Group resolution where an EU parent undertaking is involved

(1) Where the resolution authority reaches the assessment that a superordinate undertaking that is at the same time an EU parent undertaking satisfies the conditions of section 62 or section 64, it transmits, without delay, the information referred to in section 161 concerning that superordinate undertaking to the other members of the resolution college responsible for the group concerned. The resolution actions or insolvency measures under section 161, point 2, may also include the implementation of a group resolution scheme prepared under section 164, where 1. it is likely, on the basis of resolution actions or other measures notified under section 161, point 2, at the level of the superordinate undertaking within the meaning of subsection (1), first sentence, that the conditions of section 62 or section 64 will be satisfied in respect of an undertaking of the group in one of the other Member States; 2. resolution actions or other measures at the level of the superordinate undertaking within the meaning of subsection (1), first sentence, are not sufficient to stabilise the situation, or are unlikely to lead to a satisfactory outcome; 3. one or more subsidiary undertakings satisfy the conditions of section 62 or section 64, as determined by their respective competent resolution authorities in other Member States, or 4. resolution actions or other measures at the level of the superordinate undertaking within the meaning of subsection (1), first sentence, are so advantageous for the group's subsidiary undertakings that a group resolution scheme should be applied.
(2) Where the measures notified by the resolution authority under subsection (1) do not include a group resolution scheme, the resolution authority takes its decision in consultation with the members of the resolution college. In taking its decision, the resolution authority follows the respective resolution plans, unless it concludes, 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, and has regard to the financial stability of the Member States concerned.
(3) Where the measures notified under subsection (1) include a group resolution scheme, the group resolution scheme is the subject of a joint decision of the resolution authority and the resolution authorities of the other Member States responsible for the subsidiary undertakings covered by the group resolution scheme. Where not all the resolution authorities within the meaning of the first sentence agree to the group resolution scheme, the resolution authority may reach a joint decision with the remaining resolution authorities of the other Member States on a group resolution scheme for the institutions and undertakings of the group under their respective jurisdiction. On the request of a supervisory authority, the European Banking Authority may assist the competent resolution authorities in reaching a joint decision, in accordance with Article 31(c) of Regulation (EU) No 1093/2010.
(4) Where a group resolution scheme is not implemented, and the resolution authority takes resolution actions in respect of an undertaking within the meaning of subsection (1), it must cooperate closely, within the resolution college concerned, with the resolution authorities of the other Member States, to develop a coordinated resolution strategy for all institutions and undertakings of the group affected. It must inform the members of the resolution college regularly and fully of the resolution actions taken and of ongoing progress.
(5) The resolution authority implements all measures under this provision without delay and with due regard to the urgency required.