Publication: Las facultades del FROB y la JUR sobre las relaciones mercantiles de la entidad objeto de resolución
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2021-04-20
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Universidad Complutense de Madrid
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Abstract
La presente tesis doctoral estudia el régimen de la resolución de entidades de crédito. El punto de partida del análisis es la especialidad que supone que determinados tipos de sociedad puedan verse sometidos a un régimen de insolvencia alternativo al concursal, en el que además cobran un protagonismo singular ciertos organismos administrativos como son las autoridades de resolución (FROB y JUR).
Esta normativa nace como consecuencia de la crisis financiera de principios de este siglo y la insuficiencia de herramientas jurídicas para hacerle frente. La respuesta legislativa busca facilitar una actuación casi inmediata, la prevención del contagio y la minimización del impacto en recursos públicos.
El elemento nuclear son los denominados instrumentos de resolución. Estos son las herramientas mediante las cuales, con carácter de acto administrativo, puede ponerse en práctica la estrategia elegida por las autoridades competentes para gestionar la inviabilidad de una entidad de conformidad con los principios antes descritos.
El principal objeto de interés son las distintas formas en las que puede verse afectada una contraparte de una entidad de crédito sometida a resolución bajo esta nueva normativa. Muy en especial, se estudian aquellas que difieren del sistema concursal ordinario. La activación de instrumentos de resolución puede implicar la pérdida o menoscabo de sus derechos de crédito y propiedad, la modificación de sus relaciones contractuales, o la subrogación forzosa en ellas de nuevas entidades.
De entre ellos, destaca el de recapitalización interna; en él alcanza su máxima expresión el principio de política legislativa que exige que las pérdidas sean asumidas en primer lugar por accionistas y acreedores. Sus efectos, a grandes rasgos, consisten en la amortización o conversión de instrumentos representativos de capital o deuda contra la entidad resuelta...
This doctoral thesis studies the legal regime for the resolution of credit institutions from a commercial law perspective. Its basic point of interest is the novelty arising from the fact that certain types of companies may become subject to an alternative insolvency regime. Under it, specific administrative bodies (resolution authorities) are granted key roles and powers. This legislation was born as a consequence of the early 21st century financial crisis and the lack of proper legal tools to face it. The legal response attempts to enable almost immediate action, avoid contagion risks and minimise the impact on public funds. Its core elements are the resolution tools. These are the legal instruments whereby resolution authorities put in place the strategies they have chosen to manage an entity’s insolvency, whilst keeping the above principles in mind. The main objects of interest here are the different ways in which a credit institution’s counterparty may be affected, should the former become subject to resolution under this new legislation. In particular, those consequences differing from ordinary insolvency laws are a matter of special focus. The triggering of resolution tools may entail the loss or damage to credit and property rights, the modification of contractual clauses, or the forced subrogation of new entities into them. Among the resolution tools, the bail-in tool plays a key role. It is the most clear way used by the legal system to achieve its goal of forcing losses onto shareholders and creditors first. Its effects, roughly speaking, are the write-down or conversion of capital or debt instruments conferring rights against the entity under resolution...
This doctoral thesis studies the legal regime for the resolution of credit institutions from a commercial law perspective. Its basic point of interest is the novelty arising from the fact that certain types of companies may become subject to an alternative insolvency regime. Under it, specific administrative bodies (resolution authorities) are granted key roles and powers. This legislation was born as a consequence of the early 21st century financial crisis and the lack of proper legal tools to face it. The legal response attempts to enable almost immediate action, avoid contagion risks and minimise the impact on public funds. Its core elements are the resolution tools. These are the legal instruments whereby resolution authorities put in place the strategies they have chosen to manage an entity’s insolvency, whilst keeping the above principles in mind. The main objects of interest here are the different ways in which a credit institution’s counterparty may be affected, should the former become subject to resolution under this new legislation. In particular, those consequences differing from ordinary insolvency laws are a matter of special focus. The triggering of resolution tools may entail the loss or damage to credit and property rights, the modification of contractual clauses, or the forced subrogation of new entities into them. Among the resolution tools, the bail-in tool plays a key role. It is the most clear way used by the legal system to achieve its goal of forcing losses onto shareholders and creditors first. Its effects, roughly speaking, are the write-down or conversion of capital or debt instruments conferring rights against the entity under resolution...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, leída el 30/11/2020