Article 104(4) of the Bank Recovery and Resolution Directive (BRRD) provides that the European Commission is empowered to adopt delegated acts to specify the circumstances and conditions under which the payment of contributions by an institution may be deferred (pursuant to Article 104(3) of the BRRD).
Article 2(2) of the BRRD provides that the Commission is mandated to issue delegated acts in order to “specify the criteria for the determination of the activities, services and operations referred to in point (35) of the first sub-paragraph as regards the definition of ‘critical functions’ and the criteria for the determination of the business lines and associated services referred to in point (36) of the first sub-paragraph as regards the definition of ‘core business lines’”.
The Commission has now adopted a Delegated Regulation supplementing the BRRD with regard to the circumstances and conditions under which the payment of extraordinary ex-post contributions may be partially or entirely deferred, and on the criteria for the determination of the activities, services and operations with regard to critical functions, and for the determination of the business lines and associated services with regard to core business lines.
