Updated 07/09/2024
In force

Initial Legal Act
Amendments
There is currently no Level 2 legal act based on or specifying Article 58.
Search within this legal act

Article 58 - Power to exercise control over the CCP

Article 58

Power to exercise control over the CCP

1.   The resolution authority may exercise control over the CCP under resolution to:

(a)

manage the activities and services of the CCP, exercising the powers of its shareholders and board;

(b)

consult the risk committee;

(c)

manage and dispose of the assets and property of the CCP under resolution.

The control referred to in the first subparagraph of this paragraph may be exercised directly by the resolution authority or indirectly by a special manager appointed by the resolution authority in accordance with Article 50(1).

2.   Where the resolution authority exercises control over the CCP, the resolution authority shall not be deemed to be a shadow director or de facto director under national law.