Recital 90

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Recital 90

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(90)Directive 2004/25/EC of the European Parliament and of the Council ⁹ , Directive 2007/36/EC of the European Parliament and of the Council ¹⁰ and Directive (EU) 2017/1132 of the European Parliament and of the Council ¹¹ , contain rules on the protection of shareholders and creditors of undertakings that fall within the scope of those Directives. In a situation where resolution authorities need to act rapidly, those rules might hinder effective resolution action and application of resolution tools and powers by resolution authorities. Derogations under Directive 2014/59/EU of the European Parliament and of the Council ¹² and Regulation (EU) 2021/23 of the European Parliament and of the Council ¹³ should therefore be extended to actions taken in the context of the resolution of insurance and reinsurance undertakings. In order to guarantee the maximum degree of legal certainty for stakeholders, such derogations should be set out clearly, should be narrow, and should only be used in the public interest and when resolution triggers are met.

10 Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies ( OJ L 184, 14.7.2007, p. 17 ). ↩
12 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council ( OJ L 173, 12.6.2014, p. 190 ). ↩
13 Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 ( OJ L 22, 22.1.2021, p. 1 ). ↩
11 Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law ( OJ L 169, 30.6.2017, p. 46 ). ↩
9 Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids, ( OJ L 142, 30.4.2004, p. 12 ). ↩