EBA · 2016_3031 Rejected question

Necessary prior authorisation in Article 60

Regulation
Directive 2014/59/EU (BRRD)
Article
60, para. 4
Topic
Write-down and conversion of capital instruments
Submitted by
Competent authority
Submitted
2016-12-05
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Question

Can you please clarify what is meant by "the necessary prior authorization" referred to in Article 60 of Directive 2014/59/EU (BRRD)?

Background

Article 60(4) reads: "For the purposes of the provision of Common Equity Tier 1 instruments in accordance with paragraph 3, resolution authorities may require institutions and entities referred to in points (b), (c) and (d) of Article 1(1) to maintain at all times the necessary prior authorisation to issue the relevant number of Common Equity Tier 1 instruments." What is meant by "the necessary prior authorization"?
No answer published yet.

Original source: European Banking Authority, Q&A ID 2016_3031

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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