{"id":42856,"date":"2023-02-27T18:06:10","date_gmt":"2023-02-27T17:06:10","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=42856"},"modified":"2025-01-22T16:24:26","modified_gmt":"2025-01-22T15:24:26","slug":"execution","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/resolution-in-general\/principles-of-resolution\/execution\/","title":{"rendered":"Execution"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p class=\"wp-block-paragraph\">The initiation and conducting of resolution procedures under the Federal Act on the Recovery and Resolution of Banks (<a href=\"https:\/\/www.ris.bka.gv.at\/GeltendeFassung.wxe?Abfrage=Bundesnormen&amp;Gesetzesnummer=20009037\" class=\"external\" target=\"_blank\" rel=\"noopener\">BaSAG<\/a>) are among the material duties of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in its capacity as the national resolution authority.<\/p><p class=\"wp-block-paragraph\">The following resolution tools in particular are among the resolution actions that are available to the resolution authority for the resolution of institutions:<\/p><ul class=\"wp-block-list\">\n<li><strong>Bail-in tool: <\/strong><br>The <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  may instruct that certain eligible liabilities of the institution are written down or are converted into instruments of ownership in the institution (stakes e.g. shares). In simple terms, the creditors of an institution contribute towards its restructuring, by having their claims reduced and\/or converted into stakes in the institution. Items that are excluded from bail-in include covered deposits, secured liabilities as well as liabilities towards employees, wage or salary claims, pension benefits, etc.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li><strong>Sale of business tool:<\/strong><br>The <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in its capacity as the resolution authority may transfer the ownership in the institution (stakes e.g. shares) or of its assets, rights or liabilities to a willing third party for an appropriate consideration. In the application of this resolution tool, the entity is transferred to a purchaser that then continues to operate the institution.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li><strong>Bridge institution:<\/strong><br>Where the resolution objectives require, for example in order to maintain critical functions, the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  may also transfer ownership of the institution (stakes e.g. shares) or its assets, rights or liabilities to a bridge institution. The bridge institution is a majority public owned credit institution, and which is temporarily exclusively controlled by the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in order to ensure public interest. Subsequently the bridge institution may be transferred to a purchaser who then continues to operate the bridge institution either in its entirety or at least significant parts of it in its restructured, recovered form.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li><strong>Asset separation (wind-down unit):<\/strong><br>Under certain conditions, the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  may also transfer ownership of the institution (stakes e.g. shares) or its assets, rights or liabilities to a wind-down unit. The wind-down unit is majority public owned, and is controlled by the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> , with the purpose as a rule of enabling an orderly portfolio wind-down. In contrast to the bridge institution in that the wind-down unit is not a credit institution and the focus as a rule is the orderly disposal of assets, or best possible disposal of the former institution&rsquo;s assets. The wind-down unit may only be applied in combination with another of the aforementioned resolution tools.<\/li>\n<\/ul><p class=\"wp-block-paragraph\">With regard to the bail-in tool, the European Banking Authority has issued <a href=\"https:\/\/www.eba.europa.eu\/legacy\/regulation-and-policy\/regulatory-activities\/recovery-resolution-and-dgs\/guidelines-0\" class=\"external\" target=\"_blank\" rel=\"noopener\">Guidelines on the publication of the write-down and conversion and bail-in exchange mechanic<\/a>. These EBA Guidelines apply from January 1, 2024 and have been implemented by the FMA in its &ldquo;Information about the implementation of an external bail-in&rdquo;.<\/p><p class=\"wp-block-paragraph\"><a href=\"\/wp-content\/plugins\/dw-fma\/download.php?d=7201&nonce=f323fb6e15093fea\" class=\"internal single-document-reference piwik_download\">Information about the implementation of an external bail-in (<span class=\"sr-only\">Format: <\/span>pdf, <span class=\"sr-only\">Size: <\/span>405,9 KB, <span class=\"sr-only\">Language: <\/span>English)<\/a>\n\n\n\n<\/p><p class=\"wp-block-paragraph\">In addition to resolution tools, the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  also has a number of resolution powers at its disposal that may be applied either in preparation for, or during, a resolution (see the resolution powers listed in Articles&nbsp;58 to 69 <abbr title=\"Bundesgesetz f&uuml;r die Sanierung und Abwicklung von Banken\">BaSAG<\/abbr> , e.g. the power to assume control, to change directors or supervisory board members, to appoint an administrator for resolution, to change contracts); furthermore, Article&nbsp;47a <abbr title=\"Bundesgesetz f&uuml;r die Sanierung und Abwicklung von Banken\">BaSAG<\/abbr>  regulates the power to temporarily suspend payment and delivery obligations (known as a &ldquo;moratorium&rdquo;), in order to provide the resolution authority with a bit more time (up to 48 hours) for reviewing whether a resolution is to be conducted, or which resolution actions are to be taken.<\/p><p class=\"wp-block-paragraph\">Resolution actions are ordered as a rule by means of an emergency administrative decision (<span lang=\"de\">Mandatsbescheid<\/span>) pursuant to Article&nbsp;116 <abbr title=\"Bundesgesetz f&uuml;r die Sanierung und Abwicklung von Banken\">BaSAG<\/abbr> . The special feature of such an emergency administrative decision is that it may be issued without an investigative procedure having had to be conducted beforehand. This permits the resolution authority to act quickly to counteract the threat to the institution&rsquo;s continued existence as well as the impending consequences of an unorderly insolvency on financial market stability, and in order to maintain the necessary confidence of market participants.<\/p><p class=\"wp-block-paragraph\">In the case of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  having issued an emergency administrative decision pursuant to Article&nbsp;116 <abbr title=\"Bundesgesetz f&uuml;r die Sanierung und Abwicklung von Banken\">BaSAG<\/abbr> , the affected persons (e.g. The institution&rsquo;s owners or creditors) have the possibility to appeal against it. Such an appeal must be made in writing within three months of publication of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> &rsquo;s decision. Once this deadline has expired, the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  shall initiate an investigative procedure by its own initiative, in which the relevant facts for the decision are obtained. This procedure is intended for reviewing the emergency administrative decision and ends with the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  issuing an administrative decision in relation to the challenge procedure (<span lang=\"de\">Vorstellungsbescheid<\/span>), which replaces the emergency administrative decision, and which may confirm, repeal or amend the latter&rsquo;s content. The right of appeal to the Federal Administrative Court (<span lang=\"de\">Bundesverwaltungsgericht<\/span>) exists against the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr> &rsquo;s administrative decision in relation to the challenge procedure. Where an administrative decision in relation to a resolution action becoming legally final, the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  publishes this on its website by means of an edict confirming legal effect (<span lang=\"de\">Rechtskraftedikt<\/span>).<\/p><p class=\"wp-block-paragraph\">In this regard, special conditions apply for certain significant (groups of) institutions and ones that are active on a cross-border basis, for which the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  is competent: for such entities, the <abbr title=\"Single Resolution Board\">SRB<\/abbr>  makes the relevant decision as supervisory body about the actions to be applies, which are required to be implemented nationally by the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  on behalf of the <abbr title=\"Single Resolution Board\">SRB<\/abbr> . Pursuant to Article&nbsp;86 <abbr title=\"Single Resolution Mechanism Regulation\">SRM-R<\/abbr>  in accordance with Article&nbsp;263 <abbr title=\"\">TFEU<\/abbr>  the European Union&rsquo;s legal safeguards system is also available with regard to such an <abbr title=\"Single Resolution Board\">SRB<\/abbr>  decision.<\/p><p class=\"wp-block-paragraph\">The material tasks of the <abbr title=\"Austrian Financial Market Authority\">FMA<\/abbr>  in its capacity as national resolution authority also include initiation and conducting of resolution proceedings in relation to central counterparties (<abbr title=\"Central Counterparties\">CCPs<\/abbr> ) in accordance with <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=celex:32021R0023\" class=\"external\" target=\"_blank\" rel=\"noopener\">Regulation (EU) 2021\/23<\/a>&nbsp;and the Central Counterparties and Trade Repositories Act (<a href=\"https:\/\/www.ris.bka.gv.at\/GeltendeFassung.wxe?Abfrage=Bundesnormen&amp;Gesetzesnummer=20008051\" class=\"external\" target=\"_blank\" rel=\"noopener\">ZGVG<\/a>; Zentrale Gegenparteien Vollzugsgesetz). For <abbr title=\"Central Counterparties\">CCPs<\/abbr> , the resolution authority has at its disposal the sale of business tool as well as the bridge central counterparty tool. In addition, the resolution authority may however also<\/p><ul class=\"wp-block-list\">\n<li>apply the <strong>position and loss allocation<\/strong> resolution tool: by doing this contracts with clearing members may be terminated, any profits from clearing members that are not failing written down or an additional cash call conducted by them; or<\/li>\n\n\n\n<li>apply the <strong>write-down and conversion<\/strong> resolution tool: this serves to write down or convert instruments of ownership (stakes e.g. shares) and debt instruments as well as other unsecured liabilities. In simplified terms the owners and creditors of a <abbr title=\"central counterparty\">CCP<\/abbr>  contribute towards its recovery, in that their investments are cancelled or diluted and the claims of certain creditors are reduced and\/or converted into stakes in the institution.<\/li>\n<\/ul><p class=\"wp-block-paragraph\">The instruction of resolution actions for <abbr title=\"Central Counterparties\">CCPs<\/abbr>  is also by means of an emergency administrative decision (<span lang=\"de\">Mandatsbescheid<\/span>) pursuant to Article&nbsp;4e <abbr title=\"Zentrale Gegenparteien Vollzugsgesetz\">ZGVG<\/abbr> , which is comparable to an emergency administrative decision pursuant to Article&nbsp;116 <abbr title=\"Bundesgesetz f&uuml;r die Sanierung und Abwicklung von Banken\">BaSAG<\/abbr> ; with regard to the possibility to contest the decision until the edict confirming legal effect (<span lang=\"de\">Rechtskraftedikt<\/span>) is published, please refer to the remarks above in relation to institutions. Overall, the resolution procedure for <abbr title=\"Central Counterparties\">CCPs<\/abbr>  can be considered to be very similar to the procedure for institutions.<\/p><div id=\"reference-6a35ba9e890d9\" class=\"reference\"><h3 class=\"reference-heading\"><span class=\"fas fa-balance-scale\" aria-hidden=\"true\"><\/span>Legal Bases<\/h3><p><\/p><p><a class=\"external\" href=\"https:\/\/www.ris.bka.gv.at\/GeltendeFassung.wxe?Abfrage=Bundesnormen&amp;Gesetzesnummer=20009037\" target=\"_blank\" rel=\"noopener\">Bundesgesetz &uuml;ber Sanierung und Abwicklung f&uuml;r Banken (BaSAG)<\/a><\/p>\n<p><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=celex:32021R0023\" class=\"external\" target=\"_blank\" rel=\"noopener\">Framework for the recovery and resolution of central counterparties &ndash; Regulation (EU) 2021\/23<\/a><\/p>\n<p><a href=\"https:\/\/www.ris.bka.gv.at\/GeltendeFassung.wxe?Abfrage=Bundesnormen&amp;Gesetzesnummer=20008051\" class=\"external\" target=\"_blank\" rel=\"noopener\">Zentrale Gegenparteien Vollzugsgesetz (ZGVG)<\/a><\/p>\n<p>&nbsp;<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The initiation and conducting of resolution procedures under the Federal Act on the Recovery and Resolution of Banks (BaSAG) are &#8230;<\/p>\n","protected":false},"author":60,"featured_media":0,"parent":42765,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-42856","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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