Article 33
Applicable criteria on the legal impediment to the prompt transfer of own funds and repayment of liabilities
A legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties as referred to in paragraphs 5 to 10 of Article 11 of Regulation (EU) No 648/2012 shall be deemed to exist where there are actual or foreseen restrictions of a legal nature including any of the following:
(a)
currency and exchange controls;
(b)
a regulatory, administrative, legal or contractual framework that prevents mutual financial support or significantly affects the transfer of funds within the group;
(c)
any of the conditions on the early intervention, recovery and resolution as referred to in Directive 2014/59/EU of the European Parliament and of the Council ( 6 ) are met, as a result of which the competent authority foresees an impediment to the prompt transfer of own funds or repayment of liabilities;
(d)
the existence of minority interests that limit decision-making power within entities that form the group;
(e)
the nature of the legal structure of the counterparty, as defined in its statutes, instruments of incorporation and internal rules.
( 6 ) 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).