Article 71 European resolution colleges

1.   Where a third-country insurance or reinsurance undertaking or third-country parent undertaking has Union subsidiary undertakings established in two or more Member States, or two or more Union branches of a third-country undertaking that are regarded as significant by two or more Member States, the resolution authorities of the Member States where those Union subsidiary undertakings are established or where those Union branches of a third-country undertaking are located may establish a European resolution college.

2.   The European resolution college shall perform the functions and carry out the tasks specified in Article 70 with respect to the Union subsidiary undertakings and, insofar as those tasks are relevant, to Union branches of a third-country undertaking referred to in paragraph 1 of this Article and shall otherwise function in accordance with the rules laid down in Article 70.

3.   Where only one parent undertaking established in a Member State holds all Union subsidiary undertakings of a third-country insurance or reinsurance undertaking or third-country parent undertaking, the European resolution college shall be chaired by the resolution authority of the Member State where that parent undertaking is established.

Where the first subparagraph does not apply, the resolution authority of the Member State in which a Union subsidiary undertaking with the highest value of total on-balance sheet assets is established shall chair the European resolution college.