the authorities responsible for the determination in the Member States in which the affected subsidiaries are located, and the determination shall take the form of a joint decision in accordance with the provisions of 506 506 and 507. In the absence of a joint decision, no determination may be made pursuant to art. 360 lit. c) and d). ... (2) The National Bank of Romania, as the resolution authority for the affected subsidiaries, Romanian legal entities, shall promptly implement the decision to reduce the value or conversion of the capital instruments, adopted by the compliance with art. 375-382 or similarly to those provided for by those articles, taking due account of the urgency of the situation. ... + Chapter VII Resolution powers + Section 1 General competences + Article 383 (1) The National Bank of Romania, as the resolution authority, shall apply the resolution tools to the credit institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d), which meet the conditions for the resolution of the resolution procedure. In this regard, the National Bank of Romania has the following resolution powers, which it can exercise individually or in any combination: ... a) to request any person to submit any information necessary for a decision on the adoption of a resolution action and for the preparation of that measure, including updates and additions to the information provided under resolution plans as well as information to be provided through on-site inspections; ... b) to take control of an institution subject to resolution and, consequently, to exercise all rights and powers conferred on shareholders, other owners and the management body of the institution subject to resolution; ... c) to transfer the shares or other property instruments issued by an institution subject to resolution; ... d) to transfer to another entity, with its consent, the rights, assets or obligations of the institution subject to resolution; ... e) to reduce, even in full, the principal amount or the remaining amount of payment related to the eligible debts of an institution subject to resolution; ... f) to convert the eligible debts of the institution subject to resolution in common shares or in other property instruments of the respective institution or of the entity referred to in art. 1 1 para. ((1) lit. b), c) or d), of the parent institution or of a bridge institution to which the assets, rights or obligations of that institution or entity are transferred; ... g) to cancel the debt instruments issued by an institution subject to resolution, except for the guaranteed obligations provided in art. 286 286; ... h) to reduce, even in full, the nominal value of the shares or other property instruments of an institution subject to resolution and to cancel such shares or other property instruments; ... i) to require an institution subject to resolution or a relevant parent institution to issue new shares, other proprietary instruments or other capital instruments, including preferential shares and contingent instruments of convertible capital; ... j) to modify or adjust the maturity of debt instruments and other eligible debts issued by an institution subject to resolution or to modify the amount of interest payable on those instruments and other eligible debts or the date on which interest becomes chargeable, including by temporary suspension of payments, except for the guaranteed obligations subject to the provisions of art. 286 286; ... k) to liquidate and cease financial contracts or contracts related to financial derivatives for the purpose of applying the provisions of art. 325-328 325-328; ... l) to replace the governing body and senior management of an institution subject to resolution. ... (2) The National Bank of Romania shall ensure that the structure exercising the resolution function addresses a request to the structure exercising the supervisory function to assess the acquirer of a qualifying holding in a timely manner, by way of derogation from deadlines set at art. 25 25 para. (4) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Article 384 (1) In the process of applying resolution tools and exercising resolution powers, the National Bank of Romania, as the resolution authority, is not subject to any of the following requirements, which would ordinarily be apply by virtue of the law, of a contract or otherwise: ... a) the requirements related to obtaining the approval or agreement of any public or private person, including the shareholders or creditors of the institution subject to the resolution, without prejudice to the provisions of art. 6 6 para. ((2); ... b) without prejudice to the requirements of art. 437-440 and art. 443-447 or any other notification requirements under the EU State aid framework, the procedural requirements to notify a specific person, prior to the exercise of the relevant competence, including the requirement to publish any notification or prospectus or to submit or record any document to any other authority. ... (2) For the purposes of paragraph (1), in particular the exercise of the powers provided for in 383 383 is not subject to any restrictions on the transfer of financial instruments, rights, assets or obligations and to any requirement for obtaining an agreement to carry out such a transfer, which would otherwise be applicable. ... ((3) Any transfer of shares or other instruments of ownership, financial instruments, rights, assets or obligations, including any guarantees or accessories thereof, shall be effected by the effect of the decision of the National Bank of Romania, as a resolution authority, and, as the case may be, of any subsequent act of its implementation, and any formality of registration in a real estate register, commercial register or other public register shall be carried out on the basis of this decisions and, where appropriate, any subsequent implementing act. ... + Section 2 Auxiliary skills + Article 385 (1) In exercising the powers of resolution, the National Bank of Romania, as the resolution authority, has the competence of: ... a) has, without prejudice to the provisions of art. 432, that the transfer is carried out freely by any obligation or relieved by any task on the financial instruments, rights, assets or obligations transferred; in this regard, any right of compensation provided by this law shall not be considers to be an obligation or encumbrance with tasks, this provision being opposable including public registers, such as those managed by the National Agency for Cadastre and Real Estate Advertising, the Central Depository or the National Register Office Trade as well as tax authorities; ... b) revoke the rights to purchase other shares or other property instruments at the institution subject to resolution; ... c) address a request to the Financial Supervisory Authority or the relevant authority in another Member State to discontinue or suspend admission to trading on a regulated market or the official listing of financial instruments according to the legislation on the capital market; ... d) to take measures in such a way that the recipient is treated in the same way as the institution subject to the resolution is treated in relation to any rights or obligations of the institution subject to resolution or action taken by it, including, without prejudice the provisions of art. 223-235 and art. 239-250, in connection with any rights or obligations relating to participation in market infrastructure; ... e) require the institution subject to resolution or the addressee to provide the other information and assistance; and ... f) to remove or modify the terms of a contract to which the institution subject to the resolution is a party or to substitute the institution subject to resolution with a recipient, as a contracting party. ... (2) The National Bank of Romania, as the resolution authority, shall take the actions referred to in paragraph 1. (1) if they consider that they are adequate to ensure effective resolution action or to achieve one or more of the objectives of the resolution. ... + Article 386 (1) In the exercise of a resolution competence, the National Bank of Romania has the power to put into practice mechanisms necessary to ensure the continuity of the activity, in order to ensure the effectiveness of the resolution action and, when it is necessary, the recipient's ability to carry out the work that has been transferred to him. ... (2) The mechanisms for ensuring the continuity of the activity provided in par. (1) include, in particular: ... a) ensuring continuity of contracts concluded by the institution subject to resolution, so that the recipient assumes the rights and obligations of the institution subject to resolution relating to any financial instrument, right, asset or obligation transferred and substituted for the institution subject to resolution, explicitly or implicitly, in all relevant contractual documents; ... b) substitution of the institution subject to resolution with the addressee, in any court proceedings relating to any financial instrument, right, asset or obligation transferred. ... + Article 387 Art. 385 385 para. ((1) lit. d) and art. 386 386 para. ((2) lit. b) without prejudice to the following rights: a) the right of employees of the institution subject to termination of employment contracts; ... b) in compliance with art. 406-419, no right of a party to a contract to exercise its contractual rights, including the right of termination, when contractual clauses allow it, by virtue of an act or omission, or of the institution subject to resolution, prior to the transfer in question, or of the consignee, after that transfer. ... + Section 3 Other skills 3.1. Competence to require the provision of services and facilities + Article 388 (1) The National Bank of Romania, as the resolution authority, has the power to impose on an institution subject to resolution or to any of the entities in the group of the respective institution providing any necessary services or facilities to enable the recipient to manage the activities that have been transferred to him effectively. ... (2) Provisions of para. ((1) are also applicable where the institution subject to the resolution or the group entity concerned has entered into insolvency proceedings under applicable law. ... (3) The National Bank of Romania, as a resolution authority, has the power to order the execution by the group entities, established in Romania, of the obligations imposed, similar to those provided in par. (1), by resolution authorities in other Member States. ... (4) The provisions of par. (3) shall apply, accordingly, and in the event that an insolvency procedure has been opened against the group entity established in Romania according to the applicable law. ... + Article 389 Services and facilities provided in art. 388 388 is limited to operational services and facilities and does not include any financial support. + Article 390 Services and facilities provided in art. 388 388 must be provided: a) in accordance with the contractual terms already agreed, including from the point of view of the duration of the contract, in the event that those services and facilities were provided to the institution subject to the resolution according to a contract concluded in the period immediately preceding the application of the resolution ... b) on reasonable terms, if there is no contract or the contract has expired. ... 3.2. Competence to implement crisis management measures or crisis prevention measures taken by other Member States + Article 391 ((1) Where a transfer of shares, other instruments of ownership or assets, rights or obligations, ordered by a resolution authority of another Member State, includes either assets located in Romania or rights or obligations governed by the Romanian law, the transfer also takes effect in Romania or in accordance with the Romanian law. ... (2) If a transfer of shares, other instruments of ownership or assets, rights or obligations, ordered by the National Bank of Romania, as a resolution authority, includes either assets located in another Member State, or rights or obligations governed by the law of that Member State, the transfer shall also take effect in that Member State or in accordance with the law of that Member State. ... + Article 392 The national authorities of Romania shall provide reasonable assistance to the resolution authorities of other Member States which have carried out or intend to carry out the transfer to ensure that actions or other proprietary instruments or the assets, rights or obligations are transferred to the recipient in accordance with any applicable national law requirements. + Article 393 Shareholders, creditors and third parties affected by the transfer of shares, other proprietary instruments, assets, rights or obligations provided in art. 391 391 para. (1) do not have the right to prevent, contest or cancel their transfer under any provisions of the Romanian law, when this is the law applicable to assets located in Romania, shares, other property instruments, rights or obligations. + Article 394 Where the resolution authority of another Member State exercises, in relation to an institution subject to the resolution of that Member State, the power to reduce its conversion value, including in respect of appropriate capital instruments the provisions of the national law of that Member State which ensure the transposition of Article 59 59 of Directive 2014 /59/EU , and the eligible debts or relevant capital instruments of that institution include instruments or debts governed by the Romanian law or debts to creditors located in Romania, the reduction of the principal amount of those debts or Instruments or conversion of debts or instruments shall take effect on the territory of Romania or, where applicable, to creditors located in Romania, in accordance with the decision of the resolution authority of that Member State. + Article 395 Creditors affected by the exercise of the power to reduce the value or conversion referred to in art. 394 394 shall not be entitled to challenge the reduction of the value or, where applicable, the conversion of the principal of the instrument or of the debt under any provision of the applicable national law + Article 396 If crisis management measures or crisis prevention measures are taken by a resolution authority of another Member State, the following shall be governed by the law of that Member State: a) the right of shareholders, creditors and third parties to challenge in court, according to the provisions of the national law of that Member State that ensures the transposition of art. 85 85 of Directive 2014 /59/EU , transfer of shares, other property or assets, rights and obligations provided in art. 391 391 para. ((1); ... b) the right of creditors to challenge in court, according to the provisions of the national law of that Member State that ensures the transposition of art. 85 85 of Directive 2014 /59/EU , the reduction of the principal's value or the conversion of an instrument or an obligation provided for in 394 394; ... c) safety mechanisms related to partial transfers of assets, rights or obligations provided in art. 391 391 para. ((1). ... + Article 397 If crisis management measures or crisis prevention measures are taken by the National Bank of Romania, the aspects provided for in art. 396 are governed by the Romanian law, being applicable the provisions of art. 453 453-455 and art. 423-436. 3.3. Jurisdiction relating to assets, rights, obligations, shares and other property instruments located in third States + Article 398 Where a resolution action involves taking measures with respect to assets located in a third State or with respect to shares, other property instruments, rights or obligations governed by the law of a third State, the National Bank of Romania, as the resolution authority, may request that: a) the administrator, the liquidator or any other person exercising control over the institution subject to the resolution and the consignee must be required to take all necessary measures to ensure that the transfer, reduction of value, conversion or measure they produce effects; ... b) the administrator, the liquidator or any other person exercising control over the institution subject to the resolution must have the obligation to hold the shares, other property instruments, assets or rights or to pay off debts on behalf of the consignee, by the time the transfer, reduction of the value, conversion or measure takes effect; ... c) the reasonable expenses of the consignee, duly carried out, associated with the application of any necessary measure in accordance with the provisions of a) and b), to be covered by any of the methods provided in art. 220. ... + Article 399 (1) If the National Bank of Romania, as a resolution authority, considers that, despite all the necessary measures taken by the administrator, liquidator or any other person in accordance with the provisions of art. 398 lit. a), it is highly unlikely that the transfer, conversion or measure will produce its effects in relation to certain assets located in a third State or with certain shares, other proprietary instruments, rights or obligations that are subject to the law of a third country, the National Bank of Romania does not continue to make the transfer, reduce the value, conversion or measure ... (2) In application of the provisions ((1), where the transfer, reduction of the value, conversion or measure has been ordered, the order in question shall be void in respect of the assets, shares, instruments of ownership, rights or obligations of those third States. ... 3.4. Exclusion of certain contractual terms in the case of early intervention and resolution + Article 400 (. A crisis prevention measure or crisis management measure, taken in the case of an entity in accordance with this law, including the occurrence of any event directly related to the application of such a measure, shall not be considered in the itself, on the basis of a contract concluded by the entity in question, as a result of which the guarantee is executed art. 2 2 para. ((1) lit. b) of Government Ordinance no. 9/2004 , approved with amendments and additions by Law no. 222/2004 , with subsequent amendments and completions, or as insolvency proceedings in the sense art. 2 2 para. ((1) pt. 10 10 of Law no. 253/2004 , with subsequent amendments and completions, provided that the essential contractual obligations, including payment and delivery obligations, as well as the provision of collateral, are still fulfilled. ... (. A crisis prevention measure or crisis management measure shall not in itself be considered to be a cause that determines the performance of the guarantee or insolvency proceedings under a contract concluded by: ... a) a subsidiary, the Romanian legal person, whose contractual obligations are guaranteed or otherwise supported by the parent undertaking or any other entity in the group; or ... b) any entity in the group that includes "cross-default" clauses. ... + Article 401 Where resolution procedures in third States are recognised in accordance with the provisions of art. 513-518 or if the National Bank of Romania, as the resolution authority, so decides, these procedures constitute a crisis management measure within the meaning of art. 400-405. + Article 402 Provided that the essential contractual obligations, including payment and delivery obligations, as well as the provision of collateral, are still met, a crisis prevention measure or crisis management measure, including the production of any event directly related to the application of such a measure does not in itself confer the possibility of: a) to exercise any right of termination, suspension, modification, compensation or mutual compensation, including related to contracts concluded by a subsidiary, the Romanian legal person, whose contractual obligations are guaranteed or supported in another way by a group entity or concluded by any group entity that includes "cross-default" clauses; ... b) to take possession of any assets of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or of any group entity in connection with a contract that includes "cross-default" clauses, to exercise their control over them or to execute any warranty as to them; ... c) to prejudice the contractual rights of the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or any entity in the group in connection with a contract that includes "cross-default" clauses. ... + Article 403 Art. 400 400-402 and art. 404 do not prejudice the right of a person to take one of the actions provided for in art. 402 402, when this right is born following an event, other than the crisis prevention measure, the crisis management measure or the occurrence of any event directly related to the application of such a measure. + Article 404 Powers of suspension or limitation under the conditions laid down in art. 406-409 406-409, art. 410 410-412 or art. 413-419 does not constitute non-compliance with a contractual obligation within the meaning of 400 and 401. + Article 405 Art. 400-404 are considered as immediate application rules within the meaning of art. 9 9 of Commission Implementing Regulation (EU) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). 3.5. Power to suspend certain obligations + Article 406 (1) The National Bank of Romania, as the resolution authority, has the power to impose the suspension of any payment or delivery obligation resulting from any contract to which the institution subject to the resolution is a party, including those arising from the claims accessories or sanctions related to these contracts, starting from the date of publication of the suspension notification, in accordance with the provisions of art. 446, until 24.00, the official time of Romania, of the working day following that of publication. ... ((. If a payment or delivery obligation becomes due during the suspension period, that obligation shall become due immediately after the expiry of the suspension period. ... + Article 407 If the payment or delivery obligations of the institution subject to the resolution are suspended according to the provisions of art. 406 406 para. ((1), the payment or delivery obligations of the counterparties of that institution in accordance with the same contract shall be suspended within the same time frame. + Article 408 No suspension decision taken according to the provisions of art. 406 406 para. ((1) shall not apply: a) eligible deposits; ... b) payment and delivery obligations due to systems or system operators designated for the purposes of art. 13 13 of Law no. 253/2004 , with subsequent amendments and completions, central counterparties and central banks; ... c) receivables eligible for compensation according to the provisions on investor compensation, contained in the capital market legislation. ... + Article 409 In application of art. 406-408, the National Bank of Romania, as the resolution authority, must consider the impact of the exercise of that competence on the proper functioning of financial markets. 3.6. Jurisdiction to limit the execution of collateral + Article 410 (1) The National Bank of Romania, as a resolution authority, has the power to impose restrictions on creditors in respect of the execution of collateral held in connection with the assets of an institution subject to resolution, starting from the date of publication of the restriction notice in accordance with the provisions of art. 446 until 24.00, the official time of Romania, of the working day following that of publication. ... (2) The National Bank of Romania, as a resolution authority, does not impose the measure indicated in par. ((1) in the case of collateral held by systems or system operators designated for the purposes of art. 13 13 of Law no. 253/2004 , with subsequent amendments and completions, central counterparties and central banks, in relation to pledged assets or provided by way of margin or collateral by the institution subject to resolution. ... + Article 411 In the situations provided in art. 435 and 436, the National Bank of Romania, as the resolution authority, shall ensure that all restrictions imposed in accordance with the provisions of art. 410 410 para. ((1) shall be applied consistently to all group entities subject to resolution action. + Article 412 In application of art. 410 and 411, the National Bank of Romania, as the resolution authority, envisages the impact of the application of that measure on the proper functioning of the financial markets. 3.7. Jurisdiction for temporary suspension of termination rights + Article 413 The National Bank of Romania, as the resolution authority, may order the suspension of the termination rights of any party to a contract with an institution subject to resolution, starting from the date of publication of the suspension notification, in compliance with art. 446, until 24.00, the official time of Romania, of the working day following that of publication, provided that the payment and delivery obligations, as well as the provision of real guarantees are still fulfilled. + Article 414 (1) The National Bank of Romania, as the resolution authority, may order the suspension of the termination rights of any party having a contract with a subsidiary, the Romanian legal person, of an institution subject to resolution, when: ... a) contractual obligations are guaranteed or otherwise supported by the institution subject to resolution; ... b) the contractual termination rights are based exclusively on insolvency proceedings or on the financial condition of the institution subject to resolution; and ... c) all the assets and debts of the subsidiary, which are the subject of the contract, were or may be transferred to the recipient and appropriated by him, if the National Bank of Romania, as the resolution authority, exercised or may exercise the transfer competence in the case of the institution subject to resolution ... d) The National Bank of Romania, as the resolution authority, provides, by any other means, adequate protection for those obligations, if the National Bank of Romania, in this capacity, has exercised or may exercise the transfer competence in the case of the institution subject to resolution ... (2) The suspension provided in par. ((1) produces its effects from the date of publication of the suspension notification, pursuant to art. 446 446, until 24.00 of the working day following that of publication in the Member State in which the subsidiary of the institution subject to the resolution is established. ... + Article 415 No suspension imposed in accordance with the provisions of art. 413 413 or 414 shall not apply to systems or system operators designated for the purposes of art. 13 13 of Law no. 253/2004 ,, with subsequent amendments and completions, central counterparties or central banks. + Article 416 A contractual party may exercise the right of termination under a contract before the end of the period provided for in art. 413 or 414, if the party concerned receives a notification from the National Bank of Romania, in its capacity as a resolution authority, to inform the fact that the rights and obligations under the contract are not: a) transferred to another entity; or ... b) subject to the reduction of the value or conversion as a result of the application of the internal recapitalisation instrument in accordance with 282 lit. a). ... + Article 417 If the National Bank of Romania, as a resolution authority, imposes the suspension of termination rights according to the provisions of art. 413 or 414 and no notification has been given in accordance with the provisions of art. 416, those rights may be exercised at the expiry of the suspension period, in accordance with the provisions of art. 400-405 400-405, as follows: a) if the contractual rights and obligations have been transferred to another entity, a counterparty may exercise the termination rights in accordance with the terms of the contract only in the event of continued or subsequent production by the entity the recipient of a determined event giving the right to terminate according to the contract; ... b) if the institution subject to the resolution retains its contractual rights and obligations, and the National Bank of Romania, as a resolution authority, did not apply the internal recapitalisation instrument in accordance with the provisions of art. 282 lit. a), a counterparty may exercise the right of termination, in accordance with the terms of that contract upon the expiry of the suspension provided for in art. 413. ... + Article 418 In exercising the powers provided in art. 413-417, the National Bank of Romania, as the resolution authority, envisages the impact of the application of that measure on the proper functioning of the financial markets. + Article 419 (1) The National Bank of Romania may request a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) keep detailed records of financial contracts, either as competent authority or as resolution authority. ... ((2) At the request of the National Bank of Romania, as a competent authority or as a resolution authority, the trade repositories shall provide it with the necessary information to enable it to perform responsibilities and mandates in accordance with the provisions of art. 81 81 of Regulation (EU) No 648/2012 ,, as amended. ... 3.8. Exercise of resolution powers + Article 420 (1) In the process of applying a resolution action, the National Bank of Romania, as the resolution authority, is competent to exercise control over the institution subject to resolution, in order to: ... a) to ensure the functioning and conduct of all activities and services carried out by the institution subject to resolution, having all the powers of its shareholders and its management body; and ... b) management and disposal of assets and assets of the institution subject to resolution. ... (2) Control provided in par. (1) may be exercised directly by the National Bank of Romania, as a resolution authority, or indirectly by a person or group of persons appointed by the National Bank of Romania. ... (3) During the period of resolution, the voting rights conferred by the holding of shares or other instruments of ownership of the institution subject to resolution cannot be exercised. ... + Article 421 The National Bank of Romania, as a resolution authority, may order the application of a resolution action by decision, without the need to exercise control over the institution subject to resolution. + Article 422 The National Bank of Romania, as the resolution authority, decides on a case-by-case basis on the appropriateness of applying a resolution action through the means specified in art. 420 or 421, taking into account the objectives of the resolution and the general principles governing it, the specific circumstances of the institution subject to resolution and the need to facilitate the effective resolution of cross-border groups. + Chapter VIII Safety mechanisms + Article 423 In case of application by the National Bank of Romania, as a resolution authority, of one or more resolution tools and, in particular, for the application of the provisions of art. 427, it shall consider the following: a) where only certain parts of the institution's rights, assets and obligations have been transferred to the resolution, shareholders and creditors whose claims have not been transferred receive as compensation for their claims at least one the amount equal to that he would have received if the institution subject to the resolution had been liquidated by insolvency proceedings at the time of taking the decision provided for in art. 442 442, unless the provisions of the letter apply. b); ... b) if they apply the domestic recapitalisation instrument, shareholders and creditors whose claims have been reduced or converted into equity securities shall bear no greater losses than those they would have recorded if the institution subdued the resolution would have been liquidated by insolvency proceedings immediately at the time of taking the decision provided for in art. 442. ... + Article 424 (1) In order to evaluate the treatment of which the shareholders and creditors would have benefited if the institution subject to the resolution had followed an insolvency procedure, for the purposes of the provisions of art. 423, but not limited to them, the National Bank of Romania, as a resolution authority, ensures an independent person's assessment is carried out, as soon as possible, after the action or resolution actions were applied. ... (2) The assessment provided in par. (1) must be different from the evaluation carried out according to the provisions of art. 201-213. ... + Article 425 Evaluation provided for in art. 424 424 must establish: a) the treatment that shareholders and creditors or relevant deposit guarantee schemes would have received if the institution submitted to the resolution, in relation to which an action or several resolution actions were taken, would have entered into insolvency proceedings at the time of the decision referred to in art. 442 442; ... b) the effective treatment enjoyed by the shareholders and creditors, within the resolution of the institution subject to resolution; and ... c) the existence of a possible difference between the treatment provided in lett a) and the one provided in lett. b). ... + Article 426 In addition to the aspects provided for in 425, the evaluation provided in art. 424 424 must: a) consider the hypothesis that the institution subject to the resolution, in relation to which an action or several resolution actions were taken, would have entered the insolvency proceedings at the time of taking the decision provided for in art. 442 442; ... b) consider the hypothesis that the action or resolution actions would not have been taken; ... c) not to take into account the granting of extraordinary public financial support to the institution subject to resolution. ... + Article 427 If the evaluation carried out according to the provisions of art. 424-426 establishes that, in the context of the resolution, any of the shareholders or creditors referred to in art. 423 423 or the deposit guarantee scheme used in accordance with the provisions of art. 565 565 have accumulated losses higher than those they would have recorded if the institution had been liquidated through insolvency proceedings, then they are entitled to pay the difference from the bank resolution fund. + Article 428 Protection provided for in art. 429 429 para. ((1) shall apply in cases where: a) The National Bank of Romania, as the resolution authority, transfers a party, but not the totality of the assets, rights or obligations of an institution subject to resolution to another entity or, in the exercise of the resolution instrument, from an institution-deck or asset management vehicle to another person; ... b) The National Bank of Romania, as a resolution authority, exercises the powers provided in art. 385 385 para. ((1) lit. f). ... + Article 429 (1) Within the resolution, the following contracts and counterparties to these contracts benefit from adequate protection, according to the provisions of art. 430-436, with the application of the limitations provided within art. 400-419 400-419: ... a) collateral contracts, by virtue of which a person has, as collateral, a real or potential right in connection with the assets or rights that are subject to a transfer, whether that right is secured by assets or by specific rights or by a guarantee constituted on a universality of goods (floating charge) or by a similar agreement; ... b) financial collateral arrangements with transfer of ownership, by means of which collateral that collateralizes or covers the execution of certain specific obligations are provided by a full transfer of ownership rights over the assets, made by the supplier of the collateral to the beneficiary of the collateral, provided that the beneficiary returns these assets where those specific obligations are executed; ... c) reciprocal netting agreements, whereby two or more claims or obligations due between the institution subject to resolution and a counterparty may be subject to mutual compensation; ... d) compensation arrangements; ... e) covered bonds; ... f) structured finance arrangements, including securitisations and instruments used for hedging purposes, which form an integral part of the underlying portfolio and which, under the relevant internal legislation, are guaranteed in a similar to covered bonds, involving the granting of securities and their holding by one of the parties to the agreement or a trustee, an agent or an agreed person. ... (2) The requirement provided in par. ((1) shall apply irrespective of the number of the parties involved in those agreements and the possibility of such agreements: ... a) to be created by contract, trust or other means or to automatically proceed from the application of the law; ... b) to proceed or to be regulated in whole or in part by the law of another Member State or other third State. ... + Article 430 (1) Financial guarantee contracts with transfer of ownership, mutual compensation agreements and compensation agreements shall have adequate protection to prevent the transfer of parts, but not of the totality of rights and obligations which are the subject of such a contract or agreement, between the institution subject to resolution and another person, as well as the modification or termination of these rights and obligations protected by means of such contracts or agreements, by virtue of the exercise by the National Bank of Romania of ancillary powers. ... (2) In application of the provisions ((1), rights and obligations shall be regarded as protected by such a contract or agreement where the parties are entitled to the mutual compensation or compensation of such rights and obligations. ... + Article 431 By exception to the provisions of art. 430, when it is necessary to ensure the availability of covered deposits, the National Bank of Romania, as a resolution authority, can: a) transfer the covered deposits that are part of the agreements provided for in art. 430 430 without transferring any other assets, rights or obligations forming part of the same agreements; and ... b) transfer, modify, terminate or liquidate those assets, rights or obligations, without transferring the covered deposits. ... + Article 432 (. Obligations guaranteed by a collateral contract shall have adequate protection to prevent: ... a) the transfer of the assets with which the obligation is guaranteed, unless that obligation and its right are transferred; ... b) the transfer of a guaranteed obligation, unless it is transferred and the right to benefit from the actual guarantee related to the obligation; ... c) the transfer of the right to benefit from the collateral, unless the guaranteed obligation for which the collateral is lodged is also transferred; or ... d) the modification or termination of a real guarantee contract, by virtue of the exercise by the National Bank of Romania of the ancillary powers, if the respective modification or termination results in the termination of the obligation. ... (2) By exception to the provisions of par. (1), in order to ensure the availability of covered deposits, the National Bank of Romania, as a resolution authority, may impose: ... a) the transfer of covered deposits belonging to the contracts referred to in par. ((1), without transferring any other assets, rights or obligations forming part of the same contract; and ... b) the transfer, modification, termination or liquidation of those assets, rights or obligations, without transferring the covered deposits. ... + Article 433 Structured financing mechanisms, including the mechanisms provided for in art. 429 429 para. ((1) lit. e) and f), shall have adequate protection to prevent: a) the transfer of parts, but not of the totality of assets, rights and obligations that represent a part of the structured financing mechanism, including the mechanisms provided for in art. 429 429 para. ((1) lit. e) and f), to which the institution subject to the resolution is a party; ... b) modification or termination or liquidation, by virtue of the exercise by the National Bank of Romania of ancillary powers, assets, rights and obligations that represent a part of the structured financing mechanism, including the mechanisms provided in art. 429 429 para. ((1) lit. e) and f), to which the institution subject to the resolution is a party. ... + Article 434 By exception to the provisions of art. 433, in order to ensure the availability of covered deposits, the National Bank of Romania, as a resolution authority, may impose: a) the transfer of covered deposits belonging to the mechanisms provided in art. 433 433, without transferring any other assets, rights or obligations that are part of the same mechanism; ... b) the transfer, modification, termination or liquidation of those assets, rights or obligations, without transferring the covered deposits. ... + Article 435 The application of a resolution tool shall not affect the regulated systems of Law no. 253/2004 , with subsequent amendments and completions, and their operation, when the National Bank of Romania, as the resolution authority: a) transfer only a part, but not the totality of the assets, rights or obligations of an institution subject to resolution to another entity; or ... b) exercise the powers provided in art. 385-387 removal or modification of the clauses of a contract to which the institution subject to the resolution is part or replacement of the institution subject to resolution with a recipient, as a contracting party. ... + Article 436 No transfer, no removal or modification of the clauses provided for in art. 435 must not lead to the revocation of a transfer order, in violation of the provisions art. 5 5 of Law no. 253/2004 , with subsequent amendments and completions, it cannot modify or remove the enforceability of the transfer orders and the compensation as provided for in art. 3 3 and 5 of the same normative act and cannot prevent the use of funds, securities or credit facilities or the protection of additional guarantees, in accordance with the provisions of art. 4 4, respectively with the provisions art. 9 9 and 10 of Law no. 253/2004 , with subsequent amendments and completions. + Chapter IX Procedural obligations + Section 1 Notification requirements + Article 437 The management body of the credit institution or of an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) informs the National Bank of Romania, as competent authority, if it considers that the credit institution or entity enters or is likely to enter into major difficulty, within the meaning of art. 181. + Article 438 The National Bank of Romania shall ensure that the structure exercising the supervisory function informs the structure exercising the resolution function in relation to any notification received pursuant to art. 437 437 and with any crisis prevention measure or any measure provided for in art. 226 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, which it imposes on a credit institution or entities provided for in art. 1 1 para. ((1) lit. b), c) or d). + Article 439 (1) If the National Bank of Romania, as competent authority or resolution authority, as the case may be, finds that the conditions laid down in art. 180 180 para. ((1) lit. a) and b) in respect of a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), communicate this finding without delay, as the case may be: ... a) the resolution authority of the institution subject to resolution; ... b) the competent authority of the institution subject to resolution; ... c) the competent authority of the Member State in which the branch of the institution is located ... d) to the resolution authority of the Member State in which the branch of the institution is located ... e) the deposit-guaranteed scheme to which the credit institution is affiliated to enable it to perform its functions; ... f) The bank deposit guarantee fund, in its capacity as administrator of the bank resolution fund, in order to allow the exercise of its functions; ... g) to the group resolution authority, if applicable; ... h) Ministry of Public Finance, as competent ministry; ... i) the consolidating supervisor, if the institution under resolution is subject to supervision on a consolidated basis ... j) to the European Systemic Risk Board and to the designated national macroprudential authority in Romania. ... (2) The National Bank of Romania shall ensure that the structure exercising the supervisory or resolution function, as the case may be, shall transmit the finding provided in par. ((1) and the structure exercising the function of central bank. ... + Article 440 If the transmission of the information according to art. 439 439 para. ((1) lit. e) and f) do not guarantee the adequate level of confidentiality, the National Bank of Romania, as competent authority or resolution authority, as the case may be, use alternative means of communication, allowing the fulfilment of the requirement of communication provided for in art. 439 439 para. (1), while ensuring the appropriate level of confidentiality. + Section 2 Decision and procedural obligations of the resolution authority + Article 441 The National Bank of Romania shall ensure that, upon receiving a communication from the structure exercising the supervisory function, in accordance with the provisions of art. 439, the structure exercising the function of resolution establishes, in accordance with the provisions of art. 180 180 para. ((1) and art. 183-187, the extent to which the conditions of that Article are met in relation to the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) concerned. + Article 442 Decision on the application or not of resolution actions in relation to a credit institution or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) contains the following information: a) the reasons for the decision and how to assess whether or not the conditions for triggering the resolution procedure are fulfilled; ... b) the action that the resolution authority of the credit institutions intends to undertake, including, where applicable, the decision to withdraw the authorization, to impose the liquidation, the appointment of an administrator or any other measure provided by insolvency proceedings. ... + Article 443 The National Bank of Romania, as the resolution authority of credit institutions, complies with the requirements of art. 444-446, in connection with any resolution action, as soon as this becomes reasonably possible. + Article 444 (1) The National Bank of Romania, as the resolution authority, shall notify the resolution action to the institution subject to resolution and, as the case may be: ... a) the competent authority of the institution subject to resolution; ... b) to the competent authority of the Member State where the branch of the institution is subject ... c) the deposit guarantee scheme to which the institution is affiliated with the resolution; ... d) The bank deposit guarantee fund, in its capacity as administrator of the bank resolution fund; ... e) the group-level resolution authority, where applicable; ... f) to the Ministry of Public Finance, as competent ministry; ... g) the consolidating supervisor, if applicable; ... h) the designated national macroprudential authority of Romania and the European Systemic Risk Board; ... i) the European Commission, the European Central Bank, the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), established by Regulation (EU) No 1.094/2010 of the Parliament and of the Council of 24 November 2010 establishing the European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision no. 716 716 /2009/EC and repealing the Decision 2009 /79/EC of the Commission and the European Banking Authority; ... j) if the institution subject to resolution is an institution defined in the terms art. 2 2 para. ((2) of Law no. 253/2004 , with subsequent amendments and completions, to the system operators to which that institution belongs. ... (2) The National Bank of Romania shall ensure that the structure exercising the resolution function notifies the action provided in par. ((1) and the structure exercising the function of central bank. ... + Article 445 The National Bank of Romania, as a resolution authority, shall transmit, together with the notification provided for in art. 444, copies of any decision by which the relevant powers are exercised and specify the date from which the resolution actions take effect. + Article 446 The National Bank of Romania, as a resolution authority, publishes or ensures the publication of the decision on the application of a resolution action, or of a briefing summarizing the effects of the resolution action, in particular the effects on retail customers and, if applicable, the conditions and period of suspension or limitation provided for in art. 406-419, by the following means: a) on its official website; ... b) on the official website of the European Banking Authority; ... c) on the official website of the institution subject to resolution; ... d) in cases where the shares, other property instruments or debt instruments of the institution subject to resolution are admitted to trading on a regulated market, the means used for the publication of regulated information on the institution subject to the resolution, in accordance with the national provisions and the provisions of the legislation of other Member States transposing art. 21 21 para. ((1) of Directive 2004 /109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency obligations with regard to information on issuers whose securities are admitted to trading on a regulated market and amending the Directive 2001 /34/EC . ... + Article 447 If the shares, ownership instruments or debt instruments of the credit institution are not admitted to trading on a regulated market, the National Bank of Romania, as the resolution authority, shall ensure that the documents certifying the existence of the decision provided 446 are sent to the shareholders and creditors of the institution subject to the resolution registered in the registers or databases of the institution subject to the resolution available to the National Bank of Romania, as the resolution authority. + Section 3 Privacy + Article 448 The following persons and authorities are subject to the obligation of professional secrecy regarding the information managed according to this law: a) National Bank of Romania, as resolution authority, competent authority and central bank; ... b) Ministry of Public Finance, as competent ministry; ... c) special administrators or temporary administrators appointed in accordance with the provisions of this law; ... d) potential buyers, those contacted by the National Bank of Romania, as competent authority, and those offered by the National Bank of Romania, as the resolution authority, whether this contact or this offer whether or not in preparation for the use of the sales instrument of the business or whether or not the tendering has led to a purchase; ... e) auditors, accountants, legal and professional advisers, evaluators and other experts directly or indirectly employed by the National Bank of Romania, as a resolution authority or competent authority, by the Ministry of Public Finance, as a competent ministry, or by the prospective buyers referred to in point (a). d); ... f) the bodies administering the investor compensation scheme; ... g) The bank deposit guarantee fund, as administrator of the deposit guarantee system and the resolution financing mechanism; ... h) other authorities involved in the resolution process; ... i) the bridge institution or the asset management vehicle involved; ... j) any other person who provides or has provided services directly or indirectly, permanently or occasionally to the entities referred to in lett. a)-i); ... k) senior management, members of the management body and employees of the entities referred to in lett. a)-i) before, during and after their appointment. ... + Article 449 In order to ensure compliance with the requirements regarding the preservation of confidentiality provided in art. 448 and 450, the entities referred to in art. 448 lit. a), b) and f)-i) develop and apply internal rules to this effect, including rules to ensure the secret nature of the information and the provision of information between the persons directly involved in the resolution process. + Article 450 ((1) Without prejudice to the general nature of the requirements laid down in art. 448, the persons referred to in that article shall be prohibited from revealing the confidential information received in the exercise of their professional activities or from the National Bank of Romania, as the competent authority or authority of resolution, in relation to their duties under this law, to any person or authority, with the following exceptions: ... a) disclosure is made in the exercise of their duties under this law; ... b) information is provided in general form or in aggregate form, so that credit institutions or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) cannot be identified; ... c) there is the express and prior consent of the authority, institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) which provided such information. ... (2) Persons referred to in art. 448 assess the effects that disclosure of confidential information could have on the public interest in financial, monetary and economic policy, as well as on the commercial interests of individuals and legal entities and the purpose of inspections, investigations and audit missions. ... (3) The procedure for assessing the effects of disclosure of confidential information shall include a specific assessment of the effects of any disclosure of the content and details of the recovery and resolution plan provided for in 13-19 13-19, art. 27-35 27-35, art. 49-63 49-63, art. 74 74 and 75 and the result of assessments carried out in accordance with art. 20-26 20-26, art. 36 36-47 and art. 85-87. ... (4) Persons or entities referred to in art. 448 are subject to civil liability in case of violation of art. 448-452. ... + Article 451 (1) The provisions of art. 448 448-452 shall not prevent: ... a) the employees and experts of the entities referred to in 448 lit. a)-h) to exchange information among themselves within each individual entity; ... b) The National Bank of Romania, as a resolution authority and competent authority, including its employees and experts, to exchange information between them, as well as with other resolution authorities or competent authorities of the Union European, with competent ministries, with central banks, with deposit guarantee schemes, with investor compensation schemes, with authorities responsible for insolvency proceedings, with authorities responsible for ensuring stability financial system through macro-prudential regulations, persons performing statutory audit, with the European Banking Authority or, in compliance with the provisions of art. 527-529, with authorities from third countries that perform functions equivalent to those of the National Bank of Romania, as a resolution authority, or, provided that confidentiality requirements are strictly observed, with a potential buyer, for the purpose of planning or implementing a resolution action. ... (2) Without prejudice to any other provisions of art. 448-452, the exchange of information is allowed: ... a) with any other person, in compliance with the requirements relating to the strict retention of confidentiality, when necessary for the planning or application of a resolution action; ... b) with the investigative committees of the Romanian Parliament, the Court of Accounts of Romania and other entities in Romania with investigative powers, under appropriate conditions; ... c) with the national authorities responsible for the supervision of payment systems, the authorities responsible for insolvency proceedings, the supervisory authorities of other financial sector entities, the authorities responsible for the supervision of financial markets and insurance undertakings as well as staff with on-site verification tasks acting on their behalf, with the authorities responsible for maintaining the stability of the system financial in the Member States by using macro-prudential rules, responsible for protecting the stability of the financial system and the persons responsible for carrying out the statutory audit. ... + Article 452 Art. 448-451 are without prejudice to the provisions of the criminal law on disclosure of information in criminal or civil cases. + Chapter X Right to appeal and exclusion of other measures + Article 453 The decisions of the National Bank of Romania to take a measure to prevent crises or to exercise a competence from those provided by this law, other than that related to crisis management measures, can be challenged according to provisions art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. + Article 454 (1) Any person affected by a decision of the National Bank of Romania to take a crisis management measure may challenge the decision according to the provisions of art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (2) In the case of the use of appeals in court, the judicial procedure will be carried out expeditiously. The courts, as the basis of their own appreciation, use the complex economic assessments of the factual situations, carried out by the National Bank of Romania, as the resolution authority. ... + Article 455 (1) Contesting, according to art. 454, of a decision of the National Bank of Romania, adopted as a resolution authority, does not involve the suspension of the effects of the contested decision, which is enforceable immediately. ... (2) In application of the provisions (1), the suspension of the effects of the decision of the National Bank of Romania, as a resolution authority, is presumed, until proven contrary, to be against the public interest. ... (3) When this is necessary to protect the interest of third parties who, acting in good faith, have bought shares or other instruments of ownership, assets, rights or obligations of an institution subject to resolution, in the basis of the use of resolution tools or the exercise of resolution powers by the National Bank of Romania, as a resolution authority, in case of cancellation of the decision referred to in par. ((1) all the effects produced on the basis of it and any act or subsequent operation of implementation of the annulled decision shall be maintained. In this case, the remedies that may be ordered in connection with a decision or the injurious measure of the National Bank of Romania, as a resolution authority, are limited to the granting of compensation by this for losses suffered by the claimant as a result of the decision or measure, if these losses are not covered by the bank resolution fund in accordance with the provisions of art. 427. ... + Article 456 Without prejudice to the restrictions on the execution of the collateral imposed pursuant to art. 410-412, when necessary for the effective application of resolution tools and powers, the National Bank of Romania may request the court to suspend, for an appropriate period in relation to the objective pursued, any action or the judicial procedure to which a credit institution is or becomes part of the resolution. + Title V Cross-border group resolution + Chapter I General principles relating to the decision-making process involving several Member States + Article 457 When making decisions or measures, under this law, which may have an impact in one or more Member States, the authorities in Romania involved in the resolution of cross-border groups shall consider the following general principles: a) the imperative need to ensure the effectiveness of the decision-making process and to keep resolution costs as low as possible at the time of the resolution action; ... b) decisions are taken and actions are taken in a timely and timely manner when necessary; ... c) The National Bank of Romania, as a resolution authority, competent authority and central bank, and other authorities cooperate to ensure that decisions are taken and actions are taken in a coordinated and efficient manner; ... d) the role and responsibilities of the Romanian authorities involved in the resolution of cross-border groups should ... e) those authorities shall pay close attention to the interests of the Member States in which the European Union parent undertakings are established, in particular from the perspective of the impact of any decision, action or lack of own action on financial stability, fiscal resources, resolution fund, deposit guarantee scheme or compensation scheme for investors in those Member States; ... f) the authorities concerned shall pay close attention to the interests of each Member State in which a subsidiary is established, in particular from the perspective of the impact of any decision, action or lack of its own action the tax resources, the resolution fund, the deposit guarantee scheme or the investor compensation scheme in those Member States; ... g) those authorities shall pay close attention to the interests of each Member State in which significant branches are situated, in particular from the perspective of the impact of any decision, action or lack of own action the financial of those Member States; ... h) the authorities concerned shall pay close attention to the objectives of ensuring a balance between the interests of the various Member States concerned and to avoid unfair prejudice or to protect the interests of certain Member States, including the avoidance of unfair allocation between Member States of the burden incurred; ... i) any obligation under this law to consult an authority before any decision is taken or the undertaking of any action involves at least the obligation to consult that authority on those elements of its decision. the proposed action which has or is likely to have an effect on the parent undertaking of the European Union, subsidiary or branch relevant to the authorities concerned, and an impact on the stability of that Member State in which the parent undertaking of the European Union, subsidiary or branch is established or located; ... j) when undertaking resolution actions, the National Bank of Romania, as a resolution authority, shall take into account and follow the resolution plans provided for in art. 64 64-72 and in art. 76-83 76-83, unless it considers, in the light of the specific circumstances, that the objectives of the resolution will be met more effectively by the undertaking of actions which are not provided for in the resolution plans; ... k) the need for transparency, whenever there is a likelihood that a proposed decision or action will have implications for financial stability, tax resources, resolution fund, deposit guarantee scheme or compensation scheme for investors of any relevant Member State; and ... l) recognition of the determining role that coordination and cooperation have in achieving a result that reduces the overall cost of the resolution. ... + Chapter II Resolution colleagues + Article 458 (1) The National Bank of Romania, as a group-level resolution authority, shall establish resolution colleges to perform the tasks referred to in art. 58-72 58-72, art. 88-90 88-90, art. 99-107 99-107, art. 296-310 296-310, art. 473-485 473-485, art. 498-504 and, where appropriate, to ensure cooperation and coordination with resolution authorities in third countries. ... ((2) The resolution colleges shall ensure the National Bank of Romania, in any of its qualities of resolution authority at group level, resolution authority at individual level and, where appropriate, competent authority and supervisor consolidating, and the other authorities in the college a framework for the following tasks: ... a) the exchange of information that is of interest from the point of view of the drawing up of the groups ' resolution plans, the application of the training and prevention skills groups, as well as the resolution of the groups; ... b) elaboration of groups resolution plans in accordance with the provisions of art. 58 58-72 and 74-83; ... c) assessment of the possibilities of settling the groups in accordance with the provisions of 88-91 88-91; ... d) the exercise of the powers to address or remove obstacles to the possibilities of settling the groups in accordance with the provisions of art. 99-116 99-116; ... e) the decision on the need to establish a group resolution scheme provided for in art. 473 473-497 or in art. 498-510 498-510; ... f) obtaining the agreement on the proposed group resolution scheme in accordance with the provisions of art. 473 473-497 or in art. 498-510 498-510; ... g) coordination of public communication of group resolution strategies and schemes; ... h) coordinating the use of the financing arrangements provided for in ... i) the establishment of minimum requirements for groups, at consolidated level and at the subsidiary level, pursuant to art. 296-310. ... (3) The resolution colleges may be used as a discussion forum for any aspect related to the resolution of cross-border groups. ... + Article 459 Members of a resolution college, including the National Bank of Romania in any of its qualities of resolution authority at group level, resolution authority at individual level, competent authority or supervisor consolidating, as appropriate, are as follows: a) the group-level resolution authority; ... b) the resolution authorities of each Member State in which a subsidiary is established included in the supervision on a consolidated basis; ... c) the resolution authorities of the Member States in which the parent undertaking of one or more institutions of the group is established, which is an entity referred to in art. 1 1 para. ((1) lit. d) of Directive 2014 /59/EU ; ... d) the resolution authorities of the Member States in which significant branches are located; ... e) the consolidating supervisor and the competent authorities of the Member States in which the resolution authority is a member of the resolution college. Where the competent authority of a Member State is not its central bank, the competent authority may decide to be accompanied by a representative of the central bank of that Member State; ... f) the competent ministries, if the resolution authorities which are members of the resolution college are not the competent ministries; ... g) the authority responsible for the deposit guarantee scheme of a Member State, where the resolution authority of that Member State is a member of a resolution college; ... h) European Banking Authority, in accordance with the provisions of art. 461. ... + Article 460 Resolution authorities of third States, where a parent undertaking or institution established in the European Union has in that State a subsidiary institution or branch which would have been considered as significant if it were been located in the European Union, may, on request, be invited to participate as observers in the resolution college, provided that they are subject to equivalent confidentiality requirements, in the opinion of the resolution at group level, with those provided for in art. 527-529. + Article 461 In order to contribute to the promotion and monitoring of an efficient, effective and coherent functioning of the resolution colleges in accordance with international standards, the National Bank of Romania, as a group-level resolution authority, invites The European Banking Authority will participate in the resolution college meetings. In the voting procedure, which takes place in the resolution college, the European Banking Authority has no right to vote. + Article 462 (1) The National Bank of Romania, as a group-level resolution authority, presides over the resolution college. In this capacity, the National Bank of Romania: ... a) establish written arrangements and procedures for the functioning of the resolution college, following consultation with the other members of the resolution college; ... b) coordinate all activities of the resolution college; ... c) convene and preside over all meetings of the resolution college and inform all its members fully and in advance of the organization of the resolution college meetings, the main issues to be discussed and the elements what will be taken into account; ... d) notify the members of the resolution college of any planned meetings so that they can request to participate in them; ... e) decide which of the members and of the observers are invited to attend certain meetings of the resolution college, depending on the specific interests, taking into account the relevance of the subject to be discussed for those members and observers and in particular the potential impact on the financial stability of the Member States concerned; ... f) inform, in due time, all the members of the college of the decisions and results of these meetings. ... (. Members who participate in the resolution college shall cooperate closely. ... (3) By exception to the provisions of par. ((1) lit. e), the National Bank of Romania, as an individual resolution authority, has the right to participate in the meetings of the resolution college whenever they are registered on the agenda items subject to the adoption of decisions common or referring to a group entity located in Romania. ... + Article 463 The National Bank of Romania, as a group-level resolution authority, is not obliged to establish a resolution college if other groups or colleges exercise the same functions and perform the same tasks with those provided in art. 458-462 and complies with all conditions and procedures, including those aimed at the component and participation in the resolution colleges, established in art. 458 458-462 and art. 469-472. In this case, all references to resolution colleges in this law are also understood as references to those other groups or colleges. + Chapter III European resolution colleges + Article 464 Where an institution in a third State or a parent undertaking in a third State has subsidiaries in the Union established in two or more Member States, including Romania, or two or more branches in the Union located in Romania and in at least one other Member State, which are considered significant, the National Bank of Romania, as the resolution authority, together with the resolution authorities of Romania and of the Member States in which those subsidiaries in the Union or where those significant branches are located, establish a European College of Resolution. + Article 465 The European College of Resolution will carry out the functions and tasks provided for in 458-463 as regards subsidiary institutions and, to the extent that these tasks are relevant, with regard to branches. + Article 466 ((1) Where the subsidiaries in the Union are held by a financial holding company established in the European Union or where the significant branches are of such a financial holding company in accordance with the provisions of the art. 207 207 para. (3) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, or, as the case may be, according to the legislation of another Member State transposing art. 127 127 para. ((3) the third subparagraph of Directive 2013 /36/EU , the European resolution college is chaired by the National Bank of Romania, as the resolution authority, where it also has the quality of consolidating supervisor, within the meaning of the consolidated supervision provided for in Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (2) If the provisions of paragraph do not apply. ((1), the members of the European resolution college shall nominate and jointly choose the President. ... + Article 467 The National Bank of Romania, as a resolution authority, and the other authorities involved in Romania can opt out, together with authorities from other Member States, on the basis of a mutual agreement of all relevant parties, to the requirement to set up a European resolution college if other groups or colleges, including the resolution college established pursuant to art. 458-463, exercise the same functions and perform the same tasks as those provided in art. 464-468 and complies with all conditions and procedures, including those aimed at the component and participation in European resolution colleges, established in art. 464 464-468 and in art. 469 469-472. In this case, all references to European resolution colleges in this law must also be understood as references to these other groups or colleges. + Article 468 Except in situations where European resolution colleges operate according to the provisions of art. 466 and 467, they operate as a rule in accordance with the provisions of art. 458-463. + Chapter IV Exchange of information + Article 469 (1) In accordance with the provisions of art. 448-452, the National Bank of Romania, as a resolution authority and competent authority, shall provide, upon request, to the other resolution authorities and competent authorities all relevant information for the performance of their duties similar to those established in this law and may in turn request from them information of the same nature. ... (2) For the purposes of paragraph (1), the National Bank of Romania shall ensure that the structure exercising the function of resolution and the structure exercising the supervisory function provide one another, upon request, all the information relevant for the performance of their tasks, which arise from the present law. ... + Article 470 The National Bank of Romania, as a group-level resolution authority, coordinates the flow of all relevant information between the resolution authorities and provides, in particular, to the resolution authorities of other Member States all the relevant information, in due time, in order to facilitate the performance of the tasks referred to in 458 458 para. ((2) lit. b)-i), as well as the national legislation of the Member States transposing the provisions of art. 88 88 para. ((1) lit. b)-i) of Directive 2014 /59/EU . + Article 471 (1) If the National Bank of Romania, as a resolution authority, receives a request for information, which was provided by a resolution authority from a third state, the National Bank of Romania shall request the consent of the respective resolution authorities of the third State on the transmission of such information, unless that resolution authority of the third State has already given its consent to the transmission of such information. ... (2) The National Bank of Romania, as the resolution authority, is not obliged to transmit information provided by a resolution authority from a third country if the resolution authority of the third State has not given its consent to the further transmission of them. ... + Article 472 The National Bank of Romania, as the resolution authority, provides the information to the Ministry of Public Finance, as competent ministry, when they refer to a decision or a matter that requires notification, consultation or the agreement of the Ministry of Public Finance, as a competent ministry, or that could have implications for public funds. + Chapter V The resolution of the group involving a subsidiary of the group when the National Bank of Romania is a group-level resolution authority + Article 473 When a resolution authority decides as an institution or any of the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU which is a subsidiary in a group, for which the National Bank of Romania is a group-level resolution authority, meets the conditions laid down in art. 180-182 or in art. 183-187, the National Bank of Romania, as a group-level resolution authority, respectively the consolidating supervisor, and the members of the resolution college constituted for the group concerned shall be notified without delay by the respective group. resolution authority on the following information: a) the decision that the institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU meets the conditions laid down in art. 180-182 or in art. 183-187 183-187; ... b) the resolution actions or insolvency measures that it considers appropriate for the institution in question or for the entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU . ... + Article 474 Upon receiving a notification in accordance with the provisions of art. 473, the National Bank of Romania, as a group-level resolution authority, after consulting with the other members of the relevant resolution college, assesses the potential impact of resolution actions or other measures notified in compliance with art. 473 lit. b) on the group and on group entities in other Member States, as well as, in particular, the likelihood that resolution actions or other measures will lead to resolution of the resolution conditions in relation to one group entity from another member state. + Article 475 If, after consulting the other members of the resolution college, the National Bank of Romania, as a group-level resolution authority, estimates that resolution actions or other measures notified in accordance with the provisions of art. 473 lit. b) would not increase the likelihood of fulfilling the conditions laid down in 180-182 or in art. 183-187, in relation to a group entity in another Member State, it shall communicate to the resolution authority responsible for that institution or to the entity referred to in Article 1. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU that it may take the resolution actions or other measures it has notified in accordance with the provisions of art. 473 lit. b). + Article 476 If, after consulting the other members of the resolution college, the National Bank of Romania, as a group-level resolution authority, estimates that resolution actions or other measures notified in accordance with the provisions of art. 473 lit. b) would increase the likelihood of fulfilling the conditions laid down in 180-182 or in art. 183-187, in connection with a group entity from another Member State, it proposes a group resolution scheme and shall submit it to the resolution college within a maximum of 24 hours of receipt of the notification in accordance with the provisions of art. 473 473. The 24-hour period may be extended with the agreement of the resolution authority that sent the notification provided for in art. 473. + Article 477 If the National Bank of Romania, as a group-level resolution authority, does not have this assessment within 24 hours or in a longer period of time that has been agreed, after receiving the notification in accordance with the Art. 473, the resolution authority that sent that notification may take resolution actions or other measures it has notified in accordance with the provisions of art. 473 lit. b). + Article 478 The group resolution scheme provided for in art. 476 476 must: a) take into account and follow the resolution plans provided for in art. 64-72, unless the resolution authorities, including the National Bank of Romania, as a group-level resolution authority, consider, given the circumstances of the case, that the objectives of the resolution will be more effective by taking actions that are not foreseen in the resolution plans; ... b) describe the resolution actions that should be taken by the relevant resolution authorities in relation to the parent undertaking in the European Union or with certain group entities in order to meet the objectives of the resolution and the principles provided in art. 177 177-179 and art. 188-193 188-193; ... c) specify how these resolution actions should be coordinated; ... d) establish a financing plan that takes into account the group resolution plan, the principles of responsibility sharing established in accordance with the provisions of art. 61 61 para. ((1) lit. f) and mutualization as provided in art. 556-560. ... + Article 479 (1) In accordance with the provisions of art. 480, the group resolution scheme takes the form of a joint decision of the National Bank of Romania, as a group-level resolution authority, and the resolution authorities responsible for the subsidiaries that are the subject of this scheme. ... (2) The National Bank of Romania, as a group-level resolution authority, may request the European Banking Authority to assist the resolution authorities concerned, in order to obtain a joint decision in accordance with the Art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 480 If any of the other resolution authorities do not agree with the resolution scheme of the group proposed by the National Bank of Romania, as a group-level resolution authority, or shall depart from it or considers that, for reasons of financial stability, it must take independent resolution actions or measures other than those proposed in the scheme in relation to an institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU , The National Bank of Romania, as a group-level resolution authority, and the other resolution authorities that are subject to the group-level resolution scheme are presented to them by the respective resolution authority in detail the reasons for the disagreement or the reasons for the deviation from the resolution scheme, shall be notified and shall be informed by that resolution authority of the actions or measures it will take. + Article 481 The National Bank of Romania, as a group-level resolution authority, and the other resolution authorities that have not expressed their disagreement pursuant to art. 480 480, may reach a joint decision on a group resolution scheme targeting group entities located in their Member State. + Article 482 The common decision provided in art. 479 or 481 is recognized on the territory of Romania as final and is applied accordingly. + Article 483 The Romanian authorities involved in the resolution take all the actions provided for in art. 473 473-485 without delay and taking due account of the urgency of the situation. + Article 484 In situations where a group resolution scheme is not implemented, the National Bank of Romania, as a group-level resolution authority, cooperates closely in the resolution college with the other authorities of resolution, which takes resolution actions in relation to any relevant entity in the group with a view to achieving a coordinated resolution strategy for all entities in the group entering or being likely to enter into difficulty Major. + Article 485 The members of the resolution college, including the National Bank of Romania, as a group-level resolution authority, are regularly and fully informed by the resolution authorities, who undertake any resolution action in the the link with any relevant entity in the group, on those actions or measures and on the progress made in relation to their application. + Chapter VI The resolution of the group involving a subsidiary of the group for which the National Bank of Romania is an individual resolution authority + Article 486 When the National Bank of Romania, as an individual resolution authority, decides as a credit institution or any of the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) which is a subsidiary in a group meets the conditions laid down in art. 180-182 or in art. 183-187 the following information shall be notified without delay to the group-level resolution authority, if it is a separate authority, to the consolidating supervisor and to the members of the resolution college constituted for the group concerned: a) the decision that the credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) meets the conditions provided in art. 180-182 or in art. 183-187 183-187; ... b) the resolution actions or insolvency measures that it considers appropriate for the credit institution concerned or for the entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... + Article 487 After the group-level resolution authority assesses the potential impact of resolution actions or other measures notified in accordance with the provisions of art. 486 lit. b) the group and group entities of other Member States, in particular, the likelihood that resolution actions or other measures will lead to resolution of the resolution conditions in relation to an entity in the group of another Member State, and if, after consulting the other members of the resolution college, the group-level resolution authority estimates that resolution actions or other measures notified in accordance with the provisions of art. 486 lit. b) would not increase the likelihood of fulfilling the conditions laid down in 180-182 or in art. 183-187, in connection with a group entity from another Member State, the National Bank of Romania, as the resolution authority responsible for that credit institution or for the entity referred to in art. 1 1 para. ((1) lit. b), c) or d) may take the resolution actions or other measures that it has notified in accordance with the provisions of art. 486 lit. b). + Article 488 If, after consulting the other members of the resolution college, the group-level resolution authority estimates that resolution actions or other measures notified in accordance with the provisions of art. 486 lit. b) would increase the likelihood of fulfilling the conditions laid down in 180-182 or in art. 183-187, in relation to a group entity in another Member State, the group-level resolution authority shall propose a group resolution scheme and submit it to the resolution college within a maximum of 24 hours of receipt of the notification in the compliance with art. 486 486. The 24-hour period can be extended with the agreement of the National Bank of Romania, as an individual resolution authority, which sent the notification provided for in art. 486. + Article 489 In the absence of an evaluation from the group-level resolution authority within 24 hours or a longer period of time that has been agreed upon, after receiving the notification in accordance with the provisions of art. 486, the National Bank of Romania, as an individual resolution authority, which sent the respective notification, may take resolution actions or other measures that it has notified in accordance with the provisions of art. 486 lit. b). + Article 490 The group resolution scheme provided for in art. 488 488 must be drawn up so that it: a) take into account and follow the resolution plans provided for in art. 76-83, unless the resolution authorities, including the National Bank of Romania, as the resolution authority, consider, in view of the circumstances of the case, that the objectives of the resolution will be achieved more effectively by undertaking actions which are not provided for in the resolution plans; ... b) describe the resolution actions that should be taken by the relevant resolution authorities in relation to the parent undertaking in the European Union or with certain group entities in order to meet the objectives of the resolution and the principles provided in art. 177 177-179 and art. 188-193 188-193; ... c) specify how these resolution actions should be coordinated; ... d) establish a financing plan that takes into account the group resolution plan, the principles of responsibility sharing established in accordance with the provisions of art. 61 61 para. ((1) lit. f) and mutualization as provided in art. 561-564. ... + Article 491 (1) In accordance with the provisions of art. 492, the group's resolution scheme takes the form of a joint decision of the group-level resolution authority and of the National Bank of Romania, as an individual resolution authority, and of the other resolution authorities responsible for the subsidiaries covered by this scheme. ... (2) The National Bank of Romania, as an individual resolution authority, may request the European Banking Authority to assist the resolution authorities concerned, in order to obtain a joint decision in accordance with the Art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 492 If any of the other resolution authorities, including, as the case may be, the National Bank of Romania, as an individual resolution authority, disagrees with the group resolution scheme proposed by the group level resolution or departs from it or considers that, for reasons of financial stability, it must take independent resolution actions or measures other than those proposed in the scheme in relation to an institution or a entity referred to in art. 1 1 para. ((1) lit. b), c) or d), it presents in detail the reasons for the disagreement or the reasons for the deviation from the resolution scheme, notifies the group resolution authority and the other resolution authorities that are subject to the resolution scheme at the level of group and inform these authorities of the actions or measures it will take. When it presents the reasons for its disagreement, the National Bank of Romania, as an individual resolution authority, takes into account the resolution plans provided for in art. 76-83, the potential impact on financial stability in the Member States concerned and the potential effect of actions or measures on other parts of the group. + Article 493 Resolution authorities which have not expressed their disagreement pursuant to art. 492, including, as the case may be, the National Bank of Romania, as an individual resolution authority, may reach a joint decision on a group resolution scheme targeting group entities located in their Member State. + Article 494 The common decision provided in art. 491 or 493 times the decision adopted in the absence of the common decision provided for in 492 is recognized on the territory of Romania as final and is applied accordingly. + Article 495 The Romanian authorities involved in the resolution take all the actions provided for in art. 486 486-497 without delay and taking due account of the urgency of the situation. + Article 496 In situations where a group resolution scheme is not implemented, the National Bank of Romania, as an individual resolution authority, shall cooperate closely in the resolution college with the other authorities of resolution, which takes resolution actions in relation to the relevant entities in the group, with a view to achieving a coordinated resolution strategy for all entities in the group entering or being likely to enter into major difficulty. + Article 497 The National Bank of Romania, as an individual resolution authority, regularly and fully informs the members of the resolution college on the actions or measures taken in relation to any entity in the group and on the progress recorded in connection with their application. + Chapter VII Resolution of the group where the National Bank of Romania is a group-level resolution authority + Article 498 (1) If the National Bank of Romania, as a group-level resolution authority, decides that a parent undertaking in the European Union for which it is responsible meets the conditions laid down in art. 180-182 or in art. 183-187, it shall notify without delay the information provided by art. 473 the consolidating supervisor, if it is a separate authority, as well as the other members of the resolution college of the group concerned. ... (2) Resolution actions or insolvency measures taken for the purposes of art. 473 lit. b) may include the implementation of a group resolution scheme drawn up in accordance with the provisions of art. 478 in any of the following situations: ... a) resolution actions or other measures at the level of the parent company, notified in accordance with the provisions of art. 473 lit. b), make the conditions provided for in art. 180-182 or in art. 183-187, in relation to one group entity in another Member State; ... b) resolution actions or other measures taken only at the level of the parent undertaking are not sufficient to stabilise the situation or ensure an optimal outcome; ... c) one or more branches meet the conditions laid down in art. 180-182 or in art. 183-187, as concluded by the resolution authorities responsible for those subsidiaries; or ... d) resolution actions or other measures taken at the level of the group benefit the subsidiaries in the group in such a way that a group resolution scheme becomes appropriate. ... + Article 499 (1) If the actions proposed by the National Bank of Romania, as a group level resolution authority, pursuant to art. 498 does not include a group resolution scheme, the National Bank of Romania, as a group-level resolution authority, makes its own decision after consulting the members of the resolution college. ... (2) The decision of the National Bank of Romania, as a group-level resolution authority, shall take into account and follow the resolution plans provided for in art. 64-72 64-72, unless resolution authorities consider, taking into account the circumstances of the case, that the objectives of the resolution will be achieved in a more effective way by undertaking actions that are not foreseen in the resolution. ... (3) The decision of the National Bank of Romania, as a group-level resolution authority, shall also take into account the financial stability of the Member States concerned. ... + Article 500 (1) If the actions proposed by the National Bank of Romania, as a group level resolution authority, pursuant to art. 498 498 include a group resolution scheme, that resolution scheme takes the form of a joint decision of the National Bank of Romania, as a group-level resolution authority, and of the resolution authorities responsible for the subsidiaries which are subject to the group's resolution scheme. ... (2) The National Bank of Romania, as a group-level resolution authority, may request the European Banking Authority to assist the resolution authorities involved in the adoption of a joint decision in accordance with the provisions of art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 501 If any of the resolution authorities do not agree with the group-level resolution scheme proposed by the National Bank of Romania, as a group-level resolution authority, or shall depart from it or considers that, for reasons of financial stability, it must take independent resolution actions or measures other than those proposed in the scheme in relation to an institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d), the National Bank of Romania, as a group-level resolution authority, and the other resolution authorities that are subject to the group-level resolution scheme are presented to them by that authority resolution in detail the reasons for disagreement or grounds for deviation from the group resolution scheme, shall be notified and shall be informed by that resolution authority of the actions or measures it intends to take. + Article 502 The National Bank of Romania, as a group-level resolution authority, and the other resolution authorities that have not expressed their disagreement with the group resolution scheme pursuant to art. 501 501 may reach a joint decision on a group resolution scheme referring to group entities located in their Member State. + Article 503 The common decision provided in art. 500 or 502 is recognized on the territory of Romania as final and is applied accordingly. + Article 504 (1) The Romanian authorities involved in the resolution shall take all the actions provided for in art. 498 498-504 without delay and taking due account of the urgency of the situation. ... (2) In situations where a group resolution scheme is not implemented and resolution authorities undertake resolution actions in relation to any relevant entity in the group, the National Bank of Romania, as the authority of group-level resolution, closely cooperate in the resolution college in order to achieve a coordinated resolution strategy for all the entities in the affected group. ... (3) The National Bank of Romania, as a group-level resolution authority, which takes resolution actions in relation to a relevant entity in the group, shall regularly and fully inform the members of the resolution college of the the actions or measures and progress made in relation to their application. ... + Chapter VIII Resolution of the group where the National Bank of Romania is an individual resolution authority + Article 505 Resolution actions or insolvency measures taken for the purposes of art. 486 lit. b) may include the implementation of a group resolution scheme drawn up in accordance with the provisions of art. 490 in any of the following situations: a) resolution actions or other measures at the level of the parent company, notified in accordance with the provisions of art. 486 lit. b), make the conditions provided for in art. 180-182 or in art. 183-187, in relation to one group entity in another Member State; ... b) resolution actions or other measures taken only at the level of the parent undertaking are not sufficient to stabilise the situation or ensure an optimal outcome; ... c) one or more branches meet the conditions laid down in art. 180-182 or in art. 183-187, as concluded by the resolution authorities responsible for those subsidiaries; or ... d) resolution actions or other measures taken at the level of the group benefit the subsidiaries in the group in such a way that a group resolution scheme becomes appropriate. ... + Article 506 ((1) Where the actions proposed by the group-level resolution authority pursuant to art. 505 505 include a group resolution scheme, that resolution scheme takes the form of a joint decision of the group-level resolution authority, of the National Bank of Romania, in its capacity as an individual resolution authority, and the other resolution authorities responsible for the subsidiaries subject to the group resolution scheme. ... (2) The National Bank of Romania, as an individual resolution authority, may request the European Banking Authority to assist the resolution authorities concerned, in order to obtain a joint decision in accordance with the Art. 31 lit. c) of Regulation (EU) No 1.093/2010 . ... + Article 507 If any of the other resolution authorities, including, as the case may be, the National Bank of Romania, as an individual resolution authority, disagrees with the group resolution scheme proposed by the group level resolution or departs from it or considers that, for reasons of financial stability, it must take independent resolution actions or measures other than those proposed in the scheme in relation to an institution or with an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of this law or in art. 1 1 para. ((1) lit. b), c) or d) of Directive 2014 /59/EU , this presents in detail the reasons for the disagreement or the reasons for deviation from the group resolution scheme, notifies the group resolution authority and the other resolution authorities that are subject to the group-level resolution scheme and inform these authorities of the actions or measures they intend to take. When it presents the reasons for its disagreement, the National Bank of Romania, as an individual resolution authority, takes into account the resolution plans referred to in art. 76-83, the potential impact on financial stability in the Member States concerned and the potential effect of actions or measures on other parts of the group. + Article 508 The National Bank of Romania, as an individual resolution authority, together with the other resolution authorities that have not expressed their disagreement with the group resolution scheme pursuant to art. 507 507 may reach a joint decision on a group resolution scheme referring to group entities located in those Member States. + Article 509 The common decision provided in art. 506 506 or 508 times the decisions adopted in the absence of the common decision referred to in 507 is recognized on the territory of Romania as final and is applied accordingly. + Article 510 (1) The Romanian authorities involved in the resolution shall take all the actions provided for in art. 505 505-510 without delay and taking due account of the urgency of the situation. ... (2) In situations where a group resolution scheme is not implemented and resolution authorities undertake resolution actions in relation to the relevant entities in the group, the National Bank of Romania, as the authority of On an individual level resolution, cooperate closely in the resolution college to achieve a coordinated resolution strategy for all affected group entities. ... (3) The National Bank of Romania, as an individual resolution authority, which takes resolution actions in relation to any relevant entity in the group shall regularly and fully inform the members of the resolution college of the actions or measures taken in relation to the relevant entities in the group and the progress made in relation to their application. ... + Article 511 This Title shall apply accordingly to the relationship between the National Bank of Romania and the Financial Supervisory Authority. + Title VI Relations with third countries + Chapter I Agreements with third countries + Article 512 (1) Romania may conclude bilateral agreements with a third country until the date of entry into force of an agreement concluded at the level of the European Union with the third state, according to art. 93 93 para. ((1) of Directive 2014 /59/EU ,, to the extent that these bilateral agreements comply with this Title. ... (2) The bilateral agreements referred to in par. (1) refers to the modalities of cooperation between the National Bank of Romania, as a resolution authority, and the relevant authorities of the third country, among others, in order to exchange information regarding the planning the recovery and resolution in respect of credit institutions, financial institutions, parent undertakings and institutions of that third State. ... (3) The agreements referred to in par. (1) aim to ensure in particular the establishment of cooperation processes and mechanisms between the National Bank of Romania, as a resolution authority, and the relevant authorities of the third country in order to fulfil some or all tasks and the exercise of some or all of the following: ... a) elaboration of resolution plans in accordance with the provisions of art. 49-83 and with similar requirements imposed by the legislation of that third State; ... b) the assessment of the possibilities of settlement of these institutions and groups in accordance with the provisions of 85 85-91 and similar requirements imposed by the legislation of that third State; ... c) the application of the powers of approach or removal of obstacles to the possibilities of resolution in accordance with the provisions of art. 92 92-116 and any other similar powers provided for by the legislation of that third State; ... d) application of early intervention measures in accordance with the provisions of art. 149-151 and any other similar powers provided for by the legislation of that third State; ... e) the application of resolution tools and the exercise of resolution powers, as well as similar powers that may be exercised by the relevant authorities of that third State. ... + Chapter II Recognition and implementation of resolution procedures in third countries + Article 513 Art. 514 514-518 shall apply in relation to resolution procedures in third countries provided that they are absent and, respectively, until such time as an international agreement provided for in art. 93 93 para. ((1) of Directive 2014 /59/EU with the relevant third country. Art. 514 514-518 shall also apply after the date of entry into force of an international agreement provided for in art. 93 93 para. ((1) of Directive 2014 /59/EU with the relevant third State, in so far as the recognition and implementation of resolution procedures in the third State are not covered by that agreement. + Article 514 (1) The National Bank of Romania may participate, within a European resolution college established under the conditions laid down in art. 464-468, when adopting a joint decision on the appropriateness of recognition, except in the cases provided for in art. 519 519, of resolution procedures in a third State in relation to an institution or a parent undertaking in the third State, which: ... a) has subsidiaries established in the European Union or branches located in the European Union and considered to be significant by two or more Member States; or ... b) holds assets, rights or obligations located in two or more Member States or which are governed by the law of those Member States. ... ((2) If the joint decision on the recognition of resolution procedures in a third country is adopted, the National Bank of Romania, as the resolution authority, shall take steps to implement the resolution procedures. recognised from the third State through the proper application of the relevant provisions of this Act. ... + Article 515 ((1) In the absence of a joint decision of the resolution authorities participating in the European resolution college or if there is no European resolution college, the National Bank of Romania, as the resolution authority, shall take its own decision with the on the appropriateness of recognition and implementation, except in the cases provided for in art. 519 519, of resolution procedures in a third State in relation to an institution or a parent undertaking in the third State. ... (2) The decision must take due account of the interests of each Member State in which an institution or a parent undertaking operates in a third State, and in particular the potential impact of recognition and implementation. the application of the resolution procedures in the third State to the other parts of the group and financial stability in those Member States. ... + Article 516 The National Bank of Romania, as the resolution authority, is empowered, at least: a) to exercise the powers of resolution in relation to the assets of a credit institution or parent company in a third country that are located in Romania or which are regulated by the Romanian legislation, as well as in relation to the rights or the obligations of a credit institution in a third country that are registered in Romania, the branch in the Union or which are regulated by the Romanian legislation or for which there are claims that can be executed in Romania concerning such rights or obligations; ... b) the completion of the transfer of shares or instruments of ownership, in a Union branch established in Romania, including asking another person to take actions to complete this transfer; ... c) the exercise of the powers provided in 406-409 406-409, art. 410 410-412 or art. 413-419 in connection with the rights of any party in a contract with an entity provided for in art. 514, where those powers are necessary to implement resolution procedures from third countries; and ... d) to render non-exercisable any contractual right to cease, extinguish or accelerate contracts or to prejudice the contractual rights of the entities referred to in art. 514 514 and other group entities where such a right derives from resolution actions taken with respect to the credit institution in a third State, the parent undertaking of those entities or other entities in the group, or by the resolution authority of the third State, either under the legal or regulatory requirements concerning the resolution mechanisms in that State, provided that the essential contractual obligations, including obligations, are still fulfilled payment and delivery and the provision of collateral. ... + Article 517 The National Bank of Romania, as the resolution authority, may undertake, when necessary in the public interest, resolution actions regarding a parent undertaking in Romania where the relevant authority of the third State establish that an institution which is registered in that third State meets the conditions for triggering the resolution procedure in accordance with the legislation of that third State. resolution authority, shall be empowered to use any relevant powers in the matter resolution on that parent undertaking in Romania, in which case the provisions of art. 400-405. + Article 518 The recognition and implementation of resolution procedures in third States shall be without prejudice to insolvency proceedings under the applicable national law, as appropriate, in accordance with this Law. + Chapter III Right to refuse recognition or implementation of resolution procedures in third countries + Article 519 After consulting other resolution authorities, where a European resolution college has been established under the conditions laid down in art. 464-468, the National Bank of Romania, in its capacity as a resolution authority, may refuse the recognition or implementation of resolution procedures in third states provided by art. 514, if it considers: a) that the resolution procedures in the third State would have a negative effect on the financial stability in Romania or that those procedures would have a negative effect on the financial stability of another Member State; ... b) that for the realization of one or more of the objectives of the resolution, it is necessary to take an independent resolution action in accordance with the provisions of 520-522 in connection with a branch in Romania; ... c) that creditors, including, in particular, depositors located or to be compensated in a Member State, would not benefit from the same treatment as that of creditors in the third State and depositors with similar legal rights under the procedure of resolution of the third country of origin; ... d) that, after consulting with the Ministry of Public Finance, as competent ministry, the recognition or implementation of the resolution procedure in the third state would have significant fiscal implications for Romania; or ... e) that the effects of such recognition or implementation would be contrary to the applicable national law. ... + Chapter IV Resolution of branches in Romania of credit institutions from third countries + Article 520 (1) The National Bank of Romania, in its capacity as a resolution authority, has the necessary powers to act in connection with a branch in Romania of a credit institution from a third country that is not subject to any resolution of the third State or subject to a procedure in that State and one of the situations referred to in art. 519. ... (2) Provisions art. 400-405 shall apply to the exercise of such powers. ... + Article 521 The National Bank of Romania, in its capacity as a resolution authority, is empowered to exercise the powers provided in art. 520 520 if it considers that the undertaking of an action is necessary in the public interest and if at least one of the following conditions is met: a) the branch located in Romania no longer meets or is likely to no longer meet the conditions imposed by the applicable national legislation for authorization and functioning in Romania and there is no prospect that any measure of the private sector or any measure of supervision or any measure undertaken by the relevant third State could restore the compliance of the branch or prevent its entry into the situation of major difficulty within a time frame considered by the Bank National of Romania, as resolution authority, as reasonable; ... b) the credit institution of the third state is, in the opinion of the National Bank of Romania, in its capacity as a resolution authority, incapable, reluctant or liable to be unable to pay its obligations to creditors in the Union European, or the obligations created or registered through its branch, as they become due, and the National Bank of Romania, in its capacity as a resolution authority, considers that no resolution or insolvency procedure in the state third party has not been or will not be triggered in connection with that credit institution in the third country within a reasonable time; ... c) the relevant authority of the third State initiated a resolution procedure in relation to the credit institution of the third state or notified to the National Bank of Romania, in its capacity as a resolution authority, its intention to initiate such a procedure. ... + Article 522 If the National Bank of Romania, in its capacity as a resolution authority, takes an independent action in relation to a branch in Romania of a credit institution in a third country, it shall consider the objectives of the resolution. and undertake the action in accordance with the following principles and requirements, insofar as they are relevant: a) the principles established in art. 188-193 188-193; ... b) the requirements for the application of the resolution tools referred to in Article 201-213. ... + Chapter V Cooperation with the authorities of third countries + Article 523 Art. 524 524-526 shall apply with regard to cooperation with third States in the absence and, respectively, until the time when the international agreement referred to in art. 93 93 para. ((1) of Directive 2014 /59/EU with the relevant third country. Art. 524-526 shall also apply after the entry into force of an international agreement, provided for in art. 93 93 para. ((1) of Directive 2014 /59/EU with the relevant third State, in so far as the matters covered by Article 2 524 524-526 are not covered by that agreement. + Article 524 (1) The National Bank of Romania, in its capacity as competent authority, or, as the case may be, in its capacity as a resolution authority, shall conclude non-binding cooperation agreements in accordance with the framework agreement concluded by the European Banking Authority the relevant authorities of the third States referred to in 97 97 para. ((2) of Directive 2014 /59/EU . ... (2) Provisions art. 523-526 does not prevent Romania or the National Bank of Romania, in its capacity as competent authority, to conclude bilateral or multilateral agreements with third states, in accordance with the provisions of art. 33 33 of Regulation (EU) No 1.093/2010 . ... + Article 525 Cooperation agreements concluded between the National Bank of Romania, in its capacity as resolution authority and resolution authorities of third states in accordance with the provisions of art. 523-526 may include provisions on the following issues: a) exchange of information necessary for the preparation and updating of resolution plans; ... b) consultation and cooperation to develop resolution plans, including the principles on the exercise of the powers provided for in art. 513 513-518 and art. 520-522 and similar powers provided for by the legislation of the relevant third States; ... c) exchange of information necessary for the application of resolution tools and the exercise of resolution powers and similar powers under the relevant third-country legislation; ... d) early warnings to the parties to the cooperation agreement or their consultation prior to the undertaking of any important action under this law or of the legislation of the relevant third States in relation to the credit institution or the group covered by the Agreement; ... e) coordination of public communications in the case of joint resolution actions; ... f) the procedures and arrangements regarding the exchange of information and cooperation in accordance with the provisions of letter a)-e), including, where appropriate, the establishment and operation of crisis management groups. ... + Article 526 The National Bank of Romania, in its capacity as a resolution authority or competent authority, shall notify the European Banking Authority of all cooperation agreements concluded by it in those qualities in accordance with the Art. 523-525. + Chapter VI Exchange of confidential information + Article 527 The National Bank of Romania, in its capacity as a resolution authority and/or competent authority and the Ministry of Public Finance, as competent ministry, exchange confidential information, which also includes recovery plans, with the relevant authorities of third States only if the following conditions are met: a) the authorities of those third States are subject to professional secrecy requirements and standards which are considered to be, in the opinion of all the authorities concerned, at least equivalent to those imposed in art. 448-452. Insofar as the exchange of information relates to personal data, the processing and transmission of such data to the authorities of third States shall be governed by Law no. 677/2001 for the protection of individuals with regard to the processing of personal data and on the free movement of such data, as amended and supplemented, and by the European Union legislation on the matter; ... b) the information is necessary for the fulfilment by the relevant authorities of the third States of the resolution functions provided for by their national law which are comparable to those provided for in this Law and, in accordance with Lit. a), the information is not used for any other purpose. ... + Article 528 If the confidential information comes from another Member State, the National Bank of Romania, in its capacity as a resolution authority and/or competent authority, and the Ministry of Public Finance, as competent ministry, shall not disclose this information to the relevant authorities in third States unless the following conditions are met: a) the relevant authority of the Member State from which the information originates agrees with that disclosure; ... b) the information shall be disclosed only for the purposes permitted by the authority referred to in point. a). ... + Article 529 In application of art. 527-528, information shall be considered confidential if they are subject to confidentiality requirements in accordance with European Union law. + Title VII Mechanisms for financing the resolution + Chapter I General provisions + Article 530 Bank resolution fund established according to art. 531-535 531-535, the mechanisms for financing the resolution in other Member States, the mechanism for granting mutual loans between the bank resolution fund on the one hand and resolution financing mechanisms from other Member States on the other, provided to art. 550-555, as well as the mechanism for the participation of the bank resolution fund and the other mechanisms for financing the resolution in other Member States to finance the resolution at the level of the group according to art. 556-564 are part of the system of financing mechanisms for the resolution to be set up at European level. + Article 531 In order to ensure the effective application of resolution tools and powers by the National Bank of Romania, as resolution authority, the bank resolution fund, whose resources are used according to the objectives of the resolution and principles set out in 177 177-179 and art. 188-193. + Article 532 The resources of the bank resolution fund shall be administered by the Bank Deposit Guarantee Fund under the provisions of this Law and of the delegated acts adopted by the European Commission on the resolution fund. + Article 533 (1) The bank resolution fund shall be constituted by taking over the resources of the banking restructuring fund covered by Title II of Government Ordinance no. 39/1996 , republished, with subsequent amendments and completions, which thus cease its existence, and shall be fed, in order to ensure adequate resources, from the following financial sources: ... a) annual contributions according to art. 542-545, in order to achieve the target level provided for in art. 538-540 538-540; ... b) extraordinary contributions, according to art. 546-548, if the contributions referred to in lett. a) are insufficient in the opinion of the National Bank of Romania, as a resolution authority, and ... c) loans and other forms of support provided in art. 549. ... (2) The level of annual and extraordinary contributions of credit institutions to the bank resolution fund shall be established by the National Bank of Romania, as the resolution authority, in compliance with the provisions of this Law and of the the delegated acts adopted by the European Commission on the resolution fund. ... (3) The credit institutions shall pay to the Deposit Guarantee Fund the contributions provided in par. (2) within the deadlines communicated by the National Bank of Romania, as the resolution authority. ... (4) The National Bank of Romania, as the resolution authority, may establish that a maximum of 30% of the total annual contributions of credit institutions, collected according to the provisions of this law, may be in the form of irrevocable payment commitments, entirely secured by low-risk, unencumbered assets in favour of third parties, issued in favour of the Bank Deposit Guarantee Fund and intended solely for use for the purposes of the to art. 536. ... (5) The annual and extraordinary contributions of credit institutions to the bank resolution fund shall be recognised as tax-deductible expenses. ... + Article 534 (1) The bank deposit guarantee fund, in its capacity as manager of the bank resolution fund, has the obligation to invest the available financial resources of the bank resolution fund in low-risk assets, in a Sufficiently diversified manner. ... (2) The bank deposit guarantee fund, in its capacity as manager of the bank resolution fund, must establish the strategy for the investment of bank resolution fund resources and review it periodically, with the frequency a little annual ... (3) The strategy on investing the resources of the bank resolution fund has as main objectives the minimization of risk and liquidity of the placements, and as a complementary objective their yield. The criteria for selecting placements will be quantified and ranked according to these three objectives. ... (4) In application of art. 530-555 530-555, the expression "low-risk assets" has the meaning provided by the legislation on deposit guarantee schemes. ... + Article 535 The resources of the bank resolution fund shall be used according to the decision of the National Bank of Romania, as a resolution authority, and only for the purposes provided in art. 536. + Article 536 (1) The use of the resources of the bank resolution fund shall be decided by the National Bank of Romania, as the resolution authority to cover the needs related to the effective application of the resolution tools, as follows: ... a) to guarantee the assets or obligations of the institution subject to resolution, its subsidiaries, a bridge institution or an asset management vehicle; ... b) to provide loans to the institution subject to resolution, to its subsidiaries, to a bridge institution or to an asset management vehicle; ... c) for the acquisition of assets of the institution subject to resolution; ... d) to provide the necessary financing to a bridge institution or an asset management vehicle; ... e) to pay compensation to shareholders or creditors according to art. 427 427; ... f) to provide financing to the institution subject to resolution instead of reducing the amount or conversion of debts of certain creditors, when the internal recapitalisation instrument is applied and the credit institutions resolution authority decides to exclude certain creditors from the scope of the internal recapitalisation, according to art. 287-292 287-292; ... g) to provide loans to other financing mechanisms, voluntarily, according to art. 551-554 551-554; ... h) for the reimbursement of the contracted loans and their associated costs; ... i) for any combination of the measures referred to in lett. a)-h). ... (2) The resources of the bank resolution fund may be used to take the measures provided in par. (1) and in relation to an eventual acquirer, within the framework of the sale of the business. ... + Article 537 The resources of the bank resolution fund may not be used directly to absorb the losses of a credit institution or entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or for their recapitalisation. Where the use of the resources of the bank resolution fund for the purposes referred to in art. 536 has as an indirect effect the transfer to this mechanism of financing part of the losses of a credit institution or an entity provided for in art. 1 1 para. ((1) lit. b), c) or d), the principles governing the use of the resources of the bank resolution fund provided in art. 285-295. + Article 538 (1) The target level for the available financial resources of the bank resolution fund is 1% of the amount of covered deposits of all credit institutions authorized on the territory of Romania. ... (2) The level provided in par. ((1) must be reached for the first time at the latest on 31 December 2024. ... + Article 539 (1) In application of art. 538, the National Bank of Romania, as a resolution authority, establishes the level of annual contributions of credit institutions to the bank resolution fund so that they are distributed as evenly as possible over time, but taking due account of the economic cycle phase and the impact that pro-cyclical contributions may have on the financial position of contributing credit institutions. ... (2) The National Bank of Romania, as a resolution authority may extend the term provided for in art. 538 538 para. ((2) by which the target level must be reached, by a maximum of 4 years, if payments are made from the bank resolution fund that cumulated exceeds 0.5% of the covered deposits of all credit institutions authorized on the territory of Romania. ... + Article 540 (1) Later the term provided for in art. 538, after reaching the target level, the National Bank of Romania, as a resolution authority, can decide to suspend the payment of annual contributions, and it will be resumed when the level of available financial resources decreases below the target level, at least until it is restored. The National Bank of Romania, as a resolution authority, can decide that the payment of contributions will be resumed before this moment. ... ((. After reaching the target level for the first time, if available financial resources fall to less than two-thirds of the target level, the annual contributions shall be set at a level that allows the target level to be reached within six years. ... (3) The National Bank of Romania, as the resolution authority, shall determine the level of the annual contribution for the situations covered by this Article, taking into account the economic cycle phase and the impact that the pro-cyclical contributions may have on contributing credit institutions. ... + Article 541 In application of art. 530-568, the reference to credit institutions includes branches in Romania of credit institutions in third states. + Article 542 (1) The National Bank of Romania, as the resolution authority, determines the annual contribution of each credit institution according to the share of the credit institution's debts, excluding own funds, and deducting the deposits covered its in the aggregate amount of debts of all credit institutions authorised on the territory of Romania, excluding aggregated own funds, and deducting their aggregated deposits. ... (2) Contributions determined according to par. (1) are adjusted by the National Bank of Romania, as a resolution authority, depending on the risk profile of each credit institution and communicated to the Bank Deposit Guarantee Fund, as administrator of the fund resolution, for the purpose of collecting them. ... + Article 543 (1) In order to determine the annual contribution, each credit institution shall submit the necessary information to the National Bank of Romania, as the resolution authority, according to the requested format. ... (2) If a credit institution does not pay the contributions according to art. 530-568, the Bank Deposit Guarantee Fund will immediately notify this to the National Bank of Romania, as a resolution authority, in order to take the necessary measures. ... (3) In the case provided in par. (2), the National Bank of Romania may debit the current account of the credit institution concerned with the amounts due. ... (4) Application of sanctions to a credit institution for non-compliance with art. 530 530-568 does not lead to the exemption of the credit institution from the payment of the corresponding obligations for the financial year during which these sanctions were applied. ... + Article 544 Financial resources collected under art. 542-545 may be used exclusively for the purposes provided in art. 536 536. Income from the investment of bank resolution fund resources may be used according to the legislation governing the functioning of the Bank Deposit Guarantee Fund. + Article 545 In compliance with art. 214-235 214-235, art. 239-280 amounts received from the institution subject to resolution or from the bridge institution, interest and other income generated by investments, as well as all other income obtained from the administration of the bank resolution fund are affected bank resolution fund. + Article 546 ((. Where available financial resources are not sufficient to cover losses, costs or other expenses incurred by the use of the bank resolution fund, each credit institution shall pay an extraordinary contribution, established by the National Bank of Romania, as a resolution authority, in compliance with the provisions of art. 542. ... (2) Extraordinary contributions may not be higher than the triple annual contributions established in accordance with art. 542-545. ... + Article 547 Art. 543 543-545 are applicable to the establishment of extraordinary contributions. + Article 548 (1) The National Bank of Romania, as the resolution authority of credit institutions may, in whole or in part, postpone the obligation of a credit institution to pay the extraordinary contribution to the bank resolution fund if the payment of the contribution would jeopardise the liquidity or solvency of the credit institution. Such deferral may not be granted for a period of more than six months, but may be renewed at the request of the credit institution. ... (. Extraordinary contributions the payment of which is deferred under this Article shall be paid when it no longer jeopardises the liquidity or solvency of the credit institution. ... + Article 549 The bank deposit guarantee fund shall be empowered to take out loans or other forms of support from credit institutions, financial institutions or other third parties, if the amounts collected according to art. 542-545 are not sufficient to cover losses, costs or other expenses occasioned by the use of the bank resolution fund, and the extraordinary contributions provided in art. 546-548 are not immediately accessible or sufficient. + Article 550 The Bank Deposit Guarantee Fund shall be empowered to take out loans from resolution financing mechanisms within the European Union in cases where: a) amounts collected according to art. 542-545 are not sufficient to cover losses, costs or other expenses incurred by the use of the bank resolution fund; ... b) the extraordinary contributions provided in art. 546 546-548 are not immediately accessible; and ... c) the alternative financing mechanisms provided for in art. 549 549 are not immediately accessible on reasonable terms. ... + Article 551 The bank deposit guarantee fund is empowered to provide loans, from the resources of the bank resolution fund, to other financing mechanisms within the European Union, in a situation where for those financing mechanisms are met the conditions provided in art. 550 and the provisions of art. 536 536 and 537. + Article 552 Upon receipt of a request pursuant to art. 551, the Bank Deposit Guarantee Fund formulates as a matter of urgency a proposal for a decision in relation to it, accompanied by the related foundation, to the National Bank of Romania, as a resolution authority and Ministry of Public Finance as competent ministry. The decision on the granting of a loan must be taken in agreement by those authorities. + Article 553 (1) The interest rate, the repayment period, other terms and conditions of the loan shall be agreed by the Bank Deposit Guarantee Fund and the other financing mechanisms participating in the loan. ... ((2) The loans of each participating financing mechanism must have the same interest rate, the same repayment period, the same terms and conditions, unless the participating financing mechanisms agree, in accordance with the unanimity, to proceed otherwise. ... + Article 554 The amount granted as a loan from the bank resolution fund resources shall be determined according to the proportion of the amount of deposits covered by the Bank Deposit Guarantee Fund in the aggregate amount of deposits covered by the Member States of financing the participating resolution. These participation rates may be modified with the agreement of all participating funding mechanisms. + Article 555 The loan granted, pursuant to art. 551-554, a resolution financing mechanism in another Member State shall be treated as an asset of the bank resolution fund and shall be taken into account when determining the target level of funding. + Chapter II Financing of the resolution at the level of the group for which the National Bank of Romania is a group-level resolution authority + Article 556 In the case of a group resolution according to art. 473 473-497 or art. 498-511 the bank resolution fund contributes to the financing of the group resolution according to art. 557-564. + Article 557 (1) In application of art. 556, the National Bank of Romania, as a group-level resolution authority, after consulting with the resolution authorities of the institutions that are part of the group, proposes, if necessary, before any resolution actions are taken, a financing plan as a component of the group resolution scheme referred to in art. 473-511. ... (2) The financing plan shall be established according to the decision-making procedure provided for in 473-511. ... + Article 558 The funding plan shall include: a) an evaluation according to art. 201-213 on the entities in the affected group; ... b) the losses to be recognised by each entity in the affected group at the time of implementation of the resolution tools; ... c) for each entity in the affected group, the losses that would be incurred by each category of shareholders and creditors; ... d) the possible contribution that the deposit guarantee schemes should bring according to art. 565 565; ... e) the total contribution of the resolution financing mechanisms, the purpose and the form of the contribution; ... f) the basis for the calculation of the amount by which each financing mechanism of the Member States in which the affected entities are located must contribute to the financing of the group resolution for the establishment of the total contribution referred to in point e); ... g) the amount by which the national financing mechanisms of each affected entity in the group must contribute to the financing of the resolution of the group as well as the form of those contributions; ... h) the amount of loans that the financing arrangements of the Member States in which the affected group entities are located will contract them from credit institutions, financial institutions and other third parties pursuant to art. 549 549; ... i) a timetable for the use of the financing arrangements of the Member States in which the entities of the affected group are located, a timetable which should be possible to extend if necessary. ... + Article 559 Calculation basis for the distribution of the contribution provided in art. 558 lit. e) is in accordance with art. 560 and with the principles specified in the group resolution plan, according to art. 61 61 para. ((1) lit. f), unless, in the financing plan, it is agreed to do otherwise. + Article 560 Unless otherwise agreed in the financing plan, the basis for calculating the contribution of each national funding mechanism shall, in particular, take into account the following: a) the proportion of the risk-weighted assets of the group that is held by the institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) of Directive 2014 /59/EU established in the Member State of the resolution financing mechanism; ... b) the proportion of the assets of the group that is held by the institutions and entities referred to in 1 1 para. ((1) lit. b), c) and d) of Directive 2014 /59/EU established in the Member State of the resolution financing mechanism; ... c) the proportion of the total losses which required the resolution of the group which is the source of the group entities under the supervision of the competent authorities of the Member State of the resolution financing mechanism; and ... d) the proportion of the resources of the financing mechanisms of the group which is envisaged, according to the financing plan, to be used for the direct benefit of the group entities established in the Member State of that financing mechanism resolution. ... + Chapter III Financing of the resolution of the group for which the National Bank of Romania is an individual resolution authority + Article 561 The National Bank of Romania, as an individual resolution authority, shall conclude agreements with the resolution authorities of the Member States in which institutions located in the same group with credit institutions established in Romania are established, establishing the procedures to enable the bank resolution fund to contribute to the financing of the resolution of the group, without prejudice to art. 557. + Article 562 The bank deposit guarantee fund, when designated as administrator of the financing mechanism of the group, may, under the conditions laid down in art. 549, to contract loans or other forms of support from credit institutions, financial institutions and other third parties. + Article 563 The bank deposit guarantee fund, as the manager of the national financing mechanism which must participate in the group financing mechanism, can guarantee any loan contracted by the group financing mechanisms. under art. 562. + Article 564 Any profits generated by the use of the financing mechanisms of the group are affected by the bank resolution fund, in proportion to its contribution to the financing mechanism of the group resolution established according to art. 557. + Article 565 (1) When the National Bank of Romania, as an individual resolution authority, adopts a resolution action that further ensures the access of depositors to their own deposits, the deposit guarantee scheme to which the credit institution is a member to finance the resolution as follows: ... a) in the case of the application of the internal recapitalisation instrument, with which the deposits covered to absorb the losses of the credit institution under art. 311 lit. a), if the covered deposits were included in the scope of the internal recapitalisation, and their value would have been reduced to the same extent as creditors with the same rank of priority according to insolvency law; or ... b) in the case of the application of one or more resolution tools other than the bail-in instrument, with the amount representing the amount of losses that the depositors benefiting from the guarantee would have suffered if they were recorded losses commensurate with losses recorded by creditors with the same rank of priority according to insolvency law. ... ((. In all cases, the amount by which the deposit guarantee scheme must be entered may not be higher than any of the following: ... a) the total amount of losses that would have been incurred by the deposit guarantee scheme if the credit institution had been liquidated by insolvency proceedings; ... b) 50% of the target level of the deposit guarantee scheme provided for by the deposit guarantee schemes legislation. ... ((3) In the case of application of the internal recapitalisation instrument, the deposit guarantee scheme may not contribute to the costs of raising the capital of the credit institution or those establishing the capital of the bridge institution pursuant to art. 311 lit. b). ... ((4) If, as a result of an assessment carried out pursuant to art. 424-426 424-426, it is established that the deposit guarantee scheme contributed to the financing of the resolution more than the net loss that would have incurred it if the credit institution had been liquidated by insolvency proceedings, the scheme of Deposit guarantee is entitled to recover the difference from the bank resolution fund, in accordance with the provisions of art. 427. ... + Article 566 Establishment of the amount with which the deposit guarantee scheme participates in the financing of the resolution according to art. 565 is carried out in compliance with the conditions laid down in 201-213. + Article 567 Contribution of the deposit guarantee scheme within the meaning of art. 565 565 must be paid in cash. + Article 568 In the case of eligible deposits at an institution subject to resolution transferred to another entity through the business selling tool or the bridge institution tool, depositors shall not have any claim under the legislation on deposit guarantee, compared to the deposit guarantee scheme in relation to any part of their deposits that is not transferred from the institution subject to resolution, provided that the value of the transferred funds is at least equal to the coverage ceiling provided for by the deposit guarantee schemes legislation. + Title VIII Administrative sanctions and sanctioning measures + Article 569 (1) In the exercise of its functions, the National Bank of Romania is competent to apply administrative sanctions and sanctioning measures provided for in art. 571 in case of violation of the provisions of ... (2) The National Bank of Romania has the competence to collect all necessary information and to carry out all the necessary research for the exercise of its functions. ... (3) The competence provided in par. ((2) includes: ... a) the competence to request the provision of all necessary information for the performance of the tasks of the National Bank of Romania, at regular intervals and in the specified formats; ... b) the competence to carry out all the necessary research for the performance of the tasks of the National Bank of Romania, in relation to any natural or legal person provided in par. (4), having their domicile or registered office in Romania; ... c) the competence to carry out all necessary inspections at the premises of the legal persons referred to in par. ((4) and at the headquarters of any other entity included in the consolidated supervision for which the National Bank of Romania is a consolidating supervisor, provided that the competent authorities involved are notified in advance. ... (4) For the purposes of paragraph ((3) lit. a) are subject to the obligation to provide information: ... a) credit institutions, Romanian legal entities, and entities referred to in art. 1 1 para. ((1) lit. b), c) or d); ... b) natural persons belonging to the legal persons referred to in lett. a); ... c) third parties to which the legal persons referred to in lett. a) have outsourced certain operational functions or activities. ... (5) The competence provided in par. ((3) lit. b) includes the right: ... a) to request the submission of documents; ... b) to examine the records and registers of the persons referred to in par. ((4) and to pick up photocopies or extracts of these records and registers; ... c) to obtain written or verbal explanations from any person provided in par. ((4) or from its representatives or staff; ... d) to interview any other person, with its consent, for the purpose of collecting information on the subject matter of a research. ... (6) The National Bank of Romania, as competent authority and resolution authority, exercises its powers of application of administrative sanctions and sanctioning measures, according to the provisions of this law, in any of the the following ways ... a) directly; ... b) in collaboration with other authorities; ... c) by delegating its powers to other authorities, with the retention of responsibility for delegated powers; ... d) by notifying the competent judicial authorities. ... (7) The National Bank of Romania shall ensure that the structure exercising the function of resolution and the structure exercising the supervisory function closely cooperate with each other, in order to ensure that the application of administrative sanctions and measures sanctioning produce the desired effects. ... (8) The National Bank of Romania, as a resolution authority and competent authority, shall cooperate closely with the other resolution authorities and competent authorities to ensure that the application of administrative sanctions and Sanctioning measures also produce the effects in cross-border cases. ... + Article 570 (1) The National Bank of Romania, as a resolution authority, has the power to apply the administrative sanctions and the sanctioning measures provided for in art. 571, if it finds the following facts to be produced, not limited to them: ... a) non-compliance by the credit institution with the decision of the National Bank of Romania, adopted as a resolution authority, according to the provisions of art. 10 10 para. ((3), the transition from the simplified requirements to the full application of the requirements provided in art. 13 13-48 and art. 49-84, as well as the term of compliance; ... b) non-compliance by the credit institution with the obligation to provide assistance to the National Bank of Romania to develop and update the resolution plan, provided in art. 53 53; ... c) non-compliance by the credit institution with the obligation to inform the National Bank of Romania of any modification that could impose a reassessment or modification of the plans, provided in art. 54 54 para. ((2); ... d) non-compliance by the credit institution, respectively by the entities referred to in art. 1 1 para. ((1) lit. b), c) or d), of the obligation to keep and/or supply the records of the financial contracts concluded by them, provided in art. 56 56 para. ((1); ... e) non-compliance by the credit institution, respectively by the parent company of the European Union, the Romanian legal person, of the obligations to cooperate and provide all the necessary information for the elaboration of the resolution plans, including the information and analyses provided for in Section B of the Annex, as provided for in Article 57 57 para. ((1) and art. 64 64 para. ((1) and (2); ... f) non-compliance by the credit institution with the obligations regarding the transmission of proposals for measures aimed at managing or removing obstacles, provided in art. 94 94 para. (1), respectively of the plan of compliance with the alternative measures imposed by the National Bank of Romania, provided in art. 95 95 para. ((1); ... g) non-compliance with any of the measures ordered by the National Bank of Romania according to art. 96, by their recipients; ... h) non-compliance by the credit institution with the request to contact potential buyers or the conditions for contacting potential buyers, according to the provisions of art. 150 150; ... i) non-compliance by the credit institution with the requirement to demonstrate that any decision of the resolution authority to reduce or convert the value of a debt regulated by the legislation of a third state could be applied, provided in art. 299 299; ... j) non-compliance by the credit institution, respectively by the parent company of the European Union, the Romanian legal person, of the minimum requirements provided in art. 301 301 para. ((1) and art. 302 302 para. ((1); ... k) non-compliance by the management body of the credit institution or of an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) obligations regarding the elaboration, presentation, modification, implementation or revision of the reorganization plan, provided in art. 332, 334, 335, 338 para. ((1), 339 and 340 para. ((1); ... l) non-compliance by the credit institution, respectively by the entities referred to in art. 1 1 para. ((1) lit. b), c) or d), of the obligations related to the issuance of Common Equity Tier 1 instruments, provided in art. 370, or holding a prior authorization for this purpose, provided in art. 371 371; ... m) non-compliance by the institution subject to the resolution of the obligation to provide information and assistance, provided in art. 385 385 para. ((1) lit. e); ... n) non-compliance by the institution to the resolution or by the entities in the group of the respective institution of the obligation to provide the necessary services and facilities, provided in art. 388 388; ... o) non-compliance by the credit institution with the reporting obligations and/or payment of the contribution provided in art. 543 543; ... p) non-compliance by the credit institution with the obligations to pay the annual or extraordinary contribution, according to art. 546. ... (2) The National Bank of Romania, as competent authority, has the power to apply the administrative sanctions and the sanctioning measures provided for in art. 571, in the following situations: ... a) non-compliance by the credit institution with the decision of the National Bank of Romania, adopted as competent authority, according to the provisions of art. 10 10 para. ((2), the transition from the simplified requirements to the full application of the requirements provided in art. 13 13-48 and art. 49-84, as well as the term of compliance; ... b) non-compliance by the credit institution, respectively by the parent company of the European Union, the Romanian legal person, of the obligations regarding the elaboration, maintenance, updating, modification and transmission of recovery plans, provided in art. 13-20 13-20, art. 25 25 para. ((4), art. 27 27, art. 32-35 32-35; ... c) non-compliance by the credit institution with the obligation to keep records of financial contracts in which the credit institution is a party, provided in art. 18 18; ... d) non-compliance by the credit institution with the obligation to establish and include in the recovery plans of the indicators for monitoring, provided in art. 48 48 para. ((1)-(4); ... e) non-compliance by the management body of the credit institution with the obligation to notify the decision to take or not a measure provided for in the recovery plan, according to the provisions of art. 48 48 para. ((5); ... f) non-compliance by the group entities, Romanian legal entities, respectively by their governing bodies of the incident obligations in case of conclusion of an intra-group financial support agreement, in case of granting the support financial, as well as the obligations of transparency on participation in a financial support agreement, provided for in art. 122 122, 123, 126,136, 137, 140 and 144; ... g) non-compliance with the measures ordered by the National Bank of Romania 149, by their recipients; ... h) failure by the credit institution of the request made by the National Bank of Romania according to art. 152 152, the replacement of the senior management or the management body of the credit institution, as a whole, or of its members; ... i) non-compliance by the management body of the credit institution with the obligation to consult with the temporary administrator or to obtain its consent before taking certain decisions or to take certain actions, provided in art. 153 153; ... j) non-compliance by the management body of the credit institution, respectively of an entity referred to in art. 1 1 para. ((1) lit. b), c) or d), of the notification obligation as to the fact that the credit institution, namely the entity referred to in art. 1 1 para. ((1) lit. b), c) or d), enters or is likely to enter into a state of major difficulty, provided in art. 437. ... (3) The National Bank of Romania, as competent authority and/or resolution authority, has the power to apply the administrative sanctions and/or sanctioning measures provided for in art. 571 for violations of the provisions of this law and of the acts of direct application adopted at the level of the European Union in the fields covered by this law, in so far as those violations do not fall within the scope of ((1) and (2). ... + Article 571 (1) Administrative sanctions that may be applied in case of committing the facts provided in art. 570 570 are: ... a) written warning; ... b) public warning indicating the individual, the credit institution, the financial institution, the parent company in the European Union, for which the National Bank of Romania is a consolidating supervisor, or another legal entity responsible and committed; ... c) fine applicable to legal entities, up to 10% of the total annual net amount of turnover achieved in the previous financial year; if the legal person has the status of a subsidiary of a parent company, turnover the relevance is the one resulting from the consolidated financial statements of the highest-ranking parent undertaking in the preceding financial year; ... d) fine applicable to individuals, up to the equivalent in lei of 5 million euros at the exchange rate communicated by the National Bank of Romania valid for July 2, 2014; ... e) fine up to twice the amount of the benefit obtained from the act, if it can be determined. ... (2) The sanctioning measures that can be applied in case of committing the facts provided in art. 570 570 are: ... a) order to terminate the wrongful conduct of the natural or legal person and abstention from its repetition; ... b) temporary prohibition of the exercise of functions in a credit institution or in the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) by any member of the management body or senior management of the credit institution concerned or of the entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... (3) The sanctioning measures provided in par. ((2) may be applied at the same time as administrative or independent sanctions. ... (4) Individuals who have the status of members of the governing bodies or of the senior management of credit institutions, Romanian legal entities, as well as of the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) are responsible for carrying out all the requirements provided by this law and the regulations issued in the field of its application, according to their competences and duties provided by the legislation applicable also to the internal regulations of those legal persons. In this regard, for the facts provided in art. 570, administrative sanctions and sanctioning measures provided in par. ((1) and (2) may be applied to the legal person and/or to natural persons who have the status of members of the governing bodies or of the senior management to whom the act may be imputed, as this would not have occurred if those persons would have properly exercised the powers and duties arising from the functions entrusted to it. ... + Article 572 (1) The National Bank of Romania, as a resolution authority or, as the case may be, of competent authority, shall publish, immediately, on its official website, the administrative sanctions applied according to the provisions of art. 571 571 which have not been challenged under the conditions laid down by art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, and those regarding which the appeals were definitively rejected, as well as information on the type and nature of the violation committed and the identity of the sanctioned natural or legal person, after what has been informed of the application of the sanction. ... (2) The National Bank of Romania, as a resolution authority or, as the case may be, of competent authority, shall publish the administrative sanctions, without indicating the identity of the sanctioned natural or legal persons, in any of the following Circumstances: ... a) in the event that the sanction is imposed on a natural person and, following a previous mandatory assessment of the proportionality of the publication of the personal data, it turns out that that publication is disproportionate in relation to the sanctioned act; ... b) in a situation where the publication would jeopardise the stability of the financial markets or an ongoing criminal investigation; ... c) in the event that the publication would cause, to the extent that this may be determined, a disproportionate damage to the credit institutions or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) or to the individuals involved. ... ((3) If the National Bank of Romania, as a resolution authority or, as the case may be, of competent authority, envisages that the circumstances referred to in par. (2) will cease within a reasonable period, it may postpone the publication of administrative sanctions, without indicating the identity of the sanctioned natural or legal persons, until the end of the circumstances. ... (4) Information published according to par. (1) or (2) are kept by the National Bank of Romania on its official website for a period of at least 5 years. Personal data are kept only as long as necessary, in compliance with the provisions Law no. 677/2001 , with subsequent amendments and completions. ... + Article 573 (1) The National Bank of Romania, as the resolution authority or, as the case may be, of competent authority, informs the European Banking Authority, in order to exchange information with the resolution authorities, respectively the competent authorities, in other Member States, of all administrative penalties and sanctioning measures applied in accordance with Article 2 (1) 571, as well as on the stage of appeals procedures and their result, in compliance with the requirements regarding the preservation of the professional secrecy provided for in art. 448-451. The National Bank of Romania, as a resolution authority can consult the centralized database at the European Union level of sanctions, managed by the European Banking Authority, which can be accessed and consulted only by the resolution authorities of the Member States. The National Bank of Romania, as competent authority, can consult the centralized data base at the European Union level of sanctions, managed by the European Banking Authority, which can be accessed and consulted only by competent authorities of the Member States. ... (2) The National Bank of Romania, as a resolution authority or, as the case may be, of competent authority, as the case may be, shall inform the European Banking Authority of the administrative sanctions it publishes in the manner and with periodicity indicated by the European Banking Authority. ... + Article 574 (1) Administrative sanctions and sanctioning measures applied according to art. 571 must be effective and proportionate to the facts and be of a deterrent effect. ... ((2) When determining the type of administrative sanction or sanctioning measure and the amount of the fine, the National Bank of Romania, as competent authority and resolution authority, shall consider all the real and personal of the act, which they consider relevant, including the following aspects, as the case may be: ... a) gravity and duration of the act ... b) the degree of guilt of the responsible natural or legal person; ... c) the financial soundness of the responsible natural or legal person, as resulting, for example, from the annual income of the responsible natural person or from the total turnover of the responsible legal person; ... d) the amount of profits made or losses avoided by the responsible natural or legal person, for the benefit of it, to the extent that they may be determined; ... e) damage caused to third parties, insofar as they may be determined; ... f) the degree of cooperation of the natural or legal person responsible for the National Bank of Romania, as competent authority and resolution authority; ... g) infringements previously committed by the responsible natural or legal person; ... h) any potentially systemic consequences of the act committed. ... + Article 575 (1) The finding of the facts described in this title shall be made by the personnel of the National Bank of Romania, empowered to do so, on the basis of the reports made by the credit institution, the Romanian legal person, or, where appropriate, by the entities mentioned in art. 1 1 para. ((1) lit. b), c) or d) according to the law or at the express request of the National Bank of Romania or during the checks carried out at their premises. ... (2) The acts by which administrative sanctions and/or sanctioning measures are ordered according to this title shall be issued by the governor, the first deputy governor or deputy governors of the National Bank of Romania, except for the sanctioning measure provided in art. 571 571 para. ((2) lit. b) the application of which is within the competence of the board of the National Bank of Romania. In the case of application of the administrative sanction and/or sanctioning measure, the act must include at least the elements of identification of the guilty person, the description of the deed and its circumstances, the basis of law of the application of the sanction administrative and/or sanctioning measure and administrative sanction and/or sanctioning measure applied. ... ((3) The acts by which administrative sanctions are ordered and/or sanctioning measures under this Title may be challenged under the conditions laid down in art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (4) The application of administrative sanctions and sanctioning measures provided for in art. 571 is prescribed within one year from the date of the finding of the act, but not more than 3 years after the date of the act. ... (5) The fines collected as a result of the application of administrative sanctions by the National Bank of Romania, according to the provisions of this law, are made to the state budget. ... (6) The application of administrative sanctions and/or sanctioning measures under this law does not remove material, civil or criminal liability, as the case may be. ... + Title IX Provisions applicable to investment firms + Chapter I General provisions + Article 576 (1) The following provisions of this law shall apply accordingly to the investment firms referred to in art. 1 1 para. ((1) lit. a) under the conditions specified in: ... a) art. 8 8-259 and art. 268-529 268-529; ... b) art. 618-628 618-628; ... c) art. 633 633-635 and art. 638 638; ... d) sections A, B and C of the Annex. ... (2) In application of the provisions (1), the following shall be considered: ... a) any reference to a credit institution, the Romanian legal person, to a parent credit institution in Romania or to a parent credit institution in the European Union shall be considered to be made accordingly to an investment firm referred to in art. 1 1 para. ((1) lit. a), at an investment firm-mother in Romania and at an investment firm-mother in the European Union; ... b) any reference to the National Bank of Romania shall be deemed to be made accordingly to the Financial Supervisory Authority; ... c) any reference to the Deposit Guarantee Fund shall be deemed to be made appropriate to the Financial Supervisory Authority, and any reference to the bank resolution fund shall be deemed to be made appropriate to the resolution fund for investment firms; ... d) any reference to art. 453 453 and art. 454 454 para. (1), references to the provisions art. 275-277 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, shall be deemed to be made at art. 21 ^ 3 of Government Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the Financial Supervisory Authority, approved with amendments and completions by Law no. 113/2013 , with subsequent amendments and completions. ... (3) The Financial Supervisory Authority, as the competent authority, may decide to approve the establishment of an investment firm institution-bridge, authorized in accordance with the provisions of the Law no. 297/2004 , with subsequent amendments and completions, with a share capital established below the level provided for in art. 7 7 para. ((8) of Law no. 297/2004 , but which cannot be less than the equivalent in lei of 125,000 euros. ... (4) The performance by the shareholders of the investment firm established in accordance with the provisions Law no. 297/2004 , with subsequent amendments and completions, public authorities, of the criteria set out in art. 8 8 para. ((1) lit. h) of Law no. 297/2004 , with subsequent amendments and completions, and the regulations issued in its application is presumed. ... ((5) When establishing an investment firm established in accordance with the provisions of the Law no. 297/2004 , with subsequent amendments and completions, and with the regulations issued in its application, the Financial Supervisory Authority, as competent authority, appoints the persons who provide the management of the structures that may exhibit that investment firm institutions-bridge significant risks. ... (6) By way of derogation from provisions art. 10 10 para. ((3) of Law no. 31/1990 , republished, with subsequent amendments and completions, an investment firm institution-bridge, authorized in accordance with the provisions Law no. 297/2004 , with subsequent amendments and completions, it can be constituted as a joint stock company with a single shareholder. ... (7) 9 9 para. ((2) and the art. 111 111 para. ((2) lit. b ^ 1) of Law no. 31/1990 , republished, with subsequent amendments and completions, shall not apply to the investment firm institution-deck authorized in accordance with the provisions Law no. 297/2004 , with subsequent amendments and completions, and of the regulations issued in its application. ... (8) The Financial Supervisory Authority establishes by regulations the conditions and documentation under which the establishment of the investment firm institution-bridge is authorized in accordance with Law no. 297/2004 , with subsequent amendments and completions, as well as the content of the decision on the establishment of such a bridge institution. ... (9) The registration of the investment firm institution-deck in the commercial register shall be made as a matter of urgency, only on the basis of the articles of association and, as the case may be, of the authorization of establishment, within 24 hours from the submission of the documents to the office the trade register in whose constituency the establishment of the bridge institution is located. ... (10) Within a maximum of 30 days from registration, the other documents provided by law for the registration of a company are also filed. ... (11) Failure to comply with par. (10) by the investment firm the bridge institution shall be sanctioned in accordance with the provisions of art. 44 44 para. ((2) of Law no. 26/1990 , republished, with subsequent amendments and completions. ... ((12) The commencement of the activity by the investment firm established in accordance with the Law no. 297/2004 , with subsequent amendments and completions, takes place on the first working day following the date of registration of the investment firm institution-deck in the commercial register. ... ((13) Where the sale of the investment firm established in accordance with Law no. 297/2004 , with subsequent amendments and completions, it is carried out by selling the shares, from the time of their sale, the investment firm that functioned as the bridge institution must meet all the conditions provided by Law no. 297/2004 , with subsequent amendments and completions, and the regulations issued in its application, as well as by Regulation (EU) No 575/2013 for the operation of an investment firm. ... (14) In the situation referred to in par. ((13), the validity of the authorisation of the investment firm which functioned as a bridge institution does not cease to be legal, the authorisation in question still producing effects for an indefinite period. ... + Chapter II Resolution fund for investment firms + Section 1 General provisions + Article 577 The resolution fund for investment firms, established according to art. 578-582 578-582, the mechanisms for financing resolution in other Member States, the mechanism for granting mutual loans between the resolution fund for investment firms on the one hand and resolution financing mechanisms in other Member States another part, provided for in art. 594-599 594-599, as well as the mechanism for the participation of the resolution fund for investment firms and other mechanisms for financing the resolution in other Member States to finance the resolution at the level of the group according to art. 600-610 are part of the system of financing mechanisms for the resolution to be set up at European level. + Article 578 In order to ensure the effective application of resolution tools and powers by the Financial Supervisory Authority as a resolution authority for the investment firms referred to in art. 1 1 para. ((1), the resolution fund for investment firms, the resources of which shall be used according to the objectives of the resolution and the principles provided in art. 177 177-179 and art. 188-193. + Article 579 The resources of the resolution fund for investment firms shall be administered by the Financial Supervisory Authority according to the provisions of this Law and of the delegated acts adopted by the European Commission on the resolution fund. + Article 580 In order to exercise its functions, the Financial Supervisory Authority may issue secondary regulations in application of the provisions of this law. + Article 581 (. The resolution fund for investment firms shall be fed, with a view to ensuring adequate resources, from the following financial sources: ... a) annual contributions according to art. 586-589, in order to achieve the target level provided for in art. 538 538; ... b) extraordinary contributions, according to art. 590-592, if the contributions referred to in lett. a) are insufficient in the opinion of the Financial Supervisory Authority, as the resolution authority, and ... c) loans and other forms of support provided in art. 593. ... (2) The level of annual and extraordinary contributions of investment firms to the resolution fund for investment firms shall be determined by the Financial Supervisory Authority, as the resolution authority, in compliance with the the provisions of this Law and of the delegated acts adopted by the European Commission on the resolution fund. ... (3) Investment firms shall pay to the Financial Supervisory Authority the contributions provided in par. ((2) within the deadlines communicated by the Financial Supervisory Authority, as the resolution authority. ... (4) The Financial Supervisory Authority, in its capacity as manager of the resolution fund for investment firms, has the obligation to invest the available financial resources of the resolution fund for investment firms in low-risk assets in a sufficiently diversified manner. ... (5) The Financial Supervisory Authority, in its capacity as manager of the resolution fund for investment firms, must establish the strategy on investing the resources of the resolution fund for investment firms and to periodically review, at least annually. ... (6) The strategy on investing the resources of the resolution fund for investment firms has as main objectives the minimization of risk and liquidity of placements, and as a complementary objective their yield. The criteria for selecting placements will be quantified and ranked according to these three objectives. ... (7) In application of art. 577-599 577-599, the items falling within the first or second category referred to in Table 1 of Article 1 shall be considered as low-risk assets. 336 336 of Regulation (EU) No 575/2013 or any assets that are considered as safe and liquid by the Financial Supervisory Authority, as the competent authority, and are provided in the regulations issued in the application of this law. ... (8) The annual and extraordinary contributions of investment firms to the resolution fund for investment firms shall be recognised as tax-deductible expenses. ... + Article 582 The resources of the resolution fund for investment firms shall be used according to the decision of the Financial Supervisory Authority, as a resolution authority, and only for the purposes provided for in art. 583. + Article 583 ((1) The use of the resources of the resolution fund for investment firms shall be decided by the Financial Supervisory Authority, as the resolution authority, to cover the needs related to the effective application of the instruments of resolution, thus: ... a) to guarantee the assets or obligations of the investment firm subject to resolution, its subsidiaries, a bridge investment firm or an asset management vehicle; ... b) to provide loans to the investment firm subject to resolution, to its subsidiaries, to a bridge investment firm or to an asset management vehicle; ... c) for the acquisition of assets of the investment firm subject to resolution; ... d) to provide the necessary financing to an investment firm or an asset management vehicle; ... e) to pay compensation to shareholders or creditors according to art. 427 427; ... f) to provide financing to the investment firm subject to resolution instead of reducing the amount or conversion of debts of certain creditors, when the internal recapitalisation instrument applies, and the resolution authority of firms investments decide to exclude certain creditors from the scope of the internal recapitalisation, according to art. 287-292 287-292; ... g) to provide loans to other financing mechanisms, voluntarily, according to art. 594-599 594-599; ... h) for the reimbursement of the contracted loans and their associated costs; ... i) for any combination of the measures referred to in lett. a)-h). ... (2) The resources of the resolution fund for investment firms may be used to take the measures provided in par. (1) and in relation to an eventual acquirer, within the framework of the sale of the business. ... + Article 584 The resources of the resolution fund for investment firms may not be used directly to absorb the losses of an investment firm or an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) or for their recapitalisation. Where the use of the resources of the resolution fund for investment firms for the purposes referred to in art. 583 has as an indirect effect the transfer to this mechanism of financing part of the losses of an investment firm or an entity provided for in art. 1 1 para. ((1) lit. b), c) or d), the principles governing the use of the resources of the resolution fund for the investment firms referred to in art. 285-295. + Article 585 In application of art. 577-610, the reference to investment firms also includes branches in Romania of investment firms in third states. + Article 586 (1) The Financial Supervisory Authority, as the resolution authority, determines the annual contribution to the resolution fund for each investment firm according to the ratio between the value of its liabilities (excluding own funds) minus the covered deposits, and the value of the aggregate liabilities (excluding own funds), minus the covered deposits, of the institutions authorized on the territory of Romania ... (2) Contributions determined according to par. (1) are adjusted by the Financial Supervisory Authority, as a resolution authority, depending on the risk profile of each investment firm. ... + Article 587 ((1) For the determination of the annual contribution, each investment firm shall report to the Financial Supervisory Authority within the period stipulated by the Financial Supervisory Authority regulations for the transmission of annual financial statements, the value of liabilities, excluding own funds, and less covered deposits, according to the model established by the Financial Supervisory Authority, as a resolution authority. ... (2) If an investment firm does not pay the contributions according to art. 577-610 at the request of the Financial Supervisory Authority, the Financial Supervisory Authority may debit the current account of the investment firm in question with the amounts due. ... (3) Application of sanctions to an investment firm for non-compliance with art. 577 577-610 does not lead to the exemption of the investment firm from the payment of the corresponding obligations for the financial year during which these sanctions were applied. ... + Article 588 Financial resources collected according to art. 586, 587 and 589 can be used exclusively for the purposes provided in art. 583. + Article 589 In compliance with art. 214-235 and art. 239-280 amounts received from the investment firm subject to resolution or from the investment-bridge firm, interest and other income generated by investments, as well as all other income are affected by the resolution of the resolution fund for firms of investments. + Article 590 ((1) Where available financial resources are not sufficient to cover losses, costs or other expenses incurred by the use of the resolution fund for investment firms, each investment firm shall pay, at the request of the resolution fund for investment firms, an extraordinary contribution, established according to art. 586. ... (2) Extraordinary contributions may not be higher than the triple annual contributions established in accordance with art. 586-589. ... + Article 591 Art. 587 587-589 are applicable to the establishment of extraordinary contributions. + Article 592 (1) The Financial Supervisory Authority, as the resolution authority on investment firms, may, in whole or in part, defer an investment firm's obligation to pay the extraordinary contribution to the resolution fund for investment firms where the payment of the contribution would jeopardise the liquidity or solvency of that investment firm. Such a deferral may not be granted for a period of more than 6 months, but may be renewed at the request of the investment firm. ... (. Extraordinary contributions the payment of which is deferred under this Article shall be paid when it no longer jeopardises the liquidity or solvency of the investment firm. ... + Article 593 The resolution fund for investment firms is empowered to contract loans or other forms of support from investment firms, financial institutions or other third parties, if the amounts collected according to art. 586-589 are not sufficient to cover losses, costs or other expenses occasioned by the use of the resolution fund for investment firms, and the extraordinary contributions provided in art. 590-592 are not immediately accessible or sufficient. + Article 594 The resolution fund for investment firms shall be empowered to take out loans from resolution financing mechanisms within the European Union in cases where: a) amounts collected according to art. 586-589 are not sufficient to cover losses, costs or other expenses incurred by the use of the resolution fund for investment firms; ... b) the extraordinary contributions provided in art. 590 590-592 are not immediately accessible; and ... c) the alternative financing mechanisms provided for in art. 593 593 are not immediately accessible on reasonable terms. ... + Article 595 The resolution fund for investment firms is empowered to lend from its resources to other financing mechanisms within the European Union, where the financing arrangements are met the conditions provided in art. 594 and the provisions of art. 583 583 and 584. + Article 596 Upon receipt of a request according to art. 594, the Financial Supervisory Authority, as the administrator of the resolution fund for investment firms, formulates as a matter of urgency a proposal for a decision in relation to it that it transmits, accompanied by the foundation related, to the Ministry of Public Finance, as competent ministry. The decision on the granting of a loan must be taken in agreement by those authorities. + Article 597 (1) The interest rate, the repayment period, other terms and conditions of the loan shall be agreed by the Financial Supervisory Authority and the other financing mechanisms participating in the loan. ... ((2) The loans of each participating financing mechanism must have the same interest rate, the same repayment period, the same terms and conditions, unless the participating financing mechanisms agree, in accordance with the unanimity, to proceed otherwise. ... + Article 598 The amount granted as a loan from the resources of the resolution fund for investment firms is determined on the basis of the ratio between the value of the covered deposits in Romania and the aggregate amount of deposits covered from the Member States funding of the participating resolution. These participation rates may be modified with the agreement of all participating funding mechanisms. + Article 599 The loan granted, pursuant to art. 594-598, a mechanism for financing the resolution in another Member State, shall be treated as an asset of the resolution fund for investment firms and shall be taken into account when determining the target level of financing. + Section 2 Financing of the resolution at the level of the group for which the Financial Supervisory Authority is a group-level resolution authority + Article 600 In the case of a group resolution according to art. 473 473-497 or art. 498-511, the resolution fund for investment firms contributes to the financing of the group's resolution according to art. 601-610. + Article 601 (1) In application of art. 600, the Financial Supervisory Authority, as a group-level resolution authority, after consulting with the resolution authorities of institutions that are part of the group, proposes, if necessary before any action is taken. resolution, a financing plan as a component of the group resolution scheme provided for in art. 473-511. ... (2) The financing plan shall be established according to the decision-making procedure provided for in 473-511. ... + Article 602 The funding plan shall include: a) an evaluation according to art. 201-213 on the entities in the affected group; ... b) the losses to be recognised by each entity in the affected group at the time of implementation of the resolution tools; ... c) for each entity in the affected group, the losses that would be incurred by each category of shareholders and creditors; ... d) the total contribution of the resolution financing mechanisms, the purpose and the form of the contribution; ... e) the basis for the calculation of the amount by which each financing mechanism of the Member States in which the affected entities are located must contribute to the financing of the group resolution for the establishment of the total contribution provided for d); ... f) the amount by which the national financing arrangements of each affected entity in the group must contribute to the financing of the resolution of the group as well as the form of those contributions; ... g) the amount of loans that the financing mechanisms of the Member States in which the affected group entities are located will contract them from credit institutions, financial institutions and other third parties, pursuant to art. 593 593; ... h) a timetable for the use of the financing arrangements of the Member States in which the entities of the affected group are located, a timetable which should be possible to extend if necessary. ... + Article 603 Calculation basis for the distribution of the contribution provided in art. 602 lit. d), complies with the provisions of art. 604 and with the principles specified in the group resolution plan, according to art. 61 61 para. ((1) lit. f), unless, in the financing plan, it is agreed to do otherwise. + Article 604 Unless otherwise agreed in the financing plan, the basis for calculating the contribution of each national funding mechanism shall, in particular, take into account the following: a) the proportion of the risk-weighted assets of the group that is held by the institutions and entities referred to in art. 1 1 para. ((1) lit. b), c) and d) of Directive 2014 /59/EU established in the Member State of the resolution financing mechanism; ... b) the proportion of the assets of the group that is held by the institutions and entities referred to in 1 1 para. ((1) lit. b), c) and d) of Directive 2014 /59/EU established in the Member State of the resolution financing mechanism; ... c) the proportion of the total losses which required the resolution of the group which is the source of the group entities under the supervision of the competent authorities of the Member State of the resolution financing mechanism; and ... d) the proportion of the resources of the financing mechanisms of the group which is envisaged, according to the financing plan, to be used for the direct benefit of the group entities established in the Member State of that financing mechanism resolution. ... + Section 3 Financing of the resolution of the group for which the Financial Supervisory Authority is an individual resolution authority + Article 605 The Financial Supervisory Authority, as an individual resolution authority, shall enter into agreements with the resolution authorities of the Member States in which institutions located in the same group are established with the investment firms established. in Romania, establishing the procedures to allow the resolution fund for investment firms to contribute to the financing of the group's resolution, without prejudice to art. 601. + Article 606 The resolution fund for investment firms, when appointed administrator of the financing mechanism of the group may, under the conditions laid down in art. 593, to contract loans or other forms of support from credit institutions, financial institutions and other third parties. + Article 607 The resolution fund for investment firms that must participate in the financing mechanism of the group can guarantee any loan contracted by the group financing mechanisms according to art. 606. + Article 608 Any profits generated by the use of the group's financing mechanisms are affected by the resolution fund for investment firms, in proportion to its contribution to the financing mechanism of the group resolution established according to art. 601. + Article 609 The establishment of the amount with which the resolution fund for investment firms participates in the financing of the group resolution is carried out in compliance with the conditions provided in 201-213. + Article 610 The contribution of the resolution fund for investment firms must be paid in cash. + Chapter III Administrative sanctions and sanctioning measures + Article 611 (1) In the exercise of its functions, the Financial Supervisory Authority is competent to apply administrative sanctions and sanctioning measures provided for in art. 613 in case of violation of the provisions of ... (2) The Financial Supervisory Authority has the power to collect all necessary information and to carry out all the necessary research for the exercise of its functions. ... (3) The competence provided in par. ((2) includes: ... a) the power to request the provision of all information necessary for the performance of the tasks of the Financial Supervisory Authority, at regular intervals and in the specified formats; ... b) the competence to carry out all the necessary research for the performance of the tasks of the Financial Supervisory Authority, in relation to any natural or legal person provided in par. (4), having their domicile or registered office in Romania; ... c) the competence to carry out all necessary inspections at the premises of the legal persons referred to in par. ((4) and at the premises of any other entity included in the consolidated supervision for which the Financial Supervisory Authority is a consolidating supervisor, provided that the competent authorities concerned are notified in advance. ... (4) For the purposes of paragraph ((3) lit. a), are subject to the obligation to provide information: ... a) investment firms, Romanian legal entities, and entities provided in art. 1 1 para. ((1) lit. b), c) or d); ... b) natural persons belonging to the legal persons referred to in lett. a); ... c) third parties to which the legal entities referred to in lett. a) have outsourced certain operational functions or activities. ... (5) The competence provided in par. ((3) lit. b) includes the right: ... a) to request the submission of documents; ... b) to examine the records and registers of the persons referred to in par. ((4) and to pick up photocopies or extracts of these records and registers; ... c) to obtain written or verbal explanations from any person provided in par. ((4) or from its representatives or staff, with the consent of those persons; ... d) to interview any other person, with its consent, for the purpose of collecting information on the subject matter of a research. ... (6) The Financial Supervisory Authority, as competent authority and resolution authority, exercises its powers of application of administrative sanctions and sanctioning measures, according to the provisions of this law, in any of the following: ... a) directly; ... b) in collaboration with other authorities; ... c) by delegating its powers to other authorities, with the retention of responsibility for delegated powers; ... d) by notifying the competent judicial authorities. ... (7) The Financial Supervisory Authority shall ensure that the structure exercising the function of resolution and the structure exercising the supervisory function closely cooperate with each other in order to ensure that the application of administrative sanctions and sanctioning measures produce the effects pursued. ... (8) The Financial Supervisory Authority, as the resolution authority and the competent authority, shall cooperate closely with the other resolution authorities and competent authorities to ensure that the application of sanctions Administrative and sanctioning measures shall also produce the effects pursued in cases of a cross-border nature. ... + Article 612 (1) The Financial Supervisory Authority, as the resolution authority, has the power to apply the administrative sanctions and the sanctioning measures provided for in art. 613, if it finds the following facts to be produced, not limited to them: ... a) non-compliance by the investment firm with the decision of the Financial Supervisory Authority, adopted as resolution authority, according to the provisions of art. 10 10 para. ((3), the transition from the simplified requirements to the full application of the requirements provided in art. 13 13-48 and art. 49-84, as well as the term of compliance; ... b) non-compliance by the investment firm with the obligation to provide assistance to the Financial Supervisory Authority when developing and updating the resolution plan, provided in art. 53 53; ... c) non-compliance by the investment firm with the obligation to inform the Financial Supervisory Authority of any modification that could impose a reassessment or modification of the plans, provided in art. 54 54 para. ((2); ... d) non-compliance by the investment firm, respectively by the entities referred to in art. 1 1 para. ((1) lit. b), c) or d), of the obligation to keep and/or supply the records of the financial contracts concluded by them, provided in art. 56 56 para. ((1); ... e) non-compliance by the investment firm, respectively by the parent company of the European Union, the Romanian legal person, of the obligations to cooperate and provide all the necessary information for the elaboration of the resolution plans, including the information and analyses provided for in Section B of the Annex, as provided for in Article 57 57 para. ((1) and art. 64 64 para. ((1) and (2); ... f) non-compliance by the investment firm with obligations regarding the transmission of proposals for measures aimed at managing or removing obstacles, provided in art. 94 94 para. ((1), respectively of the plan of compliance with the alternative measures imposed on the Financial Supervisory Authority, provided in art. 95 95 para. ((1); ... g) non-compliance with any of the measures ordered by the Financial Supervisory Authority according to art. 96, by their recipients; ... h) non-compliance by the investment company with the request to contact potential buyers or the conditions for contacting potential buyers, according to the provisions of art. 150 150; ... i) non-compliance by the investment firm with the requirement to demonstrate that any decision of the resolution authority to reduce or convert the value of a debt regulated by the legislation of a third state could be applied, provided in art. 299 299; ... j) non-compliance by the investment firm, respectively by the parent company of the European Union, the Romanian legal person, of the minimum requirements provided in art. 301 301 para. ((1) and art. 302 302 para. ((1); ... k) non-compliance by the management body of the investment firm or of an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) obligations regarding the elaboration, presentation, modification, implementation or revision of the reorganization plan, provided in art. 332 332, 334, 335, art. 338 338 para. ((1), art. 339 339 and art. 340 340 para. ((1); ... l) non-compliance by the investment firm, respectively by the entities referred to in art. 1 1 para. ((1) lit. b), c) or d), of the obligations related to the issuance of Common Equity Tier 1 instruments, provided in art. 370 or holding a prior authorization for this purpose, provided for in art. 371 371; ... m) non-compliance by the institution subject to the resolution of the obligation to provide information and assistance, provided in art. 385 385 para. ((1) lit. e); ... n) non-compliance by the institution to the resolution or by the entities in the group of the respective institution of the obligation to provide the necessary services and facilities, provided in art. 388 388; ... o) non-compliance by the investment firm with the reporting obligations and/or payment of the contribution provided in art. 587 587; ... p) non-compliance by the investment firm with the obligations to pay the annual or extraordinary contribution, according to art. 590. ... (2) The Financial Supervisory Authority, as competent authority, has the power to apply the administrative sanctions and the sanctioning measures provided for in art. 613, in the following situations: ... a) non-compliance by the investment firm with the decision of the Financial Supervisory Authority, adopted as competent authority, according to the provisions of art. 10 10 para. ((2), the transition from the simplified requirements to the full application of the requirements provided in art. 13 13-48 and art. 49-84, as well as the term of compliance; ... b) non-compliance by the investment firm, respectively by the parent company of the European Union, the Romanian legal person, of the obligations regarding the elaboration, maintenance, updating, modification and transmission of recovery plans, provided in art. 13-20 13-20, art. 25 25 para. ((4), art. 27 27, art. 32-35 32-35; ... c) non-compliance by the investment firm with the obligation to preserve the records of financial contracts in which the investment firm is a party, provided in art. 18 18; ... d) non-compliance by the investment firm with the obligation to establish and include in the recovery plans of the indicators for monitoring, provided in art. 48 48 para. ((1)-(4); ... e) non-compliance by the management body of the investment firm with the obligation to notify the decision to take or not a measure provided for in the recovery plan, according to the provisions of art. 48 48 para. ((5); ... f) non-compliance by the group entities, Romanian legal entities, respectively by their governing bodies of the incident obligations in case of conclusion of an intra-group financial support agreement, in case of granting the support financial, as well as the obligations of transparency on participation in a financial support agreement, provided for in art. 122 122, 123, 126, 136, 137, 140 and 144; ... g) non-compliance with the measures ordered by the Financial Supervisory Authority according to 149, by their recipients; ... h) non-compliance by the investment company with the request made by the Financial Supervisory Authority according to art. 152 152, replacement of the senior management or management body of the investment firm, as a whole or of its members; ... i) non-compliance by the management body of the investment firm with the obligation to consult with the temporary administrator or to obtain its consent before taking certain decisions or to take certain actions, provided in art. 153 153; ... j) non-compliance by the management body of the investment firm, respectively of an entity referred to in art. 1 1 para. ((1) lit. b), c) or d) of the notification obligation regarding the fact that the investment firm, namely the entity referred to in art. 1 1 para. ((1) lit. b), c) or d) enter or is likely to enter into a state of major difficulty, provided in art. 437. ... (3) The Financial Supervisory Authority, as competent authority and/or resolution authority, has the power to apply the administrative sanctions and/or sanctioning measures provided for in art. 613 for violations of the provisions of this law and of the acts of direct application adopted at the level of the European Union in the fields covered by this law, in so far as those violations do not fall within the scope of ((1) and (2). ... + Article 613 (1) Administrative sanctions that may be applied in case of committing the facts provided in art. 612 612 are: ... a) warning; ... b) written warning publicly communicated, indicating the individual, the investment firm, the financial institution, the parent undertaking in the European Union, for which the Financial Supervisory Authority is a consolidating supervisor, or another the responsible legal person and the act committed; ... c) fine applicable to legal entities, up to 10% of the total annual net amount of turnover achieved in the previous financial year; if the legal person has the status of a subsidiary of a parent company, turnover the relevance is the one resulting from the consolidated financial statements of the highest-ranking parent undertaking in the preceding financial year; ... d) fine applicable to individuals, up to the equivalent in lei of 5 million euros at the exchange rate communicated by the National Bank of Romania valid for July 2, 2014; ... e) fine up to twice the amount of the benefit obtained from the act, if it can be determined. ... (2) The sanctioning measures that can be applied in case of committing the facts provided in art. 612 612 are: ... a) order to terminate the wrongful conduct of the natural or legal person and abstention from its repetition; ... b) temporary prohibition of the exercise of functions in an investment firm or in the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) by any member of the management body or senior management of the investment firm concerned or of the entity referred to in art. 1 1 para. ((1) lit. b), c) or d). ... (3) The sanctioning measures provided in par. ((2) may be applied at the same time as administrative or independent sanctions. ... (4) Individuals who have the status of members of the management bodies or of the senior management of investment firms, Romanian legal entities, as well as of the entities referred to in art. 1 1 para. ((1) lit. b), c) or d) are responsible for carrying out all the requirements provided by this law and the regulations issued in the field of its application, according to their competences and duties provided by the legislation applicable also to the internal regulations of those legal persons. In this regard, for the facts provided in art. 612, administrative sanctions and sanctioning measures provided in par. ((1) and (2) may be applied to the legal person and/or to natural persons who have the status of members of the governing bodies or of the senior management to whom the act may be imputed, as this would not have occurred if those persons would have properly exercised the powers and duties arising from the functions entrusted to it. ... + Article 614 (1) The Financial Supervisory Authority, as a resolution authority or, as the case may be, of competent authority, shall immediately publish on its official website the administrative sanctions applied according to the provisions of art. 613 613 which have not been challenged under the conditions laid down in art. 21 ^ 3 of Government Emergency Ordinance no. 93/2012 , approved with amendments and additions by Law no. 113/2013 , with subsequent amendments and completions, and those regarding which the appeals were definitively rejected, as well as information on the type and nature of the violation committed and the identity of the sanctioned natural or legal person, after what has been informed of the application of the sanction. ... (2) The Financial Supervisory Authority, as the resolution authority or, as the case may be, of competent authority, shall publish the administrative sanctions, without indicating the identity of the sanctioned natural or legal persons, in any of the the following circumstances ... a) in the event that the sanction is imposed on a natural person and, following a previous mandatory assessment of the proportionality of the publication of the personal data, it turns out that that publication is disproportionate in relation to the sanctioned act; ... b) in a situation where the publication would jeopardise the stability of the financial markets or an ongoing criminal investigation; ... c) in the event that the publication would cause, in so far as this may be determined, a disproportionate damage to the investment firms or entities referred to in art. 1 1 para. ((1) lit. b), c) or d) or to the individuals involved. ... ((3) If the Financial Supervisory Authority, as a resolution authority or, as the case may be, of competent authority, envisages that the circumstances referred to in par. (2) will cease within a reasonable period, it may postpone the publication of administrative sanctions, without indicating the identity of the sanctioned natural or legal persons, until the end of the circumstances. ... (4) Information published according to par. ((1) or (2) shall be kept by the Financial Supervisory Authority on its official website for a period of at least 5 years. Personal data are kept only as long as necessary, in compliance with the provisions Law no. 677/2001 , with subsequent amendments and completions. ... + Article 615 (1) The Financial Supervisory Authority, as the resolution authority or, as the case may be, of competent authority, informs the European Banking Authority, for the purpose of exchanging information with the resolution authorities, respectively the competent authorities, in other Member States, of all administrative penalties and sanctioning measures applied in accordance with Article 2 (1) 613, as well as on the stage of appeals procedures and their result, in compliance with the requirements regarding the preservation of the professional secrecy provided for in art. 448-451. The Financial Supervisory Authority, as a resolution authority, can consult the European Union-wide centralised database of sanctions, managed by the European Banking Authority, which can only be accessed and consulted. by the resolution authorities of the Member States. The Financial Supervisory Authority, as competent authority, can consult the European Union-wide centralised database of sanctions, managed by the European Banking Authority, which can only be accessed and consulted. the competent authorities of the Member States. ... (2) The Financial Supervisory Authority, as the resolution authority or, as the case may be, of competent authority, shall inform the European Banking Authority of the administrative sanctions it publishes in the manner and with the periodicity indicated by the European Banking Authority. ... + Article 616 (1) Administrative sanctions and sanctioning measures applied according to art. 613 613 must be effective and proportionate to the facts found and be of a deterrent effect. ... ((2) When determining the type of administrative penalty or the sanctioning measure and the amount of the fine, the Financial Supervisory Authority, as the competent authority and resolution authority, shall consider all the actual circumstances. and personal of the act, which they consider relevant, including the following aspects, as the case may be: ... a) gravity and duration of the act ... b) the degree of guilt of the responsible natural or legal person; ... c) the financial soundness of the responsible natural or legal person, as resulting, for example, from the annual income of the responsible natural person or from the total turnover of the responsible legal person; ... d) the amount of profits made or losses avoided by the responsible natural or legal person, for the benefit of it, to the extent that they may be determined; ... e) damage caused to third parties, insofar as they may be determined; ... f) the degree of cooperation of the natural or legal person responsible for the Financial Supervisory Authority, as competent authority and resolution authority; ... g) infringements previously committed by the responsible natural or legal person; ... h) any potentially systemic consequences of the act committed. ... + Article 617 (1) The finding of the facts described in this title shall be made by the staff of the Financial Supervisory Authority, empowered in this regard, based on the reports made by the investment firm, the Romanian legal person, or, as the case may be, by the entities mentioned in art. 1 1 para. ((1) lit. b), c) or d) according to the law or at the express request of the Financial Supervisory Authority or during the checks carried out at their premises. ... ((2) The acts by which administrative sanctions are ordered and/or sanctioning measures according to this title shall be issued by the Financial Supervisory Authority Board. In the case of application of the administrative penalty and/or the sanctioning measure, the act must include at least the identification elements of the guilty person, the description of the deed and its circumstances, the legal basis of the application of the sanction administrative and/or sanctioning measure and administrative sanction and/or sanctioning measure applied. ... ((3) The acts by which administrative sanctions are ordered and/or sanctioning measures under this Title may be challenged under the conditions laid down in art. 21 ^ 3 of Government Emergency Ordinance no. 93/2012 , approved with amendments and additions by Law no. 113/2013 , with subsequent amendments and completions. ... (4) The application of administrative sanctions and sanctioning measures provided for in art. 613 is prescribed within one year from the date of the finding of the act, but not more than 3 years after the date of the act. ... (5) Fines collected as a result of the application of administrative sanctions by the Financial Supervisory Authority, according to the provisions of this law, are made revenues to the state budget in the share of 50%, the difference being income to the budget Financial Supervisory Authority. ... (6) The application of administrative sanctions and/or sanctioning measures under this law does not remove material, civil or criminal liability, as the case may be. ... + Title X Provisions on the cross-border application of resolution procedures with regard to branches + Chapter I Branches established in other Member States of credit institutions, Romanian legal entities + Article 618 (1) The National Bank of Romania is the only authority empowered to decide on the application of one or more resolution tools and to the exercise of resolution powers regarding credit institutions, legal entities novels, including their branches established in other Member States. ... (2) Decision of the National Bank of Romania adopted according to para. ((1) shall apply without further formalities and shall take effect within the territory of the European Union from the date on which it applies and takes effect on the territory of Romania. ... ((3) Application of resolution tools and exercise of resolution powers according to par. (1) are governed by the Romanian law. ... (4) By exception to the provisions of par. (3), the law governing certain rights and contracts is determined according to the provisions of art. 266-274 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, which shall apply accordingly. ... + Article 619 (1) If a decision is taken according to art. 618, with regard to the application of resolution tools and to the exercise of resolution powers, which may affect the rights of third parties in the host Member State, the National Bank of Romania shall take measures to publish an extract from the decision in the Official Journal of the European Union, by sending it, immediately, by the most appropriate means, to the Office for Official Publications of the European Union, as well as in two newspapers of national circulation in the territory of each host Member State. ... ((2) The extract from the decision of the National Bank of Romania must specify, in the official language of each host Member State, as the case may be, in its official languages, in particular the object and legal basis of the decision taken, the term of appeal provided for in art. 453-456, indicating with precision and clarity the expiry date of this term, and the authority/court to which the decision can be challenged, with the indication of their address. ... (3) Failure to carry out the publication formalities provided in par. ((1) and (2) shall not prevent the application of resolution tools and the exercise of resolution powers, including in relation to the production of effects vis-à-vis creditors. ... + Article 620 Particularly the fulfilment of the publication formalities provided for in art. 619, the National Bank of Romania shall ensure the notification of the decision adopted 618, under the conditions and modalities provided in art. 443-447. + Article 621 ((1) For the purposes of this title, the special administrator designated by the National Bank of Romania for the implementation of resolution actions ordered by its decision, may act on the territory of the host Member States on the basis of from the decision of the National Bank of Romania or on the basis of a certificate issued by it, possibly accompanied by a translation into the official language or one of the official languages of those host Member States, without the need to fulfil another formalities. ... (2) The special administrator shall be empowered to exercise in the territory of the host Member States all his powers under the Romanian law. It may appoint other persons to support it or, where appropriate, represent it in the territory of those States, including in order to assist the creditors of the credit institution of the host Member State during the course of the action. Resolution. ... ((. In the exercise of its powers, the special administrator must comply with the law of the Member State in whose territory it acts, in particular with regard to procedures for the recovery of assets and the provision of information to employees the credit institution of that Member State. The special administrator shall not be entitled to use the force nor the right to settle disputes or disputes. ... + Article 622 (1) If it considers necessary, the National Bank of Romania, including through the special administrator, may request the registration of the decision of the National Bank of Romania in the real estate register, the trade register or in any other public register host member. If the host Member State makes provision for such formalities, the National Bank of Romania, including through the special administrator, shall take all necessary measures to ensure the registration. ... (. Registration expenses shall be considered as expenses of the procedure. ... + Article 623 Art. 618-622 shall also apply accordingly to financial institutions, companies and parent companies, Romanian legal entities, provided in art. 3 3 para. ((1) lit. c), if the National Bank of Romania decides on the application of resolution tools and the exercise of resolution powers according to this law. + Chapter II Branches established in third countries of credit institutions, Romanian legal entities + Article 624 Application of resolution tools and the exercise of resolution powers regarding branches established in third countries of credit institutions, Romanian legal entities, as the case may be, of the entities referred to in art. 3 3 para. ((1) lit. c), shall be carried out in accordance with the provisions of 512-529. + Chapter III Branches established in Romania of entities from other Member States + Article 625 Application of resolution tools and the exercise of resolution powers with regard to credit institutions in other Member States, i.e. financial institutions, companies and parent undertakings in other Member States, in the category of those provided in art. 1 1 para. ((1) lit. b)-d), shall be carried out by the resolution authorities of the Member State of origin, including with regard to their branches established on the territory of Romania, the provisions of art. 320 320 and ale art. 321 321 of Law no. 85/2014 being properly applicable. + Article 626 If with regard to a credit institution in another Member State, which has branches established in Romania, the National Bank of Romania considers it necessary to apply resolution tools and to exercise resolution powers on the territory of It shall inform the competent authority of the Member State of origin thereof. + Chapter IV Branches established in Romania of entities from third countries + Article 627 The application of resolution procedures in respect of branches established in Romania of a credit institution in a third country or of a parent undertaking in a third country shall be carried out in accordance with the provisions of art. 512-529. + Article 628 (1) Without prejudice to the provisions of art. 627, if the National Bank of Romania decides the application of resolution tools and the exercise of resolution powers regarding a branch in Romania of a credit institution in a third state, which has open branches at least in another Member State, the National Bank of Romania before the adoption of the decision, shall inform, without delay, by any available means, the competent authorities of the other host Member States where the credit institution carries out activity, with regard to that decision and the effects it entails. ... (2) If, for reasons of public interest or from any other reasonable considerations, the adoption of the decision cannot be delayed, the National Bank of Romania shall carry out the information provided in par. ((1) immediately after adoption of the decision ... (3) The National Bank of Romania shall submit due diligence for the coordination of the actions taken according ((1). ... + Title XI Provisions on modification and completion of certain normative acts + Chapter I Provisions on modification and completion Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy + Article 629 Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, published in the Official Gazette of Romania, Part I, no. 1.027 of 27 December 2006, approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, shall be amended and supplemented as follows: 1. Article 1 (1), point e) shall be repealed. 2. In Article 4, paragraph 1 shall be amended and shall read as follows: "" Art. 4. -(1) The National Bank of Romania is the competent authority regarding the prudential regulation, authorization and supervision of credit institutions, according to the provisions of this emergency ordinance and of Regulation (EU) No 575/2013 .. " 3. in Article 5, after paragraph 5, a new paragraph (6) is inserted, with the following contents: " (6) The concept of the public means any natural person, legal entity or entity without legal personality that does not have the necessary knowledge and experience to assess the risk of non-repayment of the placements made. It does not fall into the category of public: the state, central, regional and local public administration authorities, government agencies, central banks, credit institutions, financial institutions, other similar institutions. " 4. Article 7 (1), point 30 ^ 2 shall be repealed. 5. In Article 7 (1), point 30 ^ 3 is amended and shall read as follows: "" 30 ^ 3. reorganisation measures-measures provided for in art. 320 320 para. (3)-(3 ^ 1) of Law no. 85/2014 on insolvency and insolvency prevention procedures; ' 6. In Article 7, after paragraph (1 ^ 2), a new paragraph (1 ^ 3) is inserted, with the following contents: "(1 ^ 3) For the purposes of this emergency ordinance, the terms and expressions: resolution, resolution authority and termination shall have the meaning provided by the legislation on the recovery and resolution of credit institutions and investment firms." 7. After Article 18, a new article is inserted, Article 18 ^ 1, with the following contents: "" Art. 18 18 ^ 1. -(1) Credit institutions authorized by the National Bank of Romania are prohibited from attracting deposits if they do not participate in a deposit guarantee scheme officially recognized on the territory of Romania according to the legislation in the field. They are obliged to participate in the guarantee scheme for the deposits they accept, including those attracted by their branches abroad. (2) By exception to the provisions of par. (1), the credit institutions Romanian legal entities do not participate in the deposit guarantee scheme referred to in par. ((1) for deposits attracted by their branches in third countries which require the obligation to participate in a deposit guarantee scheme in that third country. " ... 8. Article 24 ^ 1 shall be repealed. 9. In Article 87, paragraph 1 shall be amended and shall read as follows: "" Art. 87. -(1) Before following the procedure provided for in art. 85, the competent authority of the host Member State may take, in emergency situations, until the disposition by the National Bank of Romania of the appropriate measures, according to art. 85 85 para. (1), or until the application of reorganization measures, preventive measures necessary to protect against financial instability that would seriously threaten the collective interests of depositors, investors and other customers, from the territory the respective Member State, the credit institution, the Romanian legal person operating in the host Member State. On these measures the National Bank of Romania is informed as soon as possible. " 10. In Article 93 (1), after letter a) a new letter, letter a ^ 1) is inserted, with the following contents: "" a ^ 1) between credit institutions and investment firms; " 11. In Article 94, the introductory part shall be amended and shall read as follows: "" Art. 94. -In the assessment of a merger or division operation, the following shall be considered, where appropriate, without limitation: '. 12. In Article 94, after letter d), three new letters, letters e), f) and g) are inserted, with the following contents: " e) the existence of the agreement of the competent authority of the Member State in the situation of establishment of branches in Romania of credit institutions in the Member States as a result of the merger or division with credit institutions, Romanian legal entities; f) the fulfilment of the conditions for the authorization of branches of credit institutions from third countries that are established as a result of the merger or division with credit institutions, Romanian legal entities; ... g) the existence of a cooperation agreement between the National Bank of Romania and the competent authority of the third state of the credit institution involved in the merger/division operation. " ... 13. Article 95 is amended and shall read as follows: "" Art. 95. -(1) Credit institutions, Romanian legal entities, which are established as a result of merger or division, as well as credit institutions, Romanian legal entities, which continue to exist following such an operation, must meet all the conditions laid down by this Emergency Ordinance, Regulation (EU) No 575/2013 , as amended, and by the regulations issued in their application. (2) Credit institutions, Romanian legal entities, and branches of credit institutions from third countries, which are established as a result of merger or division, must obtain authorization from the National Bank of Romania. " ... 14. After Article 95 a new article is inserted, Article 95 ^ 1, with the following contents: "" Art. 95 95 ^ 1. -The National Bank of Romania rejects a request for prior approval of a merger or division if the requirements of this emergency ordinance are not met, Regulation (EU) No 575/2013 ,, as amended, and by the regulations issued in their application. " 15. Article 96 is amended and shall read as follows: "" Art. 96. -The provisions of this section shall apply accordingly to any operation involving a total or significant transfer of assets from, respectively to a credit institution, the Romanian legal person, regardless of the manner in that such an operation is carried out, if it is determined by the statutory bodies of the credit institutions involved in the operation. " 16. Article 103 (2) and (3) shall be repealed. 17 17. Articles 164 ^ 1 and 164 ^ 2 shall be repealed. 18. Article 226 (3), point i) shall be repealed. 19. Article 226 (4), letter a) shall be amended and shall read as follows: " a) the credit institution does not meet the requirements of art. 24 24, art. 148 and of the regulations issued in their application or those provided for in art. 393 the following shall be added: 575/2013 575/2013, as amended; ' 20. Article 226 (6), letter b) shall be amended and shall read as follows: " b) the management framework, the processes and mechanisms of the credit institution, provided for in art. 24 24, art. 106-108 ^ 1, art. 152 ^ 1, art. 162 162, art. 165-166 ^ 6 of the present emergency ordinance, as well as in the regulations issued in its application; ". 21. Article 226 ^ 1 is amended and shall read as follows: "" Art. 226 226 ^ 1. --Provisions art. 226 do not prejudice the prerogatives of the National Bank of Romania to apply the sanctions and/or sanctioning measures provided for in art. 229 229. " 22. Article 227 shall be repealed. 23. In Article 228, after paragraph 2, a new paragraph (3) is inserted, with the following contents: " (3) In case of non-compliance with the prohibition provided in 181, the National Bank of Romania may apply the sanctioning measure provided for in art. 229 229 para. ((2) lit. b). " 24. In Article 230, paragraph 1 is amended and shall read as follows: "" Art. 230. -(1) If the persons holding qualifying holdings in the credit institution, the Romanian legal person, no longer meet the requirements of the law and the regulations issued in its application on the quality of the ownership of a credit institutions or exercise an influence likely to jeopardize the prudent administration of the credit institution, the National Bank of Romania shall have the appropriate measures to terminate this situation. In this regard, independently of other measures or sanctions that may be applied to the credit institution or to persons discharging responsibilities of administration and/or its management, the National Bank of Romania may order the suspension the exercise of voting rights related to the shares held by the shareholders or members concerned. '; 25. In Article 230 ^ 1 (3), letter c) is amended and shall read as follows: " c) The National Bank of Romania has not ordered in the meantime, in respect of the credit institution, the application of resolution tools, according to the legislation in the field, or of liquidation measures, according to the provisions contained in the head. VIII of this Title. ' 26. In Article 233, paragraph 2 shall be amended and shall read as follows: " (2) Acts regarding a credit institution, through which measures are ordered or sanctions and sanctioning measures are applied according to this chapter, shall be issued by the governor, the first deputy governor or deputy governors of the National Bank of Moldova. Romania, except for the withdrawal of the approval granted to the persons provided 108 108 para. ((1), the withdrawal of the authorization of the credit institution and the suspension of the exercise of the voting rights of the shareholders/members of the credit institution, whose application is within the competence of the Board of Directors of the National Bank of Romania 27. In Article 233, after paragraph 2, a new paragraph (3) is inserted, with the following contents: " (3) In the case of application of sanction and/or sanctioning measure, the act must include at least the elements of identification of the person guilty, description of the deed and its circumstances, the basis of law of application of administrative sanction and/or the sanctioning measure and the administrative penalty and/or the sanctioned measure applied. ' 28. In Chapter VIII of Title III, Sections 1, 2 and 2 ^ 1, comprising Articles 237-240 and 41, shall be repealed. 29. In Article 267, after paragraph 2, a new paragraph (3) is inserted, with the following contents: " (3) The right, registered in a public register and opposable to third parties, pursuant to which a real right may be obtained in the meaning of par. ((1), is considered a real right. " 30. In Article 269, paragraph 2 shall be amended and shall read as follows: " (2) In the case of netting agreements, the applicable law is the law governing the contract, unless the provisions relating to the exclusion of certain contractual terms in the case of early intervention and resolution and the the powers of the resolution authority for the temporary suspension of termination rights, contained in the legislation on the recovery and resolution of credit institutions and investment firms. " 31. In Article 271, paragraph 2 shall be amended and shall read as follows: " (2) The report contracts and the contracts underlying the transactions carried out on a regulated market shall be governed by the law applicable to the respective contracts, unless the provisions of par. ((1) and if the provisions relating to the exclusion of certain contractual terms in the case of early intervention and resolution and the powers of the resolution authority suspending the temporary suspension of the rights of termination are not affected, in the legislation on the recovery and resolution of credit institutions and investment firms. " 32. Article 350 is amended and shall read as follows: "" Art. 350. -If, according to art. 338 338 para. ((1), derogate from the application of art. 11 and 17, then the provisions contained in the head. VI of Title I of Part I shall only be applicable at the level of the ensemble set up in the central house and affiliated credit cooperatives. ' 33. Article 351 (3 ^ 1) and (3 ^ 2) shall be repealed. 34. After Article 351 a new article is inserted, Article 351 ^ 1, with the following contents: "" Art. 351 351 ^ 1. -The provisions of art. 18 ^ 1 shall also be applied in the case of cooperative credit organizations, participation in the deposit guarantee scheme being carried out under the conditions provided by the legislation in the field of deposit insurance in the banking system. " 35. In Article 384, paragraph 1 is amended and shall read as follows: "" Art. 384. -(1) If, according to art. 338 338 para. ((1), derogate from the application of art. 11 and 17, then provisions of art. 24 24, art. 106 106, art. 108 and 108 ^ 1, art. 126 126 ^ 1 and 126 ^ 2, art. 152 152 ^ 1 and art. 166 166 ^ 4-166 ^ 6 applies only to the set-up of the central house and affiliated credit cooperatives. " 36. Articles 396 to 398 shall be repealed. 37. Article 410 is amended and shall read as follows: "" Art. 410. -Deployment, without right, of activities between those provided in art. 5 5 para. (1), as well as the start of carrying out the activities specific to a credit institution without obtaining the authorization according to the 10 10 para. ((1) constitute crimes and are punishable by imprisonment from one year to 5 years. " 38. In Article 420, after paragraph 3, two new paragraphs are inserted, paragraphs 4 and 5, with the following contents: " (4) The National Bank of Romania shall consider the guidelines and recommendations issued by the European Banking Authority, in accordance with art. 16 16 of Regulation (EU) No 1.093/2010 , and issues, as the case may be, regulations, instructions and/or clarifications establishing the regime of application of these guidelines and recommendations and adapting them, if applicable, to the conditions specific to the banking system in Romania. (5) The credit institutions shall consider compliance with the guidelines and recommendations issued by the European Banking Authority, according to the regulations, instructions and/or clarifications issued, as the case may be, the National Bank of Romania according to par. ((1). ' ... + Chapter II Provisions for amending and supplementing Law no. 85/2014 on insolvency and insolvency prevention procedures + Article 630 Law no. 85/2014 on insolvency and insolvency prevention procedures, published in the Official Gazette of Romania, Part I, no. 466 of 25 June 2014, shall be amended and supplemented as follows: 1. Article 5, point 3 shall be repealed. 2. in Article 5, after the first paragraph, a new paragraph (2) is inserted, with the following contents: " (2) For the purpose of applying art. 196 ^ 1, art. 196 ^ 3 and art. 204-214, 216-230 and 232-241, group's terms and phrases, group entity, investment firm, resolution, resolution authority, institution subject to resolution, conditions for resolution of resolution procedure, resolution action, instruments of resolution, resolution powers, public financial stabilisation instrument, capital instruments, addressee, special administrator have the meaning of the legislation on the recovery and resolution of credit institutions and firms investments. " 3. After Article 196, three new articles are introduced, Articles 196 ^ 1-196 ^ 3, with the following contents: "" Art. 196 196 ^ 1. -(1) By exception to the provisions of art. 195, if the member of the group to which an application for the opening of insolvency proceedings was introduced is a legal person in the category of those who may be subject to the resolution in accordance with the recovery and resolution legislation credit institutions and investment firms and if the group comprises at least one credit institution, without prejudice to the measure that the National Bank of Romania, as a resolution authority, intends to take in compliance with this legislation, the opening of insolvency proceedings can only be ordered with the Bank's agreement National of Romania, as the resolution authority, and where the legal person concerned is an institution subject to the resolution or it has been determined that the conditions for triggering the procedure for resolution, an insolvency procedure according to this law can be opened only on the basis of a request introduced by the National Bank of Romania, as a resolution authority. (2) For the purposes of paragraph (1), the syndic judge shall immediately notify the National Bank of Romania, as a resolution authority, in relation to any request for the opening of an insolvency procedure against a legal person provided in par. ((1), regardless of whether it is an institution subject to resolution or if a decision has been made public in accordance with the provisions of the legislation on the recovery and resolution of credit institutions and investment firms. ... (3) The application for the opening of insolvency proceedings may be admitted only if the notification provided for in paragraph has been made. (2) and either the National Bank of Romania, as a resolution authority, following the receipt of the notification, communicated to the syndic judge that it does not intend to take a resolution action against the legal person concerned, or expired a period of 7 days from the date of receipt of notification. ... Art. 196 ^ 2. -(1) If a member of a group comprising at least one credit institution against a legal person is ordered to open insolvency proceedings, the following special provisions shall apply: a) the provisions of this law relating to the cancellation or inoposability of acts prejudicial to the creditors ' mass shall not apply to transfers of assets, rights or obligations from the institution subject to the resolution under insolvency to a other entity, carried out by virtue of the application of a resolution instrument, the exercise of a resolution power or the use of a public financial stabilisation instrument, in accordance with the recovery and resolution legislation credit institutions and investment firms; ... b) at the request of the National Bank of Romania, as a resolution authority, addressed to the syndic judge, the legal person in the state of insolvency must ensure, if necessary, the provision of the necessary services or facilities, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms and with the request made; ... c) in the event of liquidation of the legal person in the state of insolvency, it shall be carried out within a reasonable time, having regard to any possible situation in which it must provide services or support in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, in order to enable the recipient to carry out its activities or to provide the services of the transferred items, and any other reason that makes it necessary continuing the work of that legal person to achieve resolution or observance of the principles of the resolution provided for by the legislation on the recovery and resolution of credit institutions and investment firms; ... d) at the request of the National Bank of Romania, as a resolution authority, addressed to the syndic judge, the judicial administrator, as the case may be, the judicial liquidator must ensure the undertaking of all necessary steps in relation to the measures ordered by it as a resolution authority, with regard to the assets, rights, obligations, shares and other property instruments located in third States of the institution subject to resolution under insolvency, in compliance with the legislation on recovery and resolution of institutions credit and investment firms; ... e) the provisional judicial administrator or, as the case may be, the judicial administrator, designated according to this law, may be appointed special administrator according to the legislation on the recovery and resolution of credit institutions and investment firms. ... (2) In application of the provisions ((1) lit. b) and c), the services and facilities to be provided: ... a) is limited to operational services and facilities and does not include any financial support; ... b) is granted in accordance with the contractual terms already agreed, including from the point of view of the duration of the contract, in the event that the respective services and facilities were provided to the institution subject to the resolution according to a contract concluded in the period immediately preceding the application of the resolution; ... c) are provided on reasonable terms, if there is no contract or the contract has expired. ... Art. 196 ^ 3. -(1) Provisions of art. 196 ^ 1 and 196 ^ 2 shall apply accordingly to the situation in which the entity to which the insolvency proceedings was opened is a legal person in the category of those who may be subject to the resolution in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, a member of a group comprising at least one investment firm. (2) For the purposes of paragraph ((1), the Financial Supervisory Authority is the resolution authority for investment firms, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. " ... 4. Article 206 is amended and shall read as follows: "" Art. 206. -For the purposes of this Chapter, the terms of the credit institution and the Member State shall be understood Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 ,, as amended and supplemented. " 5. Article 207 (1) (b) shall be repealed. 6. Article 209 (g) shall be repealed. 7. After Article 211 a new article is inserted, Article 211 ^ 1, with the following contents: "" Art. 211 211 ^ 1. -If against a credit institution it is ordered to open the bankruptcy procedure according to this chapter, the provisions of art. 196 ^ 2 para. ((1) lit. a)-d) and para. ((2) shall apply accordingly. '; 8. In Article 212, paragraph 1 is amended and shall read as follows: "" Art. 212. -(1) In carrying out the duties, the syndic judge and the judicial liquidator may ask for the point of view of the National Bank of Romania, regarding any aspects that fall within its competence, related to the credit institution in bankruptcy. Throughout the procedure, the National Bank of Romania may transmit to the syndic judge or judicial liquidator his opinion or any information he considers relevant, whenever he considers it necessary. The judicial liquidator shall provide to the National Bank of Romania, at its request, any information or documents regarding the credit institution or the liquidation procedure. " 9. Article 215 shall be repealed. 10. Article 216 (2) to (4) shall be repealed. 11. Article 217 (2) (4) shall be repealed. 12. Article 218 (2) and (3) shall be repealed. 13. In Article 219, paragraph 1 shall be amended and shall read as follows: "" Art. 219. -(1) The National Bank of Romania, in its capacity as a resolution authority, may apply for the opening of bankruptcy proceedings against the credit institution in one of the situations referred to in art. 5 5 section 30 30. " 14. After Article 219 two new articles are inserted, Articles 219 ^ 1 and 219 ^ 2, with the following contents: "" Art. 219 219 ^ 1. --(1) Without prejudice to the measure that the National Bank of Romania, as the resolution authority, intends to take in accordance with the legislation on the recovery and resolution of credit institutions and investment firms, the opening of the bankruptcy procedure at the request of the debtor credit institution or its creditors may be ordered only with the consent of the National Bank of Romania, as the resolution authority, and if the credit institution is an institution subject to resolution or for which it has been determined that the conditions of triggering the resolution procedure, the bankruptcy procedure can be opened only on the basis of a request made by the National Bank of Romania, as a resolution authority. (2) For the purpose of para. (1), the syndic judge shall immediately notify the National Bank of Romania, as the resolution authority, in relation to any request for the opening of the bankruptcy procedure, introduced by the debtor credit institution or its creditors, whether the credit institution is an institution subject to resolution or if a decision has been made public in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. ... (3) The application for the opening of the bankruptcy procedure may be admitted only if the notification provided for in paragraph has been made. (2) and either the National Bank of Romania, as a resolution authority, following the receipt of the notification, communicated to the syndic judge that it does not intend to take a resolution action against the credit institution concerned, or expired a period of 7 days from the date of receipt of notification. ... Art. 219 ^ 2. -(1) Provisions of art. 219 ^ 1 also applies accordingly to the opening of the bankruptcy procedure at the request of an investment firm, having the status of debtor, or its creditors. (2) For the purposes of para. ((1), the Financial Supervisory Authority is the resolution authority for investment firms, in accordance with the legislation on the recovery and resolution of credit institutions and investment firms. " ... 15. Article 220 is amended and shall read as follows: "" Art. 220. -In the case of admission of the application, the syndic judge shall immediately notify the parties referred to in art. 217-219 217-219. " 16. Article 221 (3) shall be amended and shall read as follows: " (3) At the first court term, the syndic judge shall consider the application for the opening of bankruptcy proceedings and, if the debtor credit institution does not contest the state of insolvency in the case of applications brought by the parties provided for in art. 218 and 219, pronounce the decision on the opening of the bankruptcy procedure, if the conditions laid down in art. 219 219 ^ 1. " 17. In Article 226, paragraph 1 shall be amended and shall read as follows: "" Art. 226. --(1) Transactions concerning the purchase of assets and the assumption of liabilities are the method of liquidation whereby a credit institution with a good financial situation acquires, in part or in all, the assets of the debtor credit institution and assume, in part or in all, its liabilities. " 18. Article 226 (4) shall be repealed. 19. Article 226 (5) shall be amended and shall read as follows: " (5) After the approval by the meeting of creditors of the liquidation modality provided in art. 225, the judicial liquidator organizes immediately, if the approved liquidation method provides, the negotiation on the transaction of purchase of assets and assumption of liabilities. To this end, the judicial liquidator holds an information meeting with credit institutions potentially interested in the transaction. Prior to the information session, the judicial liquidator signs with all credit institutions present at the meeting a confidentiality agreement, by which they undertake to keep, under the law, professional secrecy regarding the information in the supply request relating to the credit institution in bankruptcy. '; 20. Article 230 is amended and shall read as follows: "" Art. 230. -As soon as possible, the judicial liquidator analyzes the offers received and chooses, on the principle of the assumed minimum cost, the offer of the institution/credit institutions with which the transaction of purchase of assets and assumption of liabilities is to be concluded. At the same time, the judicial liquidator notifies the Competition Council about the potential transaction. " 21. Article 231 is repealed. 22. Article 232 is amended and shall read as follows: "" Art. 232. -If tenders are not received within the time limit set in the tender, the liquidation shall be carried out by the other methods provided for by this Law. " 23. Article 234 is amended and shall read as follows: "" Art. 234. -In case of bankruptcy of a credit institution, the receivables are paid in lei, in the following order: 1. fees, stamps and any other expenses related to the bankruptcy procedure, including the expenses necessary for the preservation and administration of assets of the debtor's credit institution, as well as the payment of the fees of persons employed in the law, including the judicial liquidator; 2 2. receivables resulting from eligible deposits within the meaning of the provisions contained in the legislation on deposit guarantee schemes, including the claims of deposit guarantee schemes resulting from subrogation in depositors ' rights guarantee and/or from the financing, according to the law, of the resolution measures of the debtor credit institution, as well as the claims arising from employment relationships for no more than 6 months prior to the opening of the procedure; 3. claims representing that part of the eligible deposits of individuals, micro-enterprises and small and medium-sized enterprises that exceed the coverage ceiling provided for in the legislation on deposit guarantee schemes and the deposits of individuals, micro-enterprises and small and medium-sized enterprises, which would be eligible deposits if they had not been made through branches located outside the Union of institutions established in the Union; 4. receivables resulting from the debtor's activity after opening the procedure; 5. the budgetary claims, the claims of the deposit guarantee schemes, other than those referred to in item 2, as well as the claims of the National Bank of Romania arising from loans granted by this credit institution; 6. receivables arising from treasury operations, from interbank operations, from operations with clientele, operations with securities, other banking operations, as well as from those resulting from deliveries of products, services or other works, from rents, as well as other chirographic receivables; 7. receivables arising from free acts; 8. receivables arising from debt instruments and loans, based on conventions providing for a subordination clause according to which, in the event of liquidation or bankruptcy of the credit institution, such claims are to be paid after the claims of all non-subordinated chirographic creditors and, as the case may be, other subordinated chirographic creditors; within this category of claims, their payment will be made in compliance with the order of preference established by the clause of subordination of each claim; 9. the claims of the shareholders of the credit institution in bankruptcy, namely the receivables of the cooperative members of the credit cooperatives affiliated to the central house of the credit cooperatives in bankruptcy, deriving from the residual right of their quality, according to legal and statutory provisions. " 24. In Chapter IV, after Article 311, a new article is inserted, Article 311 ^ 1, with the following contents: "" Art. 311 311 ^ 1. -For the purposes of this chapter, the following terms and expressions shall have the following meanings: 1. Member State of origin shall mean the Member State of origin as defined in art. 4 4 para. ((1) pt. 43 43 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 ; 2. the host Member State shall mean the host Member State as defined in art. 4 4 para. ((1) pt. 44 44 of Regulation (EU) No 575/2013 ; 3. branch means a branch as defined in art. 4 4 para. ((1) pt. 17 17 of Regulation (EU) No 575/2013 ; 4. financial instrument means a financial instrument as defined in art. 4 4 para. ((1) pt. 50 lit. ((b) of Regulation (EU) No 575/2013 ; 5. competent authority shall mean a competent authority as defined in art. 4 4 para. ((1) pt. 40 40 of Regulation (EU) No 575/2014 ,, or a resolution authority within the meaning of the legislation on the recovery and resolution of credit institutions and investment firms, as regards the reorganization measures taken under this law. " 25. In Article 313, paragraph 2 shall be amended and shall read as follows: " (2) By exception to the provisions of par. (1), the law governing certain rights and contracts is determined according to the provisions of art. 266-274 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 ,, as amended and supplemented, which shall apply accordingly. '; 26. After Article 318 a new article is inserted, Article 318 ^ 1, with the following contents: "" Art. 318 318 ^ 1. -In application of the provisions of 314 314 para. ((1) and of art. 318 the information shall be provided in the official language or in one of the official languages of the host Member States. To this end, forms will be used that will have, in all official languages of the European Union, the title " Invitation to declare a claim. Deadlines to be observed ", respectively the title" Invitation to present observations on a claim. Deadlines to be observed "." 27. In Article 320, paragraph 3 is amended and shall read as follows: " (3) The reorganization measures are the measures adopted by the administrative or judicial authorities, intended to maintain or restore the financial situation of a credit institution or an investment firm, as defined in art. 4 4 para. ((1) pt. 2 2 of Regulation (EU) No 575/2013 , and which could affect the pre-existing rights of third parties, including measures involving the possibility of a suspension of payments, a suspension of enforcement measures or a reduction in claims; persons who are involved in the internal activity of credit institutions, administrators and shareholders shall not be considered as third parties. " 28. In Article 320, after paragraph 3, a new paragraph (3 ^ 1) is inserted, with the following contents: " (3 ^ 1) The measures provided in par. ((3) include the application of resolution tools and the exercise of resolution powers provided for in the legislation on the recovery and resolution of credit institutions and investment firms. " 29. In Article 321, paragraphs 4 and 6-(9) shall be amended and shall read as follows: " (4) The competent administrative or judicial authorities of the home Member State, the administrator or the liquidator shall communicate to the Office of the Trade Register at which the branch of the credit institution concerned the decision on measures for the reorganisation or opening of the winding-up procedure with a view to making the appropriate particulars. The communication is transmitted by the mentioned authorities and to two national circulation newspapers in Romania, in order to publish. .................................................................. ((6) Liquidator is the person or body designated by the administrative or judicial authorities, whose task is to administer the winding-up proceedings. ... (7) The administrator, as the case may be, the liquidator empowered to implement the measures ordered by the administrative or judicial authority of the home Member State may act on the territory of Romania without further formality, on the basis of a copy certificates from the act of appointment or a certificate issued by that authority, accompanied by a translation into Romanian. ... (8) Persons referred to in par. ((7) may exercise on the territory of Romania all their powers under the legislation of the Member State of origin. These persons may appoint other persons to represent them on the territory of Romania, including in order to assist creditors during the application of the measures in question. ... (9) In the exercise of their competences on the territory of Romania, the persons referred to (7) must comply with the Romanian legislation, in particular with regard to the procedures for the valorisation of assets and the provision of information to the employees of Romania of the credit institution concerned. Powers may not include the use of force or the right to settle disputes or disputes. " ... 30. Article 322 is amended and shall read as follows: "" Art. 322. -(1) In the event of the opening of a bankruptcy procedure against a branch in Romania of a credit institution in a third country, the provisions of Title III shall apply accordingly. ((2) If the credit institution of the third State has opened branches at least in another Member State, the competent court, through the National Bank of Romania, shall immediately inform the competent authorities of the other host Member States. on the opening of the bankruptcy procedure regarding the branch in Romania, including the practical effects that such a procedure may have. If it is not possible to inform before the decision is taken, it shall be made immediately thereafter. ... (3) The information provided in par. (2) should also mention the fact that the National Bank of Romania has withdrawn the authorization to operate the branch. " ... + Chapter III Provisions for amending and supplementing Government Ordinance no. 9/2004 on certain financial guarantee contracts + Article 631 Government Ordinance no. 9/2004 on some financial guarantee contracts, published in the Official Gazette of Romania, Part I, no. 78 of 30 January 2004, approved with amendments and additions by Law no. 222/2004 , as amended and supplemented, shall be amended and supplemented as follows: 1. in Article 14, after paragraph 1, a new paragraph (1 ^ 1) is inserted, with the following contents: " (1 ^ 1) Art. 6-10 of this Ordinance shall not apply to any restrictions imposed under the provisions relating to public stabilization instruments and to the reduction of the amount of capital instruments contained in the recovery and the resolution of credit institutions and investment firms, in respect of the performance of financial guarantee contracts or with regard to the effect of any financial guarantee contract without transfer of ownership, of any clause of compensation arising from a clearing agreement or a compensation agreement reciprocal, and no other restrictions imposed in the exercise of similar powers under the national law of a Member State in order to facilitate the orderly resolution of an entity referred to in art. 3 lit. c) section 4 and lit. d) which are subject to safety mechanisms at least equivalent to those laid down in the legislation on the recovery and resolution of credit institutions and investment firms. " 2. In Article 14, paragraph 2 shall be amended and shall read as follows: "" (2) This ordinance is without prejudice to the provisions of the Government Emergency Ordinance no. 50/2010 on consumer credit agreements, approved with amendments and additions by Law no. 288/2010 ,, as amended, and the provisions contained in the legislation on the recovery and resolution of credit institutions and investment firms. " + Chapter IV Provisions for amending and supplementing Law no. 297/2004 on the capital market + Article 632 Law no. 297/2004 on the capital market, published in the Official Gazette of Romania, Part I, no. 571 of 29 June 2004, as amended and supplemented, shall be completed as follows: 1. After Article 205 a new article is inserted, Article 205 ^ 1, with the following contents: "" Art. 205 205 ^ 1. -The provisions of art. 203 203 shall not apply to the use of the instruments, powers and resolution mechanisms provided for by legislation on the recovery and resolution of credit institutions and investment firms. " 2. In Article 243, after paragraph 11, a new paragraph (12) is inserted, with the following contents: " (12) This article and the regulations of the A.S.F. issued in its application shall not apply to the use of the instruments, powers and resolution mechanisms provided for by the legislation on the recovery and resolution of credit institutions and investment firms. " 3. After Article 243 a new article is inserted, Article 243 ^ 1, with the following contents: "" Art. 243 243 ^ 1. --(1) For the purposes of the provisions of the legislation on the recovery and resolution of credit institutions and investment firms, the general meeting may, by a majority of two thirds of the valid votes cast, decide or amend the status to provide that a convocation of the general meeting in order to decide on a capital increase shall be made within a shorter period than that provided for in art. 243 243 para. ((1), provided that between the date of the convocation and the date of the general meeting are at least ten calendar days, the conditions relating to the early intervention measures or the appointment of the temporary administrator provided for by legislation on the recovery and resolution of credit institutions and investment firms and the capital increase should be necessary to avoid the conditions for triggering the resolution procedure provided for in the recovery and the resolution of credit institutions and investment firms. (2) For the purposes of paragraph (1), the obligation to establish a single time limit for the exercise of the rights of shareholders to enter items on the agenda of the general meeting or to present draft decisions for the points included or proposed to be included on the agenda of the general meeting, as provided for in the A.S.F. regulations, the obligation to ensure on time the availability of a revised order of day as provided for in the A.S.F. regulations, as well as the obligation for all issuers to establish a single reference date in compliance with the regulations of the A.S.F. shall not apply. " ... + Title XII Transitional and final provisions + Article 633 (1) The National Bank of Romania, as competent authority and resolution authority, shall cooperate with the European Banking Authority for the purposes of this Law, in accordance with the provisions of Regulation (EU) No 1.093/2010 . ... (2) The National Bank of Romania, as competent authority and resolution authority, shall provide, without delay, to the European Banking Authority all the information necessary for its performance in accordance with the provisions of art. 35 35 of Regulation (EU) No 1.093/2010 . ... + Article 634 (1) In application of art. 20 20 para. ((1), credit institutions and parent undertakings in the European Union operating on the date of entry into force of this Law shall transmit the recovery plans, drawn up in compliance with the requirements laid down therein, within 120 days. from the date of entry into force of this Law. ... ((2) Until the operationalisation of the designated national macro-prudential authority in Romania, its functions are taken over by the arrangement set up under the cooperation agreement provided for in art. X of Government Emergency Ordinance no. 113/2013 on certain budgetary measures and amending and supplementing Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments by Law no. 29/2015 . ... (3) In application of art. 49 49 para. (1), the National Bank of Romania, as the resolution authority, elaborates the resolution plans in compliance with the requirements of this law, for the credit institutions Romanian legal entities, which operate on the date of entry into force of the and which are not part of a group subject to consolidated supervision, within 180 days from the date of entry into force of this Law. ... + Article 635 ((1) By January 3, 2017: ... a) in application of art. 1 1 para. (2), the provisions of the legislation on the capital market through which the transposition of the provisions Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Directives 85 /611/EEC and 93 93 /6/EEC of the Council and Directive 2000 /12/EC of the European Parliament and of the Council and repealing the Directive 93 /22/EEC of the Council corresponding to art. 4 4 para. ((1) pt. 2 2 of Directive 2014 /65/EU ,, according to the correlation table in Annex IV to the Directive 2014 /65/EU ; ... b) in application of art. 2 2 para. ((1) pt. 90, the provisions of the legislation on the capital market through which the transposition of the provisions Directive 2004 /39/EC corresponding to art. 4 4 para. ((1) pt. 21 21 of Directive 2014 /65/EU ,, according to the correlation table in Annex IV to the Directive 2014 /65/EU ; ... c) in application of art. 149 149 para. (1) the introductory part, the provisions of the legislation on the capital market through which the transposition of the provisions Directive 2004 /39/EC which correspond to Title II of Directive 2014 /65/EU and art. 3-7 3-7, art. 14-17 14-17, art. 24 24, 25 and 26 of Regulation (EU) No 600/2014 ,, according to the correlation table in Annex IV to the Directive 2014 /65/EU ; ... d) in application of art. 149 149 para. ((1) lit. d), the provisions of the legislation on the capital market through which the transposition of the provisions Directive 2004 /39/EC corresponding to art. 9 9 of Directive 2014 /65/EU ,, according to the correlation table in Annex IV to the Directive 2014 /65/EU . ... (2) The measures provided in art. 149 149 para. (1) may be ordered by the National Bank of Romania in case of violation of the provisions of the capital market legislation referred to in par. ((1) lit. c) and d) based on the complaint of the Financial Supervisory Authority, which must notify the National Bank of Romania whenever it finds such cases. ... + Article 636 (1) The National Bank of Romania shall consider the guidelines and recommendations issued by the European Banking Authority on recovery and resolution and shall issue, as the case may be, regulations, instructions and/or clarifications establishing the application regime the respective guides and recommendations and adapt them, if necessary, to the conditions specific to the banking system in Romania. ... (2) Credit institutions, Romanian legal entities, as well as the entities provided in art. 1 1 para. ((1) lit. b), c) or d) consider compliance with the guidelines and recommendations issued by the European Banking Authority, according to the instructions and/or clarifications they issue, as the case may be, the National Bank of Romania. ... + Article 637 In application of art. 2 2 para. ((1) pt. 23 and 24, art. 10 10 para. ((1), art. 12 12, art. 17 17 para. ((1), art. 21 21, art. 36 36, art. 41, 47, art. 49-63 49-63, art. 74 74 and 75, art. 86 86, art. 88-91 88-91, art. 125 125, art. 137 lit. a), c), e) and i), art. 149 149 para. ((1) and (2), art. 201, 203, 209, 287, 300, 310, 328, art. 334 334 para. ((3), art. 336, 339, 349, 419, art. 424-426 424-426, art. 429 429 para. ((1), art. 437-439, 441-446, art. 458 458 para. ((1) and (2), art. 533 533 para. ((3), art. 542 542 para. ((2), art. 543 543 para. ((1) and art. 548, credit institutions, Romanian legal entities, entities provided in art. 1 1 para. ((1) lit. b), c) or d), the resolution authorities and/or the competent authorities, as the case may be, shall ensure compliance with the requirements laid down in the delegated acts and in the implementing acts, as the case may be, adopted by the European Commission by which they are regulated issues that are subject to these provisions. + Article 638 This law shall enter into force 3 days from the date of publication in the Official Gazette of Romania, Part I, except for the provisions of art. 320 lit. d) and e), as well as art. 352-357, which shall enter into force on 1 January 2016. * This law transposes Directive 2014 /59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Directive 82 /891/EEC of the Council and Directives 2001 /24/EC , 2002 2002 /47/EC , 2004 2004 /25/EC , 2005 2005 /56/EC , 2007 2007 /36/EC , 2011 2011 /35/EU , 2012 2012 /30/EU and 2013 2013 /36/EU of the European Parliament and of the Council, and of Regulations (EU) No 1.093/2010 and ((EU) No 648/2012 of the European Parliament and of the Council, published in the Official Journal of the European Union L no. 173 173 of 12 June 2014. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished.
CHAMBER OF DEPUTIES PRESIDENT
VALERIU-STEFAN ZGONEA
SENATE PRESIDENT
CĂLIN-CONSTANTIN-ANTON POPESCU-TARICEANU Bucharest, December 4, 2015. No. 312. + Annex + Section A Information to be included by the credit institution in the recovery plan: a) a summary of the most important elements of the plan and a presentation of the overall recovery capacity of the credit institution; ... b) a summary of the significant changes in the situation of the credit institution from the last recovery plan submitted; ... c) a communication and information plan showing how the credit institution intends to manage any negative market reactions; ... d) the range of capital and liquidity actions required to be undertaken in order to maintain or restore the viability and financial position of the credit institution; ... e) an estimate of the timing of implementation of each important aspect of the plan; ... f) a detailed description of any significant obstacles to the effective and timely implementation of the plan, including considerations regarding the impact on the rest of the group, customers and contractual partners; ... g) identification of critical functions; ... h) a detailed description of the processes used to determine the value and marketability of the core business lines, operations and assets of the credit institution; ... i) a detailed description of how recovery planning is integrated within the credit institution administration framework, as well as policies and procedures for approving the recovery plan and identifying individuals in the organization which are responsible for the preparation and implementation of the plan; ... j) the mechanisms and measures for the preservation or reconstitution of the credit institution's own funds; ... k) mechanisms and measures to ensure that the credit institution has access to emergency funding sources, including potential sources of liquidity, an assessment of available guarantees and an assessment of the possibility to transfer liquidity between the entities in the group and between the lines of activity, to ensure that it can continue its work and fulfil its obligations when it becomes chargeable; ... l) the mechanisms and measures to reduce the risk and leverage; ... m) the mechanisms and measures to restructure the debts; ... n) the mechanisms and measures to restructure the lines of activity; ... o) the mechanisms and measures necessary to maintain continuous access to financial market infrastructures; ... p) the arrangements and measures necessary to maintain the continuous operation of the credit institution's operational processes, including IT infrastructure and services; ... q) preparatory mechanisms to facilitate the sale of assets or lines of activity within an appropriate time frame to restore financial soundness; ... r) other management actions or strategies designed to restore financial soundness and the anticipated financial effect of these actions or strategies; ... s) the preparatory measures that the credit institution has taken or intends to take in order to facilitate the implementation of the recovery plan, including the measures necessary to enable it to be recapitalised in a timely manner; ... t) a framework of indicators identifying the situations in which the appropriate measures provided for in the plan can be taken. ... NOTE: When drawing up the recovery plan of a group, the references in this Annex to a credit institution shall be read as references to an entity in the group. + Section B The information that the National Bank of Romania, as the resolution authority, can ask the institutions for the purpose of drafting and updating the resolution plans shall include at least the following: a) a detailed description of the organizational structure of the institution, including a list of all legal entities; ... b) identification of direct shareholders, as well as of the percentage of voting rights and other rights of each legal person; ... c) the seat, the jurisdiction of the place of registration, the authorization and the persons with key functions in the management, ... d) a diagram of the critical functions of the institution and the core business lines, including the significant holdings of assets and liabilities related to those operations and lines of activity, with the indication of the corresponding legal entities; ... e) a detailed description of the debt items of the institution and of all the legal entities it holds, broken down at least by short and long-term, secured, unsecured and subordinated debt; ... f) details of the eligible debts of the institution; ... g) identification of the processes necessary to establish the entities in favour of which the institution constituted collateral, the persons holding the guarantees and the jurisdictions in which the guarantees are located; ... h) a description of the off-balance sheet exposures of the institution and legal entities, including the establishment of correspondence with the critical functions and core business lines of the institution; ... i) the main hedging operations of the institution, including the establishment of correspondence with legal entities; ... j) identification of the main counterparties of the institution or critical ones, as well as an analysis of the impact of a situation of difficulty of the main counterparties on the financial situation of the institution; ... k) each system in which the institution carries out significant transactions in number or significant value, including the identification of their correspondence with legal entities, critical functions and core business lines; ... l) each payment, clearing or settlement system to which the institution participates directly or indirectly, including the establishment of their correspondence with legal entities, critical functions and core business lines; ... m) a detailed inventory and description of the main information management systems, including those of risk management, accounting and financial and statutory reporting used by the institution, including the establishment of correspondence to them with legal entities, critical functions and core business lines; ... n) identification of the owners of the systems included m), of agreements on the provision of services related to them, as well as of any software and systems or licenses, including the establishment of their correspondence with legal entities, critical functions and core business lines; ... o) identification and description of legal persons and interconnections and interdependencies between them, such as: personnel, common or shared facilities and systems or capital, financing or liquidity mechanisms or exposures existing or contingent credit or cross-party collateral arrangements, cross-collateral agreements, "cross-default" clauses and cross-compensation agreements between affiliated entities or arrangements on the transfer of risk and trading arrangements back to back; agreements on the provision of services; ... p) the competent authority and the resolution authority for each legal person; ... q) the management body member responsible for providing the necessary information for the development of the credit institution's resolution plan, as well as the persons responsible, if different, with the provision of information relating to the legal entities, the various critical functions and core business lines of the group; ... r) a description of the mechanisms that the institution has set up to ensure that, in case of resolution, the National Bank of Romania, as the resolution authority, will have all the necessary information, as determined by the this, for the application of resolution tools and powers; ... s) all agreements concluded by the credit institution and legal entities with third parties, the termination of which may be triggered by a decision of the authorities to apply a resolution instrument and whether the consequences caused by the cessation may affect application of the resolution tool; ... t) a description of possible sources of liquidity in support of the resolution; ... u) information on the encumbrance of assets, liquid assets, off-balance sheet operations, hedging strategies and accounting recording practices. ... NOTE: In application of the provisions of this Annex, references to legal persons include legal entities that fall under the prudential consolidation of the credit institution, the right Romanian legal person Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. + Section C When assessing the possibility of settling a credit institution or a group, the National Bank of Romania, as a resolution authority, takes into account the following aspects: a) the extent to which the credit institution may establish correspondence between the core business lines and the critical functions and legal entities; ... b) the extent to which the legal and corporate structures are related to the core business lines and critical functions of legal entities; ... c) the extent to which there are mechanisms to provide necessary personnel, infrastructure, financing, liquidity and capital to support and maintain the core business lines and critical functions; ... d) the extent to which the credit institution's service agreements are fully enforceable in the event of a resolution; ... e) the extent to which the administrative structure of the credit institution is appropriate for the management and enforcement of the internal policies of the credit institution with regard to its agreements on the provision of services; ... f) the extent to which the credit institution has a process for the gradual transfer to third parties of the services covered by the service contracts, in case of separation of critical functions or core business lines; ... g) the extent to which there are contingency plans and measures to ensure continuity of access to payment and settlement systems; ... h) the ability of information management systems to collect accurate and complete information on basic activity lines and critical functions, necessary for the National Bank of Romania, as a resolution authority, so as to facilitate rapid decision-making; ... i) the ability of information management systems to provide the essential information for the effective resolution of the credit institution at any time, even when conditions are changing rapidly; ... j) the extent to which the credit institution has tested its information management systems in crisis scenarios, as defined by the National Bank of Romania, as a resolution authority; ... k) the extent to which the credit institution can ensure the continuity of the operation of its information management systems, the affected credit institution and the new credit institution where critical functions and business lines the basic are separate from the rest of the operations and lines of activity ... l) the extent to which the credit institution has developed appropriate procedures to ensure that it provides the National Bank of Romania, as a resolution authority with the information necessary to identify depositors and amounts covered by The Bank Deposit Guarantee Fund; ... m) where the group uses intragroup guarantees, the extent to which those guarantees are provided under market conditions and the risk management systems of these guarantees are sound; ... n) if the group engages in "back to back" transactions, the extent to which these transactions are performed under market conditions, and the risk management systems related to these transactions are sound; ... o) the extent to which the use of intragroup guarantees or back to back transactions increases the possibility of contamination within the group; ... p) the extent to which the legal structure of the group prevents the application of resolution tools, as a result of the number of legal persons, of the complexity of the group structure or of the difficulty of establishing correspondence between the lines of activity and group entities; ... q) the amount and type of eligible debts of the credit institution; ... r) if the valuation involves a mixed-activity holding company, the extent to which the resolution of the group entities that are credit institutions could have a negative effect on the non-financial part of the group; ... s) the existence and soundness of agreements on the provision of services ... t) if the authorities of the third States have the necessary resolution tools to support the resolution actions taken by the resolution authorities of credit institutions, as well as the possibility of coordinated action between the authorities national and those of those third countries; ... u) the feasibility of using resolution tools according to the objectives of the resolution, taking into account available instruments and the structure of the credit institution ... v) the extent to which the structure of the group allows the National Bank of Romania, as a resolution authority, to proceed to the resolution of the entire group or one or more of the entities in the group without producing significant negative effects, directly or indirectly, on the financial system, market confidence or economy and with the aim of maximising the value of the group as a whole; ... w) the mechanisms and means by which the resolution of groups which have subsidiaries established in different jurisdictions could be facilitated; ... x) credibility of the use of resolution tools according to the objectives of the resolution, taking into account the possible impact on creditors, counterparties, customers and employees, as well as possible measures that the authorities could take third States; ... y) the extent to which the effects of the credit institution's resolution on the financial system and the confidence of the financial market can be assessed correctly ... z) the extent to which the credit institution's resolution could have a significant negative effect, directly or indirectly, on the financial system, market confidence or the economy; ... aa) the extent to which the contamination of other credit institutions or financial markets could be controlled by the application of resolution tools and powers; ... bb) the extent to which the resolution of the credit institution could have a significant effect on payment and settlement systems. ... When assessing the possibility of settling a group, references to a credit institution shall include the credit institution or a group entity referred to in art. 1 lit. c) or d). NOTE: In application of the provisions of this Annex, references to legal persons include legal entities that fall under the prudential consolidation of the credit institution, the right Romanian legal person Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. -----
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