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Article 32 - Process in the absence of a joint decision on measures to address material impediments to resolvability

Article 32

Process in the absence of a joint decision on measures to address material impediments to resolvability

In the absence of a joint decision on measures to address material impediments to resolvability as referred to in Article 17(8) of Regulation (EU) 2021/23, the decision taken by the resolution authority of the CCP shall be communicated in writing without undue delay to the resolution college by means of a document containing all of the following:

(a)

the name of the resolution authority of the CCP taking the decision;

(b)

the name of the CCP and entities to which the decision relates and applies;

(c)

references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;

(d)

the date of the decision;

(e)

the identification of the material impediments to resolvability;

(f)

the measures identified pursuant to Article 16(7) of Regulation (EU) 2021/23 decided by the resolution authority of the CCP and the deadline within which those measures are to be addressed;

(g)

where the measures proposed by the CCP are not accepted, or are partially accepted, by the resolution authority of the CCP, an explanation as to how the measures proposed by the CCP are assessed as not fit to remove the material impediments to resolvability and how the measures set out in point (f) of this paragraph would effectively reduce or remove the material impediments to resolvability;

(h)

the names of the resolution college members involved in the joint decision process on the identification of the material impediments to resolvability and on measures to address or remove such impediments, along with a summary of the views expressed by those members and information on the issues leading to disagreement;

(i)

comments of the resolution authority of the CCP on the views expressed by the resolution college members, in particular on issues leading to disagreement;

(j)

the possibility for any of the resolution college members with voting rights to refer those issues to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.