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Regulation 806/2014/EU - Single Resolution Mechanism Regulation (SRMR)RecitalsPart I General Provisions (arts. 1-7)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsArticle 4 Participating Member StatesArticle 5 Relation to Directive 2014/59/EU and applicable national lawArticle 6 General principlesArticle 7 Division of tasks within the SRMPart II Specific Provisions (arts. 8-41)Title I Functions within the SRM and procedural rules (arts. 8-41)Chapter 1 Resolution planning (arts. 8-12k)Article 8 Resolution plans drawn up by the BoardArticle 9 Resolution plans drawn up by national resolution authoritiesArticle 10 Assessment of resolvabilityArticle 10a Power to prohibit certain distributionsArticle 11 Simplified obligations for certain institutionsArticle 12 Minimum requirement for own funds and eligible liabilitiesArticle 12a Application and calculation of the minimum requirement for own funds and eligible liabilitiesArticle 12b Exemption from the minimum requirement for own funds and eligible liabilitiesArticle 12c Eligible liabilities for resolution entitiesArticle 12d Determination of the minimum requirement for own funds and eligible liabilitiesArticle 12e Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIsArticle 12f Application of the minimum requirement for own funds and eligible liabilities to resolution entitiesArticle 12g Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entitiesArticle 12h Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entitiesArticle 12i Waiver for a central body and credit institutions permanently affiliated to a central bodyArticle 12j Breaches of the minimum requirement for own funds and eligible liabilitiesArticle 12k Transitional and post-resolution arrangementsChapter 2 Early intervention (art. 13)Article 13 Early interventionChapter 3 Resolution (arts. 14-29)Article 14 Resolution objectivesArticle 15 General principles governing resolutionArticle 16 Resolution of financial institutions and parent undertakingsArticle 17 Order of priority of claimsArticle 18 Resolution procedureArticle 19 State aid and Fund aidArticle 20 Valuation for the purposes of resolutionArticle 21 Write-down or conversion of capital instruments and eligible liabilitiesArticle 22 General principles of resolution toolsArticle 23 Resolution SchemeArticle 24 Sale of business toolArticle 25 Bridge institution toolArticle 26 Asset separation toolArticle 27 Bail-in toolArticle 28 Monitoring by the BoardArticle 29 Implementation of decisions under this RegulationChapter 4 Cooperation (arts. 30-33)Article 30 Obligation to cooperate and information exchange within the SRMArticle 31 Cooperation within the SRMArticle 32 Consultation of, and cooperation with, non-participating Member States and third countriesArticle 33 Recognition and enforcement of third-country resolution proceedingsChapter 5 Investigatory powers (arts. 34-37)Article 34 Requests for informationArticle 35 General investigationsArticle 36 On-site inspectionsArticle 37 Authorisation by a judicial authorityChapter 6 Penalties (arts. 38-41)Article 38 FinesArticle 39 Periodic penalty paymentsArticle 40 Hearing of the persons subject to the proceedingsArticle 41 Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsPart III Institutional framework (arts. 42-92)Title I The Board (arts. 42-48)Article 42 Legal statusArticle 43 CompositionArticle 44 Compliance with Union lawArticle 45 AccountabilityArticle 46 National parliamentsArticle 47 IndependenceArticle 48 SeatTitle II Plenary session of the Board (arts. 49-52)Article 49 Participation in plenary sessionsArticle 50 TasksArticle 51 Meeting of the plenary session of the BoardArticle 52 General provisions on the decision-making processTitle III Executive session of the Board (arts. 53-55)Article 53 Participation in the executive sessionsArticle 54 TasksArticle 55 Decision-makingTitle IV Chair (art. 56)Article 56 Appointment and tasksTitle V Financial Provisions (arts. 57-79)Chapter 1 General provisions (arts. 57-66)Article 57 ResourcesArticle 58 BudgetArticle 59 Part I of the budget on the administration of the BoardArticle 60 Part II of the budget on the FundArticle 61 Establishment and implementation of the budgetArticle 62 Internal audit and controlArticle 63 Implementation of the budget, presentation of accounts and dischargeArticle 64 Financial rulesArticle 65 Contributions to the administrative expenditures of the BoardArticle 66 Anti-fraud measuresChapter 2 The Single Resolution Fund (arts. 67-79)Section 1 Constitution of the Fund (arts. 67-74)Article 67 General provisionsArticle 68 Requirement to establish resolution financing arrangementsArticle 69 Target levelArticle 70 Ex-ante contributionsArticle 71 Extraordinary ex-post contributionsArticle 72 Voluntary borrowing between resolution financing arrangementsArticle 73 Alternative funding meansArticle 74 Access to financial facilitySection 2 Administration of the Fund (art. 75)Article 75 InvestmentsSection 3 Use of the Fund (arts. 76-79)Article 76 Mission of the FundArticle 77 Use of the FundArticle 78 Mutualisation of national financing arrangements in the case of group resolution involving institutions in non-participating Member StatesArticle 79 Use of deposit guarantee schemes in the context of resolutionTitle VI Other Provisions (arts. 80-92)Article 80 Privileges and ImmunitiesArticle 81 Language arrangementsArticle 82 StaffArticle 83 Staff exchangeArticle 84 Internal committeesArticle 85 Appeal PanelArticle 86 Actions before the Court of JusticeArticle 87 Liability of the BoardArticle 88 Professional secrecy and exchange of informationArticle 89 Data protectionArticle 90 Access to documentsArticle 91 Security rules on the protection of classified and sensitive non-classified informationArticle 92 Court of AuditorsPart IV Powers of execution and final provisions (arts. 93-99)Article 93 Exercise of the delegationArticle 94 ReviewArticle 95 Amendment to Regulation (EU) No 1093/2010Article 96 Replacement of national resolution financing arrangementsArticle 97 Headquarters Agreement and operating conditionsArticle 98 Start of the Board's activitiesArticle 99 Entry into forceDone at
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Version status: Inserted | Document consolidation status: Updated to reflect all known changes
Version date: 28 December 2020 - onwards

Article 12k Transitional and post-resolution arrangements

Proposed changes

1. By way of derogation from Article 12a(1), the Board and national resolution authorities shall determine appropriate transitional periods for entities referred to in Article 12(1) and (3) to comply with the requirements in Articles 12f or 12g, or with the requirements that result from the application of Article 12c(4), (5) or (7), as appropriate. The deadline for entities to comply with the requirements in Articles 12f or 12g or the requirements that result from the application of Article 12c(4), (5) or (7) shall be 1 January 2024.

 The Board shall determine intermediate target levels for the requirements in Articles 12f or 12g or for requirements that result from the application of Article 12c(4), (5) or (7), as appropriate, that entities referred to in Article 12(1) and (3) shall comply with at 1 January 2022. The intermediate target levels, as a rule, shall ensure a linear build-up of own funds and eligible liabilities towards the requirement.

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