Einde inhoudsopgave
Public funding of failing banks in the European Union (LBF vol. 19) 2020/4.8.1.1
4.8.1.1 Consent and procedural requirements
M. Louisse-Read, datum 01-06-2020
- Datum
01-06-2020
- Auteur
M. Louisse-Read
- JCDI
JCDI:ADS213822:1
- Vakgebied(en)
Financieel recht / Europees financieel recht
Staatssteun (V)
Voetnoten
Voetnoten
Article 38(1), last paragraph, Article 40(1), last paragraph and Article 42(1), last paragraph BRRD. Member States may however require that the application of the sale of business, bridge institution or asset separation tool is subject to ex ante judicial approval, provided that the procedure relating to the application for approval and the court’s consideration are expeditious (Article 85(1) BRRD). In addition, Member States have to ensure that all persons affected by a decision to apply the asset separation tool have the right to appeal against that decision (Article 85(3) BRRD).
Article 37(8) BRRD.
Share transfers and asset transfers can take place without having to obtain the consent of the shareholders of the bank or any third party other than the purchaser or the bridge institution, and without having to comply with any procedural requirements under company or securities law.1 These transfers may take effect free from any liability or encumbrance affecting the shares or other ownership instruments.2 In addition, the rules under national insolvency law relating to the voidability or unenforceability of legal acts detrimental to creditors do not apply to asset transfers by virtue of the application of the sale of business, bridge institution or asset separation tool.3
If the transfer concerns listed shares or other instruments of ownership, the resolution authority may require the relevant authority to discontinue or suspend the admission to trading on a regulated market or the official listing of these financial instruments.4