Protection of investors

Article 31(2)(d) of Directive 2014/59/EU (BRRD) sets out the general objective to protect investors covered by Directive 97/9/EC. According to Article 31(1) BRRD, this objective has to be observed when applying resolution tools and exercising resolution powers. How the objective to protect investors covered by Directive 97/9/EC can be achieved in a resolution procedure depends on the individual circumstances. It may be worth recalling also that Article 69(4)(c) BRRD provides that the suspension of obligations of the institution under resolution does not apply to " eligible claims for the purpose of Directive 97/9/EC" . Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.