+Article 68 2

Article 68 2

2.   For the purposes of paragraph 1, Member States shall ensure that:

(a)

supervisory authorities and resolution authorities are notified without delay of any application for the opening of normal insolvency proceedings in relation to an entity referred to in Article 1(1), points (a) to (e), irrespective of whether that undertaking or entity is under resolution or whether a decision has been made public in accordance with Article 65(3) and (4);

(b)

the application for the opening of normal insolvency proceedings is not determined unless the notifications referred to in point (a) have been made and either of the following occurs:

(i)

the resolution authority has notified the authorities responsible for normal insolvency proceedings that it does not intend to take any resolution action in relation to the entity referred to in Article 1(1), points (a) to (e);

(ii)

a period of seven days beginning with the date on which the notifications referred to in point (a) were made has expired.

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