How old is the entry into the SAG

Section 57 - Reorganization and Liquidation Act (SAG)

Article 1 G. v. December 10, 2014 Federal Law Gazette I p. 2091 (No. 59); last amended by Article 4 G. v. May 12, 2021 Federal Law Gazette I p. 1063
Valid from 01/01/2015, for deviating see Article 10; FNA: 660-10 federal guarantees
16 earlier versions | Printed matter / draft / justification | is quoted in 132 regulations

Part 3 Resolution law regulations and requirements for the preparation of the restructuring and liquidation

Chapter 3 Resolvability

Section 57 Assessment of the resolvability of institutions


Section 57 has 1 earlier version and is quoted in 7 provisions


(1) 1The resolution authority shall assess the extent to which an institution that does not belong to a group that is subject to supervision on a consolidated basis is resolvable. 2The resolution authority shall coordinate its assessment with the supervisory authority and the resolution authorities of the member states and third countries in which significant branches are located, insofar as the interests of these significant branches are concerned.


(2) An institution is resolvable if, from the point of view of the resolution authority, it is possible either to open and carry out insolvency proceedings against the institution's assets or to resolve these by using resolution instruments and powers, insofar as this is done


1.
even in a situation of general financial instability or in the event of system-wide events, significant adverse effects on financial systems in the Federal Republic of Germany, the other member states or the Union as a whole are avoided as far as possible,

2.
the continuation of critical functions is guaranteed, provided that the business operations of the institute include such critical functions, and

3.
critical functions and essential business activities are legally and economically separated from other functions to the extent necessary.

(3) For the purposes of assessing resolvability in accordance with Paragraphs 1 and 2, the resolution authority shall examine at least the aspects listed in Section C of the Annex to Directive 2014/59 / EU.


(4) The resolution authority evaluates the resolvability in accordance with this provision at the same time as and for the purposes of creating and updating the resolution plan in accordance with Section 40.


(5) If the resolution authority comes to a negative result in the context of the assessment of the resolvability of an institution, it shall inform the European Banking Authority accordingly and comprehensively.


(6) Section 42 applies accordingly.



Text in the version of Article 1 of the Resolution Mechanism Act (AbwMechG) G. v. November 2, 2015 Federal Law Gazette I p. 1864 w.v. November 6, 2015




 

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Earlier versions of § 57 SAG

The following list shows all changes to this regulation. Via the links current and before you can compare the old version (old version) and the new version (new version). You will find the full text of the amendment law as well as the legislator's justification.



Please note that retrospective changes - if any - are sorted in this list according to the date of publication of the change title (date in brackets) and not according to the date of entry into force.



 

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Citations from § 57 SAG

You can see the regulations that refer to Section 57 SAG. The list is subdivided into quotations in SAG itself, authorization bases, other applicable titles, amendment regulations and in canceled titles.

 
internal references

§ 40 SAG Creation and updating of resolution plans (from December 28th, 2020)

... essential aspects of the plan, 6. a detailed description of the resolvability assessment carried out in accordance with Section 57, 7. a description ... for the removal of obstacles to resolvability that were identified in the course of the assessment carried out in accordance with Section 57, 8 . a description of the procedures for ...

§ 41 SAG simplified requirements; Authorization to issue ordinances (from December 28, 2020)

... The resolution authority can limit the requirements according to Sections 40 to 48 and 57 and 58 with regard to 1. the content and the level of detail of the ... 4. the level of detail of the assessment of the resolvability according to Sections 57 and 58 (2) When defining simplified requirements, the ...

 

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Quotations in amendment regulations

Resolution Mechanism Act (AbwMechG)

G. v. November 2nd, 2015 Federal Law Gazette I p. 1864


Risk Reduction Act (RiG)

G. v. 09.12.2020 Federal Law Gazette I p. 2773

Article 5 RiG Amendment of the Reorganization and Liquidation Act

... (1) If the resolution authority determines in its assessment in accordance with Sections 57 and 58 that the company's ability to resolve is opposed to significant ... resolution obstacles, it shall notify the company concerned and the authorities involved in accordance with Section 57 (1) in writing with reference to the deadline according to paragraph 2 with. ...

Link to this site: https://www.buzer.de/gesetz/11403/a190142.htm

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