Common use of Resolution Measures Clause in Contracts

Resolution Measures. Finland has implemented the European Union bankDirective 2014/59/EU providing for the establishment of an EU-wide framework for the recovery and resolution directive, and the newof credit institutions and investment firms (below, the “BRRD”), and the regime under the directiveBRRD enables authorities to take a range of actions in relation to financial institutions considered to be at risk of failing. These new rules apply only to counterparties, which are a Bank/Credit Institution or an Investment Firm/Broker/Dealer. credit institutions or investment firms. The European Union Bank Recovery and Resolution Directive (the “BRRD”)BRRD entered into force on 2 July 2014 and it was implemented in Finland with effect as of 1 January 2015 principally by the Act on Procedure for the Resolution of Credit Institutions and Investment Firms (1194/2014, as amended;, in Finnish: laki luottolaitosten ja sijoituspalveluyritysten kriisinratkaisusta, the “Resolution Act”), the Act on the Financial Stability Authority (1195/2014, as amended;, in Finnish: laki rahoitusvakausviranomaisesta, the “Authority Act”) and by amending the Act on the Operations of Credit Institutions (in Finnish: laki luottolaitostoiminnasta) and other related