Decision (EU) 2021/1440 of the ECB Article 1: Amendments

Article 1 - Amendments

Article 1

Amendments

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Decision (EU) 2019/1376 (ECB/2019/23) is amended as follows:

(1.)

in Article 1, the following point (15) is added:

‘(15) “sensitivity” means a characteristic or factor that may have a negative impact on the ECB’s reputation and/or on the effective and consistent functioning of the Single Supervisory Mechanism, including but not limited to any of the following: (a) the relevant supervised entity has previously been, or is currently, subject to severe supervisory measures such as early intervention measures; (b) the draft decision once adopted will set a new precedent that could bind the ECB in the future; (c) the draft decision once adopted may attract negative media or public attention; or (d) a national competent authority that has entered into close cooperation with the ECB communicates its disagreement with the proposed draft decision to the ECB.’;

(2.)

Article 3 is amended as follows:

((a))

paragraph 3 is replaced by the following:

‘3. Passporting, qualifying holding and withdrawal decisions shall not be adopted by means of a delegated decision if the complexity of the assessment or the sensitivity of the matter requires that they are adopted under the non-objection procedure.’;

((b))

paragraph 4 is replaced by the following:

‘4. The delegation of decision-making powers pursuant to paragraph 1 shall apply to:

((a))

the ECB’s adoption of supervisory decisions;

((b))

the ECB’s approval of positive assessments where a supervisory decision is not required;

((c))

the ECB’s adoption of instructions addressed, pursuant to Article 7 of Regulation (EU) No 1024/2013, to the national competent authorities with which the ECB has established close cooperation.’;

((c))

the following paragraph 7 is added:

‘7. Heads of work units shall submit a passporting, qualifying holding or withdrawal decision that fulfils the criteria for the adoption of delegated decisions set out in Articles 4 to 6 to the Supervisory Board and the Governing Council for adoption under the non-objection procedure if the supervisory assessment of that decision has a direct impact on the supervisory assessment of another decision which is to be adopted under the non-objection procedure.’;

(3.)

paragraph 1 of Article 4 is amended as follows:

((a))

point (b) is replaced by the following:

((b))

the acquisition of a qualifying holding is the result of a shift of ownership in the target entity from one holding entity to another holding entity within the same group structure;’;

((b))

the following point (d) is added:

((d))

the acquisition of a qualifying holding is carried out by a legal entity belonging to a group of undertakings that already cumulatively hold a qualifying holding in the target entity, and no relevant threshold provided for in Article 22(1) of Directive 2013/36/EU as transposed into national law is crossed at group consolidated level.’;

(4.)

in paragraph 1 of Article 5, point (a) is replaced by the following:

((a))

the decision is made on request of the supervised entity or due to a merger that results in the supervised entity ceasing to exist;’.