BRRD bilingv

download BRRD bilingv

of 234

  • date post

    15-Sep-2015
  • Category

    Documents

  • view

    243
  • download

    9

Embed Size (px)

description

BRRD directive RO-EN

Transcript of BRRD bilingv

12.6.2014 | RO | Jurnalul Oficial al Uniunii Europene | L 173/19012.6.2014 | EN | Official Journal of the European Union | L 173/190

DIRECTIVA 2014/59/UE A PARLAMENTULUI EUROPEAN I A CONSILIULUIDIRECTIVE 2014/59/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

din 15 mai 2014of 15 May 2014

de instituire a unui cadru pentru redresarea i rezoluia instituiilor de credit i a firmelor de investiii i de modificare a Directivei 82/891/CEE a Consiliului i a Directivelor 2001/24/CE, 2002/47/CE, 2004/25/CE, 2005/56/CE, 2007/36/CE, 2011/35/UE, 2012/30/UE i 2013/36/UE ale Parlamentului European i ale Consiliului, precum i a Regulamentelor (UE) nr. 1093/2010 i (UE) nr. 648/2012 ale Parlamentului European i ale Consiliuluiestablishing 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

(Text cu relevan pentru SEE)(Text with EEA relevance)

PARLAMENTUL EUROPEAN I CONSILIUL UNIUNII EUROPENE,THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

avnd n vedere Tratatul privind funcionarea Uniunii Europene, n special articolul 114,Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,

avnd n vedere propunerea Comisiei Europene,Having regard to the proposal from the European Commission,

dup transmiterea proiectului de act legislativ ctre parlamentele naionale,After transmission of the draft legislative act to the national parliaments,

avnd n vedere avizul Bncii Centrale Europene (1),Having regard to the opinion of the European Central Bank (1),

avnd n vedere avizul Comitetului Economic i Social European (2),Having regard to the opinion of the European Economic and Social Committee (2),

hotrnd n conformitate cu procedura legislativ ordinar (3),Acting in accordance with the ordinary legislative procedure (3),

ntruct:Whereas:

(1) | Criza financiar a demonstrat c exist o lips semnificativ de instrumente adecvate la nivelul Uniunii pentru a gestiona n mod eficient situaia instituiilor de credit i a firmelor de investiii neviabile sau n curs de a intra n dificultate (denumite n continuare instituii). Aceste instrumente sunt necesare n special pentru a preveni insolvena sau, n cazul n care aceasta se produce, pentru a reduce la minimum consecinele negative prin meninerea funciilor de importan sistemic ale instituiei n cauz. Pe parcursul crizei, aceste provocri au reprezentat un factor major care a forat statele membre s salveze instituiile prin utilizarea banilor contribuabililor. Obiectivul unui cadru de redresare i rezoluie credibil este acela de a evita pe ct posibil necesitatea unei astfel de msuri.(1) | The financial crisis has shown that there is a significant lack of adequate tools at Union level to deal effectively with unsound or failing credit institutions and investment firms (institutions). Such tools are needed, in particular, to prevent insolvency or, when insolvency occurs, to minimise negative repercussions by preserving the systemically important functions of the institution concerned. During the crisis, those challenges were a major factor that forced Member States to save institutions using taxpayers money. The objective of a credible recovery and resolution framework is to obviate the need for such action to the greatest extent possible.

(2) | Criza financiar a cunoscut dimensiuni sistemice n sensul c a afectat accesul la finanare pentru multe instituii de credit. Pentru a evita intrarea n dificultate, cu consecine pentru ntreaga economie, o astfel de criz necesit msuri menite s asigure accesul la finanare, n condiii asemntoare pentru toate instituiile de credit altfel solvabile. Msurile respective implic un aport general de lichiditate din partea bncilor centrale i garanii din partea statelor membre pentru titlurile de valoare emise de instituiile de credit solvabile.(2) | The financial crisis was of systemic dimension in the sense that it affected the access to funding of a large proportion of credit institutions. To avoid failure, with consequences for the overall economy, such a crisis necessitates measures aiming to secure access to funding under equivalent conditions for all credit institutions that are otherwise solvent. Such measures involve liquidity support from central banks and guarantees from Member States for securities issued by solvent credit institutions.

(3) | Pieele financiare din Uniune prezint un nivel ridicat de integrare i de interconectare, multe instituii desfurndu-i deseori operaiunile dincolo de graniele naionale. Intrarea n dificultate a unei instituii transfrontaliere este susceptibil de a afecta stabilitatea pieelor financiare din statele membre n care i desfoar activitatea. Incapacitatea statelor membre de a prelua controlul instituiilor n curs de a intra n dificultate i de a proceda la rezoluia acestora astfel nct s se evite n mod eficient producerea de daune sistemice mai extinse poate submina ncrederea reciproc a statelor membre, precum i credibilitatea pieei interne a serviciilor financiare. Stabilitatea pieelor financiare este, prin urmare, o condiie esenial pentru instituirea i funcionarea pieei interne.(3) | Union financial markets are highly integrated and interconnected with many institutions operating extensively beyond national borders. The failure of a cross-border institution is likely to affect the stability of financial markets in the different Member States in which it operates. The inability of Member States to seize control of a failing institution and resolve it in a way that effectively prevents broader systemic damage can undermine Member States mutual trust and the credibility of the internal market in the field of financial services. The stability of financial markets is, therefore, an essential condition for the establishment and functioning of the internal market.

(4) | n prezent, procedurile de rezoluie a instituiilor nu sunt armonizate la nivelul Uniunii. Unele state membre aplic n cazul instituiilor aceleai proceduri pe care le aplic altor societi insolvabile; aceste proceduri sunt uneori adaptate pentru instituiile. Exist mari diferene de la un stat membru la altul n ceea ce privete fondul i procedurile prevzute n actele cu putere de lege i actele administrative care reglementeaz insolvena instituiilor din statele membre. n plus, criza financiar a demonstrat faptul c procedurile generale de insolven nu sunt ntotdeauna adecvate pentru instituiile, deoarece ele nu asigur ntotdeauna o intervenie suficient de rapid, meninerea funciilor critice ale instituiei ori pstrarea stabilitii financiare.(4) | There is currently no harmonisation of the procedures for resolving institutions at Union level. Some Member States apply to institutions the same procedures that they apply to other insolvent enterprises, which in certain cases have been adapted for institutions. There are considerable substantial and procedural differences between the laws, regulations and administrative provisions which govern the insolvency of institutions in the Member States. In addition, the financial crisis has exposed the fact that general corporate insolvency procedures may not always be appropriate for institutions as they may not always ensure sufficient speed of intervention, the continuation of the critical functions of institutions and the preservation of financial stability.

(5) | Este prin urmare necesar instituirea unui regim care s ofere autoritilor un set credibil de instrumente pentru a interveni suficient de timpuriu i de rapid n cazul unei instituii neviabile sau n curs de a intra n dificultate, astfel nct s garanteze continuitatea funciilor financiare i economice critice ale acesteia, reducnd n acelai timp la minimum impactul situaiei de dificultate a instituiei asupra economiei i a sistemului financiar. Acest regim ar trebui s garanteze faptul c acionarii sunt cei care suport pierderile primii, iar creditorii suport pierderi ulterior acionarilor, cu condiia ca pierderile suferite de fiecare creditor s nu depeasc pierderile care ar fi fost suferite de acesta dac instituia ar fi fost lichidat n cadrul unei proceduri obinuite de insolven, n conformitate cu principiul potrivit cruia niciun creditor nu trebuie s fie dezavantajat, astfel cum este specificat n prezenta directiv. Noi competene ar trebui s permit autoritilor, de exemplu, s menin un acces nentrerupt la depozite i la operaiunile de plat, s vnd dup caz activitile viabile ale instituiei i s repartizeze pierderile n mod corect i previzibil. Aceste obiective ar trebui s contribuie la evitarea destabilizrii pieelor financiare i s reduc la minimum costurile pentru contribuabili.(5) | A regime is therefore needed to provide authorities with a credible set of tools to intervene sufficiently early and quickly in an unsound or failing institution so as to ensure the continuity of the institutions critical financial and economic functions, while minimising the impact of an institutions failure on the economy and financial system. The regime should ensure that shareholders bear losses first and that creditors bear losses after shareholders, provided that no creditor incurs greater losses than it would have incurred if the institution had been wound up under normal insolvency proceedings in accordance with the no creditor worse off principle as specified in this Directive. New powers should enable authorities, for example, to maintain uninterrupted access to deposits and payment transactions, sell viable portions of the institution where appropriate, and apportion losses in a manner that is fair and predictable. Those objectives should help avoid