Question
How should those provisions of Directive 2014/59/EU (BRRD) (e.g Articles 6 (4); 10; 14; 17; 27 (2); and 32(1)) which entail that competent authorities need to cooperate, collaborate and assist with the resolution authority be reflected in national legislation in situations where both functions are carried out by the same entity?
Background on the question
In certain Member States the competent authority has been designated as the resolution authority. In such cases how should the relevant Articles of the Directive 2014/59/EU (BRRD) as outlined above be reflected in the national legislation transposing the BRRD.
Answer
Directive 2014/59/EU (BRRD) does not prescribe a specific treatment in such cases therefore the "manner" is open, i.e. law or administrative act, provided that the Member State is able to produce evidence that the authority is under such obligation and that the obligation is implemented. An appropriate solution could be to lay down a general obligation for the authority to ensure that the various functions / services cooperate and requesting the authority to lay down internal rules in that sense. Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.