What changed, Directive 2013/36/EU

− In determining whether the criteria for a qualifying holding are fulfilled, the voting rights referred to in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about…
− 4. The competent authorities may extend the suspension referred to in the second subparagraph of paragraph 3 up to 30 working days if the proposed acquirer is situated or regulated in a third country or is a natural or legal person not subject to supervision under this Directive or under Directives …
− (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the …
− 2. All investment firms other than those referred to in Article 29 shall have initial capital of EUR 730 000.
− 1. An investment firm that does not deal in any financial instruments for its own account or underwrite issues of financial instruments on a firm commitment basis, but which holds client money or securities and which offers one or more of the following services, shall have initial capital of EUR 125…
− (a) initial capital of EUR 50 000;
− 2. If a firm referred to in point (2)(c) of Article 4(1) of Regulation (EU) No 575/2013 is also registered under Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (22), it shall comply with Article 4(3) of that Directive and have coverage in…
− (a) initial capital of EUR 25 000;
− 2. The competent authorities shall notify the Commission, EBA and the European Banking Committee established by Commission Decision 2004/10/EC (23) of all authorisations for branches granted to credit institutions having their head office in a third country.
− 2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) ("ESMA") established by Regulation (EU) No 1095/2010 of the European …
− (d) the ESRB, the European Supervisory Authority (European Insurance and Occupational Pensions Authority) ("EIOPA"), established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (25) and ESMA, where that information is relevant for the exercise of their tasks under Regul…
− 1. Member States shall provide that any person authorised in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (26) and performing in an institution the tasks described in Article 51 of C…
− (d) in the case of a natural person, administrative pecuniary penalties of up to EUR 5 000 000, or in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 July 2013;
− (n) an institution makes payments to holders of instruments included in the own funds of the institution in breach of Article 141 of this Directive or in cases where Articles 28, 51 or 63 of Regulation (EU) No 575/2013 prohibit such payments to holders of instruments included in own funds;
− (f) in the case of a natural person, administrative pecuniary penalties of up to EUR 5 000 000, or in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 July 2013;
− 4. Competent authorities shall ensure that recovery plans for the restoration of an institution's financial situation following a significant deterioration, and resolution plans are put in place. In accordance with the principle of proportionality, the requirements for an institution to draw up, mai…
− Institutions shall cooperate closely with resolution authorities and shall provide them with all information necessary for the preparation and drafting of viable resolution plans setting out options for the orderly resolution of the institutions in the case of failure, in accordance with the princip…
− In accordance with Article 25 of Regulation (EU) No 1093/2010, EBA shall be entitled to participate in and contribute to the development and coordination of effective and consistent recovery and resolution plans.
− In that regard EBA shall be informed of, and shall be entitled to participate in, meetings relating to the development and coordination of recovery and resolution plans. Where any such meetings or activities take place, EBA shall be fully informed in advance of the organisation of such meetings, of …
− 2. EBA shall issue guidelines on sound remuneration policies which comply with the principles set out in Articles 92 to 95. The guidelines shall take into account the principles on sound remuneration policies set out in Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies …
− 5. Member States shall, in accordance with the proportionality requirement laid down in Article 7(2) of Commission Directive 2006/73/EC (30), ensure that institutions have a risk management function independent from the operational functions and which shall have sufficient authority, stature, resour…
− 4. The competent authorities concerned shall, before taking a decision, consult each other with regard to the following items, where such a decision are of importance for other competent authorities' supervisory tasks:
− 4. For the purpose of paragraph 2, investment firms shall be categorised as small or medium-sized in accordance with Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (31).
− 3. For the purpose of paragraph 1, institutions may be required to maintain, in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 92 of Regulation (EU) No 575/2013, a systemic risk buffer of Common Equity Tier 1 capital of at least 1 % based…
− Competent authorities shall grant such authorisations only on the basis of the individual situation of a credit institution and taking into account the scale and complexity of the institution's activities.
− 5. Where Article 116 does not apply, the competent authorities supervising a institution with significant branches in other Member States shall establish and chair a college of supervisors to facilitate the reaching of a joint decision on the designation of a branch as being significant under paragr…
− (1) OJ C 105, 11.4.2012, p. 1.
− (2) OJ L 177, 30.6.2006, p. 1.
− (3) OJ L 177, 30.6.2006, p. 201.
− (4) See page 1 of this Official Journal.
+ In determining whether the criteria for a qualifying holding are fulfilled, the voting rights referred to in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about…
+ 4. The competent authorities may extend the suspension referred to in the second subparagraph of paragraph 3 up to 30 working days if the proposed acquirer is situated or regulated in a third country or is a natural or legal person ►C2 not subject to supervision under this Directive or under Directi…
+ (e) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing within the meaning of Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the …
+ 2. All investment firms other than those referred to in Article 29 shall have initial capital of EUR 730 000 .
+ 1. An investment firm that does not deal in any financial instruments for its own account or underwrite issues of financial instruments on a firm commitment basis, but which holds client money or securities and which offers one or more of the following services, shall have initial capital of EUR 125…
+ (a) initial capital of EUR 50 000 ;
+ 2. If a firm referred to in point (2)(c) of Article 4(1) of Regulation (EU) No 575/2013 is also registered under Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (3), it shall comply with Article 4(3) of that Directive and have coverage in …
+ (a) initial capital of EUR 25 000 ;
+ 2. The competent authorities shall notify the Commission, EBA and the European Banking Committee established by Commission Decision 2004/10/EC (4) of all authorisations for branches granted to credit institutions having their head office in a third country.
+ 2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) ("ESMA") established by Regulation (EU) No 1095/2010 of the European …
+ (d) the ESRB, the European Supervisory Authority (European Insurance and Occupational Pensions Authority) ("EIOPA"), established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (6) and ESMA, where that information is relevant for the exercise of their tasks under Regula…
+ 1. Member States shall provide that any person authorised in accordance with Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (7) and performing in an institution the tasks described in Article 51 of Co…
+ (d) in the case of a natural person, administrative pecuniary penalties of up to EUR 5 000 000 , or in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 July 2013;
+ (n) an institution makes payments to holders of instruments included in the own funds of the institution in breach of Article 141 of this Directive ►C2 or in cases where Article 28, 52 or 63 of Regulation (EU) No 575/2013 prohibit such payments to holders of instruments included in own funds;** ◄ **
+ (f) in the case of a natural person, administrative pecuniary penalties of up to EUR 5 000 000 , or in the Member States whose currency is not the euro, the corresponding value in the national currency on 17 July 2013;
+ 2. EBA shall issue guidelines on sound remuneration policies which comply with the principles set out in Articles 92 to 95. The guidelines shall take into account the principles on sound remuneration policies set out in Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies …
+ 5. Member States shall, in accordance with the proportionality requirement laid down in Article 7(2) of Commission Directive 2006/73/EC (11), ensure that institutions have a risk management function independent from the operational functions and which shall have sufficient authority, stature, resour…
+ 4. The competent authorities concerned shall, before taking a decision, consult each other with regard to the following items, ►C2 where such a decision is of importance for other competent authorities' supervisory tasks:** ◄ **
+ 4. For the purpose of paragraph 2, investment firms shall be categorised as small or medium-sized in accordance with Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (12).
+ ►C2 3. For the purpose of paragraph 1 of this Article, institutions may be required to maintain, in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirements imposed by Article 92 of Regulation (EU) No 575/2013,** ◄ ** a systemic risk buffer of Common Equity Tier 1 c…
+ ►C2 Competent authorities shall grant such authorisations only on the basis of the individual situation of an institution** ◄ ** and taking into account the scale and complexity of the institution's activities.
+ ►C2 5. Where Article 116 does not apply, the competent authorities supervising a institution with significant branches in other Member States shall establish and chair a college of supervisors to facilitate the reaching of a joint decision on the designation of a branch as being significant under pa…
+ ►C1
+ (1) OJ L 390, 31.12.2004, p. 38.
+ (2) OJ L 309, 25.11.2005, p. 15.
+ (3) OJ L 9, 15.1.2003, p. 3.
+ (4) OJ L 3, 7.1.2004, p. 36.
+ (5) OJ L 331, 15.12.2010, p. 84.
+ (6) OJ L 331, 15.12.2010, p. 48.
+ (7) OJ L 157, 9.6.2006, p. 87.