Article 1
Conditions under which it would be impracticable to include the contractual term referred to in Article 55(1) of Directive 2014/59/EU in certain categories of liabilities
1. The conditions under which it would be legally or otherwise impracticable for an institution or entity referred to in Article 1(1), point (b), (c) or (d), of Directive 2014/59/EU to include, in the contractual provisions governing a relevant liability, the contractual term referred to in Article 55(1) of that Directive, shall be the following:
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(a) |
the inclusion of the contractual term would constitute a breach of the laws, regulations or administrative provisions of the third country governing the liability; |
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(b) |
the inclusion of the contractual term would be contrary to an explicit and binding instruction from a third country authority; |
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(c) |
the liability arises from instruments or agreements concluded in accordance with international standardised terms or protocols that the institution or entity is unable to amend; |
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(d) |
the liability is governed by contractual terms that the institution or entity has to accept in order to be able to participate in or to utilise the services of a non-Union body, and which the institution or entity is unable to amend; |
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(e) |
the liability is owed to a commercial or trade creditor and relates to provision of goods or services that, while not critical, are used for daily operational functioning of the institution or entity and the institution or entity is unable to amend the terms of the agreement. |
2. For the purposes of paragraph 1, points (c), (d) and (e), an institution or entity shall be deemed to be unable to amend the instruments or agreements or contractual terms where the instrument, agreement or contractual terms can be concluded only under the terms set by the counterparty or counterparties or by the applicable standard terms or protocols.