critical functions definition
critical functions means activities, services or operations the discontinuance of which is likely in one or more Member States, to lead to the disruption of services that are essential to the real economy or to disrupt financial stability due to the size, market share, external and internal interconnectedness, complexity or cross-border activities of an institution or group, with particular regard to the substitutability of those activities, services or operations;
critical functions means functions that are necessary to the agency being able to effectively perform and maintain control of its mission and operations. Typically, critical functions are recurring and long-term in duration.
critical functions means activities, services or operations performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance and reinsurance undertaking to perform the activities, services or operations would be likely to have a significant impact on the financial system and the real economy in one or more Member States, including by affecting the social welfare of a large number of policy holders, beneficiaries or injured parties or by giving rise to systemic disruption or by undermining general confidence in the provision of insurance services;
More Definitions of critical functions
critical functions means those activities, services and operations the discontinuance of which would be likely to result in a disruption of the economy of, or the financial markets in, one or more Member States;
critical functions means those activities, services and operations, the discontinuance of which would be likely to lead to disruption of vital services to the real economy or would be likely to disrupt financial stability due to the institution’s or group’s size or market share, external and internal interconnectedness, complexity or cross border activities, including by undermining public confidence in financial stability in, one or more Member States, with particular regard to its substitutability;
critical functions means activities, services or operations performed by an insurance or reinsurance undertaking for third parties that cannot be substituted within a reasonable time or at a reasonable cost, and where the inability of the insurance or reinsurance undertaking to perform the activities, services or operations would be likely to have a significant impact on the financial system or the real economy in one or more Member States including, in particular, the impact resulting from effects on the social welfare of a large number of policy holders, beneficiaries or injured parties or from a systemic disruption or a loss of general confidence in the provision of insurance services;
critical functions means with respect to a Party, those business functions that are essential and critical to its business operations or the business operations of its Members.
critical functions means activities, services or operations the discontinuance of which is likely in one or more Member States to lead to the disruption of services that are essential to the real economy or to disrupt financial stability at national level or, where relevant, regional level, due to the size, market share, external and internal interconnectedness, complexity or cross- border activities of an institution or group, with particular regard to the substitutability of those activities, services or operations. For the purposes of this point, the regional level shall be assessed by reference to the territorial unit corresponding to level 1 of territorial units of the Nomenclature of territorial units for statistics (NUTS level 1) within the meaning of Regulation (EC) No 1059/2003 of the European Parliament and of the Council* or to NUTS level 2 where a significant disruption of services at NUTS level 2 implies a material risk of a systemic crisis at national level
critical functions means activities, services or operations the discontinuance of which may lead, in at least one Member State, to the disruption of basic functions that are essential to the real economy or to the disruption of financial stability owing to the size, market share, external or internal interconnectedness, complexity or cross-border activities of a selected institution or group under resolution, with particular regard to the substitutability of those activities, services or operations;
critical functions means bank’s activities, services or operations the discontinuance of which is likely to lead to the disruption of services that are essential to the real economy or to disrupt financial stability due to the size, market share, external and internal interconnectedness, complexity or cross- border activities of the bank, with particular regard to the substitutability of those activities, services or operations.