Resolution of Investment Firms

 

Resolution Committee

The Resolution Committee was established by Law 4335/2015 “Emergency Measures for Implementation of Law 4334/2015” (Government Gazette A '87 / 23.7.2015), amending the Presidential Decree no. 65/2009 "Organization of the Capital Market Commission" (Government Gazette A '88 / 9.6.2009), as part of the incorporation into Greek legislation of Article 3 (3) of Directive 2014/59/EU (L 173/190, 12.6.2014). The Law establishes, among others, rules and procedures concerning the recovery and resolution of investment firms.

The Resolution Committee consists of three (3) members, is constituted by decision of the Board of Directors of the Hellenic Capital Market Commission and has the following responsibilities:

a) the exercise of the powers and performance of resolution actions entrusted to the resolution authority as provided by Law 4335/2015;

b) the issuance of all individual administrative acts and the taking of the decisions provided for in Law 4335/2015, except those relating to the imposition of administrative sanctions and those concerning the exclusive competence of the Hellenic Capital Market Commission, as a competent authority;

c) the recommendation to the Board of Directors of the Hellenic Capital Market Commission on the one hand for imposing administrative sanctions and on the other hand, for taking decisions regarding the exclusive competence of the Hellenic Capital Market Commission in accordance with Law 4335/2015;

d) the proposal to the Board of Directors of the Hellenic Capital Market Commission for the issuance of regulatory decisions provided for in Law 45335/2015.

Resolution Unit

The Resolution Unit was established by Law 4335/2015 “Emergency Measures for Implementation of Law 4334/2015” (Government Gazette A '87 / 23.7.2015), amending the Presidential Decree no. 65/2009 "Organization of the Capital Market Commission" (Government Gazette A '88 / 9.6.2009), as part of the incorporation of Article 3 (3) of Directive 2014/59/EU (L 173/190, 12.6.2014).

It is an autonomous, special operating unit of the Hellenic Capital Market Commission, which assists and supports the Resolution Committee in the exercise of its responsibilities. The Resolution Unit has the following responsibilities:

(a) monitors the investment firms’ status on the basis of information received from the Supervision of Market Intermediaries Directorate in order to examine the implementation of resolution measures;

(b) establishes resolution plans for investment firms following consultation and reporting by the Supervision of Market Intermediaries Directorate;

(c) investigates the fulfillment of the conditions for the application of resolution measures;

(d) monitors the implementation of the resolution process;

(e) recommends to the Resolution Committee on matters within its competence, in cooperation with the Legal Services Directorate, where appropriate;

(f) exercises any other powers provided for in the provisions of the Investment Firm’s Resolution Law.