Simplified requirements; authorisation to issue statutory instruments

(1) The resolution authority may restrict the requirements under sections 40 to 48 and 57 and 58 as regards 1. the content and level of detail of the resolution plans to be drawn up, 2. the time limit within which resolution plans are to be drawn up or updated, 3. the content and level of detail of the information to be transmitted by institutions in connection with resolution planning, or 4. the level of detail of the assessment of resolvability under sections 57 and 58.
(2) In determining simplified requirements, the resolution authority takes into account 1. the effects that the failure of an institution would have, depending on the nature, scale and complexity of its business activities, its ownership structure, its legal form, its risk profile and interconnectedness, and its membership of an institutional protection scheme, and 2. whether a liquidation in insolvency proceedings could have negative effects on the financial markets, on other undertakings in the financial sector, including their funding, or on the real economy.
(3) As regards the criteria to be applied in assessing the effects under subsection (2), points 1 and 2, reference is made to Commission Delegated Regulation (EU) 2019/348.
(4) The Federal Ministry of Finance is authorised to issue, by statutory instrument not requiring the consent of the Bundesrat, more detailed provisions on the criteria referred to in subsection (2) for determining simplified requirements. The Federal Ministry of Finance may, by statutory instrument, delegate the authorisation to the resolution authority, with the proviso that the statutory instrument is issued in consultation with the Federal Financial Supervisory Authority and the Deutsche Bundesbank.
(5) The resolution authority informs the European Banking Authority of how it implements and applies Article 4(1) and (8) to (10) of Directive 2014/59/EU.