+Article 61 Protection for structured finance arrangements and other ring-fenced portfolios
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Article 61 Protection for structured finance arrangements and other ring-fenced portfolios

1. Overview

,
Article 61 1

1.   Member States shall ensure that there is appropriate protection for structured finance arrangements or other ring-fenced portfolios, including arrangements referred to in Article 58(1), points (e) and (g), to prevent either of the following:

(a)

the transfer of some, but not all, of the assets, rights and liabilities which constitute or form part of a structured finance arrangement or other ring-fenced portfolios, including the arrangements referred to in Article 58(1), points (e) and (g), to which the undertaking under resolution is a party;

(b)

the termination or modification through the use of ancillary powers of the assets, rights and liabilities which constitute or form part of a structured finance arrangement or other ring-fenced portfolios, including arrangements referred to in Article 58(1), points (e) and (g), to which the undertaking under resolution is a party.
Article 61 2

2.   Notwithstanding paragraph 1, where necessary to better achieve the resolution objectives referred to in Article 18 and in particular to ensure a better protection of policy holders, resolution authorities may transfer, modify or terminate assets, rights or liabilities that are part of the same arrangement.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
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