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Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) article 54 CELEX: 32025L0001 Exercise of the resolution powers
1. Member States shall ensure that resolution authorities are able to exercise control over the undertaking under resolution, so as to: (a) operate and conduct the activities and services of the undertaking under resolution with all the powers of its shareholders and administrative, management or supervisory body; (b) manage and dispose of the assets and property of the undertaking under resolution. The control referred to in the first subparagraph may be exercised directly by the resolution authority or indirectly by a person or persons appointed by the resolution authority. Member States shall ensure that voting rights conferred by shares or other instruments of ownership of the undertaking under resolution cannot be exercised during the period of resolution. 2. Member States shall ensure that resolution authorities, subject to the right of appeal referred to in Article 67, are able to take a resolution action through executive order in accordance with national administrative competences and procedures, without exercising control over the undertaking under resolution. |
Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) article 54 CELEX: 32025L0001 3. Resolution authorities shall decide in each particular case whether it is appropriate to carry out the resolution action through the means specified in paragraph 1 or in paragraph 2, having regard to the resolution objectives and the general principles governing resolution laid down in Article 22, the specific circumstances of the undertaking under resolution in question and the need to facilitate the effective resolution of cross-border groups. 4. Resolution authorities shall not be deemed to be shadow directors or de facto directors under national law. |