What changed, Directive 2013/36/EU

− (a) access to the activity of credit institutions and investment firms (collectively referred to as "institutions");
− (b) supervisory powers and tools for the prudential supervision of institutions by competent authorities;
− (c) the prudential supervision of institutions by competent authorities in a manner that is consistent with the rules set out in Regulation (EU) No 575/2013;
− (d) publication requirements for competent authorities in the field of prudential regulation and supervision of institutions.
− **2.** Article 30 shall apply to local firms.
− **3.** Article 31 shall apply to the firms referred to in point (2)(c) of Article 4(1) of Regulation (EU) No 575/2013.
− **5.** This Directive shall not apply to the following:(1) access to the activity of investment firms in so far as it is regulated by Directive 2014/65/EU of the European Parliament and of the Council (1);(2) central banks;(3) post office giro institutions;(4) in Denmark, the ‘Eksport Kredit Fonden’…
− **6.** The entities referred to in point (1) and points (3) to (24) of paragraph 5 of this Article shall be treated as financial institutions for the purposes of Article 34 and Chapter 3 of Title VII.
− **1.** For the purposes of this Directive, the following definitions shall apply:(1) 'credit institution' means credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;(2) 'investment firm' means investment firm as defined in point (2) of Article 4(1) of Regulation …
− Where Member States have more than one competent authority for the prudential supervision of credit institutions, investment firms and financial institutions, Member States shall take the requisite measures to organise coordination between such authorities.
− 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…
− **2.** EBA shall publish on its website, and shall update regularly, a list of the names of all credit institutions that have been granted authorisation.
− **9.** In the case of mixed financial holding companies, where the consolidating supervisor or the competent authority in the Member State where the mixed financial holding company is established is different from the coordinator determined in accordance with Article 10 of Directive 2002/87/EC, the …
− **5.** For the purposes of this Article, the total value of assets in the Union of the third-country group shall be the sum of the following:(a) the total value of assets of each institution in the Union of the third country-group, as resulting from its consolidated balance sheet or as resulting fro…
− **1.** In assessing the notification provided for in Article 22(1) and the information referred to in Article 22(3), the competent authorities shall, in order to ensure the sound and prudent management of the credit institution in which an acquisition is proposed, and having regard to the likely inf…
− ## TITLE IV / **INITIAL CAPITAL OF INVESTMENT FIRMS**
− ### Article 28 — Initial capital of investment firms
− **1.** The initial capital of investment firms shall comprise only one or more of the items referred to in points (a) to (e) of Article 26(1) of Regulation (EU) No 575/2013.
− **2.** All investment firms other than those referred to in Article 29 shall have initial capital of EUR 730 000 .
− ### Article 29 — Initial capital of particular types of investment firms
− **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…
− **2.** The competent authorities may allow an investment firm which executes investors' orders for financial instruments to hold such instruments for its own account if the following conditions are met:(a) such positions arise only as a result of the firm's failure to match investors' orders precise…
− **3.** Member States may reduce the amount referred to in paragraph 1 to EUR 50 000 where a firm is not authorised to hold client money or securities, to deal for its own account, or to underwrite issues on a firm commitment basis.
− **4.** The holding of non-trading-book positions in financial instruments in order to invest own funds shall not be considered as dealing for its own account in relation to the services set out in paragraph 1 or for the purposes of paragraph 3.
− ### Article 30 — Initial capital of local firms
− Local firms shall have initial capital of EUR 50 000 insofar as they benefit from the freedom of establishment or to provide services specified in Articles 31 and 32 of Directive 2004/39/EC.
− ### Article 31 — Coverage for firms not authorised to hold client money or securities
− **1.** Coverage for the firms referred to in point (2)(c) of Article 4(1) of Regulation (EU) No 575/2013 shall take one of the following forms:(a) initial capital of EUR 50 000 ;(b) professional indemnity insurance covering the whole territory of the Union or some other comparable guarantee against …
− The Commission shall periodically review the amounts referred to in the first subparagraph.
− **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 (7), it shall comply with Article 4(3) of that Directive and have coverage…
+ (a) access to the activity of credit institutions;
+ (b) supervisory powers and tools for the prudential supervision of credit institutions by competent authorities;
+ (c) the prudential supervision of credit institutions by competent authorities in a manner that is consistent with the rules set out in Regulation (EU) No 575/2013;
+ (d) publication requirements for competent authorities in the field of prudential regulation and supervision of credit institutions.
+ **5.** This Directive shall not apply to the following:▼M6 —————▼M5(2) central banks;(3) post office giro institutions;(4) in Denmark, the ‘Eksport Kredit Fonden’, the ‘Eksport Kredit Fonden A/S’, the ‘Danmarks Skibskredit A/S’ and the ‘KommuneKredit’;(5) in Germany, the ‘Kreditanstalt für Wiederauf…
+ **6.** The entities referred to in points (3) to (24) of paragraph 5 of this Article shall be treated as financial institutions for the purposes of Article 34 and Title VII, Chapter 3.
+ **1.** For the purposes of this Directive, the following definitions shall apply:(1) 'credit institution' means credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;(2) 'investment firm' means investment firm as defined in point (2) of Article 4(1) of Regulation …
+ Member States that have more than one competent authority for the prudential supervision of credit institutions and financial institutions shall take the requisite measures to organise coordination between such authorities.
+ ### Article 8a — Specific requirements for authorisation of credit institutions referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
+ **1.** Member States shall require the undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 which have already obtained an authorisation pursuant to Title II of Directive 2014/65/EU to submit an application for authorisation in accordance with Article 8, at the lat…
+ **2.** The undertakings referred to in paragraph 1 of this Article may continue carrying out the activities referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 until they obtain the authorisation referred to in paragraph 1 of this Article.
+ **3.** By way of derogation from paragraph 1 of this Article, the undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 that on 24 December 2019 carry out activities as investment firms authorised under Directive 2014/65/EU shall apply for authorisation in accordanc…
+ **4.** Where the competent authority, after receiving the information in accordance with Article 95a of Directive 2014/65/EU, determines that an undertaking is to be authorised as a credit institution in accordance with Article 8 of this Directive, it shall notify the undertaking and the competent a…
+ **5.** In cases of reauthorisation, the authorising competent authority shall ensure that the process is as streamlined as possible and that information from existing authorisations is taken into account.
+ **6.** EBA shall develop draft regulatory technical standards to specify:(a) the information to be provided by the undertaking to the competent authorities in the application for the authorisation, including the programme of operations provided for in Article 10;(b) the methodology for calculating t…
+ 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…
+ (aa) uses its authorisation exclusively to engage in the activities referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 and has, for a period of five consecutive years, average total assets below the thresholds set out in that Article;
+ **2.** EBA shall publish on its website, and shall update at least annually, a list of the names of all credit institutions that have been granted authorisation.
+ **3a.** The list referred to in paragraph 2 of this Article shall include the names of undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 and shall identify those credit institutions as such. That list shall also outline any changes in comparison with the previou…
+ **9.** In the case of mixed financial holding companies, where the consolidating supervisor or the competent authority in the Member State where the mixed financial holding company is established is different from the coordinator determined in accordance with Article 10 of Directive 2002/87/EC, the …
+ **5.** For the purposes of this Article:(a) the total value of assets in the Union of the third‐country group shall be the sum of the following:(i) the total value of assets of each institution in the Union of the third‐country group, as resulting from its consolidated balance sheet or as resulting …
+ **1.** In assessing the notification provided for in Article 22(1) and the information referred to in Article 22(3), the competent authorities shall, in order to ensure the sound and prudent management of the credit institution in which an acquisition is proposed, and having regard to the likely inf…
+ **1.** The competent authorities of a host Member State may request the consolidating supervisor, where Article 112(1) applies, or the competent authorities of the home Member State, that a branch of a credit institution shall be considered to be significant.
+ **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 Europ…
+ **1.** Member States shall ensure that their laws, regulations and administrative provisions provide for administrative penalties and other administrative measures at least in respect of:(a) carrying out the business of taking deposits or other repayable funds from the public without being a credit …
+ **1.** Competent authorities shall ensure that institutions implement internal systems, use the standardised methodology or the simplified standardised methodology to identify, evaluate, manage and mitigate the risks arising from potential changes in interest rates that affect both the economic valu…
+ **2.** Competent authorities shall ensure that institutions implement systems to assess and monitor the risks arising from potential changes in credit spreads that affect both the economic value of equity and the net interest income of an institution's non-trading book activities.
+ **3.** A competent authority may require an institution to use the standardised methodology referred to in paragraph 1 where the internal systems implemented by that institution for the purpose of evaluating the risks referred to in that paragraph are not satisfactory.
+ **4.** A competent authority may require a small and non-complex institution as defined in point (145) of Article 4(1) of Regulation (EU) No 575/2013 to use the standardised methodology where it considers that the simplified standardised methodology is not adequate to capture interest rate risk aris…
+ **5.** EBA shall develop draft regulatory technical standards to specify, for the purposes of this Article, a standardised methodology that institutions may use for the purpose of evaluating the risks referred to in paragraph 1 of this Article, including a simplified standardised methodology for sma…