Law (2015:1016) If Resolution

Original Language Title: Lag (2015:1016) om resolution

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2015:1016

/Entry into force: 2016-02-01/

SECTION I. INTRODUCTORY PROVISIONS



Chapter 1. Overall about the law



The law's content



section 1 of this Act provides for a special procedure under Government control for the reconstruction or settlement (resolution) of a financial activity conducted by the



1. credit institutions and securities companies,



2. undertakings established in Sweden



(a)) financial institutions which are subsidiaries of an institution, to an EEA institution or to such a holding company referred to in (b), (c) or (d), and falling within the scope of supervision on a consolidated basis,



b) financial holding companies,



c) mixed financial holding companies, and



d) ' mixed-activity holding company,



3. The EEA branches established in Sweden.



The law also contains provisions on measures to prepare the resolution, prevent default and on cooperation with foreign authorities.



section 2 of the contents of this law is divided as follows.



SECTION I. INTRODUCTORY PROVISIONS



Chapter 1. -Overall about the law



Chapter 2. – Definitions



TITLE II. STEPS to PREPARE a RESOLUTION and AVOID DEFAULT



Chapter 3. – Resolution plans



Chapter 4. – The minimum requirement of impairment only liabilities



Chapter 5. – Further steps to prepare a resolution and avoid default



Chapter 6. --Writedown or conversion of capital instruments outside of the resolution



Chapter 7. -Rating



TITLE III. RESOLUTION



Chapter 8. – Initiation of the resolution



Chapter 9. -The decision-making procedure for cross-border groups



10 Cape. – Consequences of a decision on the resolution for owners and management



11 kap. – Obstacles to enforcement measures and legal documents related to resolution 12. – Resolution measures



Chapter 13. – Decision on the amendment of certain terms and prohibiting the performance of obligations, take collateral and to exercise some judicial actions



Chapter 14. – Complementary competences



15. – Special Trustee



16. -Measures against owners



Chapter 17. -Sales tool



Chapter 18. — Bridge institution's tool



19. – Separation tool



20 chapter. – Complementary competences during transfer



21. – Bailin



22. --The State stabilization tools



Chapter 23. -Protective measures



24. – Bankruptcy, liquidation and termination of chapter 25 of the resolution. – Effect of certain resolutions adopted by resolution authorities in other countries within the EEA



26. -The recognition and enforcement of resolution in third countries



27 Cape. – Financing of resolution



TITLE IV. FINAL PROVISIONS



28 Cape. – Cooperation and exchange of information



29. – Appropriations



30 Cape. – Appeals and the enforcement of decisions, etc.



Responsible authorities



The Swedish national debt Office section 3 questions about any action under this law are heard by the Swedish national debt Office (resolution authority), subject to the provisions of section 4 or 5.



If the Swedish national debt Office is considering a measure that could have a direct financial or system effects, the Swedish national debt Office, with its own opinion on the matter, the Government shall submit the question of the compatibility of the measure with regard to the risk of such effects can be accepted.



The Swedish financial supervisory authority



section 4 of the questions on the write-down or conversion of capital instruments outside the resolution under Chapter 6. tested by the Swedish financial supervisory authority.



Government



§ 5, questions about using the State stabilization tools in accordance with Chapter 22. be considered by the Government.



A query that is submitted to the Government in accordance with the second subparagraph of paragraph 3 shall be reviewed promptly.



Resolution purposes



purposes of paragraph 6 of the resolution is to 1. ensure that critical operations is maintained, 2. avoid significant adverse effects on financial stability, 3. protect public funds,



4. protect depositors under the Act (1995:1571) on deposit guarantee and investor according to the law (1999:158) on investor protection, and



5. protect customer funds and client assets.



General interpretative principles



The order of precedence shall be maintained



paragraph 7 of Resolution measures should be applied, and resolution plans are designed in a way that will cause the company's



1. share owner bears the losses first, and



2. creditors, unless otherwise provided for in this law, the losses after shareholders in order that applied if the company was bankrupt.



The order of the creditors must also be followed by conversion of debt to equity tier 1.



The outcome should not be worse than bankruptcy or liquidation



§ 8 The financial outcome for shareholders and creditors will not be worse for resolution or action under Chapter 6. than if the company had been shut down by bankruptcy or liquidation.



Proportionality



§ 9 a decision under this Act or the regulations issued in connection with the Act may be made only if the reasons for the decision or the infringement outweigh but otherwise that decision means for the decision applies or for any other conflicting interests.



The application of this Act and the regulations issued in connection with the law shall be proportionate to the nature and scope of the activities of the undertaking concerned and its degree of complexity.



Chapter 2. Definitions



Article 1 for the purposes of this law



signed settlement system: a settlement system in which a country in the EEA has reported to the European Securities and markets authority or the EFTA Surveillance Authority, business day means a day which is not a Saturday, a Sunday, midsummer Eve, Christmas Eve or new year's Eve or a public holiday, "competent authority" means the Swedish financial supervisory authority in Sweden and in other countries within the EEA, a competent authority as defined in article 4.1.40 in prudential regulation , including the European central bank with regard to the specific tasks conferred by Council Regulation (EU) no 1024/2013 of 15 February 2013 on the allocation of specific tasks to the European central bank in question if the policy of supervision of credit institutions, in the original wording, the relevant authority: financial supervisory authority in Sweden and in other countries within the EEA, the authority which countries identified in accordance with article 61(2) of the crisis management directive ,



significant branch: branch which is significant according to article 51(1) of the solvency ratio directive,



mixed financial holding company "means a holding company within the meaning of article 4.1.21 in prudential regulation,



mixed financial holding company within the EEA: one within the EEA established mixed financial holding company which is not a subsidiary of a



a) institution or an EEA institution authorised in any country within the EEA, or (b)) other mixed financial holding company or a financial holding company set up in any country within the EEA,



subsidiary undertaking means a subsidiary undertaking within the meaning of article 4.1.16 in prudential regulation,



EEA: European economic area,



EEA-branch: the branch of a tredjelandsinstitut which is established in a country in the EEA,



EEA institution: an institution under article 4(1)(3) of prudential regulation which is resident in another country within the EEA than Sweden,



"branch" means a branch article 4.1.17 in prudential regulation,



financial holding company: a holding company within the meaning of article 4(1) of the prudential regulation, financial institution ' means an undertaking as defined in article 4.1.26 in prudential regulation,



financial plan: a plan for crisis management referred to in article 107 of the directive,



financial holding company in the EEA: one within the EEA established financial holding company which is not a subsidiary of a a) institution or an EEA institution authorised in any country within the EEA, or (b)) other financial holding company or a mixed financial holding company set up in any country within the EEA,



financing arrangement: an arrangement for financing the costs of resolution, drawn up by a country in the EEA within the meaning of article 100 in crisis management directive,



Regulation on the fees of the resolution: the European Commission delegated Regulation (EU)/63 on the completion of a European Parliament and Council directive on 2014/59 of 21 December 2014 in respect of advance contributions to financing arrangements for resolution, guaranteed deposit: a deposit covered by the deposit guarantee scheme according to section 4 of the Act (1995:1571) on deposit guarantee, group-based: that is made on the basis of the consolidated situation under article 4.1.47 in prudential regulation, cross-border group : a group of parent and subsidiary companies in several countries within the EEA,



mixed-activity holding: a holding company within the meaning of article 4.1.22 prudential regulation, institutions: credit institutions and securities companies,



capital base: same as referred to in article 72 of the prudential regulation,



capital adequacy directive: European Parliament and Council directive of 26 June on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC, in wording pursuant to European Parliament and Council Directive 2004/59/EC,



Group: a parent and its subsidiaries,



consolidated resolution procedure: a plan referred to in article 91(6) in crisis management directive,



credit institutions: banks and credit market companies under the Act (2004:297) on banking and finance law,




krisavvärjande action:



(a)) a measure to eliminate material deficiencies or significant barriers to recovery under 6 a kap. 6 and 7 of the law of banking and finance law and 8 a Cape. 7 and 8 of the Act (2007:528) on the securities market,



(b)) a measure to eliminate or reduce significant impediments to restructuring or liquidation under Chapter 3. 3-5 and 12-24 sections,



c) an action that according to the decision of the financial supervisory authority is a krisavvärjande action in accordance with Chapter 15. 2 c § law of banking and finance law or 25 Cape. 2 c § securities market Act, d) a decision by the Swedish financial supervisory authority to appoint an interim trustee under 15 a Cape. law of banking and finance law, or 25 a Cape. the securities market Act, or



e) write-down or conversion of relevant instruments as referred to in Chapter 6,



crisis management directive: European Parliament and Council Directive 2004/59/EU of 15 may 2014, establishing a framework for the resolution of credit institutions and investment firms, and amending Council Directive 82/891/EEC and European Parliament and Council Directive 2001/24/EC,



2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/2013/30/EU 36/EU and European Parliament and Council Regulation (EU) no 1093/2010 and (EU) No 648/2012, in the original wording,



critical activities: a service or transaction that, if it ceased to exist, would be likely to result in a serious disruption in the financial system,



qualified deposit: a deposit pursuant to the law on deposit insurance which is not exempt under section 4 (b) and 5 of the Act,



core tier 1 capital instruments: instruments that meet the conditions of articles 28.1-28.4, 29.1-29.5 or 31(1) of prudential regulation,



parent undertaking shall mean a parent undertaking within the meaning of article 4.1.15 a of prudential regulation,



parent undertakings within the EEA: a parent institution within the EEA, a parent financial holding company in the EEA or a mixed financial holding company within the EEA,



third country parent undertaking means a parent institution, a financial holding company or a mixed financial holding company which is resident in a country outside the EEA,



parent institutions within the EEA: an institution or an EEA institution which is the parent undertaking, and which is not a subsidiary of a (a)) other institutions or an EEA institution, or (b)) financial holding company or a mixed financial holding company set up in any country within the EEA,



relevant instruments: other common equity and tier 2 instruments,



resolution procedure in a third country: an action in accordance with the law of a country outside the EEA aims to manage a crisis in a tredjelandsinstitut or in a parent undertaking in a third country, if the action is comparable with such resolution measures that may be taken under this Act in respect of the purpose and expected results,



motion for a resolution: a college a College in accordance with article 88 in crisis management directive, the resolution action: any of the measures provided for in Chapter 12.

section 1,



coordinating relevant authority: the authority concerned in the same country within the EEA as the consolidating supervisor,



coordinating resolution authority: resolution authority in the same country within the EEA as the consolidating supervisor,



coordinating supervisory authority: a competent authority responsible for exercising supervision on a consolidated basis of parent institutions within the EEA and of institutions controlled by EU parent financial holding companies within the EEA or mixed financial holding company within the EEA,



tier 2 instruments: equity and subordinated loans which satisfies the conditions laid down in article 63 of the prudential regulation,



prudential regulation: European Parliament and Council Regulation (EC) no 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms amending Regulation (EU) No 648/2012, in wording pursuant to European Parliament and Council Directive 2004/59/EC,



College: a College of supervisors pursuant to article 116 of the solvency ratio directive, tredjelandsinstitut: a company that has its headquarters in a country outside the EEA, and that would be an institution if it was established within the EEA,



securities companies: a Swedish limited liability company authorized to operate securities under the securities market Act, if it is authorized (a)) for any of the services listed in Chapter 2. 1 § 3, 6, 7 and 8 of the Act, (b)), to which ancillary service safe-keep any financial instruments on behalf of clients and receive funds with accountability according to Chapter 2. 2 section 1 of the Act, or (c)) to which ancillary service to receive clients ' funds in the account to facilitate securities operations under Chapter 2. 2 section 8 of the Act, and



other tier 1 capital instruments: instruments that meet the conditions laid down in article 52(1) of the prudential regulation.



section 2 A qualifying debt is a debt that does not count as tier 1 capital instruments, or instruments, and which are not



1. a guaranteed deposit,



2. a liability which is ensured, to the extent that the liability is covered by the security, 3. a liability that are attributable to the customer or customer funds provided to the customer are protected in bankruptcy or an equivalent foreign procedures,



4. a debt relating to a Commission contract or other agreement which means that the institution is accountable for the assets entrusted to it,



5. a liability to an institution or an EEA institution not included in the same group as the institution or company referred to in Chapter 1. Article 1, first paragraph 2, with an original maturity of less than seven days,



6. a debt with a maturity of less than seven days, pertaining to systems or operators of a reported settlement systems or their participants,



7. a liability to employees regarding the established salary, pension benefits or other compensation, except for the variable part of the remuneration (a)) which is not governed by a collective agreement, or b) which relate to a risk taker with significant impact, 8. a debt to a creditor within the business or commercial sector, where debt is attributable to the institution or company referred to in Chapter 1. Article 1, first paragraph 2 provided goods or services that are critical to its operations,



9. a liability to tax or social security authorities, provided that the Authority's claim has precedence, or



10. a liability to guarantee authority due to fees payable in accordance with section 12 of the Act (1995:1571) on deposit guarantee.



As a qualifying debt includes a liability under the law of another country or a third country within the EEA do not correspond to such a debt referred to in the first subparagraph.



section 3 provisions concerning the importance of the following concepts, terms and expressions, see the following sections:



– minimum impairment only liabilities in Chapter 4. 1 §



-sales tool in chapter 17. 1 §



— Bridge institution's tool in chapter 18. 1 §



— Bridge institution in chapter 18. section 2 of the



– separation tool in chapter 19. 1 §



– asset management companies in 19 Cape. section 2 of the



-bail-in chapter 21. 1 §



-State stabilization tools in Chapter 22. 1 §



– arrangement of structured finance in Chapter 23. 1 §



– arrangements on collateral in Chapter 23. 1 §



– arrangement of security transfers in Chapter 23. 1 §



-settlement arrangements in Chapter 23. 1 §



— nettningsarrangemang in Chapter 23. 1 §



– partial transfer in Chapter 23. § 1.



TITLE II. STEPS to PREPARE a RESOLUTION and AVOID DEFAULT



Chapter 3. Resolution plans



Resolution plans for institutions that are not part of a financial group



section 1 of the Swedish national debt Office will establish a resolution plan for each institution. The plan shall specify the resolution measures that the Swedish national debt Office intends to take if the institution put into resolution. The Swedish national debt Office to keep the plan current.



The resolution plan must be drawn up after consultation with the FSA and resolution authorities in the countries within the EEA in which the institution holds significant branches.



A resolution plan should not be established for institutions that together with other group companies within the EEA are subject to supervision on a consolidated basis.



Consolidated resolution plans



section 2 of an institution which, together with other group companies within the EEA are subject to supervision on a consolidated basis, should be the subject of a resolution adopted by the group, the debt Office plan.

The plan must indicate what measures the Swedish national debt Office, or, where appropriate, a foreign resolution authority, intend to take if the institution or another group companies put into resolution.



The consolidated resolution plan must also indicate how the resolution should be funded. The plan should specify how the costs of these measures are distributed between the resolution reserve and other financing arrangements.



For a group that is not cross-border resolution group plan drawn up, and if necessary updated, by the Swedish national debt Office after consultation with the FSA and resolution authorities in the countries within the EEA where there are significant branches.



For a cross-border group to the consolidated resolution plan drawn up, and if necessary updated, by the Swedish national debt Office, if the authority is coordinating resolution authority of the College, together with the resolution


resolution authorities concerned and after consultation with the relevant competent authorities.



section 3 Of the Swedish national debt Office is coordinating resolution authority for a cross-border group, shall hand over the information which it received from the parent company in the EEA to the relevant foreign resolution authorities.

The Swedish national debt Office shall then within four months from the information submitted, try to agree with these resolution authorities to adopt the consolidated resolution plan.



If the national debt is not coordinating authority, the authority shall within four months of the coordinating authority has sent over the data, try to reach an agreement with the foreign resolution authorities to adopt the consolidated resolution plan.



If the Swedish national debt Office is coordinating resolution authority, the authority shall carry out a new assessment of the plan, if the authority is notified of a resolution authority in another country within the EEA that the Authority considers that a moot point for Group resolution plan may have a significant fiscal impact in that country. The Swedish national debt Office will also make a new assessment of the minimum impairment only liabilities pursuant to Chapter 4.



section 4 If an agreement referred to in paragraph 3 have not been concluded within four months, the national debt, if the authority is coordinating resolution authority, decide on the consolidated resolution plan.



When the Swedish national debt Office makes a decision, it shall take into account the views and reservations of the international resolution authorities.



§ 5 If the national debt is not the coordinating the resolution authority and an agreement under paragraph 3 have not been concluded within four months, the Swedish national debt Office take a decision on a resolution plan for the subsidiaries which authority is responsible for.



When the Swedish national debt Office makes a decision, it shall take into account the views and reservations of the international resolution authorities and of the competent authorities.



paragraph 6 of the resolution, if any foreign authority within the four-month deadline in paragraph 3 has referred the matter to the European banking authority in accordance with article 19 of Regulation (EC) no 1093/2010 of 24 March 2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Commission decision 2009/78/EC, in the wording of the European Parliament and of the Council regulation 806/2014 the Swedish national debt Office, to defer their decision according to § 4 or 5 with a month and await the decision that the European banking authority may take under article 19(3) of that regulation. The Swedish national debt Office to comply with a decision in the matter of the European banking authority. However, this does not apply if the Swedish national debt Office is of the opinion that the decision could have a significant fiscal impact in Sweden.



The Swedish national debt Office may not refer a matter to the European banking authority in accordance with Chapter 28. Article 7 after the four month period or an agreement has been reached.



paragraph 7 of The decision on a consolidated resolution plan made by a foreign authority coordinating the resolution after an agreement with one or more resolution authorities or due to resolution authorities have not agreed, the case in Sweden.



section 8 Of the Swedish national debt Office estimates that a consolidated resolution plan ordered by a foreign authority may have a significant fiscal impact in Sweden, the Swedish national debt Office will inform the coordinating the resolution authority.



section 9 of the Swedish national debt Office shall take into account and follow the resolution plans ordered, if the authority does not in the circumstances of a case resolution considers that resolution purposes would be achieved more efficiently with the help of measures other than those set out in the plan.



The ability to reconstruct or dismantle the institutions that are not part of a financial group



10 § When the Swedish national debt Office establishes a resolution plan of an Institute, the Swedish national debt Office to examine to what extent it is possible to reconstruct or dismantle the institution through the bankruptcy, liquidation or resolution in a way that does not lead to a serious disruption of the financial system in the EEA. The Swedish national debt Office may not presume that it provided liquidity assistance on special conditions from the Riksbank or any other central bank or any other State support than the resolution reserve.



The examination shall be made after consultation with the FSA and resolution authorities in the countries within the EEA in which the institution holds significant branches.



The ability to reconstruct or liquidate a group



11 § When the Swedish national debt Office establishes a consolidated resolution plan according to section 2, the Swedish national debt Office to examine to what extent it is possible to reconstruct or dismantle the Group companies through bankruptcy, liquidation or resolution or the equivalent foreign procedures in a way that does not lead to a serious disruption of the financial system in the EEA. The Swedish national debt Office may not presume that it provided liquidity assistance on special conditions from the Riksbank or any other central bank or other State aid than funds out of any financing arrangements.



The examination shall be made after consultation with the competent authorities for the subsidiaries and resolution authorities in the countries within the EEA, where the Group has significant branches. For a cross-border group to trial be done together with resolution authorities to other group companies.



Measures to address the significant barriers to reconstruct or dismantle the institutions that are not part of a financial group



section 12 Of the Swedish national debt Office finds that there are significant obstacles to reconstruct or liquidate an institution, the Swedish national debt Office inform the institution, the financial supervision authority and resolution authorities in the countries within the EEA in which the institution holds significant branches. The national debt will at the same time submit to the Institute, within four months, indicate what measures it believes can eliminate or reduce the significant barriers that the Swedish national debt Office found.



If the Swedish national debt Office has found that there are significant obstacles to reconstruct or liquidate an institution, the national debt does not establish a resolution plan for the Institute until measures have been taken under section 13 or the Swedish national debt Office has found that such measures are not necessary.



section 13 Of the national debt, after consultation with the financial supervisory authority, estimates that the measures that the institution does not effectively eliminate or reduce the significant barriers to reconstructing or wind up the Institute, the Swedish national debt Office decide on what other measures that the institution should take to eliminate or reduce these barriers. Such a decision may, however, relate only to such measures as set out in section 24.



When the Swedish national debt Office examines what measures the Institute shall take, to the Swedish national debt Office to take into account the threat posed by the obstacles posed to the financial system and the impact these actions have on the institution, the financial system, the internal market and the national economy. Such measures shall be proportionate to the obstacles that should be removed or restricted.



Measures to address the significant barriers to reconstruct or liquidate a group



section 14 Of the national debt or foreign resolution authority informs a company in a cross-border group that there are significant obstacles to reconstruction or settlement, the Swedish national debt Office to wait with the decision on the consolidated resolution plan to its process to eliminate or limit the substantive obstacles completed.



section 15 Of the national debt in a review under section 11 of the finds that there are significant obstacles to reconstruct or liquidate a cross-border group, the Swedish national debt Office consult with supervisors and resolution authorities in the countries within the EEA where significant branches are located, and then try to come to an agreement with the foreign authorities of the resolution on the measures to be taken in respect of all the institutions in the group. Swedish national debt Office's assessment of the ability to reconstruct or dismantle the Group should serve as the basis for a decision on the action to be taken.



16 § When the Swedish national debt Office is coordinating resolution authority for a cross-border group and the companies included in the Group shall be subject to measures under decision under section 15, the national debt together with the coordinating supervisory authority and the European banking authority shall draw up a report which shall include an analysis of the significant obstacles to taking effective measures in respect of the resolution group. The report will highlight the impact of the various measures have on the institution's business model and offer suggestions on such proportionate and targeted measures in accordance with the Swedish national debt Office is necessary and appropriate in order to eliminate or restrict obstacles.



section 17 a report under section 16 shall be provided to the parent company in the EEA with the possibility that within four months from the receipt of the report, make comments and suggest alternative measures to eliminate or restrict obstacles identified in the report.



section 18 When the parent undertaking has given an opinion under section 17 or the period for an opinion referred to in the said section have expired,


The Swedish national debt Office, after consultation with the competent authorities and with resolution authorities in countries within the EEA where the parent undertaking, subsidiaries or branches to the institutions in the group, try to agree with the resolution authorities about 1. what significant obstacles,



2. how the measures proposed by the parent company in the EEA shall be assessed, and 3. what further measures required to eliminate or restrict obstacles.



The agreement to meet within four months from the date the parent observations over the report or, where the parent undertaking is not given an opinion, at the end of the four-month period referred to in section 17.



Article 19 of the agreement in accordance with section 18, it should be clear what it is based on. If the national debt is the coordinating the resolution authority, the authority shall submit the agreement to the parent company within the EEA.



The Swedish national debt Office will take the decisions arising out of the agreement.



section 20 If an agreement referred to in section 18 has not been made within the prescribed time and the Swedish national debt Office is coordinating resolution authority, the Swedish national debt Office pursuant to paragraphs 12 and 13, and taking into account the views and reservations of the other resolution authorities make decisions about actions to be taken at the corporate level.



section 21 Of an agreement under section 18 has not been made within the prescribed time and the national debt are not coordinating resolution authority, the Swedish national debt Office pursuant to paragraphs 12 and 13, and taking into account the views and reservations of the other resolution authorities make decisions on measures to be taken to an institution.



section 22 if the authorities have not agreed on any of the measures referred to in paragraph 24 7, 8 or 10, and any interested foreign resolution authority within the time limit set in paragraph 18 has referred the matter to the European banking authority in accordance with article 19 of Regulation (EC) no 1093/2010, in wording in accordance with European Parliament and Council regulation 806/2014/EU, the Swedish national debt Office postpone its decision under section 20 or 21 by one month and await the decision that the European banking authority may be taken in accordance with article 19(3) of that regulation. The Swedish national debt Office to comply with a decision in the matter of the European banking authority.



The Swedish national debt Office may not refer a matter to the European banking authority in accordance with Chapter 28. section 7 if the four-month limit in section 18, second paragraph has expired or an agreement has been reached.



section 23 of a decision under section 18 of a foreign coordinating resolution authority is valid in Sweden, where it was taken after an agreement with one or more resolution authorities or due to the fact that the competent authorities have not agreed within four months.



Measures to eliminate or reduce significant barriers



section 24 to eliminate or limit the significant barriers that have been identified in accordance with section 13 or 18, the Swedish national debt Office



1. submit to the company to obtain or review their intercompany arrangements for funding, or enter into service agreements to ensure that the company can provide critical operations,



2. submit to the company to limit its largest individual or total exposures,



3. introduce additional information requirements which are relevant for the purposes of the resolution,



4. submit to the company to dispose of the specific assets,



5. submit to the company to limit or cease a specified activity;



6. submit to the company to limit or prevent the development of certain business areas or the sale of certain products,



7. submit to the company to reduce the complexity of the legal and operational structures of the company or of a group company that directly or indirectly under the company's control to ensure that the legal and operational tools with resolution separating critical activities from other operations, 8. submit to an institution or a parent company to set up a financial holding company in Sweden or an EU parent financial holding company in the EEA,



9. submit to an institution or a company referred to in Chapter 1. Article 1, first paragraph (2) to increase their eligible liabilities or to take steps to meet the minimum requirement of impairment only liabilities, or



10. submit to a mixed-activity holding company which is the parent company to an institution to set up a financial holding company to control the Institute, if it is necessary to facilitate the resolution and avoid the resolution, negative effect on the non-financial aspects of the group.



When the Swedish national debt Office announces an order referred to in the first subparagraph, it shall simultaneously submit to the company within a month, develop a plan for how they intend to carry out the measures which the injunction is sought.



Exchange of information with the institution and parent undertakings



section 25 at the request of the Swedish national debt Office to an institution or a parent within the EEA provide the national debt the support and help the national debt need to draw up a resolution plan for the institution or group.



The Swedish national debt Office will provide a summary of the resolution plan to Institute or its parent company.



Chapter 4. Minimum requirement of impairment only liabilities



How the minimum requirement is estimated to 1 § With minimum impairment only liabilities referred to a requirement, expressed as a percentage, which indicates how large the company's own eligible liabilities and own funds at least must be in relation to the company's total liabilities and equity base.



In the calculation of the total liabilities, derivative financial liabilities are stated at the amounts that remain after counterparties have been taken into account the right of netting.



Decision on minimum claim size



section 2 of the Swedish national debt Office shall, after consultation with the financial supervisory authority, decide on the minimum impairment only liabilities that must be met by an Institute at the individual level.



The Swedish national debt Office will also, after consultation with the financial supervisory authority, decide what minimum impairment only liabilities that must be met by a parent company in the EEA at the group level. For a cross-border Group should such a decision be taken in accordance with paragraphs 5 to 9.



The Swedish national debt Office may, after consultation with the financial supervisory authority, order that a Swedish financial institution, a financial holding company or a mixed financial holding company or a mixed-activity holding company shall meet a minimum impairment only liabilities on an individual level.



paragraph 3 of the minimum requirement of impairment only liabilities shall be determined in connection with resolution planning according to Chapter 3. Requirement shall be determined by reference to the circumstances of the individual case, in order to ensure that a company, if it is declared in the resolution, have qualifying liabilities and own funds which together are large enough to be able to take measures which meet the objectives of the resolution of the resolution.



If the minimum requirement refers to an institution that is part of a financial group or the parent company within the EEA, should the decision be taken in accordance with paragraphs 5 to 9.



section 4 of the Swedish national debt Office may decide that an entity shall comply with the minimum requirement with some types of eligible liabilities.



Decision on the minimum requirement in respect of undertakings included in a cross-border group



section 5 For a cross-border group, the Swedish national debt Office to try to reach an agreement with the resolution authorities responsible for foreign institutions and, if the national debt is not coordinating resolution authority, the coordinating agency, about the size of the minimum requirement of impairment only liabilities for



1. the parent company in the EEA at the group level, and



2. a subsidiary and foreign subsidiary at individual level.



The assessment referred to in the first subparagraph 2, the Swedish national debt Office to take account of the requirements set at the group level.



If the authorities agree, the Swedish national debt Office will decide on the minimum requirement under paragraph 1 in accordance with the agreement.



section 6, If no agreement is reached within four months, the national debt, if the authority is coordinating resolution authority, decide on the minimum requirement of the parent undertaking in accordance with paragraph 5 of the first paragraph 1 and for the subsidiary institutions under paragraph 5, first subparagraph 2.



If the national debt is not coordinating resolution authority, the Swedish national debt Office will decide on the minimum requirement for the subsidiary institutions under paragraph 5, first subparagraph 2.



section 7 If any of the affected foreign resolution authorities within the four-month limit in section 6, first paragraph, has referred the matter to the European banking authority in accordance with article 19 of Regulation (EC) no 1093/2010, in wording in accordance with European Parliament and Council regulation 806/2014/EU, the Swedish national debt Office postpone its decision under section 6 with a month and await the decision that the European banking authority may take under article 19(3) of that regulation. The Swedish national debt Office to comply with a decision in the matter of the European banking authority.



The Swedish national debt Office may not refer a matter to the European banking authority in accordance with Chapter 28. Article 7 after the four-month deadline has expired or an agreement has been reached.



section 8, a decision as referred to in paragraph 5 of the terms in Sweden if it is taken by the



1. a foreign coordinating resolution authority with regard to the


or more jurisdictions following an agreement with the resolution authority, or



2. a foreign resolution authority within its jurisdiction on the ground that the competent authorities have not agreed within four months.



The decision is binding on the national debt, and it should be the basis for the Agency's monitoring of the minimum impairment only liabilities are satisfied.



§ 9 an agreement entered into under section 5 and a decision taken under paragraph 6 shall be reviewed and updated regularly.



Except for institutions that are part of a group



section 10 of the Swedish national debt Office may exempt a subsidiary institution from meeting the minimum requirement of impairment only liabilities on an individual level, if



1. the institution is exempt from supervision on an individual basis according to article 7(1) of the prudential regulation, and 2. the parent institution, if it is not also the parent institution within the EEA, the requirement imposed on the parent institution in Sweden and on daughter Institute.



section 11 of the national debt may, acting as coordinating resolution authority, except a parent institution in the EEA from fulfilling the requirement on an individual level, if the parent Institute



1. is exempt from the own funds requirement on an individual basis according to article 7(3) of the regulation, supervision and



2. does the special capital requirement of the resolution that has been established for the parent company in the EEA at the group level.



Monitoring resolution authority



section 12 of the Swedish national debt Office will monitor that the minimum impairment only liabilities are met on an individual level and, where appropriate, at the level of the group. The Swedish national debt Office will coordinate their surveillance with the supervision of the Swedish financial supervisory authority.



Chapter 5. Further steps to prepare a resolution and avoid default



Barriers to exercise certain legal documents section For a counterparty to an undertaking referred to in Chapter 1. Article 1, first paragraph, applies 11 kap. 3 – 6 and 8 sections regarding a decision if a krisavvärjande operation or an event which has directly linked to such a decision. It listed about a decision on resolution or resolution measures should relate to a decision on krisavvärjande measures.



Terms and conditions for the recognition of an impairment loss or conversion section 2 of a company referred to in Chapter 1. Article 1, first subparagraph 1 and 2, of the agreement relating to the relevant capital instrument and eligible liabilities and governed by the laws of third countries taking in conditions which means that the debt can be written down or converted, and that the creditors will accept 1. any reduction of the principal amount or the amount owed, or 2. conversions or cancellations which may result from a decision on the resolution or by a decision to write-down or conversion of relevant capital instrument.



Requirement provided for in the first subparagraph shall not apply



1. qualifying deposits from natural persons, 2. qualified deposits from micro, small and medium-sized enterprises according to the criterion of turnover in article 2.1 of the annex to Commission recommendation 2003/361/EC of 6 May 2003, 3. deposits through a branch outside the EEA to a Swedish institution and which would be considered as deposits relating to the persons or undertakings referred to in 1 or 2 if they had not been made by the branch, or



4. If it appears from the technical standards adopted by the European Commission in accordance with article 55(3) of crisis management directive that such contract terms are not required.



section 3 of the Swedish national debt Office may decide that an agreement pursuant to article 2 of the first paragraph does not need to contain such terms and conditions as set out therein, if it complies with the legislation of the country in which the agreement or by a binding agreement concluded with that country that a decision to write down or convert liabilities may be enforced in the country.



A company that wants to enter into an agreement pursuant to article 2 of the first paragraph without any conditions, to the Swedish national debt office providing the information necessary to examine the case, unless it is clearly unnecessary.



Contact with potential buyers 4 § When the Swedish national debt Office has received a notification from the financial supervisory authority in accordance with Chapter 15. 2 b of the Act (2004:297) on banking and finance law or 25 Cape. 2 b of the Act (2007:528) on securities market, the Swedish national debt Office submit to the company to contact potential buyers in order to prepare a resolution of the company.



The establishment of registers



paragraph 5 of the Swedish national debt Office may decide that an undertaking referred to in Chapter 1. Article 1, first subparagraph shall establish registers of its financial contracts and other agreements which may have a significant role in the resolution.



The size of the share capital



paragraph 6 of the resolution in connection with the planning, the Swedish national debt Office to check whether the articles of Association of a company referred to in Chapter 1. Article 1, first subparagraph 1 and 2 allow for resolution measures presupposes a reduction or increase of the share capital. If necessary to facilitate the implementation of resolution measures, the Swedish national debt Office submit to the company to amend the articles of Association.



Chapter 6. The write-down or conversion of capital instruments outside of the resolution



Rating



section 1 When the financial supervision authority shall hear a matter of write-down or conversion of relevant capital instrument outside the resolution, should the inspection ensure that a rating equivalent to that provided for in Chapter 7. of the company or the group in question.



The valuation shall be the basis for the FSA's determination of whether the relevant capital instrument is to be written down or converted. The valuation shall also serve as the basis for the Authority's decision in the case of 1. reduction of common equity, 2. the scope of the withdrawal or transfer of core tier 1 capital instruments, or 3. reduction of ownership of existing shareholders by conversion of relevant capital instruments into common equity tier 1.



Decision on impairment and conversion



section 2 of the financial supervision authority shall promptly decide that the relevant capital instrument issued by an institution or a company referred to in Chapter 1. Article 1, first paragraph 2 should be written down or converted, if



1. the company failing or likely to fail under Chapter 8. paragraphs 2 and 3, and



2. the measure is necessary and sufficient to remedy or prevent the failure of the company and there are no alternative measures within a reasonable period of time would alleviate or prevent default.



§ 3 When a subsidiary as referred to in Chapter 1. Article 1, first paragraph has released the relevant capital instrument which may be taken into consideration in determining whether the own funds requirement is met at the individual level and at the group level, the financial supervisory authority promptly decide that instruments should be written down or converted, if the inspection is agreed with the competent authority according to section 10 to 1. the group failing or likely to fail, and



2. the measure is necessary and sufficient to remedy or prevent default rates in the Group and there are no alternative measures within a reasonable period of time would alleviate or prevent default.



A group should be regarded as failing or likely to fail, if it does not meet or if it can be established on objective grounds to the group in the near future, will not meet the prudential requirements on a consolidated basis in any material respect.



paragraph 4 where a parent company has released the relevant capital instrument that may be taken into account in determining whether either the own funds requirement is met on an individual level or at the group level, the financial supervisory authority, if the inspection is the coordinating authority concerned, promptly decide to write down or convert these instruments, if 1. the group failing or likely to fail under paragraph 3 of the second paragraph, and 2. the measure is necessary and sufficient to remedy or prevent default rates in the Group and there are no alternative measures within a reasonable period of time would alleviate or prevent default.



§ 5 If an institution or a company referred to in Chapter 1. Article 1, first paragraph need State support, the relevant equity Institute or the company released written down or converted.



If it is required that the aid should be compatible with European Union law, the financial supervision authority may decide to other subordinated liabilities than the relevant capital instrument is to be written down or converted.



The write-down or conversion of relevant capital instrument or other subordinated liabilities may not take place if State aid fulfilling the conditions laid down in Chapter 8. section 3(1) 3 and such a writedown or conversion would threaten financial stability or cause disproportionate results.



6 § beyond what follows from 1 – 4 sections to the FSA, when the inspection is coordinating the appropriate authority and determines that it is necessary for the survival of the group, write down or convert such relevant capital instrument issued by a foreign subsidiary or parent companies and which may be taken into consideration in determining whether the own funds requirement is met at the individual level and at the level of the group. These are instruments issued by a foreign subsidiary, shall be decided in accordance with an agreement with the appropriate authority of the subsidiary.




The decision-making process for a cross-border group



7 § When the FSA is considering to take decisions in respect of a subsidiary under section 2, 3 or 5, the inspection shall forthwith inform the consolidating supervisor and the coordinating authority concerned.



When the inspection is considering the adoption of a decision under paragraph 3, shall also forthwith inform the inspection the competent authority responsible for the institution or company that has published the relevant capital instrument possibly should be written down or converted and the relevant authority in the same country within the EEA that the said competent authority as well as the coordinating authority concerned.



The notification shall indicate which decision the FSA intends to take and the reasons for this.



section 8 When the FSA has given a notice under section 7, inspection, after consultation with the notified authorities, whether there are 1. any alternative measure to write down or convert the relevant capital instruments and if it is possible to take it, and



2. the realistic prospects for the measure are identified within a reasonable period of time would alleviate or prevent the failure of the company or the group.



If the financial supervision authority receives a notification similar to that in section 7, inspection should be involved in such a consultation as referred to in the first paragraph.



section 9 If the FSA deems that there is no alternative measures which have prospects to remedy or prevent the failure of the company or the group, Inspectorate take a decision under paragraph 2, 4 or 5.



When the FSA examines the question of whether there are any alternative measures, inspection, take into account the effects which it may have in the relevant countries within the EEA.



paragraph 10 of the financial supervision authority shall attempt to reach agreement with the relevant authorities of the subsidiaries on a decision under paragraph 3. If the authorities are unable to agree, the financial supervision authority did not take any decision.



The first paragraph also applies when the financial supervisory authority has received a notification from a foreign authority concerned. If the FSA is opposed to a decision to write-down or conversion of relevant capital instrument in a subsidiary, to the inspection, notify the relevant authorities and giving the reasons therefor.



The Chief Executive of impairment and the conversion



Action against owner of core tier 1 capital instruments



section 11 Before the FSA writes down or convert the relevant instruments, to Inspectorate reduce core tier 1 capital in proportion to the losses of the company.



section 12 If the company has a positive value, the financial supervision authority may reduce the ownership of existing shareholders by converting the relevant capital instruments into common equity tier 1.



paragraph 13 of the financial supervision authority may, in conjunction with the reduction of core tier 1 capital pursuant to § 11 decide on 1. withdrawal of existing core tier 1 capital instruments, or



2. transfer of existing core tier 1 capital instruments to a creditor who has a claim completely or partially written down.



Impairment and the conversion of relevant capital instrument



section 14 As core tier 1 capital is reduced in proportion to the losses, the financial supervisory authority to write down the principal amount for the relevant capital instrument or convert the relevant capital instrument for core tier 1 capital instruments to the extent necessary to the company or the Group should no longer be assessed failing or likely to fail.



Relevant capital instrument is to be written down or converted into core tier 1 capital instruments in the following order: 1. other tier 1 capital instruments,



2. tier 2 instruments.



section 15, upon conversion of relevant capital instrument, the following applies:



1. The core tier 1 capital instruments conversion to take place shall be issued by the company or by its parent company, depending on what the FSA decides.

The financial supervision authority may, however, decide that the instruments are to be given out by the parent company, only if it has been approved by the resolution authority for the parent company.



2. Core tier 1 capital instruments should have been released before the company issuing shares or other ownership instruments in order to obtain capital from the State or a public body.



3. Core tier 1 capital instruments to be assigned and transferred without delay after the decision to convert the relevant capital instruments.



4. The conversion price for the relevant capital instrument's conversion to core tier 1 capital instruments is determined according to the principles set out in chapter 21. 19 and 20 sections.



paragraph 16 of the decision if the write-down or conversion is binding on the company and the holders of core tier 1 capital instruments and relevant capital instrument.

The affected by the write-down or conversion does not lose his or her right against the guarantors or others besides the debtor is liable for the claim.



One of the Swedish financial supervisory authority approved capital increase or reduction of capital is determined when it is registered in the companies register, register of associations or the bank register.



section 17 When a relevant capital instrument issued by a subsidiary should be written down or converted, the write-down or conversion not be wider or made in worse conditions than for the relevant instruments with the same priority, according to the ranking that has been written down or converted at the parent company level.



Preparatory actions



section 18 of the financial supervision authority may impose on an undertaking referred to in Chapter 1. Article 1, first paragraph to ensure that the Board of Directors of the company have the authorization necessary for the company to be able to provide a sufficient number of core tier 1 capital instruments.



Chapter 7. Rating



Valuation before the decision on the resolution or resolution action



1 § Before the Swedish national debt Office hears a question about resolution or resolution action, shall instruct any person who is independent from the Government and the company should be valued to do a fair, balanced and realistic appraisal of the company's assets and liabilities.



The program carries out the valuation may be dismissed before the mission is completed only if there are reasonable grounds for it.



section 2 of the assets and obligations shall be valued on the basis of conservative assumptions.



The valuation should any losses related to the assets of the company are recorded at the time when resolution steps are taken.



section 3 of the valuation shall be the basis for the Swedish national debt Office's decision in questions about resolution and resolution measures.



section 4 Together with the valuation shall present the following information as it appears from the company's accounting information:



1. an updated balance sheet and a statement of the financial status of the company,



2. an analysis of the assets ' book value, and



3. a list of outstanding liabilities and off-balance sheet, with an indication of the respective debt priority according to förmånsrätts law (1970:979).



The basis for a decision pursuant to paragraph 3 may, where appropriate, the information to be submitted along with the valuation in accordance with the first paragraph 2 is supplemented with an analysis of the value of the assets and obligations of the company based on market value.



section 5 of the valuation shall contain an estimate of the economic outcome for shareholders and creditors, if the company is declared bankrupt or goes into liquidation.



The Swedish national debt Office will be in the mission to the assessor to enter if the estimate shall relate to bankruptcy or liquidation.



section 6, If the requirements of paragraphs 1 to 5 are fulfilled, valuation final.



Provisional rating



section 7 If it because of the urgency, it is not possible to comply with the requirements of paragraph 4, first subparagraph, or to paragraph 5, a preliminary assessment carried out by the Swedish national debt Office.



A preliminary assessment carried out in accordance with section 8, constitutes a sufficient basis to decide on the resolution or resolution measures.



section 8 a preliminary rating of the company's assets and obligations, so far as possible, comply with the requirements of paragraph 4, first subparagraph, and paragraph 5. A preliminary evaluation should contain a buffer for any further losses.



When a final rating according to §§ 1 to 5 have been provided, a preliminary estimate does not form the basis for decisions on the resolution or resolution measures.



Final rating



section 9 on the final valuation shows a value higher than the preliminary valuation and the Swedish national debt Office with the support of the preliminary valuation has decided on the write-down or conversion of debts, withdrawal of shares or a transfer of assets to the bridge institution or asset management companies, the Swedish national debt Office



1. decide to write up creditors ' debt and shareholders ' equity or pay the creditors and shareholders, and



2. decide that the bridge institution or asset management company will pay additional compensation for assets and liabilities to the company for resolution, or for shares or other ownership instruments to the owners of these.



Rating when actions were taken



paragraph 10 in order to assess whether the financial outcome for shareholders, creditors and the deposit guarantee scheme would have been


better if the company instead of going to a resolution had been declared bankrupt or went into liquidation, the Swedish national debt Office as soon as possible after all the resolution steps have been taken to instruct a person who is independent from the Government and the company that should be valued, making a rating that determines 1. What financial impact on owners and creditors would have received if the company had gone bankrupt or went into liquidation at the time when the decision to put the company in the resolution was adopted,



2. What is the financial impact on owners and creditors have actually received at the resolution of the company, and



3. What is the difference between the financial outcome in accordance with 1 and 2.



The valuation according to the first paragraph, State aid to the company in the resolution shall not be taken into account.



The Swedish national debt Office will be in the mission to the assessor to specify whether the comparison with the outcome in the resolution shall relate to bankruptcy or liquidation.



TITLE III. RESOLUTION



Chapter 8. Initial resolution determining default rates



section 1 of the financial supervision authority shall on its own initiative or at the request of the Swedish national debt Office to examine whether an institution or a company referred to in Chapter 1. Article 1, first subparagraph 1 or 2 failing or likely to fail under paragraphs 2 and 3.



The trial should be preceded by consultations with the national debt and the Riksbank.



If the financial supervision authority finds that the Institute or the company failing or likely to fail inspection, shall immediately inform the national debt and other relevant authorities.



section 2 of an institution or company is deemed to fail if the financial supervision authority has objective grounds for finding that 1. institution or company infringes his obligations in a way that causes its State to be revoked,



2. the value of the institution's or company's assets is less than the value of its liabilities,



3. the institution or company cannot pay its debts as they fall due, or 4. institution or company needs State aid, except in the cases specified in section 3.



An institution or company shall be deemed likely to fail if the financial supervision authority has objective grounds for it in the near future will find themselves in a situation referred to in the first subparagraph 1 – 3.



3 § If State aid to an institution or enterprise is required to avoid or remedy a serious disturbance in the economy of Sweden, to Institute or company are not considered to fail if it is not in such a situation referred to in paragraph 2 1-3 or the second subparagraph and the necessary support consists of



1. a State guarantee of liquidity facilities provided by the Riksbank, 2. a Government guarantee for new debt, or 3. an addition to the capital base or acquisition of equity instruments at market rates, where the conditions set out in Chapter 6. 2 – 4 sections are not met and the aid is necessary in order to remedy the capital shortfall identified in the stress test, the asset review or similar briefings conducted by the European central bank, the European banking authority, or finansinspektionen.



The aid referred to in the first subparagraph shall be temporary and be proportionate to the extent of the serious interference. It must not be used to compensate losses incurred by the institution or firm has suffered, or in the near future are likely to suffer.



Decision on the resolution, etc.



section 4 of the Swedish national debt Office, after the financial supervision authority the information referred to in paragraph 1, third subparagraph, consider whether the institution or firm to go to resolution 5-10 sections.



If the Swedish national debt Office finds that there is no alternative measures within a reasonable period of time would alleviate or prevent the failure of the institution or firm, the Swedish national debt Office will promptly notify the financial supervision authority and other relevant authorities.



Even without such a notification referred to in the first subparagraph, the Swedish national debt Office decide on resolution of a holding company under section 8, if the resolution conditions found to be satisfied for an EEA institution which is a subsidiary of the holding company, or if the resolution of the parent undertaking in accordance with section 11 and on action against an EEA branch under section 12.



In the case of resolution of an institution or a company belonging to a cross-border group, the Swedish national debt Office apply Chapter 9.



Conditions for resolution Institutions



paragraph 5 of the Swedish national debt Office to put an institution in the resolution on the 1. The financial supervisory authority has determined that the institution fails or it is likely that it will fail,



2. There is no alternative measures within a reasonable period of time would alleviate or prevent the failure of the institution, and 3. resolution is necessary with regard to the public interest.



Resolution shall be deemed to be in the public interest, about 1. the measure is necessary to achieve one or more of the purposes of Chapter 1. section 6,



2. the measure is proportionate to the objectives pursued, and



3. a settlement of the Institute through bankruptcy or liquidation would not achieve the objectives equally.



Examination of the condition set out in item 2 of the first paragraph should be preceded by consultations with the Riksbank and finansinspektionen.



Despite the first paragraph, the Swedish national debt Office decide not to put the Institute in resolution, its parent companies or institutions subject to supervision on a consolidated basis in the same group has entered or will enter resolution and separate resolution actions against institution is not considered necessary to achieve one of the purposes of Chapter 1. section 6.



Financial institution



section 6 of the Swedish national debt Office may put a financial institution referred to in Chapter 1. Article 1, first paragraph (2) (a) of the resolution, if its parent companies subject to supervision on a consolidated basis, and both the financial institution and the parent undertaking satisfies the conditions of the resolution referred to in section 5.



In the case of a foreign parent company to the foreign authority responsible for the parent company have determined that conditions for resolution are met in accordance with the legislation of that country.



Holding company



section 7 of the national debt, put in a holding company referred to in Chapter 1. Article 1, first paragraph (2) (b) (2) (d) of the resolution, if



1. an institution, an EEA institution or a tredjelandsinstitut which is a subsidiary of holding company meets conditions for resolution, and 2. holding company satisfies the conditions for a resolution referred to in section 5.



In the case of an EEA institution or tredjelandsinstitut to the foreign authority responsible for the Institute have found that the conditions of the resolution are met in accordance with the legislation of that country.



section 8 of the national debt, put in a holding company referred to in Chapter 1. Article 1, first paragraph (2) (b) (2) (d) of the resolution despite the fact that it does not fulfil the conditions of paragraph 5 of resolution, about 1. an institution or an EEA institution which is a subsidiary of holding company meets conditions for resolution, 2. the Institute's or EEA institution's failure threatens the group as a whole or the insolvency law requires that the group is treated as a whole, and



3. resolution measures against the holding company is necessary for the resolution of an institution or an EEA institution or of the entire group.



In the case of an EEA institutions, the foreign authority responsible for the Institute have found that the conditions of the resolution are met in accordance with the legislation of that country.



§ 9 the national debt should not put a mixed-activity holding company by resolution under section 7 or 8, if the institution or EEA Institute held directly or indirectly by an intermediate financial holding company. In such cases, the financial holding company declared in a resolution.



10 § examination under section 7, first paragraph 1 or paragraph 1, the Swedish national debt Office ignore intercompany transfers of capital or loss sharing arrangements.



If the holding company is resident in another country within the EEA or if the assessment relates to an EEA institutions, the first subparagraph shall apply only after agreement with resolution authority responsible for holding company or Institute.



Resolution and measures in the context of a motion for a resolution procedure in a third country



The parent company



section 11 of the national debt, put a company referred to in Chapter 1. Article 1, first paragraph 1 or 2 which is the parent company to a tredjelandsinstitut resolution, about 1. the relevant authority of the country where tredjelandsinstitutet has its head office has decided that the tredjelandsinstitutet meet the conditions for resolution in accordance with the laws of that country, and



2. it is necessary to take account of the public interest under paragraph 5 of the second paragraph.



EEA branches



section 12 If an EEA branch in Sweden is not the subject of a resolution procedure in a third country or on the Swedish national debt Office has not recognized the resolution procedure in accordance with chapter 26. 2-4 sections, the Swedish national debt Office may take action under Chapter 15. Article 1, section 3(1) 6 and 4 and 17 of the Act (2004:297) on banking and finance law or 25 Cape. 1, 6 and 15 of the law


(2007:528) securities market against the branch if it is necessary to take account of the general interest, in accordance with paragraph 5, second subparagraph, and



1. the branch do not meet or are not likely to meet the conditions for the branch condition and there are no alternative measures within a reasonable period of time would restore the branch's compliance with conditions or prevent it from failing, 2. tredjelandsinstitutet lacks the will or ability, or is likely to lack the capacity to fulfil their obligations on the due date against creditors in the EEA, and it is common ground that resolution or other insolvency proceedings against tredjelandsinstitutet have not begun or will begin within a reasonable period of time in the country where it has its headquarters, or



3. the relevant authority in the country where tredjelandsinstitutet has its head office has initiated a resolution proceedings against tredjelandsinstitutet or notified the national debt that it intends to initiate such a procedure.



The Swedish national debt Office will notify the relevant authority of the country where tredjelandsinstitutet has its headquarters on the actions taken pursuant to this paragraph.



Publication and registration



paragraph 13 of the Swedish national debt Office shall publish as soon as possible a decision to put an institution or a company referred to in Chapter 1. 1 paragraph 2 of the resolution.



section 14 if an institution or a company referred to in Chapter 1. Article 1, first paragraph 2 goes on to national debt resolution, immediately notify the decision to the Swedish companies Registration Office for registration.

The same goes for the Swedish national debt Office's decision to terminate the resolution. The Swedish national debt Office shall also notify the registration office when the General Administrative Court has rescinded a decision to put the institution or firm resolution.



Chapter 9. Decision-making procedure for cross-border groups



A subsidiary meets the prerequisites for resolution



If the Swedish national debt Office is responsible for the subsidiary



(1) If a subsidiary in a cross-border group meets the prerequisites for resolution in accordance with Chapter 8., the Swedish national debt Office will immediately inform the members of the College of the resolution for the Group on this and if the resolution or insolvency measures that the Swedish national debt Office considers appropriate to take against the company.



section 2 of the Swedish national debt Office informed of measures under section may be taken against the subsidiary, if the foreign coordinating the resolution Authority estimates that the measures are not likely to lead to the fulfilment of conditions for resolution of a group entity in another country within the EEA or if the coordinating the resolution authority has not proposed a consolidated resolution procedure within 24 hours from the receipt of the notification, or such longer time as the Swedish national debt Office approved.



§ 3 If the coordinating the resolution authority within the time limit laid down in paragraph 2 proposes a consolidated resolution scheme, the Swedish national debt Office to try to get along with the coordinating the resolution authority and other relevant resolution authorities to implement the consolidated resolution scheme.



If an agreement referred to in the first subparagraph cannot be struck, the Swedish national debt Office, if not the authority itself had objections to the proposed consolidated resolution scheme, to agree with the resolution authorities that neither had objections, if a consolidated resolution scheme that includes Group companies established in Sweden.



The Swedish national debt Office shall take a decision in accordance with an agreement reached by the Agency under this section.



section 4 If no agreement under paragraph 3 did not meet, the Swedish national debt Office put the subsidiary on resolution and adopt resolutions or insolvency proceedings against the subsidiary.



In the case of decisions referred to in the first subparagraph, the contents of the consolidated resolution plan established under Chapter 3. as well as the potential effects on the stability of the financial system of the countries concerned in the EEA and in other parts of the group are taken into account.



The Swedish national debt Office will inform the coordinating the resolution authority and other concerned resolution authorities about the reasons for its decision pursuant to the first subparagraph, and on the measures which they intend to take.



The Swedish national debt Office is coordinating resolution authority



§ 5 If the Swedish national debt Office acting as coordinating resolution authority receives a notification referred to in article 91(1) of crisis management directive from a resolution authority in a country in the EEA, the 6-8 sections.



section 6 of the national debt should assess the impact of the resolution or other measures specified in the notification of other group companies resident within the EEA.



If the national debt think that announced measures is likely to lead to the conditions for the resolution referred to in article 32 or 33 in crisis management directive for a business unit in another country within the EEA than those notifying, the Swedish national debt Office, within 24 hours after it receives the notification or the longer period of time as is approved by the notifying authority, propose a consolidated resolution procedure.



The assessments referred to in the first and second paragraphs shall be made after consultation with the members of the College of the resolution for the group.



section 7 of the Swedish national debt Office will try to reach agreement with the other resolution authorities if the consolidated resolution scheme. If a deal is struck, the Swedish national debt Office will take a decision in accordance with the agreement.



section 8 if it is not possible to conclude an agreement, the national debt, if the conditions in Chapter 8. are met, put a company that authority is responsible for the resolution and adopt resolutions or insolvency proceedings against the company.



In the case of decisions referred to in the first subparagraph shall not apply to the requirement for notification under section 10.



The Swedish national debt Office is responsible for a subsidiary but are not notifying authority



section 9 Of the Swedish national debt Office in cases other than those referred to in paragraphs 1 and 5 are responsible for a company subject to a consolidated resolution procedure, apply 3 to 4 sections.



The parent undertaking satisfies the conditions of the resolution



The Swedish national debt Office is responsible for the parent company



section 10 If a parent undertaking, the Swedish national debt Office is responsible for and included in a cross-border group, meets the conditions for resolution in accordance with Chapter 8., the Swedish national debt Office will promptly give notice thereof and the appropriate resolution or insolvency action to members of the College of the resolution for the group.



Resolution or insolvency measures referred to in the first subparagraph may comprise a group resolution scheme, about 1. resolution or other measures against the parent company is likely to lead to the conditions for the resolution referred to in article 32 or 33 in crisis management directive for any other group companies that are not resident in Sweden,



2. resolution or other measures against the parent undertaking are not sufficient to stabilise the situation, or is not likely to lead to an optimal result,



3. a foreign resolution authority in the EEA provides that the conditions of the resolution referred to in article 32 or 33 in crisis management directive for one or more subsidiary companies that it is responsible for, or



4. resolution or other measures at group level will include subsidiaries in a way that allows a group resolution scheme is appropriate.



section 11 Of the national debt does not propose a consolidated resolution scheme, the authority shall, after consultation with the members of the College, decision resolution resolution and resolution or insolvency action.



In the case of decisions referred to in the first subparagraph, the Swedish national debt Office follow the consolidated resolution plan adopted pursuant to Chapter 3., unless it is considered that resolution purposes can be achieved more effectively by using measures other than those set out in the plan, and take account of financial stability in the countries within the EEA.



section 12 Of the Swedish national debt Office proposes a consolidated resolution procedure, sections 7 and 8 apply.



The Swedish national debt Office is responsible for a subsidiary, but not for the failing



section 13, if a foreign resolution authority has submitted a consolidated resolution procedure for a parent company to a subsidiary that the Swedish national debt Office is responsible, apply 3 to 4 sections.



Common provisions



section 14 of the decision if a consolidated resolution procedure taken by a foreign resolution authority by agreement with one or more resolution authorities or due to resolution authorities have not agreed, the case in Sweden.



section 15 of the measures referred to in this chapter shall be taken as soon as possible.



10 Cape. Consequences of a decision on the resolution for owners and management



The Swedish national debt Office takes control



section 1 When the Swedish national debt Office has decided that a company should be in the resolution, assumes authority 1. the owners ' right to vote the shares or units of the AGM, or 2. in a savings bank, the main men's right to decide on matters at the savings bank meeting.



In order to achieve the objectives of the resolution, the Swedish national debt Office on exercising control over the company by taking over the owners ', the main men's, Board of Directors and the Executive


the rights and powers of the Director to the extent that the Authority considers necessary.



Injunction to take resolution steps section 2 of the Swedish national debt Office may submit to the company in the resolution to take one or more actions for a resolution.



The management of a company in the resolution



section 3 of the Swedish national debt Office will appoint a new Board of Directors and the Managing Director of a company in the resolution. However, this does not apply if it is necessary to achieve the purposes of the resolution to one or more members of the Board or the Executive Director maintains its mission.



11 kap. Obstacles to enforcement measures and certain acts related to the resolution of obstacles to enforcement measures



§ 1 in the time resolution is under way, seizure or other enforcement under the enforcement code does not take place against the company. Assistance pursuant to lagen (1978:599) hire purchase between traders and others. may not take place.



During the time the resolution is in progress, nor attachment order or payment assurance will be notified to the company.



Stay of proceedings



2 § When a company has been declared in the resolution, the Swedish national debt Office may apply to a court or similar body stays the legal process that the company is a party to the resolution.



The Court, or the equivalent Agency, may stay the proceedings if necessary to achieve the purposes of the resolution.



Barriers to exercise certain legal acts



section 3 of a counterparty to an undertaking referred to in Chapter 1. Article 1, first subparagraph, on the basis of a decision on the resolution or a resolution action, or event that has a direct bearing on such a decision, not



1. cancel or terminate a contract with the company,



2. change the terms of an agreement with the company, 3. set up the performance of an obligation towards the company, 4. settle a claim that the company has on the other party, or an obligation that the company will fulfill the towards the other party, against a claim that the other party has at the company, or an obligation to which the other party to carry out against the company,



5. convert a claim that the other party has at the company, or an obligation that the company will fulfill the towards the other party, to a net claim or one net obligation (netting),



6. apply a close-out netting provision, or



7. receive, dispose of or take a security interest in assets of the company.



Such an order or such an event referred to in the first subparagraph does not constitute a collective insolvency proceeding under the law (1999:1309) about the system for settlement of obligations in the financial market.



The first and second paragraphs applies only if 1. the company continues to fulfil essential obligations under the agreement in relation to the other party, or



2. the company may not be able to fulfil these obligations as a result of a decision of the national debt under Chapter 13. 2, 7, 8, 11 or 12.



section 4 of The terms of contract in contravention of section 3 is invalid.



§ 5 a prohibition under section 3 also apply to a counterparty to 1. subsidiaries of such companies as referred to in Chapter 1. Article 1, first paragraph, if a company within the group is responsible for the performance of the subsidiary's obligations, or 2. another company in the group, if the counterparty's right is based on a decision on the resolution or a resolution action against any other company within the group or on an event that has a direct bearing on such a decision.



section 6 Of the Swedish national debt Office has acknowledged a resolution procedure in third countries in accordance with chapter 26. section 2, should such a procedure be considered a decision on the resolution or a resolution action for the purposes of paragraphs 3 to 5.



Article 7 the provisions of paragraphs 3 to 6 shall be deemed to be overriding mandatory rules within the meaning of article 9 of the European Parliament and Council Regulation (EC) no 593/2008 of 17 June 2008 on the law applicable to contractual obligations (Rome I), in the original wording.



12 Cape. Resolution measures



What is resolution actions § 1 When a company has been declared in the resolution, the Swedish national debt Office use the following resolution steps: 1. Take measures specified in Chapter 10. section 2, chapter 13. 1, 2, 7, 8, 11 and 12 sections, chapter 14. 2-5 paragraphs, 16. 1, 3 and 4 of section, chapter 17. 7 and 9 section, chapter 18. 8 to 10 sections, 19. 7 and 9 sections, 20 chapter. paragraphs 1 and 4, 21. paragraphs 16 and 18 and 28. 2 §.



2. Apply the following resolution tools: a) sales tool under Chapter 17, section,



b) bridge institution's tool under Chapter 18,



c) separation tool under Chapter 19, or



d) bailin under Chapter 21.



3. Appoint a special trustee under Chapter 15. § 1.



In addition, the Government may use any of the governmental stabilisation tools under the conditions provided for in Chapter 22.



Application policies



paragraph 2 of the resolution, the debt Office to take the measures necessary in view of the public interest and that best meets the objectives of the resolution of the case.



When the Swedish national debt Office is taking measures of the resolution, the authority shall endeavour to minimize costs and avoid unnecessary resolution value destruction.



About resolution measures leading to the resolution of conflict between two or more purposes, the Swedish national debt Office, unless otherwise follows from this law, weigh the objectives against one another with regard to the circumstances of each case.



section 3 of the requirements applicable to the approval or consent or procedural requirements if notifications under other statutes, contracts or otherwise shall not prevent the reopening of the Swedish national debt Office to take resolution steps.



The first paragraph does not apply if otherwise provided for in this Act or the regulations that have been issued in connection with the Act.



paragraph 4 of the resolution, When measures are taken the Swedish companies Act (2005:551) and the Act (2006:451) concerning takeover bids is not applied in the parts corresponding to the



– Article 5 of European Parliament and Council Directive 2004/25/EC of 21 april 2004 on takeover bids, in wording pursuant to European Parliament and Council Directive 2004/59/EC,



-European Parliament and Council Directive 2005/56/EC of 26 October 2005 on cross-border mergers of limited liability companies, in wording pursuant to European Parliament and Council Directive 2004/59/EC,



-European Parliament and Council Directive 2007/36/EC of 11 July 2007 on the exercise of certain rights of shareholders in listed companies, in wording pursuant to European Parliament and Council Directive 2004/59/EC,



— The European Parliament and of the Council/35/EU of 5 april 2011 concerning mergers of public limited liability companies, in wording pursuant to European Parliament and Council directive 59/EU, and



– articles 10, 19.1, 29.1-29.3, 31(2), first subparagraph, 33 to 36 and 40 to 42 of the European Parliament and Council directive 2012/30/EU of 25 March 2012 on the co-ordination of the safeguards required by Member States of article 54, second paragraph, of the Treaty on the functioning of the European Union meant companies in the interests of members and others when it comes to the formation of public limited liability companies and the maintenance and alteration of their capital with a view to making such safeguards equivalent, in wording pursuant to European Parliament and Council Directive 2004/59/EU.



Public disclosure section 5 of the Swedish national debt Office shall publish as soon as possible a decision to take resolution steps.



If the national debt makes decisions under Chapter 13. 2, 7, 8, 11 or 12, it shall also publish the terms and conditions of the action and the time period to which the action applies to.



Resolution measures in respect of a company in a group



section 6, if a company is part of a group, the Swedish national debt Office, the resolution action taken against the company in a manner that 1. minimizes the impact on other group companies and for the group as a whole, and 2. minimise the negative effects on financial stability within the EEA, in particular in the countries in which the Group operates.



Employees and their representatives



section 7 of the Swedish national debt Office's decision on the motion for a resolution measures shall not affect the right of employees to employee representatives on the Board under the Act (1987:1245) on board representation for private employees.



section 8 When the Swedish national debt Office is taking a resolution action affecting the employees, the Agency should inform and consult the representatives of the employees.



The financial outcome



§ 9 When sales tool, bridge institution's tool or separation tool is used to transfer certain assets or liabilities from a company in the resolution, the Swedish national debt Office endeavour to the financial outcome for shareholders and creditors whose claims have not been transferred will not be worse off than if the company had been shut down by bankruptcy or liquidation at the time when the decision on the resolution were passed.



section 10 When bailin, the Swedish national debt Office endeavour to the financial outcome for shareholders and creditors whose receivables are written down or converted into shares or other ownership instruments will not be worse off than if the company had been shut down by bankruptcy or liquidation at the time when the decision on the resolution were passed.



section 11 When funds from the deposit insurance system administered under section 7 of the Act (1995:1571) on deposit guarantee,


The Swedish national debt Office endeavour to the financial outcome for the deposit guarantee scheme does not become worse than if the company had been shut down by bankruptcy or liquidation at the time when the decision on the resolution were passed.



Property in third countries



section 12 Of the Swedish national debt Office has decided to adopt a resolution action relating to assets in third countries or shares or other ownership instruments, rights or obligations that are governed by the law of such country, shall either



1. manage the shares, the other proprietary instruments, assets or rights and meet the obligations of the recipient's behalf, until it shall take effect, or



2. reverse its decision if it appears highly unlikely that the measure will be effective.



If a decision is set aside pursuant to the first subparagraph 2, transactions, or other measures taken to give effect to the repealed decision revert or reset.



Chapter 13. Decision amending certain contractual conditions and prohibiting the performance of obligations, take collateral and to undertake certain acts



Modification of the maturities and interest rate conditions



§ 1 in case of qualifying liabilities and relevant capital instrument drawn up before a company entered in the resolution, the Swedish national debt Office decide that 1. change the term of the debt, 2. change the interest rate to be paid for the debt, or



3. change the date when the interest payment is due.



The first paragraph does not apply in respect of a debt that is secured.



Prohibition to carry out certain obligations



section 2 of the Swedish national debt Office may decide that a company is placed in temporary resolution should not complete a payment or delivery obligation arising from a contract concluded by the company.



If the Swedish national debt Office issued a decision pursuant to the first subparagraph, do not need the other party fulfil its payment or delivery obligation under the agreement.



paragraph 3 of the decision of the Swedish national debt Office pursuant to article 2 of the first paragraph comes from the publication of the decision pursuant to Chapter 12. paragraph 5 and until 24.00 hours on business day immediately after the date of publication.



section 4 If a payment or delivery obligation would have been completed during the time that the Swedish national debt Office decided on under paragraph 3, the obligation is fulfilled as soon as the time has expired.



paragraph 5 of the decision pursuant to article 2 of the first subparagraph may not relate to



1. qualifying deposits;



2. transfer orders in respect of payments or deliveries of financial instruments that have been put into a reported settlement system, 3. payment or delivery obligations that must be fulfilled to central counterparties and central banks, or



4. financial instruments and funds covered by the Act (1999:158) on investor protection.



paragraph 6 of the resolution Concerning a firm in carrying out a payment or delivery obligation in contravention of a decision taken pursuant to paragraph 2 of the first subparagraph, the payment or delivery still apply if the national debt does not show that the defendant knew of the decision or that there were circumstances in which the defendant gave reasonable grounds to believe that the national debt had taken such a decision.



Prohibition to take collateral



section 7 of the Swedish national debt Office may decide that a creditor to a company in the resolution may not take a security that has been exhibited in the assets of the company.



The ban must apply from the publication provided for in Chapter 12. paragraph 5 and until 24.00 hours on business day immediately after the date of publication.



section 8 Of the Swedish national debt Office has decided to put another company within the same group as the company, according to paragraph 7 of the resolution or to take such action as set out in Chapter 12. Article 1, first subparagraph 1 or 2 for one such company, the Swedish national debt Office to take a specific decision prohibiting the take collateral in respect of the company.

The content of the decision should correspond to the content of the decision made under section 7.



§ 9 a decision under section 7 or 8 must not refer to a margin or other lien that has been exhibited in connection with participation in a reported settlement system or held by a central bank or a central counterparty.



section 10 If a creditor takes in claims a security in contravention of a decision under section 7 or 8, the Act still apply if the national debt does not show that the creditor was aware of the decision or that there were circumstances in which the creditor gave reasonable grounds to believe that the national debt had taken such a decision.



Prohibition to exercise certain legal documents section 11 of the Swedish national debt Office may decide that a counterparty to a company in the resolution do not get 1. Cancel or terminate a contract with the company,



2. change the terms of an agreement with the company,



3. set the performance against the company, 4. settle a claim that the company has on the other party, or an obligation that the company will fulfill the towards the other party, against a claim that the other party has at the company, or an obligation to which the other party to carry out against the company,



5. convert a claim that the other party has at the company, or an obligation that the company will fulfill the towards the other party, to a net claim or one net obligation, or



6. apply a close-out netting provision.



The first paragraph is only valid if the company continues to meet essential contractual obligations in relation to the counterparty.



The ban must apply from the publication provided for in Chapter 12. paragraph 5 and until 24.00 hours on business day immediately after the date of publication.



section 12 of the Swedish national debt Office may decide that a counterparty to a subsidiary of a company in the resolution may not take such an action referred to in section 11, first subparagraph, in respect of a contract with the subsidiary, if



1. the undertaking of resolution is responsible for performance of the obligations of the subsidiary, and



2. the basis for taking action is the insolvency of the company in the resolution or the financial position in General.



In the case of a decision as referred to in the first subparagraph apply to the second and third paragraphs of section 11.



13 § When the Swedish national debt Office has decided on a transfer pursuant to chapter 17. section 2, chapter 18. § 1 or 19 Cape. paragraph 1, the authority may take a decision pursuant to section 12 only if



1. all of the subsidiary's assets and liabilities that are attributable to the agreement have been transferred to the recipient, or



2. the authority ensures that contractual obligations will be ensured by other means.



paragraph 14 of a decision under section 11 or 12 may not concern agreements which



1. relating to a reported settlement system, or



2. the undertaking of resolution has entered into with central banks or central counterparties.



section 15 A counterpart to a company in the resolution or a subsidiary of a company in the resolution may take such action as set out in section 11 of the first paragraph by the end of the time limit set by the Swedish national debt Office decided on in accordance with the third paragraph of section 11, if the Agency informs the counterparty about 1. that the rights and obligations covered by the agreement is not to be transferred to a recipient, or



2. that the liabilities are covered by the agreement should not be written down or converted by using bailin.



section 16 on the rights and obligations covered by the agreement have been transferred to a receiver, the other party after the expiration of the time limit set by the Swedish national debt Office decided on in accordance with the third paragraph of section 11 shall take such action as set out in section 11, first subparagraph only if the recipient at or after receipt does not fulfil essential contractual obligations.



section 17 if a counterparty to a company in a resolution adopting a measure in contravention of a decision under section 11 or 12, the measure still apply if the national debt does not show that the defendant knew of the decision or that there were circumstances in which the defendant gave reasonable grounds to believe that the national debt had taken such a decision.



Chapter 14. Complementary competence § 1 When the Swedish national debt Office decides on the resolution or take a resolution action, the Agency may take the measures referred to in paragraphs 2 to 4, if it is necessary to ensure the enforcement of a decision on the resolution or a resolution action or to achieve one or more of the purposes of the resolution.



section 2 of the Swedish national debt Office may decide that a holder of shares of a company by resolution or by other proprietary instruments issued by the company may not acquire additional shares or proprietary instruments.



section 3 of the Swedish national debt Office may request 1. a stock exchange shall reject a request for admission to trading on a regulated market of a financial instrument issued by a company in the resolution or to decide that such a financial instrument should not be traded in accordance with Chapter 15. section 11 of the Act (2007:528) on the securities market,



2. a stock market with a permit under Chapter 13. 12 section 1 the securities market act or a securities firm with permission under Chapter 2. 1 § 8 of the same law shall reject an application for a financial instrument issued by a company in the resolution should be traded on a trading platform or to decide that such a financial instrument should no longer be traded on a trading platform under Chapter 11.

11 a of the same law,




3. The financial supervisory authority carries out an examination in accordance with Chapter 22. 2 a of the securities market Act.



The Swedish national debt Office may also request to a competent authority in another country within the EEA to take the corresponding decisions.



section 4 of the Swedish national debt Office may decide that a contract to which a corporation is a party to the resolution shall be terminated with immediate effect or to the terms of the agreement is amended.



15. Special Trustee



section 1 of the Swedish national debt Office may appoint a special manager in a company that is in the resolution. When a special trustee has been appointed, shall notify the national debt Office for registration with Bolagsverket.



section 2 of the special administrator shall, within its mandate to take all the measures that promote the relevant resolution purposes and implement resolution measures in accordance with the instructions given by the Swedish national debt Office.



If the Board or the Executive Director of a firm which is awake in the resolution to make a decision or take an action without the consent of the nominee, this does not affect the legal validity of the document.



section 3 of the Special Manager shall have the insight and experience that the mission requires and also be suitable for the mission.



The trustee must not stand in such a relation to any shareholder, creditor or any other that might discredit his or her impartiality in the conduct of the mission. It may not otherwise be any circumstance that brings that confidence in him or her can be dislodged.



The manager shall immediately inform the national debt if the circumstances which may give rise to a conflict of interest for him or her.



If the manager asks to be relieved and shows the reasons for it, the Swedish national debt Office will dismiss the nominee.



section 4 of the Special Manager shall establish and the Swedish national debt Office to submit a written report in connection with the stewardship begins and ends. The Swedish national debt Office may indicate when the trustee shall submit written reports during the mission.



section 5 of the special administrator may be appointed for a term not exceeding one year. The Swedish national debt Office may extend the mission, if there is any reason for it.



The Swedish national debt Office may, with immediate effect, separating the nominee from Office.



16. Section 1 of the proceedings against the owner Of a company in the resolution is a limited company, the Swedish national debt Office, before or in conjunction with the authority takes a resolution action that can lead to some creditors face losses or get his claim completely or partially converted, deciding that the company's share capital shall be reduced in proportion to the company's losses, according to a preliminary examination in accordance with Chapter 7.



paragraph 2 of the resolution, if the company has a positive value, the Swedish national debt Office decide to holders of debt securities that the enterprise has concluded will exchange their debt into shares or other participations in the company (conversion).

The conversion shall be made at a rate that significantly reduces shareholders ' stake in the company.



section 3 of the Swedish national debt Office, in connection with the decision to reduce share capital under section decide that 1. pull in existing shares, or



2. transfer existing shares to a creditor who has a claim completely or partially written down.



paragraph 4 of the resolution, if a company is a member bank or an economic association, the Swedish national debt Office, before or in conjunction with the authority takes a resolution action that can lead to some creditors face losses or get his claim completely or partially converted, decide to reduce the value of units in proportion to the Association's losses, according to a preliminary examination in accordance with Chapter 7.



paragraph 5 of the decision taken by the Swedish national debt Office pursuant to paragraphs 1 to 4 shall be binding on the company in the resolution and for the affected owners and creditors.



One of the Swedish national debt Office decided capital reduction shall be recorded in the companies registry, register or bank register.



Chapter 17. Sales tool



Definition of sales tool



section 1 With sales tool referred to such a transfer as defined in paragraph 2 of resolution from a company or from anyone other than the company to a purchaser who is not a bridge institution pursuant to chapter 18. section 2 or an asset management company within the meaning of chapter 19. 2 §.



Generally, if the transfer section 2 of the Swedish national debt Office may use sales tool to 1. from the company transfer the assets or liabilities, or



2. from someone other than the undertaking transferring shares and other ownership instruments that the company has released.



Reversal



section 3 of the national debt, bringing back the transferred assets or obligations of the company or the previous owner or the holder, if the transfer has been carried out in violation of the terms of the decision on transfer or on the national debt and the purchaser agree that the assets or obligations should be brought back.



section 4 of the Swedish national debt Office's decision on the transfer shall specify during which time reversal may occur and the conditions which will apply to the reversal.



§ 5 The who have received compensation in the event of a transfer to pay back compensation if a reversal takes place.



The beneficiary when a reversal is required to receive the assets and obligations that are brought back.



The right to assets and liabilities which are transferred



section 6 transfer lose the owners of the company and the company's creditors of their right to the transferred assets and obligations.



§ 7 Obligations or contingent liabilities relating to the assets or liabilities transferred shall not apply to the purchaser, if the national debt in particular decides on it.



The first paragraph does not apply to such security rights referred to in Chapter 23. 4 section.



Owners and creditors ' right to remuneration under this Act shall not constitute an obligation or liability referred to in the first subparagraph.



The acquirer's legal status after a transfer



§ 8 transfer the transferee assumes the rights and obligations that come with it transferred. Acquirer enters a party instead of the undertaking in the agreement is transferred.



Membership or the right to participate in payment, clearing and settlement systems, trading platforms, regulated markets or compensation to depositors and investors may be transferred if the acquirer meets the requirements for membership or participation in such systems.



If the acquirer does not have a sufficient credit rating, it should not, however, constitute obstacles to the transfer of membership or entitlement to participate in such systems.



The Swedish national debt Office may decide that the purchaser may exercise the rights referred to in the second subparagraph in a maximum of 24 months of the right transferred, even if the purchaser does not meet the requirements for membership or participation. At the request of the purchaser, the Swedish national debt Office may extend the time.



Duty to cooperate



section 9 of the Swedish national debt Office may submit to the company and the purchaser to assist each other with specific information and support measures.



Conditions, sales process and compensation



section 10 of the transfer shall be made on commercial terms. In the assessment of what constitutes commercial conditions, the valuation made in accordance with Chapter 7. be taken into account.



section 11 When sales tool is used, the Swedish national debt office offering proprietary instruments issued by the company or its assets or obligations for sale on the market.



An offer of sale



1. must be transparent,



2. to give a true and fair view of the company and its assets and liabilities, and of proprietary instruments issued by the company,



3. do not unduly benefit or disadvantage the potential buyers, 4. must not give rise to a conflict of interest,



5. to take into account the need to achieve a quick resolution, and



6. shall aim to get the highest possible price in the sale.



section 12 of the Swedish national debt Office may use sales tool without complying with the requirements set out in section 11, if a proceeding under paragraph 11 or compliance with the requirements under section 11, second paragraph prevents or hinders resolution purposes are achieved.



paragraph 13 of The compensation to be paid by the purchaser on a transfer shall accrue to the



1. the undertaking, where the transfer relates to the company's assets or obligations, and



2. the previous owner or the holder, if the transfer of shares or other ownership instruments owned or held by any person other than the company.



From the compensation, the Swedish national debt Office, for their own account or on behalf of the reserve for resolution, make a deduction for expenses incurred in connection with the transfer.



Examination of the suitability of owners



section 14 if the sales tool is used to transfer the shares to such an extent that the acquisition requires authorisation according to chapter 14. section 1 of the Act (2004:297) on banking and finance law or 24 Cape. section 1 of the Act (2007:528) securities market, the financial supervisory authority dealing with such a case promptly.



section 15 If shares are transferred without the financial supervisory authority has examined the issue of authorisations for the acquisition, the voting rights of the shares is exercised by the national debt Office.



The financial supervision authority shall notify the national debt and the purchaser as soon as possible after the


the inspection has taken a decision regarding the authorisation for the acquisition.



If the FSA decides to give permission to the acquirer, the acquirer shall exercise the voting rights of the shares from the time he and the Swedish national debt Office has received such a notification referred to in the second subparagraph.



section 16 If the FSA decides not to give permission to the acquirer, the acquirer may submit to the national debt to dispose of the shares within a period laid down by that authority.



During this period, the financial supervisory authority not to take any action under Chapter 15. Act (2004:297) on banking and finance law or 25 Cape. Act (2007:528) securities market against the transferee.



Especially if the authorisation



section 17 If a transfer requires the licensing of banking, financial or securities, the financial supervisory authority dealing with such a case promptly.



The same applies if a transfer requires authorization under Chapter 7. section 12 of the Act (2004:297) on banking and finance law or Chapter 7. paragraph 13 of the Act (2007:528) securities market.



Chapter 18. Bridge institution's tool



Definitions and scope of application



section 1 with bridge institution's tool means that the national debt, in order to ensure that critical operations is maintained, to a bridge institution transfers



1. from a company in the resolution: assets or liabilities, or



2. from someone other than a company resolution: shares and other ownership instruments that the company has released.



section 2 With a bridge institution "means a corporation that



1. is owned wholly or partly by the State,



2. has formed to receive assets or liabilities from companies in the resolution and shares or other ownership instruments issued by companies in the resolution from anyone other than the company, and



3. intends to continue to maintain critical operations that have been performed or offered by the company in the resolution, whether done directly or indirectly through a subsidiary.



The company's purpose and mission statement in accordance with the first paragraph 2 and 3 shall be clear of the bridge institution's articles of Association.



Reversal



section 3 of the national debt, bringing back the transferred assets or obligations of the company or the previous owner or the holder, if the transfer has been carried out in violation of the terms of the transfer decision.



section 4 of the Swedish national debt Office's decision on the transfer shall specify during which time reversal may occur and the conditions which will apply to the reversal.



§ 5 The who have received compensation in the event of a transfer to pay back compensation if a reversal takes place.



The beneficiary when a reversal is required to receive the assets and obligations that are brought back.



6 § When the Swedish national debt Office decides on a transfer, it shall ensure that the value of the liabilities transferred to the bridge institution, does not exceed the value of the assets at the same time transferred from the enterprise in the resolution or delivered from any other.



The right to assets and liabilities which are transferred



Article 7 transfer loses the owners of the company and the company's creditors their rights to the assets and obligations.



§ 8 Obligations or liabilities related to assets or liabilities transferred shall not apply to the bridge institution, if the national debt in particular decides on it.



The first paragraph does not apply to such security rights referred to in Chapter 23. 4 section.



Owners and creditors ' right to remuneration under this Act shall not constitute an obligation or liability referred to in the first subparagraph.



Bridge Institute's legal status after a transfer



§ 9 transfer takes over bridge Institute the rights and obligations that come with it transferred.

The bridge institution shall enter that party instead of the undertaking in the agreement is transferred.



Membership or the right to participate in payment, clearing and settlement systems, trading platforms, regulated markets or compensation to depositors and investors may be transferred if the bridge institution qualify for membership or participation in such systems. If the bridge institution does not have a sufficient credit rating, it should not, however, constitute obstacles to the transfer of membership or entitlement to participate in such systems.



The Swedish national debt Office may decide that a bridge institution may exercise the rights referred to in the second subparagraph in a maximum of 24 months of the right transferred, although the bridge institution does not meet the requirements for membership or participation.

The Swedish national debt Office may extend the period, on the request of bridge Institute.



Duty to cooperate



section 10 of the Swedish national debt Office may submit to the company and bridge the Institute to assist each other with specific information and support measures.



Conditions and remuneration



section 11 of the transfer shall be made on commercial terms. In the assessment of what constitutes commercial conditions, the valuation made in accordance with Chapter 7. be taken into account.



section 12 of The compensation payable by the bridge institution on a transfer should flow to 1. the company, where the transfer relates to the company's assets or obligations, and



2. the previous owner or the holder, if the transfer of shares or other ownership instruments owned or held by any person other than the company.



From the compensation, the Swedish national debt Office, for their own account or on behalf of the reserve for resolution, make a deduction for expenses incurred in connection with the transfer.



Section 13 of the financial supervisory authority authorisation may provide a bridge institution authorized to carry on banking, financial or securities operations without the bridge institution meets the requirements applicable to get engage in this activity. The Swedish financial supervisory authority to deal with such a case promptly.



A State referred to in the first subparagraph shall apply for such time as is determined by the financial supervision authority.



section 14 of the provisions of section 13 only applies if the Swedish national debt Office has 1. considered that such a permit is required to achieve the objectives of the resolution, and 2. submitted a request to the financial supervision authority that a decision under section 13 shall be taken.



section 15 If the transfer requires authorization under Chapter 7. section 12 of the Act (2004:297) on banking and finance law or Chapter 7. paragraph 13 of the Act (2007:528) securities market, the financial supervisory authority dealing with such tillståndsärende promptly.



Swedish national debt Office's control



section 16 of the Swedish national debt Office will represent the shares at a general meeting of the bridge institution.



The activities of a bridge institution



section 17 of the management of a bridge institution shall ensure that the activities are carried out in order to achieve the purposes of the resolution.



section 18 of the management of a bridge institution shall endeavour to sell the assets and liabilities transferred to the bridge institution.



A sale shall be made at the appropriate time, but not later than at the time specified in section 21, first paragraph 3 or section 22.



Control of a bridge institution



section 19 of the Swedish national debt Office may decide to sell assets, liabilities or ownership instruments transferred to a bridge institution.



section 20 of the national debt should



1. to approve the Executive Director of the bridge institution,



2. determine the rules for the work of the Board in accordance with Chapter 8. 6 of the Swedish companies Act (2005:551), and



3. to approve the bridge institution's strategic objectives and risk strategy.

Settlement of a bridge institution



section 21 of the national debt should phase out the activities of a bridge institution or sell all shares in the bridge institution, if



1. bridge the institution no longer fulfils the conditions laid down in paragraph 2,



2. all assets and liabilities of the bridge institution are sold or liquidated, or



3. it's been two years, or the longer time imposed by section 22, as from the date of the last transfer.



If the assets or liabilities have been transferred to a bridge institution from several companies, the settlement referred to in the first subparagraph 2 and 3 by the transferred from each company are sold or phased out after two years, or the longer time imposed by section 22, as from the date of the last transmission from the company.



section 22 of the period referred to in section 21, first paragraph 3 and the second paragraph may be extended by the Swedish national debt Office with one or more one-year periods, if



1. it is likely that an extension leads to any of the circumstances listed in paragraph 21 1 or 2 occur,



2. it is likely that the extension lead to the bridge institution merges with another firm, or



3. an extension is necessary in order to ensure that the objectives are achieved.



A decision on extension must be taken only if it is justified by market conditions and other circumstances.



section 23 of the sale of a bridge institution or its assets or obligations shall be made on commercial terms.



From the remuneration paid by the acquirer, the Swedish national debt Office, for their own account or on behalf of the resolution reserve, deduct the costs incurred in connection with the use of the bridge institution's tool.



section 24, in a sale of a bridge institution or its assets or obligations shall bridge the institution or its assets or liabilities offered for sale in a manner that is transparent.



Sales process 1. to give a true and fair view of the bridge institution and its


assets and liabilities, and



2. must not unduly benefit or disadvantage any potential buyer.



19. Separation tool



Definitions and scope of application



1 § With separation tool means that the national debt to an asset management company transfers assets or obligations from one or more bridge institutions or companies in the resolution.



Separation tool may be used, if



1. the situation on the market for the assets or liabilities transferred are such that an immediate sale of them would have negative effects on any financial market,



2. a transfer is necessary for the operations of the company or the bridge institution shall operate satisfactorily, or



3. transfer is necessary in order that the proceeds from the liquidation of the company is as large as possible.



Separation tool may only be used in conjunction with a different resolution tools.



2 section With an asset management company "means a limited liability company 1. owned wholly or partly by the State, 2. has been established to receive assets or liabilities from companies in the resolution or bridge institution, and



3. intends to manage it transferred in order to achieve the highest possible value on a future sale or liquidation.



Reversal



section 3 of the national debt, bringing back the transferred assets or obligations of the company or of the transfer has been effected bro institution in violation of the terms of the transfer decision.



section 4 of the Swedish national debt Office's decision on the transfer shall specify during which time reversal may occur and the conditions which will apply to the reversal.



§ 5 The who have received compensation in the event of a transfer to pay back compensation if a reversal takes place.



The beneficiary when a reversal is required to receive the assets and obligations that are brought back.



The right to assets and liabilities which are transferred



section 6 transfer lose the owners of the company by resolution or bridge institution and its creditors the right to the transferred assets and obligations.



§ 7 Obligations or liabilities related to assets or liabilities transferred shall not apply to the asset management company, about the national debt in particular decides on it.



The first paragraph does not apply to such security rights referred to in Chapter 23. 4 section.



Owners and creditors ' right to remuneration under this Act shall not constitute an obligation or liability referred to in the first subparagraph.



The asset management company's legal status after a transfer



§ 8 transfer of asset management company assumes the rights and obligations that come with it transferred. Asset management company should go into that party instead of undertaking in the agreement is transferred.



Duty to cooperate



section 9 of the Swedish national debt Office may submit to the company on the one hand, or bridge institution and, on the other hand, the asset management company to assist each other with specific information and support measures.



Conditions and remuneration



section 10 of the transfer shall be made on commercial terms. In the assessment of what constitutes commercial conditions, the valuation made in accordance with Chapter 7. be taken into account.



section 11 of The compensation paid by an asset management company on a transfer shall accrue to the company or institution from which the bridge transfer took place.



From the compensation, the Swedish national debt Office, for their own account or on behalf of the reserve for resolution, make a deduction for expenses incurred in connection with the transfer.



Section 12 of the State financial supervisory authority may give an asset management company authorised to carry out banking, financial or securities operations but that the company complies with the requirements applying to get engage in this activity.

The Swedish financial supervisory authority to deal with such a case promptly.



A State referred to in the first subparagraph shall apply for such time as is determined by the financial supervision authority.



section 13 the provisions of section 12 only applies if the Swedish national debt Office has 1. considered that such a permit is required to achieve the objectives of the resolution, and 2. submitted a request to the financial supervision authority that a decision under section 12 shall be taken.



section 14 If the transfer requires authorization under Chapter 7. section 12 of the Act (2004:297) on banking and finance law or Chapter 7. paragraph 13 of the Act (2007:528) securities market, the financial supervisory authority dealing with such tillståndsärende promptly.



Swedish national debt Office's control



section 15 of the Swedish national debt Office will represent the shares at a general meeting of the asset management company.



Control of an asset management company



section 16 of the national debt to 1. authorize the Executive Director of the asset management company, 2. lay down the rules for the work of the Board in accordance with Chapter 8. 6 of the Swedish companies Act (2005:551), and



3. approve the asset management company's strategic goals and risk strategy.



20 chapter. Complementary competences during transfer



section 1 if the activity has been transferred under Chapter 17. section 2, chapter 18.

§ 1 or 19 Cape. section 1 of the Swedish national debt Office may decide that the company is in the resolution shall provide the recipient of the services or resources necessary for the recipient to be able to operate the business efficiently.

Financial aid does not constitute such services or resources.



A decision as referred to in the first subparagraph may also be directed towards companies that are part of the same group as the company for resolution.



the provisions of paragraph 2 of article 1 applies even if the undertaking which should provide you with the services or resources have been declared bankrupt or went into liquidation.



section 3 Of the company before it was declared in the resolution entered into an agreement that it should be provided services or resources referred to in paragraph 1, should the services or resources provided on the same terms and conditions prevailing at the time the company went into a resolution.



If there is no such agreement, the services or resources made available on reasonable terms.



section 4 of the Swedish national debt Office may, on the application of a resolution authority in another country within the EEA, declare that a decision in accordance with the national law of that country which implements article 65 in crisis management directive should be valid in Sweden.



§ 5 If the assets located in third countries or shares or other ownership instruments, rights or obligations are governed by the laws of third countries are transferred to a receiver, the Swedish national debt Office to request that the recipient takes steps to ensure that the transfer or any other resolution action adopted shall take effect.



The Swedish national debt Office may submit to it that does not take the required measures to do so.



The recipient is entitled to reasonable compensation for the cost of the work and expenses arising in connection with measures taken.



21. Bail-Definition of bailin



1 § With bailin referred to 1. write-down of the company's debt, added in the resolution or 2. conversion of the company's liabilities in addition to resolution shares or other ownership instruments in the company or its parent company, a bridge institution or an asset management company.



section 2 of the Following liabilities must be written down, or converted through bailin:



1. relevant capital instrument, and



2. eligible liabilities.



section 3 of the Swedish national debt Office may use bail-to



1. capitalize a company resolution together with a restructuring of the company, if there is a reasonable prospect that this will render the company its long-term viability, 2. convert liabilities transferred to a bridge institution to shares or other ownership instruments or reduce the principal amount of the debt in order to provide capital to the bridge institution, or 3. in the context of sales tool or separation tool convert debts into shares or other ownership instruments or reduce the principal amount of the debt.



Conversion of a savings bank



4 section to use bail-in accordance with section 3 1, the Swedish national debt Office may decide that a savings bank to be transformed into a joint stock company.



The conversion shall be carried out by the savings bank movement is transferred to a banking company. Shares in the banking company will be handed over free of charge to a foundation formed by one or several savings banks, whose main purpose is to promote thrift in Sweden, as is apparent from the closer of foundation settlement.



Restructuring plans



The establishment of the restructuring plan



§ 5 When bailin used under 1, the company must draw up a restructuring plan. It should describe the measures to be taken to restore the company to its long-term viability.



section 6 of the plan shall be drawn up by the company's Board of Directors.

The Swedish national debt Office may authorize one or more persons mandated to draw up the plan in place of the Board.



section 7 of the restructuring plan to be presented to the Swedish national debt Office within one month of the decision to use bail-.



In exceptional circumstances, if necessary in order to achieve the objectives of the resolution, the Swedish national debt Office may extend by one month.




If the restructuring plan of activities shall be reported in accordance with the EU rules on State aid, the national debt rather than increase the time with a maximum of one month or until the deadline imposed by EU State aid rules, whichever comes first.



Review of the restructuring plan



section 8 Within a month from the Swedish national debt Office has a part of the restructuring plan, the authority shall, after consultation with the financial supervisory authority, to consider the question of whether to approve the plan, or give the company the opportunity to change the plan.



The restructuring plan must be approved if it includes measures which are deemed to represent the company its long-term viability.



section 9 If the plan is amended, the amended plan shall be submitted within two weeks. The Swedish national debt Office will then make decision according to section 8 of the first paragraph. Such a decision shall be taken within one week from the date that the amended plan submitted to the national debt.



section 10 of the Board or the person appointed by the Swedish national debt Office, must fully implement the restructuring plan in accordance with what has been agreed with the Swedish national debt Office and the financial supervisory authority.



The Board or the person appointed by the Swedish national debt Office shall submit a report to the national debt at least every six months. Of the report to indicate the measures taken and the impact of the measures in question on the implementation of the plan.



section 11 of the national debt should, after consultation with the financial supervisory authority, may decide that the company's Board of directors or the person or persons appointed by the Swedish national debt Office to amend the restructuring plan. The Swedish national debt Office may take such a decision, if the Agency considers that the implementation of the existing plan will not render the company its vitality. The Swedish national debt Office will take a decision on the change pursuant to sections 8 and 9.



Restructuring of several group companies



section 12 of the Though bailin, or equivalent tool in another country within the EEA, will be used to reconstruct two or more undertakings in a group which has a Swedish parent institutions within the EEA as the parent company, the parent institution draw up a restructuring plan for all companies within the group.



The plan shall be submitted to the coordinating the resolution authority. If the Swedish national debt Office is coordinating resolution authority, shall submit the plan to the national resolution authorities concerned and the European banking authority.



If the Swedish national debt Office is coordinating resolution authority, apply paragraphs 5 to 11 of the plan drawn up by the parent institution.



The design of the impairment and the conversion the total amount to be written down or converted



section 13 Before the Swedish national debt Office uses bailin, the authority shall, taking into account the valuation according to Chapter 7. determine the total amount by which the liabilities must



1. write down the value of the company in the resolution shall be equal to zero, and 2. convertible into shares or other ownership instruments so that resolution, or a bridge institution, achieving a core tier 1 ratio as a) makes it possible for the company to for at least a year to comply with the conditions of its permit to conduct business, and (b)) provides a sufficient market confidence in the company.



For a bridge institution shall take into account any contribution from the resolution reserve by 27. section 1 of the assessment of the core tier 1 ratio.



section 14 For an asset management company shall be the amount by which liabilities need to be reduced on the basis of a valuation that does not underestimate the company's capital needs.



The sequence section 15 to bail or conversion shall be made with the total amount in accordance with section 13, the Swedish national debt Office, take the following actions:



1. First, any of the measures set out in Chapter 16 of the. taken in respect of the shares or units of the company in the resolution.



2. Subsequently, the relevant capital instruments written down or converted into shares or other ownership instruments in the following order:



(a)) other tier 1 capital instruments, b) tier 2 instruments.



3. where the measures provided for in (1) and (2) are not sufficient, the qualified debts written down or converted into shares or other ownership instruments according to the ranking.



16 section to write down or convert debt, national debt, decide to



1. principal amount of debt should be reduced permanently, or



2. liabilities of an undertaking in the resolution is to be converted into shares or other ownership instruments in the company, its parent company or a bridge institution or an asset management company to which the assets or liabilities associated with the company.



The Swedish national debt Office may decide on the cancellation of a debt relating to a debt that is written down in the first subparagraph. If a debt be written off, in part, the Swedish national debt Office decide to venture in resolution to issue new debt instruments corresponding to the part of the debt that is not written down.



section 17 Before the Swedish national debt Office write down or convert a debt relating to a derivative, it shall terminate the derivative contract. The Swedish national debt Office may also decide that a financial contract that is not a derivative contract should be terminated.



Where an agreement referred to in the first subparagraph shall be terminated, the Swedish national debt Office determine the debt. If there is an agreement between the company and the counterparty in the resolution, the Swedish national debt Office to apply it to determine the net amount of the debt.



section 18 of the Swedish national debt Office may submit to a company in the resolution or its parent companies to issue new shares or other ownership instruments.



Conversion price



section 19 of The conversion rate used when liabilities are converted into shares or other ownership instruments, should give creditors a compensation for the reduction of their debt as the conversion means. If possible, the conversion price shall be determined so that it is equivalent to the full value of the creditor's claim under the valuation and at least equal to the full value of the amount by which the creditor would have received in the event of a bankruptcy or liquidation.



20 § if necessary to achieve the purposes of the resolution and the principle that no creditor will get a worse economic outcomes than in bankruptcy or liquidation, the Swedish national debt Office decide that different conversion rates will be valid for creditors with different priority according to the ranking.



If the Swedish national debt Office decides to different conversion rates will apply, the subordinated liabilities given a lower conversion rate than other liabilities.



Determination of the Swedish national debt Office's decision



paragraph 21 of The decision taken by the Swedish national debt Office pursuant to §§ 15 to 20 is binding for the company in the resolution and for the affected owners and creditors. A creditor, however, does not lose his right against a guarantor or others besides the debtor is liable for the claim.



One of the Swedish national debt Office approved capital increase shall be recorded in the companies registry, register or bank register.



Ownership and authorisation



section 22 on the bail-used to convert debt to such an extent that it leads to an acquisition that requires a permit under Chapter 14. section 1 of the Act (2004:297) on banking and finance law or 24 Cape.

section 1 of the Act (2007:528) securities market, the financial supervision authority conducts the investigation establish promptly.



section 23 where such purchase of shares referred to in section 22 is done without the financial supervisory authority has taken a decision in the case of permits for acquisition, the voting rights of the shares is exercised by the national debt Office.



The financial supervision authority shall notify the national debt and the transferee of the exit as soon as possible after the inspection has taken a decision in the case of permits for acquisition.



If the FSA decides to give permission to the acquirer, the acquirer shall exercise the voting rights of the shares from the time he and the Swedish national debt Office has received such a notification referred to in the second subparagraph.



section 24 If the FSA decides not to give permission to the acquirer, the acquirer may submit to the national debt to dispose of the shares within a period laid down by that authority.



Until the end of the period, the FSA does not take any action in accordance with Chapter 15. Act (2004:297) on banking and finance law or 25 Cape. Act (2007:528) securities market against the transferee.



section 25 If a conversion of liabilities results in an acquisition that is subject to an authorisation scheme for banking and finance law or securities, to deal with the Swedish financial supervisory authority to establish promptly. The same applies if a conversion means that the permission is required under Chapter 7. section 12 of the Act (2004:297) on banking and finance law or Chapter 7. paragraph 13 of the Act (2007:528) securities market.



Accompanying measures



section 26 to carry out a write-down or conversion, the Swedish national debt Office



1. require the amendment of any relevant registry, and



2. submit a firm resolution to apply for the inclusion of stocks, other property rights or debt instruments to trading on a regulated market.



For debt instruments immediately before a write-down has been admitted to trading on a regulated market shall not apply


the requirement of drawing up of the prospectus referred to in Chapter 2. Act (1991:980) on trading in financial instruments in the case of an application for admission to trading.



Exceptions to the write-down or conversion



Conditions for exemption



section 27 of the national debt may fully or partially exempt qualified debts from the writedown or conversion, if



1. it is not possible to write down or convert the qualified debt within a reasonable time,



2. it is necessary and proportionate to the company or someone who has taken over the operations of the company shall be able to maintain critical operations or business activities that are important for the company's earnings or profitability, 3. It is necessary and proportionate to avoid widespread dissemination of negative effects that lead to a serious disruption in the financial system, or 4. This is required to avoid value destruction which means losses for other creditors will be higher than if the liabilities are excluded.



section 28 When the Swedish national debt Office examines the issue of exemptions for eligible liabilities under section 27, the authority shall take into account



1. the principle that losses primarily affect owners and then the creditors of the company in the resolution in the order of preference,



2. the förlustabsorberingskapacitet company in the resolution have left, if debts are excluded, and 3. the need to maintain adequate resources for financing resolution.



Redistribution of the burden



section 29 of the Swedish national debt Office may decide that the liabilities not excluded from the writedown or conversion should be written down or converted to cover losses related to the exempt debt. It must not, however, mean that the financial outcome for the creditors will be worse than what it had been in bankruptcy or liquidation.



Contribution from reserve resolution and alternative sources of financing



section 30 Of the Swedish national debt Office decides to exempt qualifying liabilities, the Agency may use funds from the reserve of the resolution or alternative sources of financing as set out in Chapter 27. 1 to 6 sections, if needed to absorb losses or provide capital contribution to the company in the resolution. It may, however, only be made where the holders of shares or other ownership instruments or holders of the relevant capital instrument or eligible liabilities, through impairment, conversion or otherwise, have absorbed losses in or contributed to the capitalisation of the company by an amount at least equal to 1. 8 per cent of total liabilities and shareholders ' equity of the company in a resolution based on the valuation according to Chapter 7, or



2.20% of the company's risk-weighted assets, based on the valuation according to Chapter 7.



The option in the item 2 of the first paragraph may be used only if 1. resolution reserve has access to an amount that was obtained through resolution fee pursuant to Chapter 27. section 13, equivalent to at least 3% of total guaranteed deposits, and 2. the company's consolidated assets is less than the equivalent of EUR 900 billion.



section 31 of the funds that the national debt shoots to must not exceed any of the following amounts:



1. the amount by which the excluded liabilities would have been written down or converted if no exceptions were made, and



2. the sums evidenced by section 13.



32 § the Swedish national debt Office may decide that the reserve should contribute funds equivalent to no more than five percent of the company's liabilities and shareholders ' equity, based on the valuation according to Chapter 7. The grant, financed by the



1. funds added to it by resolution the resolution reserve fee pursuant to Chapter 27. section 13,



2. the amount which can be charged through the surcharge pursuant to Chapter 27.

section 16 for three years, and



3. borrowings under 27 Cape. section 6, if the amounts referred to in 1 and 2 are not sufficient.



33 § national debt may, in exceptional circumstances, decide on a contribution that exceeds five percent of the company's liabilities and equity based on the valuation according to Chapter 7. Such a decision may be taken only if all eligible debts except those qualified deposits have been written down or been converted completely.



The part of the refund that exceeds five percent of the company's liabilities and equity may be financed by 1. agents introduced into the resolution reserve through resolution fee pursuant to Chapter 27. section 13, and 2. borrowing pursuant to Chapter 27. section 6.



Notification to the European Commission



34 section Before the Swedish national debt Office decides to exempt qualifying liabilities, it shall inform the Commission of the European communities. A decision to make a contribution under section 32 or 33 shall not be decided, if the Commission within 24 hours of receipt of such notification prohibits it.

The Swedish national debt Office may agree with the Commission for a longer period than 24 hours.



22. The State stabilisation tools section 1 With the State stabilisation tools referred to other State aid than funds from the reserve and the resolution given by the Government to



1. participate in the capitalization of a company by providing funding in Exchange for core tier 1 capital instruments, other common equity or tier 2 instruments (tool for capital assistance), or



2. to temporarily take over the ownership of a company in the resolution by making one or several transfers of shares to the State or a State-owned company (tool for temporary public ownership).



2 § at the serious disruption of the financial system in Sweden, the Government is using the State stabilization tools to achieve resolution purposes, if



1. the company is in motion,



2. holders of shares or other ownership instruments or creditors by impairment, conversion or otherwise contributed to the loss absorption in, or the capitalisation of the company by an amount at least equal to eight percent of its total liabilities and shareholders ' equity,



3. the aid is approved in advance and in accordance with EU law and State aid rules, and 4. the Government, after consultation with the Swedish national debt Office, the financial supervisory authority and the Riksbank, has determined that (a)) the use of any other resolution tools would not be enough to avoid significant adverse effects on financial stability,



(b)) other resolution measures would not be adequate to protect the public interest after the company granted extraordinary liquidity support from the Riksbank, or c) in the case of the tool for temporary public ownership, that the second resolution measures would not be adequate to protect the public interest after the Government has used the tool for capital support.



section 3 of the Government shall, to the extent that its shareholding allows it, make sure that the company is managed in accordance with market and professional grounds.



section 4 of the Government must ensure that its shares are sold to the private sector as soon as the commercial and financial circumstances allow.



Chapter 23. Protection measures



Definitions



Article 1 for the purposes of this chapter,



1. arrangement of structured financing: agreements or other arrangements in accordance with Swedish or foreign law that covers



a) financial instruments give the holder of the instrument safety in some secluded underlying security mass, or



b) such financial instruments to minimize the interest rate and currency risk in the arrangement and have the same rights to the cover pool applicable to covered bonds,



2. arrangements for collateral: agreements or other arrangements in accordance with Swedish or foreign law that imposes a lien or other security interest in such property transferred, regardless of whether a security right) applies to a certain property, or (b)) refers to a share in the transferred asset mass or other similar ways is determined,



3. arrangement of security transfers: agreement or other arrangements (including repurchase agreements) in accordance with Swedish or foreign law under which the ownership of, or the right to dispose of, a financial asset is transferred, in order to ensure or otherwise covering the performance of certain obligations on the condition that returns on these obligations,



4. the settlement arrangements: agreement or other arrangement pursuant to Swedish or foreign law which means that two or more reciprocal claims or obligations that a company in the resolution and a counterparty has can be offset against each other,



5. nettningsarrangemang: agreements or other arrangements in accordance with Swedish or foreign law which means that a number of requirements or obligations can be converted into a single net claim or obligation, including close-out netting provisions, and



6. partial transfer: transfer of some, but not all, of the assets or liabilities of an undertaking in the resolution.



Scope of application



section 2 of the provisions of paragraphs 3 to 6 shall apply when the Swedish national debt Office 1. decides on a partial transfer pursuant to chapter 17. section 2, chapter 18. § 1 or 19 Cape. paragraph 1, or



2. exercise the powers provided in chapter 14. 4 section.



The first paragraph also applies to partial transfers from a bridge institution or an asset management company to another recipient, if


the transfer is effected through the use of a resolution tools.

The listed companies in the resolution in paragraphs 3 to 6 shall be applicable to the bridge institution or asset management companies.



Protection of arrangements for structured finance 3 § If the Swedish national debt Office decides whether such a transfer referred to in paragraph 1 or 2, second subparagraph, all assets and obligations of an arrangement referred to in paragraph 1 may be transferred at the same time.



The Swedish national debt Office shall not exercise the powers provided in chapter 14. section 4 in respect of a financial instrument as referred to in paragraph 1. The Swedish national debt Office may not exercise those powers in respect of an arrangement referred to in paragraph 1 if it has the effect that the security of the financial instruments are deteriorating.



Protection of arrangements on securities



section 4 Of the Swedish national debt Office decides whether such a transfer referred to in paragraph 1 or 2, second subparagraph, shall not in respect of the arrangements referred to in paragraph 1 of the 2 transfer 1. an asset that is security for a particular obligation unless the obligation and the security right also transferred, 2. an obligation for which the security has been lodged, unless the security right also is transferred, or



3. a security interest unless the obligation for which the security has been transferred.



The Swedish national debt Office shall not exercise the powers provided in chapter 14. section 4 in respect of an arrangement referred to in paragraph 2, if as a result the security expires.



Protection for the arrangement if the security transfer, set-off and netting



§ 5 When the Swedish national debt Office decides whether such a transfer referred to in paragraph 1 or 2, second paragraph, the authority may not transfer assets or obligations resulting from an arrangement referred to in section 1 of 3, 4 or 5 if it means that a counterparty to the company in the resolution do not get 1. settle a claim that the company has in the resolution on the defendant, or an obligation in the company by resolution to carry out against the defendant, against a claim that the other party has at the company in the resolution, or an obligation to which the counterparty to perform against the company by resolution,



2. convert a claim that the other party has at the company in the resolution, or an obligation in the company by resolution to carry out against the counterparty, to a net claim or one net obligation, or



3. apply a close-out netting provision.



The Swedish national debt Office shall not exercise the powers provided in chapter 14. section 4 in respect of the arrangements referred to in article 1, 3, 4 or 5, if it means that the rights or obligations arising from the arrangement is cancelled or changed.



Protection of registered securities settlement systems



section 6, such a transfer referred to in paragraph 1 or 2, second subparagraph, or exercise of such a power as set out in chapter 14. section 4, may only take place if it does not affect the use of a signed settlement system or the rules applicable to such systems.



Derogations from the rules section 7 protection If it is necessary to ensure that the guaranteed deposits are available for the depositors, the Swedish national debt Office despite 3-5 sections



1. transfer the deposits covered by the arrangements referred to in paragraph 1 to 5 without at the same time transfer other assets or liabilities that are subject to the same arrangements, 2. transfer assets or obligations that are subject to an arrangement referred to in section 1 1-5 without at the same time transfer the guaranteed deposits that are subject to the same arrangements, or



3. the repeal or amend terms and conditions relating to such assets or obligations.



The Swedish national debt Office may exercise the powers provided in Chapter 11. 3-8 sections and chapter 13. 2-17 § § Notwithstanding the provisions of sections 3 to 6.



Compensation in weaker financial results section 8 where a valuation according to Chapter 7. section 11 of the financial outcome of any shareholder, creditor or for the deposit guarantee scheme has become worse than what it would have been if the company had been shut down by bankruptcy or liquidation, has such an owner or creditor or the deposit guarantee scheme are entitled to compensation from the reserve for the resolution difference.



If the Swedish national debt Office has used the bail-in conjunction with any other resolution tools, have owners and creditors be entitled to compensation as a result of the Authority's use of bailin.



24. Bankruptcy, liquidation and termination of resolution Bankruptcy



1 § Submit a filing for bankruptcy to the District Court in respect of a company subject to this Act, it shall notify the national debt and the financial supervision authority on the application.



If the national debt within seven days of the Authority received the notification announces the right company is or should be in the resolution, the bankruptcy petition is rejected.



section 2 of the provisions of paragraph 1 shall not apply if the Swedish national debt Office applying to a company to be declared bankrupt.



Liquidation



section 3 of the Regulations on the procedure for liquidation of an entity covered by this law, see – 25 Cape. 4 (a) and 10 (a) of the companies Act (2005:551),-10 Cape. the third paragraph of section 31 of the Act (2004:297) on banking and finance law, – Chapter 9 1 (a) and 4 (b) of the Act (1995:1570) where the member banks, to 6. 1 (a) and (b) § § Savings Bank Act are amended (1987:619), and Chapter 11. 21 and 22 of the Act (1987:667) on economic associations.



Trailing by resolution 4 section When there is no longer need for resolution measures, the Swedish national debt Office complete resolution.



The Swedish national debt Office will, within a reasonable time after completion of the resolution requesting the company to be declared bankrupt or go into liquidation. However, this does not apply if the purpose of the resolution is that it measures shall be continued.



A bankruptcy filing by the debt Office pursuant to the second paragraph, in order to be treated as an application by the debtor pursuant to Chapter 2. Bankruptcy Act (1987:672).



Recycling at subsequent bankruptcy



§ 5 the provisions on recovery in Chapter 4. Bankruptcy Act (1987:672) shall not apply to assets or obligations that by a resolution action transferred from a company in the resolution or a bridge institution to another.



Reimbursement of costs and expenses



section 6, a company in the resolution to pay the national debt Office for reasonable costs and expenses incurred in connection with the decision to put the company in the resolution and the adoption of resolution action.



25 Cape. Effect of certain resolutions adopted by resolution authorities in other countries within the EEA



§ 1 A transmission that has been decided by a resolution authority in another country within the EEA has effect, and shall be carried out in Sweden when the transfer of shares or other ownership instruments, assets, or liabilities that exist in Sweden or Swedish law is applicable.

Matters relating to the foreign decision may not be introduced in Sweden.



section 2 If a resolution authority in another country within the EEA exercise impairment or conversion powers with regard to instruments or obligations that Swedish law applies on or liabilities to creditors who are resident in Sweden, the decision has effect and should be implemented here. Matters relating to the foreign decision may not be introduced in Sweden.



26. Recognition and enforcement of resolution in third countries



section 1 of this chapter shall apply to resolution procedure in a third country, subject to an agreement between the European Union and that country.



section 2 of the Swedish national debt Office may recognize the resolution procedure in a third country for a tredjelandsinstitut or a parent company in a third country which has 1. a subsidiary, which is an institution, or a significant branch in Sweden, or



2. assets and liabilities that are in Sweden or Swedish law is applicable.



If the conditions in the first subparagraph are fulfilled and tredjelandsinstitutet or the parent company also comply with equivalent conditions in another country within the EEA, the 3 and 4 sections.



paragraph 3 of the resolution, if there is a European College, the Swedish national debt Office to try to get along with the rest of the resolution authorities in college about whether the resolution procedure in a third country to be recognised.



Such an agreement is binding on the national debt and to be enforced in Sweden. The Swedish national debt Office shall take the decisions necessary in accordance with the agreement.



section 4 Of the Swedish national debt Office can't get along with the rest of the resolution authorities in the European resolution College or if there is no College, it shall decide on the resolution procedure in a third country to be recognised.



In the case of decisions referred to in the first subparagraph, the Swedish national debt Office take into account the interests of each country within the EEA where a tredjelandsinstitut or a parent carrier of a third country.



§ 5 When the Swedish national debt Office has acknowledged a resolution procedure referred to in paragraph 2, the authority may execute procedure by 1. take measures with regard to the motion for a resolution



a) assets as tredjelandsinstitutet or parent in Sweden or Swedish law is applicable,



b) rights or obligations that a tredjelandsinstitut has posted in a major branch in


Sweden or Swedish law is applicable or if the requirements for such rights and obligations can be enforced in Sweden,



2. to take or submit to someone else to take action to transfer the shares or other ownership instruments in an institution in Sweden which is a subsidiary of tredjelandsinstitutet or the parent company,



3. take an action in chapter 13. 2, 7, 8, 11 or 12 § towards a counterparty to a device referred to in section 2, first paragraph 1, if it is necessary to enforce the resolution procedure, and



4. prohibit the acts specified in chapter 13. section 11 of the first subparagraph shall be taken in respect of contracts concluded by and contractual rights of an entity referred to in section 2 of the first paragraph or other group entities, if the right to take such legal acts are a result of that action has been taken against a tredjelandsinstitut, such units ' parent company and other group companies and essential contractual obligations in relation to the other party still fulfilled.



section 6 of the Swedish national debt Office may refuse to recognise or enforce a resolution procedure in a third country, if



1. resolution procedure would have a negative effect on financial stability in Sweden or in another country within the EEA,



2. it is necessary to adopt separate measures against an EEA branch in accordance with Chapter 8. 12 § to achieve one or more resolution purposes;



3. creditors would not receive the same treatment as creditors with similar rights in the third country where the resolution procedure decided,



4. recognition would have a significant financial impact for Sweden, or



5. the effects of recognition or enforcement would be contrary to Swedish law.



27 Cape. Financing of resolution



Measures to fund the resolution



in connection with paragraph 1 of the resolution, the Swedish national debt Office may decide to



1. provide guarantees concerning the assets and liabilities of a company in the resolution or its subsidiaries, a bridge institution or an asset management company,



2. give loans to a company in the resolution or its subsidiaries, a bridge institution, or an asset management company,



3. acquire assets from a company in the resolution, 4. inject funds to a bridge institution or an asset management company,



5. replace the owners or creditors or deposit guarantee scheme which, as a result of the resolution has a poorer economic outcomes than in bankruptcy or liquidation, or



6. leave the funds as compensation to a company in the resolution in order to make good the loss that would have been borne by the creditors, the debt Office decides to exclude from the writedown or conversion for the purposes of bailin.



The measures provided for in the first subparagraph may also be determined in relation to a purchaser for the purposes of sales tool.



Resolution reserve



section 2 in order to finance the measures referred to in paragraph 1 to a reserve is set up for a resolution.



Resolution reserve shall consist of the funds in an interest-bearing account in the national debt and other assets referred to in paragraph 5 5.



3 § if action means that the losses suffered by the company in the resolution directly or indirectly transferred to resolution reserve, 21. section 30.



Financing plan



section 4 Of the Swedish national debt Office in a consolidated resolution procedure has been agreed with the foreign authorities about the resolution a financing plan, the funds from the reserve of the resolution shall be used in accordance with the plan to finance the measures referred to in article 1 and the corresponding measures adopted in respect of foreign companies that are covered by the consolidated resolution scheme. Resolution reserve may also be used to provide guarantees for loans taken up by other financing arrangements.



Assets shall be allocated to the reserve of the resolution



paragraph 5 of the resolution, it should be brought To the reserve



1. resolution fees under section 13,



2. additional fees under section 16,



3. risk contributions in accordance with section 18,



4. default interest pursuant to §§ 21 and 22 as well as article 13 of the regulation on the fees of the resolution, and



5. assets, refunds, compensation, interest or other compensation which the Swedish national debt Office, in respect of measures taken in accordance with this law and financed with funds from the reserve of the resolution.



If the costs of a consolidated resolution according to an agreed consolidated resolution procedure is divided between several countries ' financing arrangement, the revenues referred to in the first subparagraph 5 is distributed between the reserve and the resolution the foreign financing arrangements in accordance with contributions to the financing.



Loans to the resolution reserve



paragraph 6 of the resolution to the extent that the funds in the reserve are not sufficient for the measures referred to in paragraph 1 or 4, or to the national debt to fulfil the Agency is committed under a consolidated resolution scheme, the authority may, with a maximum of the amount that the Swedish Parliament has decided in a special authorization to raise loans for the resolution reserve pursuant to §§ 7-9.



paragraph 7 of the resolution on behalf of the reserve, loans are taken up in the national debt. This is true even if there are other assets in reserve. The loans must be paid back as new products are introduced onto the resolution reserve.



section 8 of the draft resolution on behalf of the reserve get a loan from a third party, if such a loan is financially more beneficial than a loan limit at the national debt Office.



section 9 of the draft resolution on behalf of the reserve get loans from different financial arrangements within the EEA are taken up, about 1. the reserve funds of the resolution is not sufficient for the measures referred to in paragraph 1 or 4,



2. it is not possible to immediately bring to resolution reserve additional funds by fees, and



3. it is not possible for the resolution reserve to raise loans at reasonable terms and conditions under section 7 or 8.



Loans to other financial arrangements



section 10 of the Swedish national debt Office may, after the Government's permission, lend out to another resolution reserve funding arrangements within the EEA. Such loans may be granted only if the conditions referred to in article 106(1) of crisis management directive.



Another resolution reserve receivable financing arrangement within the EEA is such an asset referred to in paragraph 5 5.



Decisions under this section, the procedure in Chapter 1. paragraph 3, second subparagraph, and paragraph 5, second subparagraph, shall be followed.



Conditions for loans between financial arrangements



section 11 If loans are taken up pursuant to section 9 or provided pursuant to section 10, the Swedish national debt Office to agree funding arrangements with the participating in the EEA on the terms of the loan.

The loans from each participating funding arrangement should correspond to the proportion of guaranteed deposits in the country of the financing arrangement in relation to the total guaranteed deposits in the countries of the participating funding arrangements and have the same conditions, if not the national debt and the participating financial arrangements agree otherwise.



Charging



Fee required



section 12 institutes and EEA branches with permission to operate in Sweden shall pay fees in accordance with this chapter.



Resolution fee



paragraph 13 of the Fee required to pay annual fees for a resolution.

The total fees for a resolution for a year should amount to 0.09% of the total surface of all required fees calculated in accordance with section 14 (duties).



Subject to the provisions of the third paragraph sets out the resolutions levy a fee required to be paid in accordance with the regulation on the fees of the resolution.



As in articles 4(1), 6-9, 12(1), 14.2, 14.3, 14.6 and 17.2 of the regulation on the charges for a resolution on the method for risk adjustment of resolution fee and if the obligation, shall not apply for EEA branches and securities companies as defined in article 96(1) a or b in prudential regulation or operating No. 8 of section A of annex I to Directive 2004/39/EC but that does not carry out activities # 3 or 6 of the same section of the annex. For such liable to risk adjustment of motion for a fee in accordance with the criteria set out in article 103.7 in crisis management directive and the regulations issued pursuant to chapter 29. 1, § 8.



Resolution fee is to be paid as long as the balance in the reserve of the resolution by the end of the year fee is less than three per cent of the guaranteed deposits.



Contribution base



section 14 of the contribution base is the sum of the fee liability liabilities less guaranteed deposits, liabilities referred to in article 5(1) of the regulation on the fees of the resolution and the liabilities that may be included in the own funds of the debtor of the fee according to prudential regulation.



Subject to article 5(2) – article 5(4) of the regulation on the fees of the resolution, the debts are calculated as valid for admission of liabilities in the balance sheet under the Act (1995:1559) on the annual accounts for credit institutions and securities companies.



Height fee



paragraph 15 Of the resolution proceeds in reserve at the end of the year fee is less than 0.67% of the guaranteed deposits, the fee shall be increased resolution, if it is necessary to restore the balance in the resolution reserve to 1 per cent of the guaranteed


deposits within six years from the time the proceeds during the first step of the guaranteed deposits 0.67%.



The increased fee must be determined as a percentage of the contribution base as a result of the sum of all fee deemed resolution fees amounting to an amount that is expected to be sufficient to within six years from the time the proceeds during the first step of the guaranteed deposits 0.67 percent to restore the balance in the resolution reserve to 1 per cent of the guaranteed deposits.



If the balance in the resolution reserve during the period referred to in the second subparagraph are declining further due to additional payments out of the reserve of the resolution, a new six-year period for calculating height base fee begin to run.



Additional fee



section 16 if there is a deficit in the reserve of the resolution, the fee required to pay an additional fee. The total additional levy shall be equal to the deficit. If the deficit is not, by virtue of section 17 of the second and third paragraphs, can be covered with additional fees for one year, should additional charges until the amount of the additional fees paid amount to the original deficit, with any extension referred to in the second subparagraph, and the funding cost charged against the reserve for a resolution regarding the deficit.



If the balance in the resolution reserve during the time when the additional amount to be paid is reduced further because of additional payments from the reserve of the resolution, an amount corresponding to the reduction of resolution assets the reserve payment, be added to the deficit. This appendix shall not, however, exceed the resolution reserve deficit at the time when the payment from the reserve of the resolution have been implemented.



section 17 of the supplementary fee shall, without prejudice to the third subparagraph, shall be decided in the context of the annual resolution fee is decided.



A avgiftsskyldigs fee shall be equal to a percentage of the deficit, including the accrued cost of financing, that corresponds to the defined operator's share of the total charges for a resolution in accordance with the decision on resolution charges taken in connection with that surcharges are decided. Tillläggsavgiften in a year shall not exceed three times the company's motion for a fee in accordance with section 13.



If there are special reasons, the Swedish national debt Office to decide if the additional amount at a different time than the one referred to in the first subparagraph. Such a decision should be based on data from previous contribution decision regarding resolution fee.



Risk fee



section 18 of the motion for a resolution When the balance in the reserve exceeds three percent of guaranteed deposits, rather than resolution fee an annual risk fee is charged.



Risk fee shall be liable for each reflect the expected fee that may be charged in respect of the resolution reserve fee obligation.



Risk fee shall be set to zero if the probability of a liable will be put in the resolution is very low.



Article 19 if anyone has been liable only for part of a calendar year, shall be determined in accordance with section 18 of the charge with respect to the portion of the calendar year in which the fee obligation.



Obligation to provide data



section 20 of the person liable to provide the information to the national debt, which the Agency needs to determine the fee operator's fee. Information on the contribution base should have been reviewed by an auditor appointed in accordance with paragraph 4 (a). section 1 of the Savings Bank Act are amended (1987:619), 7 (a). section 1 of the Act (1995:1570) where the member banks, Chapter 9. 8 of the Swedish companies Act (2005:551) or Chapter 8. section 1 of the Act (1987:667) on economic associations.



section 21 Of the paying risk fee despite reminder will not enter with such tasks as referred to in section 20, the Swedish national debt Office estimate the contribution base for the tariff of charges and the decision to base the culprit on the estimated contribution base.



If it is subsequently found that the risk fee determined based on the estimated contribution base below the fee that would have been paid if the tariff obligation lodged a proper fee basis, the fee culprit pay the difference. Default interest pursuant to section 22 of the second subparagraph shall be paid from the time when the fee would be paid until payment is made.



If there are serious reasons and if the tariff obligation can prove that the risk fee determined based on the estimated duties materially exceeds the fee that would have been payable on the basis of a correct fee basis, the Swedish national debt Office to refund the difference to the charges.



Fee decisions



section 22 of the Swedish national debt Office decides on resolution fee, surcharge and risk fee for each fee required.

Fee shall be paid within one month from the date of the decision of the Agency.



Interest on arrears shall be charged on risk fee is not paid in due time. The penalty interest rate shall be calculated according to a räntefot as per year corresponding to the established by the Riksbank, at any time in accordance with section 9 of the applicable reference rate interest Act (1975:635) with the addition of eight percentage points.



23 § if there are special reasons, the national debt, reduce resolution fee or risk fee.



The Swedish national debt Office may grant deferment of payment of the additional fee in accordance with section 16, if there are special reasons, taking into account the company's financial position. The period of grace may be granted for a maximum period of six months. At the request of the company, this time may be extended.



section 24 of the 13 and 16 §§ are listed if the total charges and surcharges of the resolution need not be applied when the fee for a single company 1. determined under section 23 or under article 12(1) or 17(1) of the regulation on the fees of the resolution,



2. is determined through review under section 27 of the Administrative Procedure Act (1986:223), or



3. after the appeal is decided by the administrative court.



Article 25 of the Swedish national debt Office's decision to withdraw the resolution fee, surcharge or fee may be executed, if the fee is unpaid although it would have been paid. Execution may take place even if the charging decision is under appeal. Provisions of the Recovery Act (1993:891) for the recovery of State assets, etc. for the recovery, enforcement under the enforcement code occur.



TITLE IV. FINAL PROVISIONS



28 Cape. Cooperation and exchange of Information Disclosure for institutions and group companies



section 1 of an institution and a company belonging to the same group as the Institute will leave the national debt the disclosures about their activities and related circumstances that authority requests for its activities under this Act.



If an institution or enterprises belonging to the same group as the Institute has failed to fulfil its obligations under the first subparagraph, the financial supervision authority act against the institution or company in accordance with Chapter 15. Act (2004:297) on banking and finance law or 25 Cape. Act (2007:528) securities market.



Power to require information



section 2 to prepare and take a decision on draft resolution measures, the Swedish national debt Office request to 1. company in the resolution or any other information, documents or other things, and



2. are expected to be able to submit information on the merits leaves such information at the time and place as the authority determines.



The first subparagraph shall not apply to the extent that the provision would be contrary to the law regulated the professional secrecy of lawyers.



The Swedish national debt Office may submit to anyone who does not comply with a request under the first subparagraph to fulfil their obligation.



Professional secrecy



section 3 of The who participate or have participated in activities under this Act shall not improperly disclose or make use of what he or she learned through their participation on the individual's business or operating conditions, financial or personal relationships or planning and preparation or handling of peacetime emergencies.



In the public activities should apply rather than publicity and secrecy (2009:400).



Cooperation and exchange of information between authorities



section 4 of the Riksbank and finansinspektionen, the Swedish national debt Office's request, provide the information necessary for its activities under this Act. Within the Swedish national debt Office applies the corresponding obligation on the part of authority which do not operate under this Act, in relation to the part of the authority that carries out the operation.



section 5 of the national debt and the financial supervision authority shall cooperate and exchange information with each other, with the corresponding authorities in the EEA and with the European banking authority to the extent arising out of that directive.

The Swedish national debt Office will also leave the Government the information needed for the Government's activities in accordance with this Act.



Information to the official receiver and liquidator section 6, If a company has been the subject of resolution is declared bankrupt, the national debt at the request of the trustee in bankruptcy of the company provide the information that the administrator needs to establish insolvency table according to Chapter 7. paragraph 13 of the Bankruptcy Act (1987:672) and the story according to Chapter 7. section 15 of the same law.



If a company has been the subject of resolution goes into liquidation, the Swedish national debt Office, at the request of the liquidator


of the company provide the information which the liquidator needs to carry out the liquidation.



Matters to the European banking authority



section 7 of the Swedish national debt Office may refer questions concerning a procedure of another competent authority in the EEA to the European banking authority for settlement of disputes in the case as shown in the following articles of the directive in crisis management:



– 13.5 second subparagraph and 13(6), second subparagraph.



third paragraph – 18.6 and 18.7, second subparagraph.



third paragraph – 45.9 and 45.10, fifth paragraph.



section 8 of the Swedish national debt Office may request the European banking authority shall assist the authorities in reaching an agreement in the case as shown in the following articles in the crisis management directive:-13.4, third paragraph.



-18.5, second subparagraph.



-91.7, second subparagraph.



-92 (3), second subparagraph.



29. Appropriations



section 1 of the Government or the authority that the Government may provide for



1. What are the qualifying liabilities that are eligible for the purposes of calculating whether the minimum impairment only liabilities pursuant to Chapter 4. paragraph 1 is met, 2. the criteria should be the basis for a decision on the size of the minimum impairment only liabilities pursuant to Chapter 4. section 3,



3. what information about impairment only liabilities a company must provide to the national debt and when to leave, 4. derogation as referred to in Chapter 5. 3 § the obligation in Chapter 5. 2 § to bring in some conditions in the agreements for their debt, 5. the company shall establish registers referred to in Chapter 5.

§ 5, what registry should contain, and when companies must submit records of different types of agreements,



6. what a restructuring plan under Chapter 21. § 5 shall contain,



7. how the amount of the liabilities attributable to derivative under Chapter 21. section 17 shall be calculated,



8. the methodology for risk adjustment of fee according to resolution 27 Cape. the third paragraph of section 13 and the amount of risk and how it will be determined in accordance with section 18 of the same chapter,



9. What are the functions of a liable shall provide to the national debt under Chapter 27. section 20, and 10. What information an institution or other group companies shall submit to the national debt Office for its activities under this Act.



section 2 of the Government may provide for



1. the content of a resolution plan and a business plan for a resolution under Chapter 3. and what should be taken into account in the design of the plans as well as when they should be drawn up and how often they need to be updated, 2. what circumstances national debt must take into account in their consideration of a resolution plan under Chapter 3. 10 and 11 sections, and



3. when and where a decision on the resolution in accordance with Chapter 8. paragraph 13 of the motion for a resolution and a decision on the measures referred to in Chapter 12. § 5 shall be published and what publication will contain.



30 Cape. Appeal and the enforcement of decisions, etc.



section 1 of the Swedish national debt Office and finansinspektionen's decision under this Act may be appealed to the administrative court.

However, this does not apply to decisions on matters referred to in section 20, first paragraph 5 the Administrative Procedure Act (1986:223).



Leave to appeal is required for an appeal to the administrative court.



Swedish national debt Office's decision on the resolution in accordance with Chapter 8. 5 to 9 and 11 of the resolution and on the measures provided in Chapter 12. Article 1, first subparagraph shall be effective immediately.



The Swedish national debt Office and the financial supervision authority may determine that decisions about krisavvärjande actions under this law, or injunctions, prohibitions or withdrawal decision handed down on the basis of the law, to take effect immediately.



Injunctions under this law may be subject to a penalty.



The Government's decision under this law may not be appealed.



section 2 of the assessment carried out in accordance with Chapter 7. may only be appealed in connection with an appeal of the decision on the action for which the valuation is based.



paragraph 3 of the proceedings relating to the resolution in accordance with Chapter 8. 5-9 or section 11 and resolution measures set out in Chapter 12. Article 1, first subparagraph shall be dealt with promptly.



paragraph 4 only if it is consistent with the public interest, the Court shall hear a appealed the decision on the resolution in accordance with Chapter 8. 5-9 or section 11 and if resolution measures set out in Chapter 12. Article 1, first paragraph, may decide that the contested decision do not yet apply.



Transitional provisions



2015:1016



1. this law shall enter into force on 1 February.



2. the provisions of Chapter 5. section 2 applies to equity instruments and debt securities issued or concluded from 1 January 2016.



3. Contributions in accordance with Chapter 27. be charged for the first time in 2016.

The fee for 2016 shall be reduced by half.