What changed, Regulation (EU) No 575/2013

− ### art_1
− Article 1
− | (a) | own funds requirements relating to entirely quantifiable, uniform and standardised elements of credit risk, market risk, operational risk and settlement risk; |
− | (b) | requirements limiting large exposures; |
− | (c) | after the delegated act referred to in Article 460 has entered into force, liquidity requirements relating to entirely quantifiable, uniform and standardised elements of liquidity risk; |
− | (d) | reporting requirements related to points (a), (b) and (c) and to leverage; |
− | (e) | public disclosure requirements. |
− ### art_2
− Article 2
− ### art_3
− Article 3
− ### art_4
− Article 4
− | (1) | ‧credit institution‧ means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account; |
− | (2) | ‧investment firm‧ means a person as defined in point (1) of Article 4(1) of Directive 2004/39/EC, which is subject to the requirements imposed by that Directive, excluding the following:(a)credit institutions;(b)local firms;(c)firms which are not authorised to provide the ancillary service r…
− | (a) | credit institutions; |
− | (b) | local firms; |
− | (c) | firms which are not authorised to provide the ancillary service referred to in point (1) of Section B of Annex I to Directive 2004/39/EC, which provide only one or more of the investment services and activities listed in points 1, 2, 4 and 5 of Section A of Annex I to that Directive, and whi…
− | (3) | "institution" means a credit institution or an investment firm;. |
− | (4) | ‧local firm‧ means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by cl…
− | (5) | ‧insurance undertaking‧ means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (20); |
− | (6) | ‧reinsurance undertaking‧ means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC; |
− | (7) | ‧collective investment undertaking‧ or ‧CIU‧ means a UCITS as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investmen…
− | (8) | ‧public sector entity‧ means a non-commercial administrative body responsible to central governments, regional governments or local authorities, or to authorities that exercise the same responsibilities as regional governments and local authorities, or a non-commercial undertaking that is ow…
− | (9) | ‧management body‧ means management body as defined in point (7) of Article 3(1) of Directive 2013/36/EU; |
− | (10) | ‧senior management‧ means senior management as defined in point (9) of Article 3(1) of Directive 2013/36/EU; |
− | (11) | "systemic risk" means systemic risk as defined in point (10) of Article 3(1) of Directive 2013/36/EU; |
− | (12) | "model risk" means model risk as defined in point (11) of Article 3(1) of Directive 2013/36/EU; |
− | (13) | ‧originator‧ means an entity which:(a)itself or through related entities, directly or indirectly, was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposure being securitised; or(b)purchases a t…
− | (a) | itself or through related entities, directly or indirectly, was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposure being securitised; or |
+ ## TITLE I / SUBJECT MATTER, SCOPE AND DEFINITIONS
+ ### Article 1 — Scope
+ (a) own funds requirements relating to entirely quantifiable, uniform and standardised elements of credit risk, market risk, operational risk and settlement risk;
+ (b) requirements limiting large exposures;
+ (c) after the delegated act referred to in Article 460 has entered into force, liquidity requirements relating to entirely quantifiable, uniform and standardised elements of liquidity risk;
+ (d) reporting requirements related to points (a), (b) and (c) and to leverage;
+ (e) public disclosure requirements.
+ ### Article 2 — Supervisory powers
+ ### Article 3 — Application of stricter requirements by institutions
+ ### Article 4 — Definitions
+ (1) ‘credit institution’ means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account;
+ (2) ‘investment firm’ means a person as defined in point (1) of Article 4(1) of Directive 2004/39/EC, which is subject to the requirements imposed by that Directive, excluding the following:
+ (a) credit institutions;
+ (b) local firms;
+ (c) firms which are not authorised to provide the ancillary service referred to in point (1) of Section B of Annex I to Directive 2004/39/EC, which provide only one or more of the investment services and activities listed in points 1, 2, 4 and 5 of Section A of Annex I to that Directive, and which a…
+ (3) ‘institution’ means a credit institution or an investment firm;
+ (4) ‘local firm’ means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by cleari…
+ (5) ‘insurance undertaking’ means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (20);
+ (6) ‘reinsurance undertaking’ means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;
+ (7) ‘collective investment undertaking’ or ‘CIU’ means a UCITS as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in…
+ (8) ‘public sector entity’ means a non-commercial administrative body responsible to central governments, regional governments or local authorities, or to authorities that exercise the same responsibilities as regional governments and local authorities, or a non-commercial undertaking that is owned …
+ (9) ‘management body’ means management body as defined in point (7) of Article 3(1) of Directive 2013/36/EU;
+ (10) ‘senior management’ means senior management as defined in point (9) of Article 3(1) of Directive 2013/36/EU;
+ (11) ‘systemic risk’ means systemic risk as defined in point (10) of Article 3(1) of Directive 2013/36/EU;
+ (12) ‘model risk’ means model risk as defined in point (11) of Article 3(1) of Directive 2013/36/EU;
+ (13) ‘originator’ means an entity which:
+ (a) itself or through related entities, directly or indirectly, was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposure being securitised; or
+ (b) purchases a third party's exposures for its own account and then securitises them;
+ (14) ‘sponsor’ means an institution other than an originator institution that establishes and manages an asset-backed commercial paper programme or other securitisation scheme that purchases exposures from third-party entities;
+ (15) ‘parent undertaking’ means: