Article 353
Assessment of an emergency situation: criteria
In assessing whether a situation should be considered as an emergency situation, in accordance with Article 239(2) of Directive 2009/138/EC, the supervisory authority having authorised the subsidiary shall consider whether any of the following criteria is met:
(1)
the time required to cooperate, exchange information and consult within the college would jeopardise the effectiveness of the measures to be taken;
(2)
a delay in the application of the proposed measures is likely to cause the financial conditions of the subsidiary to further deteriorate in such a way that there is a risk that the subsidiary will not comply with its Minimum Capital Requirement in the following three months.