Procedural obligations of the resolution authority

(1) Before taking resolution action, the resolution authority informs 1. the Federal Ministry of Finance, and 2. the deposit guarantee scheme concerned. The resolution authority issues resolution actions with direct financial effects or systemic effects only with the consent of the Federal Ministry of Finance.
(2) The resolution authority informs the following bodies of the taking of resolution action: 1. the Deutsche Bundesbank, 2. the supervisory authority, 3. the supervisory authorities responsible for the group entities and branches concerned, including the consolidating supervisory authority, 4. the resolution authorities responsible for the group entities and branches concerned, including the resolution authority of the State in which the consolidating supervisory authority has its seat, 5. the Financial Stability Committee, 6. the European Systemic Risk Board, 7. the Commission, the European Central Bank, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, and the European Banking Authority, and 8. the operators of a system within the meaning of section 1(16) of the Banking Act in which the institution or group entity concerned is a participant.
(3) A notification of the taking of resolution action within the meaning of subsection (1) includes a copy of the resolution order and states the date from which the resolution action becomes effective.
(4) The resolution authority and the supervisory authority publish, on their websites, the resolution order or an announcement summarising the effects of the resolution action, in particular as regards depositors, and any directions under sections 82 to 84.
(5) The resolution authority also informs the institution or group entity under resolution and the superordinate undertaking of the group. Subsection (3) applies correspondingly. The information to be published under subsection (4) is deemed to be inside information required to be published within the meaning of Article 17 of Regulation (EU) No 596/2014.
(6) The resolution authority publishes on its website, and in the Federal Gazette, notice that the resolution actions have ended.