Article 86(1) of Directive 2014/59/EU provides that normal insolvency proceedings in relation to entities within the scope of that Directive are not to be commenced except at the initiative of the resolution authority and that a decision placing an entity into normal insolvency proceedings is to be taken only with the consent of the resolution authority. That provision is not reflected in Regulation (EU) No 806/2014. In line with the division of tasks specified in Regulation (EU) No 806/2014, national resolution authorities should consult the Board before they act in accordance with Article 86(1) of Directive 2014/59/EU in relation to entities that are under the direct responsibility of the Board.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
