| 1. | The competent authority may take necessary actions to establish an asset management entity to which assets or liabilities of a SIFI under resolution or a transitional entity are transferred, provided that this procedure is only carried out in conjunction with another resolution procedure.
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| 2. | Application of the procedure referred to in paragraph (1) of this Article shall be meant to achieve any of the following:
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| | a) | Appreciation of assets to obtain a greater return upon their sale or liquidation.
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| | b) | Ensuring the existence of the SIFI under resolution or the transitional entity.
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| | c) | Avoiding damage to the market as a result of liquidating such assets.
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| 3. | The asset management entity may pay for such assets or liabilities by issuing securities, at the value determined in accordance with Article 12(3) of this Law.
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| 4. | The transfer referred to in paragraph (1) of this Article shall be subject to Article 16(2) and (3) of this Law.
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| 5. | The management of the asset management entity shall work towards appreciation and sale of transferred assets and liquidation of the entity.
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| 6. | The management of the asset management entity shall exercise due diligence and shall not be liable towards the SIFI under resolution, its owners, or creditors for any errors in the performance of its duties, with the exception of cases of gross negligence, fraud, or deception.
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| 7. | The competent authority may include in the Implementing Regulations additional rules to regulate the separation of assets and the work of the asset management entity, including management, governance, and liquidation.
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