In the context of the Notice, the EC adopts answers related to the following legal acts:
- Directive (EU) 2014/59/EU (BRRD), as amended by Directive (EU) 2019/879;
- Regulation (EU) No 806/2014 (SRMR), as amended by Regulation (EU) 2019/877;
- Regulation (EU) No 575/2013 (CRR), as amended by Regulation (EU) 2019/876 of the European Parliament and of the Council (7);
- Directive 2013/36/EU (CRD), as amended by Directive (EU) 2019/878 of the European Parliament and of the Council (8).
In that regard, the Notice clarifies issues related to the following topics:
- Power to prohibit certain distributions provided in article 16A BRRD;
- Powers to suspend payment or delivery obligations under articles 33A and 69 BRRD;
- Selling of subordinated eligible liabilities to retail clients;
- Minimum requirement for own funds and eligible liabilities;
- Bail-in tool and respective contractual recognition;
- Write down or conversion of capital instruments and eligible liabilities;
- Exclusion of certain contractual terms in early intervention and resolution;
- Contractual recognition of resolution stay powers; and
- Directive 98/26/EC (Settlement Finality Directive – SFD).
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