5. When assessing whether compliance with the requirements specified in Article 39(1) of Directive …

When assessing whether compliance with the requirements specified in Article 39(1) of Directive 2014/59/EU would be likely to undermine the effectiveness of the sale of business tool or achieving the resolution objective of avoiding significant adverse effects on financial stability, resolution authorities should consider at least the following elements:

• (a) With regard to the requirement of transparency stipulated in point (a) of Article 39(2) of Directive 2014/59/EU, the risk that marketing to a wider circle of potential purchasers and that the disclosure of risks and valuations or the identification of critical and non-critical functions in respect of the institution under resolution may result in additional uncertainty and in a loss of market confidence. In particular, preparations for the marketing process should not increase the risk that the institution may enter resolution.
• (b) With regard to the principle of non-discrimination established by point (b) of Article 39(2) of Directive 2014/59/EU, the fact that certain potential purchasers may be more likely to ensure financial stability, in particular due to factors such as their financial or market position, their structure and business model, which may facilitate the business integration and the legal and organisational feasibility or may have positive effects on the time required for the implementation of the resolution action and the expectation that critical functions can be continued. Resolution authorities should take into account the needs and expectations of counterparties, infrastructure providers, depositors and liquidity providers and those of the wider market.
• (c) Resolution authorities should ensure that arrangements to ascertain that parties involved in the marketing process are free from conflicts of interest as stipulated by point (c) of Article 39(2) of Directive 2014/59/EU do not impede the practicability and the timely implementation of the resolution action. Resolution authorities should take into account that, given the limited number of service providers, advisers and potential purchasers in the market, a certain risk of conflicts of interests may be inherent to the sales process.
• (d) When assessing whether advantages to potential purchasers are unfair within the meaning of point (d) of Directive 2014/59/EU, resolution authorities should take into account that the resolution objectives and the need for rapid action may justify incentivising purchasers or limiting their risk, in particular in the context of the use of the financing arrangements for these purposes as mentioned in Article 101(1) of Directive 2014/59/EU.
• (e) When aiming to maximise the sale price as required by point (f) of Directive 2014/59/EU, resolution authorities should take into account the need for rapid action, which may be in conflict with prolonged price negotiations or bidding processes, and the resolution objectives, in particular the continuance of critical functions, which may be in conflict with maximising the sale price for certain business areas. In addition, resolution authorities should take into account that certain potential purchasers may be more likely to ensure financial stability, in particular due to factors such as their financial or market position, their structure and business model.

1. Przegląd

1.1 Odwołania

1.2 Zidentyfikowane wymagania

1.3 Powiązane normy

2. Zidentyfikowane wymagania

3. Powiązane normy

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