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Article 32 – Procedures for counterparties and relevant competent authorities ⬅️ | ➡️ Article 34 – Applicable criteria on the practical impediments to the prompt transfer of own funds and repayment of liabilities
Article 33 - Applicable criteria on the legal impediment to the prompt transfer of own funds and repayment of liabilities
A legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties as referred to in paragraphs 5 to 10 of 2012 shall be deemed to exist where there are actual or foreseen restrictions of a legal nature including any of the following:
(a)
currency and exchange controls;
(b)
a regulatory, administrative, legal or contractual framework that prevents mutual financial support or significantly affects the transfer of funds within the group;
(c)
any of the conditions on the early intervention, recovery and resolution as referred to in Directive 2014/59/EU of the European Parliament and of the Council are met, as a result of which the competent authority foresees an impediment to the prompt transfer of own funds or repayment of liabilities;
(d)
the existence of minority interests that limit decision-making power within entities that form the group;
(e)
the nature of the legal structure of the counterparty, as defined in its statutes, instruments of incorporation and internal rules.