Clarifications regarding the scope of application of Article 33

Article 33 of Directive 2014/59/EU (BRRD) sets out the regime relating to the conditions for resolution as regards institutions or entities referred to in points (b), (c) and (d) of Article 1(1) which are not covered by Article 32 BRRD. As regards financial institutions, as defined in point (b) of Article 1(1) BRRD, Article 33(1) BRRD provides that in order to take resolution actions, the resolution authority has to be satisfied that the conditions set out in Article 32(1) BRRD are met in respect of both the financial institution concerned (i.e. the subsidiary established in the Union) and the parent undertaking subject to consolidated supervision. 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.