Member States must empower resolution authorities to transfer assets, rights or liabilities of an institution under resolution or a bridge institution to one or more asset management vehicles (AMVs). Transfers may take place without shareholder or third‑party consent and without complying with company or securities procedural requirements, subject to Article 85. An AMV must be a legal person wholly or partially owned by public authorities and controlled by the resolution authority, created to receive such assets and to manage them to maximise value through sale or orderly wind‑down.

Resolution authorities approve AMV constitutional documents, management appointments or approvals, remuneration and the AMV’s strategy and risk profile. Transfers are permitted only where market liquidation would adversely affect financial markets, or where necessary for proper functioning of the institution, bridge or AMV, or to maximise liquidation proceeds. Consideration is determined under Article 36 and the Union State aid framework and may be nominal, negative or paid as AMV debt. Transfers are subject to Chapter VII safeguards; transferred assets are not subject to rights of remaining shareholders or creditors, and AMV management liability is limited except for gross negligence or serious misconduct. EBA shall issue guidelines by 3 July 2015 on determining adverse market effects.