Resolution college

(1) Where the resolution authority is competent for the group resolution of an institution or superordinate undertaking, it establishes, subject to section 159, a resolution college that performs the functions referred to in sections 46, 47, 49 to 50, 58, 60, and 161 to 166, and ensures cooperation and coordination with resolution authorities in third countries. The resolution college serves 1. the exchange of information relevant to preparing a group resolution plan, to exercising preparatory and preventive powers in respect of the group, and to group resolution; 2. the preparation of a group resolution plan under sections 46 and 47; 3. assessing the resolvability of the group under section 58; 4. exercising powers to reduce or remove impediments to the resolvability of the group under section 60; 5. deciding on the need to prepare a group resolution scheme under sections 161 to 165 or section 166; 6. reaching agreement on a group resolution scheme proposed under sections 161 to 165 or section 166; 7. coordinating public communication of group resolution strategies and schemes; 8. coordinating recourse to the respective financing arrangements; 9. determining minimum requirements at group level and individual institution level under sections 49 to 50. The resolution college has regard to the adjustments to the transitional arrangements of Article 45m of Directive 2014/59/EU, as amended on 27 November 2024, that apply for the EFTA States under point 19b(g) of Annex IX to the Agreement on the European Economic Area, pursuant to Article 2(b) of the Agreement on the European Economic Area.
(2) The resolution college may also be used as a forum for discussing all matters connected with cross-border group resolution. The resolution authority may agree with the other members of a resolution college on the language in which cooperation is to be conducted.
(3) The resolution authority is not obliged to establish a resolution college where another group or another college already performs the functions and tasks referred to in subsection (1) and in sections 157 and 158, and satisfies and complies with all the conditions and procedures set out in subsection (1) and in sections 157 and 158, including those concerning membership of, and participation in, resolution colleges. In that case, all references in this Act to a resolution college are to be understood as references to that other group or that other college.