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European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 [S.I. No. 48 of 2011]Introductory TextPart 1 Preliminary (regs. 1-4)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Purpose of these RegulationsRegulation 4 Institutions to which these Regulations applyPart 2 Reorganisation measures (regs. 5-11)Regulation 5 What law applies to institution in respect of which reorganisation measure is imposedRegulation 6 Administrative and judicial authorities of the State to have jurisdiction over reorganisation measures relating to branches of authorised institutionsRegulation 7 Certain decisions of administrative and judicial authorities of other Member States to be recognised in the StateRegulation 8 Administrative and judicial authorities and Bank to provide information with respect to reorganisation measuresRegulation 9 Extract relating to reorganisation measure to be published in Official Journal and in national newspapersRegulation 10 Duty to notify known creditors and right to lodge claimsRegulation 11 Obligations in respect of institution having their head offices outside European UnionPart 3 Winding-up proceedings (regs. 12-24)Regulation 12 What law applies to winding up of institutionRegulation 13 Administrative and judicial authorities of the State to have jurisdiction over winding-up proceedings relating to branches of authorised institutionsRegulation 14 Certain decisions of administrative and judicial authorities of other Member States to be recognised in the StateRegulation 15 Administrative and judicial authorities and Bank to provide information with respect to winding-up proceedingsRegulation 16 Consultation of competent authorities before voluntary winding upRegulation 17 Withdrawal of a institution's authorisationRegulation 18 Liquidator to arrange for publication of decision to wind up authorised institutionRegulation 19 Liquidator to provide information to certain known creditors of authorised institutionRegulation 20 Honouring of certain obligations by institutions that are neither natural persons or corporationsRegulation 21 Who has the right to lodge a claim in respect of authorised institutionRegulation 22 Formal requirements for certain notices, etc.Regulation 23 Liquidator to keep creditors informed about the progress of winding upRegulation 24 Obligations in respect of institution whose head office is located outside the Member StatesPart 4 Provisions common to reorganisation measures and winding-up proceedings (regs. 25-41)Regulation 25 Effect of reorganisation measure or winding-up proceedings on certain contracts and rightsRegulation 26 Reorganisation measure or winding-up proceedings not to affect third parties' rights in remRegulation 27 Reorganisation measure or winding-up proceedings not to affect right to reservation of title to assetRegulation 28 Reorganisation measure or winding-up proceedings not to affect right to set-offRegulation 29 Enforcement of certain property rightsRegulation 30 Netting agreement to be governed by law of contractRegulation 31 Repurchase agreement to be governed by law of contractRegulation 41 RevocationRegulation 40 Persons required to receive or divulge information under these Regulations bound by professional secrecyRegulation 39 Effect of reorganisation measure or winding-up proceedings on pending legal proceedings relating to institutionRegulation 38 Validity of certain acts to be governed by law of Member State in which immovable asset located or relevant register, etc., keptRegulation 36 Registration in a public registerRegulation 35 Administrator or liquidator appointed in other Member State empowered to exercise certain powers within the StateRegulation 34 Administrator or liquidator of authorised institution empowered to exercise powers in other Members StatesRegulation 33 How appointment of administrators and liquidators is to be provedRegulation 32 Transactions on regulated market to be governed by law of contractRegulation 37 Certain Regulations not to apply with respect to application of rules relating to the voidness, voidability or unenforceability of certain legal actsGiven underExplanatory Note
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AI Summary of Regulation 24 Obligations in respect of institution whose head office is located outside the Member States

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2015 - onwards
Version 2 of 2

Regulation 24 Obligations in respect of institution whose head office is located outside the Member States

(1) This Regulation applies to an institution that has its head office outside the European Union and would be a institution within the meaning of Regulation 2 if it were authorised in a Member State.

(2) If -

(a) an institution to which this Regulation applies has a branch in the State and has a listed branch in one or more other Member States, and

(b) an administrative or judicial authority of the State has made a decision with respect to the winding up of the branch,

the administrative or judicial authority shall, without delay, notify the decision to the Bank. The decision is to be communicated by any available means and, if possible before it takes effect, but if not, then immediately afterwards.

(3) As soon as practicable after being notified of the decision, the Bank shall communicate it by any available means to the competent authority of each of the other Member States in which the institution has established a branch. The decision must be accompanied by a statement setting out the practical effects that the decision may have.

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