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To achieve the objectives of this Law, particularly the continuity of the critical activities of the SIFI under resolution, the competent authority may take the necessary actions to establish a transitional entity to which all or part of the shares, stocks, assets, or liabilities of the SIFI under resolution are transferred, whether in one or multiple stages, provided that the total value of transferred liabilities do not exceed the total value of transferred assets.
The management of the transitional 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.
4.
The competent authority may include in the Implementing Regulations additional rules to regulate the transfer of stocks, shares, assets, or liabilities to the transitional entity, and regulate the transitional entity’s activities, including the management and governance thereof.
5.
The competent authority shall take necessary actions to sell the transitional entity in accordance with the Implementing Regulations.
6.
Subject to causes of termination stipulated in the Companies Law, the transitional entity shall terminate in any of the following cases:
a)
Merger with another entity.
b)
The sale of all or a significant portion of its assets; in which case the termination shall be decided by the competent authority.
c)
The lapse of two years from the last transfer by a SIFI of shares, stocks, assets, or liabilities thereto. The competent authority may extend this period, provided that each extension is reasoned and does not exceed one year.
d)
Dissolution prior to the expiry of the period stipulated under paragraph (c) of this Article.
Termination of a transitional entity shall entail its liquidation.
