(c) provisions imposing constraints on the issue, transfer and ownership of securities of the Corporation to prevent non-residents from holding or beneficially owning, otherwise than by way of security only, in the aggregate securities to which are attached more than twenty-five per cent of the votes that may ordinarily be cast to elect directors of the Corporation;

any restrictions on the free transferability of the securities.

The transfer referred to in the first subparagraph shall take place without obtaining the consent of the shareholders of the institution under resolution or any third party other than the purchaser, and without complying with any procedural requirements under company or securities law that would otherwise apply.

In order to ensure a smooth transition of the current tasks of the Committee of European Banking Supervisors, the Committee of European Insurance and Occupational Pensions Supervisors and the Committee of European Securities Regulators to the new ESA, references to those Committees should be replaced in the relevant legislation with references to the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), respectively.

2. Transferable securities which are subject to a restriction on transfer shall not be considered as freely negotiable unless that restriction is not likely to disturb the market.

Similarly, securities legislation, such as that on market abuse and prospectuses, allows for certain functions to be transferred between regulators.