Article 11 Limitations on Redemption of Capital Instruments Issued by Mutuals, Savings Institutions, Co-operative Societies and Similar Institutions for the Purposes of Article 29(2)(b) and Article 78(3) of the CRR
1.
[Note: Provision deleted]
- 01/01/2023
2.
Where the instruments are governed by the applicable law of the United Kingdom (or any part of it) or of a third country in the absence of contractual provisions, the institution shall ensure that the legislation allows the institution to limit redemption as referred to in paragraphs 1 to 3 of Article 10 in order for the instruments to qualify as Common Equity Tier 1.
- 01/01/2023
3.
Any decision to limit redemption shall be documented internally and reported in writing by the institution to the PRA, including the reasons why, in view of the criteria set out in paragraph 3 of Article 10, a redemption has been partially or fully refused or deferred.
- 01/01/2023
4.
Where several decisions to limit redemption are taking place in the same period of time, institutions may document these decisions in a single set of documents.
[Note: This rule corresponds to Article 11(2) to (4) of Part 2 of Regulation (EU) No 241/2014 as it applied immediately before revocation by the PRA.]
- 01/01/2023