78. [Legal review] Institutions should perform a legal review of the contracts mapped to the …

[Legal review] Institutions should perform a legal review of the contracts mapped to the transfer perimeter and supporting the assessment referred to in paragraph 40. A legal review of the contracts should highlight:

• - Contract clauses posing challenges to the transfer that the resolution authority might or not be able to amend under Article 64of Directive 2014/59/EU and that legally impose an obligation (including specific communication to clients or authorities; approval; or registration requirements) in case of transfer or in order to be transferred;
• - Existing multiple pledges (when a client pledged the same collateral for different contracts);
• - Applicable specific national regulation such as covered bond regulation, which could impose certain conditions for the transfer (see section 34.3 of these guidelines);
• - The existing litigations and the contractual provisions that could give rise to litigations in or after resolution.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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