Directive (EU) 2025/1 of the European Parliament and of the Council of 27 Novembe... (32025L0001)
INHALT
Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance)
- DIRECTIVE (EU) 2025/1 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
- of 27 November 2024
- establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129
- (Text with EEA relevance)
- TITLE I
- SUBJECT MATTER AND SCOPE, DEFINITIONS AND DESIGNATION OF RESOLUTION AUTHORITIES
- Article 1
- Subject matter and scope
- Article 2
- Definitions
- Article 3
- Designation of resolution authorities and competent ministries
- TITLE II
- PREPARATION
- CHAPTER I
- Pre-emptive recovery planning and resolution planning
- Section 1
- General provisions
- Article 4
- Simplified obligations for certain undertakings
- Section 2
- Pre-emptive recovery planning
- Article 5
- Pre-emptive recovery plans
- Article 6
- Review and assessment by supervisory authorities of pre-emptive recovery plans
- Article 7
- Group pre-emptive recovery plans
- Article 8
- Review and assessment by the group supervisor of group pre-emptive recovery plans
- Section 3
- Resolution planning
- Article 9
- Resolution plans
- Article 10
- Group resolution plans
- Article 11
- Requirements and procedure for group resolution plans
- Article 12
- Information for the purposes of resolution plans and cooperation of the insurance or reinsurance undertaking
- CHAPTER II
- Resolvability
- Article 13
- Assessment of resolvability
- Article 14
- Assessment of resolvability for groups
- Article 15
- Power to address or remove impediments to resolvability
- Article 16
- Power to address or remove impediments to resolvability: group treatment
- CHAPTER III
- Joint decisions
- Article 17
- Joint decisions
- TITLE III
- RESOLUTION
- CHAPTER I
- Resolution objectives, conditions for resolution and general principles
- Article 18
- Resolution objectives
- Article 19
- Conditions for resolution
- Article 20
- Conditions for resolution with regard to parent undertakings and holding companies
- Article 21
- Proceedings in respect of undertakings that are not subject to resolution action
- Article 22
- General principles governing resolution
- CHAPTER II
- Valuation
- Article 23
- Valuation for the purposes of resolution
- Article 24
- Requirements for valuation
- Article 25
- Provisional and definitive valuations
- CHAPTER III
- Resolution tools
- Section 1
- General principles
- Article 26
- General principles on resolution tools
- Section 2
- The solvent run-off tool
- Article 27
- The solvent run-off tool
- Section 3
- The asset and liability separation tool, the sale-of-business tool and the bridge undertaking tool
- Article 28
- Principles for the application of the asset and liability separation tool, the sale-of-business tool and the bridge undertaking tool
- Article 29
- Procedural requirements regarding sales of business, assets, rights or liabilities in resolution
- Article 30
- The asset and liability separation tool
- Article 31
- The sale-of-business tool
- Article 32
- Bridge undertaking tool
- Article 33
- Operation of a bridge undertaking
- Article 34
- Transfer to insurance guarantee schemes
- Section 4
- The write-down or conversion tool
- Article 35
- Objective and scope of the write-down or conversion tool
- Article 36
- Treatment of shareholders when applying the write-down or conversion tool
- Article 37
- Rate of conversion of debt to equity
- Article 38
- Additional provisions governing the write-down or conversion tool
- Article 39
- Effect of write-down or conversion
- Article 40
- Write-down or conversion of liabilities arising from derivatives
- Article 41
- Removal of procedural obstacles for write-down or conversion
- CHAPTER IV
- Resolution powers
- Article 42
- General powers
- Article 43
- Ancillary powers
- Article 44
- Special management
- Article 45
- Powers concerning the provision of operational services and facilities
- Article 46
- Power to enforce crisis management measures by other Member States
- Article 47
- Power in respect of assets, rights, liabilities, shares and other instruments of ownership located in or governed by the law of third countries
- Article 48
- Exclusion of certain contractual terms
- Article 49
- Power to suspend certain obligations
- Article 50
- Power to restrict the enforcement of security interests
- Article 51
- Power to temporarily suspend termination rights
- Article 52
- Contractual recognition of resolution stay powers
- Article 53
- Power to temporarily suspend redemption rights
- Article 54
- Exercise of the resolution powers
- CHAPTER V
- Safeguards
- Article 55
- Treatment of shareholders, policy holders, beneficiaries, claimants and other creditors in the case of partial transfers and application of the write-down or conversion tool
- Article 56
- Valuation of difference in treatment
- Article 57
- Safeguard for shareholders, policy holders, beneficiaries, claimants or other creditors
- Article 58
- Safeguard for counterparties in partial transfers
- Article 59
- Protection for title transfer financial collateral arrangements, set-off arrangements, netting arrangements and reinsurance agreements
- Article 60
- Protection for security arrangements
- Article 61
- Protection for structured finance arrangements and other ring-fenced portfolios
- Article 62
- Partial transfers: protection of trading, clearing and settlement systems
- CHAPTER VI
- Procedural obligations
- Article 63
- Notification requirements
- Article 64
- Decision of the resolution authority
- Article 65
- Procedural obligations of resolution authorities
- Article 66
- Confidentiality
- CHAPTER VII
- Right of appeal and exclusion of other actions
- Article 67
- Ex ante
- judicial approval and rights to challenge decisions
- Article 68
- Restrictions on other proceedings
- TITLE IV
- CROSS-BORDER GROUP RESOLUTION
- Article 69
- General principles regarding decision-making involving more than one Member State
- Article 70
- Resolution colleges
- Article 71
- European resolution colleges
- Article 72
- Information exchange
- Article 73
- Group resolution involving a subsidiary undertaking of the group
- Article 74
- Group resolution involving an ultimate parent undertaking
- TITLE V
- RELATIONS WITH THIRD COUNTRIES
- Article 75
- Agreements with third countries
- Article 76
- Recognition and enforcement of third-country resolution proceedings
- Article 77
- Right to refuse recognition or enforcement of third-country resolution proceedings
- Article 78
- Resolution of Union branches of third-country undertakings
- Article 79
- Cooperation with third-country authorities
- Article 80
- Exchange of confidential information
- Article 81
- Financing arrangements
- TITLE VI
- PENALTIES
- Article 82
- Administrative penalties and other administrative measures
- Article 83
- Specific provisions on administrative penalties and other administrative measures
- Article 84
- Publication of administrative penalties and other administrative measures
- Article 85
- Maintenance of central database by EIOPA
- Article 86
- Effective application of penalties and exercise of powers to impose penalties by supervisory authorities and resolution authorities
- TITLE VII
- AMENDMENTS TO DIRECTIVES 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU, (EU) 2017/1132 AND TO REGULATIONS (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 AND (EU) 2017/1129
- Article 87
- Amendments to Directive 2002/47/EC
- ‘Article 9a
- Directive 2008/48/EC, Directive 2014/59/EU, Regulation (EU) 2021/23 and Directive (EU) 2025/1
- Article 88
- Amendment to Directive 2004/25/EC
- Article 89
- Amendments to Directive 2007/36/EC
- Article 90
- Amendments to Directive 2014/59/EU
- Article 91
- Amendment to Directive (EU) 2017/1132
- Article 92
- Amendment to Regulation (EU) No 1094/2010
- Article 93
- Amendment to Regulation (EU) No 648/2012
- Article 94
- Amendment to Regulation (EU) No 806/2014
- Article 95
- Amendment to Regulation (EU) 2017/1129
- TITLE VIII
- FINAL PROVISIONS
- Article 96
- EIOPA Resolution Committee
- Article 97
- Cooperation with EIOPA
- Article 98
- Insurance guarantee schemes
- Article 99
- Review
- Article 100
- Transposition
- Article 101
- Entry into force and application
- Article 102
- Addressees
- ANNEX
- Resolvability dimensions
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