European resolution colleges

(1) Where an institution with its seat in a third country, or a third-country parent undertaking, has 1. subsidiary undertakings established in the Union, 2. EU parent undertakings established in at least two Member States, or 3. at least two Union branches classified as significant by at least two Member States, the resolution authority establishes a single European resolution college together with the resolution authorities of the other Member States in which those undertakings are established or those Union branches are located.
(2) The European resolution college performs the functions referred to in section 156 in respect of the undertakings referred to in subsection (1), and, insofar as those functions are relevant, also in respect of the Union branches. Its tasks also include determining the minimum requirement for own funds and eligible liabilities under sections 49 to 50. In determining the minimum requirement for own funds and eligible liabilities, the resolution authority has regard, where relevant, to the global resolution strategy determined by the resolution authorities of third countries. Where, under the global resolution strategy, the subsidiary undertakings established in the European Union, or an EU parent undertaking and its subsidiary institutions, are not resolution entities, and the members of the European resolution college agree to that strategy, the subsidiary undertakings established in the Union, or, on a consolidated basis, the EU parent undertaking, must comply with the requirements of section 49f(1) by issuing the instruments referred to in section 49f(2), points 1 and 2, to the parent undertaking established in a third country, or to its subsidiary undertakings or other undertakings established in the same third country as the parent undertaking, on the conditions set out in section 49f(2), point 1, letter a, and point 3.
(3) Where all the subsidiary undertakings, established in the Union, of an institution with its seat in a third country, or of a third-country parent undertaking, are subject to a single EU parent undertaking, the resolution authority of the Member State in which the EU parent undertaking is established chairs the European resolution college. Where the first sentence does not apply, the European resolution college is chaired by the resolution authority of the EU parent undertaking or of the subsidiary undertaking that holds the greatest total amount of on-balance-sheet assets.
(4) The resolution authority is not obliged to establish a European resolution college where another group or another college already performs the functions and tasks referred to in subsections (1) to (3) and (5), and satisfies all the conditions set out, and complies with the procedures laid down, in subsections (1) to (3), (5), and in section 160, including those concerning membership of, and participation in, European resolution colleges. In that case, all references in this Act to a European resolution college are to be understood as references to that other group or that other college. Declining to establish a European resolution college requires the agreement of the authorities that would be members of the European resolution college.
(5) Subject to subsections (3) and (4), section 156 applies correspondingly.