Competent authorities should be empowered to withdraw the authorisation of an institution or entity solely on the basis of the fact that the institution or entity is failing or is likely to fail but is not placed under resolution. Competent authorities should be able to withdraw the authorisation to support the objective of winding up the institution or entity in accordance with national law, particularly in cases where the available procedures under national law cannot be initiated at the moment at which the institution or entity is determined to be failing or likely to fail, including the cases where the institution or entity is not yet balance-sheet insolvent. To further ensure that the objective of winding up the institution or entity can be achieved, Member States should ensure that the withdrawal of authorisation by the competent authority is also included among the possible conditions to initiate at least one of the procedures available under national law and is applicable to institutions or entities that are failing or likely to fail but which are not placed under resolution.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
