General principles for decision-making involving one or more authorities of other Member States

Where the resolution authority or other authorities competent under this Act take decisions or initiate measures under this Act that may have effects in one or more other Member States, they must 1. in initiating a resolution action, have regard to the requirements of effective decision-making and of keeping the costs of resolution to the lowest possible level; 2. proceed swiftly, and with whatever degree of urgency is required, in decision-making and in initiating measures; 3. cooperate with other domestic authorities, and with resolution authorities, supervisory authorities, and other authorities from other Member States, to ensure that decision-making and the initiation of measures are coordinated and carried out swiftly; 4. give appropriate consideration to the interests of the other Member States in which an EU parent undertaking or a subsidiary undertaking is established, in particular the effects that a decision or measure, or the omission of a measure, would have on the financial stability, financial resources, resolution fund, deposit guarantee scheme, or investor compensation scheme of those Member States; 5. give appropriate consideration to the interests of the other Member States in which significant branches are established, in particular the effects that a decision or measure, or the omission of a measure, would have on the financial stability of those States; 6. observe an appropriate balance of the interests of the Member States, and avoid prejudicing or unduly favouring the interests of particular Member States, and avoid an unjustified unequal distribution of burdens among the Member States; 7. where an obligation exists under this Act to consult an authority before a decision or measure, consult that authority at least on the aspects of the proposed decision or measure that have, or are likely to have, effects on a) the EU parent undertaking, subsidiary undertaking, or branch concerned, for which the authority concerned is responsible, or b) the stability of the Member State concerned; 8. in applying resolution action, follow the respective resolution plans, unless the competent resolution authorities conclude, after assessing the circumstances of the individual case, that the resolution objectives can be more effectively achieved by measures not provided for in the resolution plan; 9. have regard to the transparency requirement, where an intended decision or intended measure is expected to have effects on the financial stability, financial resources, resolution fund, deposit guarantee scheme, or investor compensation scheme of another Member State; 10. seek, through coordination and cooperation, an outcome that reduces the overall costs of resolution, wherever possible.