{"id":47580,"date":"2023-12-12T16:59:48","date_gmt":"2023-12-12T15:59:48","guid":{"rendered":"https:\/\/gsk.de\/?p=47580"},"modified":"2023-12-18T10:25:31","modified_gmt":"2023-12-18T09:25:31","slug":"banco-popular-shareholders-should-not-be-punished-because-of-a-dispute-between-the-commission-and-the-srb","status":"publish","type":"post","link":"https:\/\/gsk.de\/en\/banco-popular-shareholders-should-not-be-punished-because-of-a-dispute-between-the-commission-and-the-srb\/","title":{"rendered":"Banco Popular shareholders should not be punished because of a dispute between the Commission and the SRB"},"content":{"rendered":"\n

If the Court of Justice follows the opinion of Advocate General \u0106apeta<\/a> then the European Commission prevails in a dispute with the Single Resolution Board (\u201cSRB<\/strong>\u201d). The SRB does not have the power to adopt a binding resolution scheme. It wrongly assumed this power in the Banco Popular case. What is the consequence of this for the shareholders of Banco Popular? The Commission asks the Court of Justice<\/a> to set aside the General Court\u2019s decision and to impose the costs of the first instance and appeal proceedings on the Banco Popular shareholders. This, however, would be a manifestly unfair vis-\u00e0-vis<\/em> the Banco Popular shareholders.<\/p>\n\n\n\n

Lack of competence is a ground for annulment pursuant to Art. 263, 264 TFEU. It does not mean that a decision is re-characterized as a decision of another institution. The SRB\u2019s decision therefore needs to be annulled as an ultra vires<\/em> act.<\/p>\n\n\n\n

It is highly questionable whether a decision by the competent institutions can be assumed under such circumstances. The situation was presented as involving only a decision by the SRB. The Banco Popular shareholders relied on the manner in which the situation was presented namely as involving a decision of the SRB which needs to be contested as such. This is also the manner in which the situation was understood by the General Court<\/a>. The General Court\u2019s determination as to the facts is in principle binding. It can be contested only exceptionally if the facts were distorted. No such distortion was alleged in this case.<\/p>\n\n\n\n

If, however, the situation is reinterpreted as involving a decision by the Commission and\/or the Council as the institutions which are actually competent with respect to the final decision on the resolution scheme then it is also necessary to reinterpret the actions for annulment in the same manner, i.e. as being directed against the Commission and\/or the Council. The Court of Justice should then refer the matter back to the General Court for a re-examination of the merits on this basis (i.e. on the basis that the Commission and\/or the Council are the authors of the resolution scheme).<\/p>\n\n\n\n

For a more detailed discussion of the issues please find attached the analysis of our partner Okko Hendrik Behrends.<\/p>\n","protected":false},"excerpt":{"rendered":"

The SRB does not have the power to adopt a binding resolution scheme.<\/p>\n","protected":false},"author":32,"featured_media":47581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[959],"tags":[],"ausgabe":[675],"verknuepfung":[773,760,753,759],"class_list":["post-47580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-short-news","ausgabe-gsk","verknuepfung-capital-markets","verknuepfung-finance","verknuepfung-financial-regulation","verknuepfung-financial-services"],"acf":{"ansprechpartner":[{"anwalt":18709}],"standard_text":true,"custom_text":false,"postdownloads":[{"download":"https:\/\/gsk.de\/wp-content\/uploads\/2023\/12\/Comments-on-the-Opinion-of-AG-Capeta-re-Banco-Popular.pdf","anzeigetitel":""}],"pressekontakt":{"email":"","phone":""}},"info":{"date":"12.12.2023","author":"GSK Sysop","categories_names":["Short News"],"category":"Short News"},"wpml_main_post_id":47580,"featured_img_src":"https:\/\/gsk.de\/wp-content\/uploads\/2023\/12\/AdobeStock_80969896_1540x900px-1024x598.jpg","_links":{"self":[{"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/posts\/47580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/comments?post=47580"}],"version-history":[{"count":5,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/posts\/47580\/revisions"}],"predecessor-version":[{"id":47598,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/posts\/47580\/revisions\/47598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/media\/47581"}],"wp:attachment":[{"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/media?parent=47580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/categories?post=47580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/tags?post=47580"},{"taxonomy":"ausgabe","embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/ausgabe?post=47580"},{"taxonomy":"verknuepfung","embeddable":true,"href":"https:\/\/gsk.de\/en\/wp-json\/wp\/v2\/verknuepfung?post=47580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}