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Recital 33

Recital 33

(33)Article 86(1) of Directive 2014/59/EU provides that normal insolvency proceedings in relation to entities within the scope of that Directive are not to be commenced except at the initiative of the resolution authority and that a decision placing an entity into normal insolvency proceedings is to be taken only with the consent of the resolution authority. That provision is not reflected in Regulation (EU) No 806/2014. In line with the division of tasks specified in Regulation (EU) No 806/2014, national resolution authorities should consult the Board before they act in accordance with Article 86(1) of Directive 2014/59/EU in relation to entities that are under the direct responsibility of the Board.

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