FantasticSearch

1. Member States shall ensure that the operation of a bridge undertaking respects the following requirements:

(a) the resolution authority has approved the bridge undertaking’s constitutional documents;

(b) subject to the bridge undertaking’s ownership structure, the resolution authority either appoints or approves the bridge undertaking’s administrative, management or supervisory body;

(c) the resolution authority approves the remuneration of the members of the administrative, management or supervisory body and determines their responsibilities;

(d) the resolution authority approves the strategy and risk profile of the bridge undertaking;

(e) the bridge undertaking is authorised in accordance with Directive 2009/138/EC and has the necessary authorisation under the applicable national law to carry out the activities or services that it acquires by virtue of a transfer made pursuant to Article 42 of this Directive;

(f) the bridge undertaking complies with the requirements of, and is subject to supervision in accordance with, Directive 2009/138/EC;

(g) the operation of the bridge undertaking complies with the Union State aid framework and the resolution authority may specify restrictions on its operations accordingly. Notwithstanding the provisions referred to in the first subparagraph, points (e) and (f), and where necessary to meet the resolution objectives, a bridge undertaking may be established and authorised without complying with Directive 2009/138/EC for a short period at the beginning of its operation. To that end, the resolution authority shall submit a request in that sense to the supervisory authority. Where the supervisory authority decides to grant such an authorisation, it shall indicate the period for which the bridge undertaking is waived from complying with the requirements of Directive 2009/138/EC. That period shall not exceed 24 months.

2. Subject to any restrictions imposed by Union or national competition rules, the management of the bridge undertaking shall operate the bridge undertaking to achieve the resolution objectives and to sell the undertaking under resolution or the transferred assets, rights or liabilities to one or more private sector purchasers as soon as market conditions are appropriate.

3. Resolution authorities shall decide that an entity is no longer a bridge undertaking in any of the following situations, whichever occurs first:

(a) the bridge undertaking merges with another entity;

(b) the bridge undertaking ceases to meet the requirements of Article 32(2);

(c) all or substantially all of the bridge undertaking’s assets, rights or liabilities are sold to a third-party purchaser;

(d) the bridge undertaking’s assets are completely wound down and its liabilities are completely discharged.

4. Subject to Article 26(2) and (5), any proceeds generated as a result of the termination of the operation of the bridge undertaking shall benefit the shareholders of the bridge undertaking.