Article 14 Communication and disclosure plan

The communication and disclosure plan shall cover the following matters in detail:

1. (a)

   internal communication, in particular to staff, works councils or other staff representatives;

2. (b)

   external communication, in particular to shareholders and other investors, competent authorities, counterparties, financial markets, financial market infrastructure, depositors and the public, as appropriate;

3. (c)

   effective proposals for managing any potential negative market reactions.

A recovery plan shall include, at least, an analysis of how the communication and disclosure plan would be implemented when one or more of the arrangements or measures set out in the recovery plan are implemented.

The communication and disclosure plan shall adequately consider any specific communication needs for individual recovery options.