+Article 7 5.

Article 7 5.

Notwithstanding paragraph 3 of this Article, participating Member States may decide that the Board exercise all of the relevant powers and responsibilities conferred on it by this Regulation in relation to entities and groups established in their territory, other than those referred to in paragraph 2 of this Article. If so, paragraphs 3 and 4 of this Article, Article 9, Article 12(3), and Article 31(1) shall not apply. Member States that intend to make use of that option shall notify the Board and the Commission thereof. The notification shall take effect from the day of its publication in the Official Journal of the European Union.

After the notification referred to in the first subparagraph of this paragraph has taken effect, participating Member States may decide that the responsibility for performing the tasks in relation to entities and groups established in their territory, other than those referred to in paragraph 2, shall be returned to the national resolution authorities, in which case the first subparagraph of this paragraph shall no longer apply. Member States that intend to make use of that option shall notify the Board and the Commission thereof. That notification shall take effect from the day of its publication in the Official Journal of the European Union.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards