ACT No. XXI of 2016 AN ACT to amend the Participation within the Single Resolution Fund and granting of financial support under the Single Resolution Mechanism Act, Cap. 547.

I assent.

M ARIE- L OUISE

(L.S.)

C OLEIRO P RECA

President

3rd May, 2016

ACT No. XXI of 2016

AN ACT to amend the Participation within the Single Resolution

Fund and granting of financial support under the Single Resolution

Mechanism Act, Cap. 547.

BE IT ENACTED by the President, by and with the advice and

consent of the House of Representatives, in this present Parliament

assembled, and by the authority of the same, as follows:-

The short title of this Act is the Participation within the Short title.

Single Resolution Fund and granting of financial support under the

Single Resolution Mechanism (Amendment) Act, 2016 and this Act

shall be read and construed as one with the Participation within the Cap. 547.

Single Resolution Fund and granting of financial support under the

Single Resolution Mechanism Act, hereinafter referred to as the

"principal Act".

In the long title to the principal Act, for the words "during Amendment the

the transitional period before the entry into force of the Single long

principal Act.

Resolution Mechanism Regulation" there shall be substituted the

words "during the transitional period as defined in this Act".

Article 2 of the principal Act shall be amended as follows

Amendment of

article 2 of the

principal Act.

(a)

in the definition "Agreement", for the words "of the

14th May 2014" there shall be substituted the words "of the 21st

May 2014"; and

(b)

immediately after the definition "Single

Supervisory Mechanism", there shall be added the following

new definition

" "transitional period" means the period from the

1st January 2016 until the date when the Fund reaches the

target level fixed in Article 69 of the Single Resolution

Mechanism Regulation or 1st January 2024, whichever is

earlier.".

In sub-article (1) of article 3 of the principal Act, for the

words "during the transitional period before the entry into force of the

Single Resolution Mechanism Regulation, in accordance with the

terms and conditions" there shall be substituted the words "during the

transitional period, in accordance with the terms and conditions".

Passed by the House of Representatives at Sitting No. 382 of the

27th April, 2016.

A NĠLU F ARRUGIA

Speaker

R AYMOND S CICLUNA

Clerk of the House of Representatives

€0.36