Article 1 · ECB/2021/36

Contents

Article 1Amendments#

Decision (EU) 2019/1376 (ECB/2019/23) is amended as follows:

1.in Article 1, the following point (15) is added:‘(15)“sensitivity” means a characteristic or factor that may have a negative impact on the ECB’s reputation and/or on the effective and consistent functioning of the Single Supervisory Mechanism, including but not limited to any of the following: (a) the relevant supervised entity has previously been, or is currently, subject to severe supervisory measures such as early intervention measures; (b) the draft decision once adopted will set a new precedent that could bind the ECB in the future; (c) the draft decision once adopted may attract negative media or public attention; or (d) a national competent authority that has entered into close cooperation with the ECB communicates its disagreement with the proposed draft decision to the ECB.’;

2.Article 3 is amended as follows:

(a)paragraph 3 is replaced by the following:‘3.Passporting, qualifying holding and withdrawal decisions shall not be adopted by means of a delegated decision if the complexity of the assessment or the sensitivity of the matter requires that they are adopted under the non-objection procedure.’;

(b)paragraph 4 is replaced by the following:‘4.The delegation of decision-making powers pursuant to paragraph 1 shall apply to:

(a)the ECB’s adoption of supervisory decisions;

(b)the ECB’s approval of positive assessments where a supervisory decision is not required;

(c)the ECB’s adoption of instructions addressed, pursuant to Article 7 of Regulation (EU) No 1024/2013, to the national competent authorities with which the ECB has established close cooperation.’;

(c)the following paragraph 7 is added:‘7.Heads of work units shall submit a passporting, qualifying holding or withdrawal decision that fulfils the criteria for the adoption of delegated decisions set out in Articles 4 to 6 to the Supervisory Board and the Governing Council for adoption under the non-objection procedure if the supervisory assessment of that decision has a direct impact on the supervisory assessment of another decision which is to be adopted under the non-objection procedure.’;

3.paragraph 1 of Article 4 is amended as follows:

(a)point (b) is replaced by the following:

(b)the acquisition of a qualifying holding is the result of a shift of ownership in the target entity from one holding entity to another holding entity within the same group structure;’;

(b)the following point (d) is added:

(d)the acquisition of a qualifying holding is carried out by a legal entity belonging to a group of undertakings that already cumulatively hold a qualifying holding in the target entity, and no relevant threshold provided for in Article 22(1) of Directive 2013/36/EU as transposed into national law is crossed at group consolidated level.’;

4.in paragraph 1 of Article 5, point (a) is replaced by the following:

(a)the decision is made on request of the supervised entity or due to a merger that results in the supervised entity ceasing to exist;’.