+Article 38 3

Article 38 3

3.   In order to effect a conversion of the capital instruments, debt instruments or other eligible liabilities concerned in accordance with paragraph 1, points (b) and (c), resolution authorities may require entities referred to in Article 1(1), points (a) to (e), to issue Tier 1 instruments to the holders of the capital instruments, debt instruments or other eligible liabilities concerned.

The capital instruments, debt instruments or other eligible liabilities concerned may be converted provided that all of the following conditions are met:

(a)

the Tier 1 instruments are issued by the insurance or reinsurance undertaking, by the entity referred to Article 1(1), points (b) to (e), or by the parent undertaking with the agreement of the relevant resolution authority;

(b)

the Tier 1 instruments are issued prior to any issuance of shares or other instruments of ownership by that entity referred to in Article 1(1), points (a) to (e), for the purposes of the provision of own funds by the State or a government entity;

(c)

the Tier 1 instruments are awarded and transferred without delay following the exercise of the conversion power;

(d)

the conversion rate that determines the number of Tier 1 instruments that are provided in respect of each relevant capital instrument, debt instrument or other eligible liability complies with Article 37.

1. Apžvalga

,

1.1 Nuorodos

1.2 Nustatyti reikalavimai

1.3 Susiję standartai

2. Nustatyti reikalavimai

Reikalavimai

3. Susiję standartai

Standartai
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