# Commission Implementing Regulation (EU) 2018/1624 of 23 October 2018 laying down implementing technical standards with regard to procedures and standard forms and templates for the provision of information for the purposes of resolution plans for credit institutions and investment firms pursuant to Directive 2014/59/EU of the European Parliament and of the Council, and repealing Commission Implementing Regulation (EU) 2016/1066 (Text with EEA relevance), Division 39: Pursuant to Article 6(1) of Commission Regulation (EU) 2016/778, a function shall be considered critical, when it meets both of the following:

Extent: E+W+S+N.I.

1.. the function is provided by an institution to third parties not affiliated to the institution or group; and
2.. a sudden disruption would likely have a material negative impact on the third parties, give rise to contagion or undermine the general confidence of market participants due to the systemic relevance of the function for the third parties and the systemic relevance of the institution or group in providing the function.

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Source: https://www.legislation.gov.uk/eur/2018/1624/annex/II/division/II/division/II.7/division/II.7.1/division/39 (the official version)
Page: https://openlegislation.uk/eu-regulation-2018-1624/annex-II/division-II/division-II.7/division-II.7.1/division-39
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.