What changed — Regulation (EU) No 575/2013

− Consolidated TEXT: 32013R0575 — EN — 19.07.2016
− 02013R0575 — EN — 19.07.2016 — 002.004
− 1. Until 31 December 2017, competent authorities may waive in full or in part the 10 % limit for senior units issued by French Fonds Communs de Créances or by securitisation entities which are equivalent to French Fonds Communs de Créances laid down in points (d) and (f) of Article 129(1), provided …
+ Consolidated TEXT: 32013R0575 — EN — 01.01.2018
+ 02013R0575 — EN — 01.01.2018 — 003.003
+ ►M3
+ COMMISSION DELEGATED REGULATION (EU) 2017/2188 of 11 August 2017
+ L 310
+ 25.11.2017
+ ►M4
+ REGULATION (EU) 2017/2395 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 December 2017
+ L 345
+ 27
+ 27.12.2017
+ M5
+ COMMISSION DELEGATED REGULATION (EU) 2018/405 of 21 November 2017
+ L 74
+ 16.3.2018
+ ▼M4
+ Article 473a
+ Introduction of IFRS 9
+ 1. By way of derogation from Article 50 and until the end of the transitional period set out in paragraph 6 of this Article, the following may include in their Common Equity Tier 1 capital the amount calculated in accordance with this paragraph:
+ (a) institutions that prepare their accounts in conformity with the international accounting standards adopted in accordance with the procedure laid down in Article 6(2) of Regulation (EC) No 1606/2002;
+ (b) institutions that, pursuant to Article 24(2) of this Regulation, effect the valuation of assets and off-balance sheet items and the determination of own funds in conformity with the international accounting standards adopted in accordance with the procedure laid down in Article 6(2) of Regulatio…
+ (c) institutions that effect the valuation of assets and off-balance sheet items in conformity with accounting standards under Directive 86/635/EEC and that use an expected credit loss model that is the same as the one used in international accounting standards adopted in accordance with the procedu…
+ The amount referred to in the first subparagraph shall be calculated as the sum of the following:
+ (a) for exposures which are subject to risk weighting in accordance with Chapter 2 of Title II of Part Three, the amount (AB SA ) calculated in accordance with the following formula:
+ A 2,SA = the amount calculated in accordance with paragraph 2;
+ A 4,SA = the amount calculated in accordance with paragraph 4 based on the amounts calculated in accordance with paragraph 3;
+ f = the applicable factor laid down in paragraph 6;
+ t = increase of Common Equity Tier 1 capital that is due to tax deductibility of the amounts A 2,SA and A 4,SA ;
+ (b) for exposures which are subject to risk weighting in accordance with Chapter 3 of Title II of Part Three, the amount (AB IRB ) calculated in accordance with the following formula:
+ A 2,IRB = the amount calculated in accordance with paragraph 2 adjusted in accordance with point (a) of paragraph 5;
+ A 4,IRB = the amount calculated in accordance with paragraph 4 based on the amounts calculated in accordance with paragraph 3 which are adjusted in accordance with points (b) and (c) of paragraph 5;
+ f = the applicable factor laid down in paragraph 6;
+ t = increase of Common Equity Tier 1 capital that is due to tax deductibility of the amounts A 2,IRB and A 4,IRB .
+ 2. Institutions shall calculate the amounts A 2,SA and A 2,IRB referred to, respectively, in points (a) and (b) of the second subparagraph of paragraph 1 as the greater of the amounts referred to in points (a) and (b) of this paragraph separately for their exposures which are subject to risk weighti…
+ (a) zero;
+ (b) the amount calculated in accordance with point (i) reduced by the amount calculated in accordance with point (ii):
+ (i) the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of IFRS 9 as set out in the Annex to Commission Regulation (EC) No 1126/2008 (‘Annex relating to IFRS 9’) and the amount of the loss allowance for lifetime expected credit losses determined in accordance…
+ (ii) the total amount of impairment losses on financial assets classified as loans and receivables, held-to-maturity investments and available-for-sale financial assets, as defined in paragraph 9 of IAS 39, other than equity instruments and units or shares in collective investment undertakings, dete…
+ 3. Institutions shall calculate the amount by which the amount referred to in point (a) exceeds the amount referred to in point (b) separately for their exposures which are subject to risk weighting in accordance with Chapter 2 of Title II of Part Three and for their exposures which are subject to r…
+ (a) the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected credit losses determined in accordance with paragraph 5.5.3 of the Annex relating to IFRS 9 excluding the loss a…
+ (b) the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected credit losses determined in accordance with paragraph 5.5.3 of the Annex relating to IFRS 9 excluding the loss a…
+ 4. For exposures which are subject to risk weighting in accordance with Chapter 2 of Title II of Part Three, where the amount specified in accordance with point (a) of paragraph 3 exceeds the amount specified in point (b) of paragraph 3, institutions shall set A 4,SA as equal to the difference betwe…
+ For exposures which are subject to risk weighting in accordance with Chapter 3 of Title II of Part Three, where the amount specified in accordance with point (a) of paragraph 3, after applying point (b) of paragraph 5, exceeds the amount for these exposures as specified in point (b) of paragraph 3, …
+ 5. For exposures which are subject to risk weighting in accordance with Chapter 3 of Title II of Part Three, institutions shall apply paragraphs 2 to 4 as follows:
+ (a) for the calculation of A 2,IRB institutions shall reduce each of the amounts calculated in accordance with points (b)(i) and (ii) of paragraph 2 of this Article by the sum of expected loss amounts calculated in accordance with Article 158(5), (6) and (10) as of 31 December 2017 or the day before…
+ (b) institutions shall replace the amount calculated in accordance with point (a) of paragraph 3 of this Article by the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected …
+ (c) institutions shall replace the amount calculated in accordance with point (b) of paragraph 3 of this Article by the sum of the 12-month expected credit losses determined in accordance with paragraph 5.5.5 of the Annex relating to IFRS 9 and the amount of the loss allowance for lifetime expected …
+ 6. Institutions shall apply the following factors to calculate the amounts AB SA and AB IRB referred to in points (a) and (b) of the second subparagraph of paragraph 1 respectively:
+ (a) 0,95 during the period from 1 January 2018 to 31 December 2018;
+ (b) 0,85 during the period from 1 January 2019 to 31 December 2019;
+ (c) 0,7 during the period from 1 January 2020 to 31 December 2020;
+ (d) 0,5 during the period from 1 January 2021 to 31 December 2021;
+ (e) 0,25 during the period from 1 January 2022 to 31 December 2022.
+ Institutions whose financial year commences after 1 January 2018 but before 1 January 2019 shall adjust the dates in points (a) to (e) of the first subparagraph so that they correspond to their financial year, shall report the adjusted dates to their competent authority and shall publicly disclose t…
+ Institutions which start to apply accounting standards as referred to in paragraph 1 on or after 1 January 2019 shall apply the relevant factors in accordance with points (b) to (e) of the first subparagraph starting with the factor corresponding to the year of the first application of those account…
+ 7. Where an institution includes in its Common Equity Tier 1 capital an amount in accordance with paragraph 1 of this Article, it shall recalculate all requirements laid down in this Regulation and in Directive 2013/36/EU that use any of the following items by not taking into account the effects tha…
+ (a) the amount of deferred tax assets that is deducted from Common Equity Tier 1 capital in accordance with point (c) of Article 36(1) or risk weighted in accordance with Article 48(4);
+ (b) the exposure value as determined in accordance with Article 111(1) whereby the specific credit risk adjustments by which the exposure value shall be reduced shall be multiplied by the following scaling factor (sf):
+ AB SA = the amount calculated in accordance with point (a) of the second subparagraph of paragraph 1;
+ RA SA = the total amount of specific credit risk adjustments;
+ (c) the amount of Tier 2 items calculated in accordance with point (d) of Article 62.
+ 8. During the period set out in paragraph 6 of this Article, in addition to disclosing the information required in Part Eight, institutions that have decided to apply the transitional arrangements set out in this Article shall disclose the amounts of own funds, Common Equity Tier 1 capital and Tier …
+ 9. An institution shall decide whether to apply the arrangements set out in this Article during the transitional period and shall inform the competent authority of its decision by 1 February 2018. Where an institution has received the prior permission of the competent authority, it may reverse once,…
+ An institution that has decided to apply the transitional arrangements set out in this Article may decide not to apply paragraph 4 in which case it shall inform the competent authority of its decision by 1 February 2018. In such a case, the institution shall set the amount A 4 referred to in paragra…
+ 10. In accordance with Article 16 of Regulation (EU) No 1093/2010, the EBA shall issue guidelines by 30 June 2018 on the disclosure requirements laid down in this Article.
+ ▼M4
+ 4. By way of derogation from Article 395(1), competent authorities may allow institutions to incur any of the exposures provided for in paragraph 5 of this Article meeting the conditions set out in paragraph 6 of this Article, up to the following limits:
+ (a) 100 % of the institution’s Tier 1 capital until 31 December 2018;
+ (b) 75 % of the institution’s Tier 1 capital until 31 December 2019;
+ (c) 50 % of the institution’s Tier 1 capital until 31 December 2020.
+ The limits referred to in points (a), (b) and (c) of the first subparagraph shall apply to exposure values after taking into account the effect of the credit risk mitigation in accordance with Articles 399 to 403.
+ 5. The transitional arrangements set out in paragraph 4 shall apply to the following exposures:
+ (a) asset items constituting claims on central governments, central banks, or public sector entities of Member States;
+ (b) asset items constituting claims expressly guaranteed by central governments, central banks, or public sector entities of Member States;
+ (c) other exposures to, or guaranteed by, central governments, central banks, or public sector entities of Member States;
+ (d) asset items constituting claims on regional governments or local authorities of Member States treated as exposures to a central government in accordance with Article 115(2);
+ (e) other exposures to, or guaranteed by, regional governments or local authorities of Member States treated as exposures to a central government in accordance with Article 115(2).
+ For the purposes of points (a), (b) and (c) of the first subparagraph, the transitional arrangements set out in paragraph 4 of this Article shall apply only to asset items and other exposures to, or guaranteed by, public sector entities which are treated as exposures to a central government, a regio…
+ 6. The transitional arrangements set out in paragraph 4 of this Article shall apply only where an exposure referred to in paragraph 5 of this Article meets all of the following conditions:
+ (a) the exposure would be assigned a risk weight of 0 % in accordance with the version of Article 495(2) in force on 31 December 2017;
+ (b) the exposure was incurred on or after 12 December 2017.
+ 7. An exposure as referred to in paragraph 5 of this Article incurred before 12 December 2017 to which a risk weight of 0 % was assigned on 31 December 2017 in accordance with Article 495(2) shall be exempted from the application of Article 395(1).
+ ►M3
+ Competent authorities may waive in full or in part the 10 % limit for senior units issued by French Fonds Communs de Créances or by securitisation entities which are equivalent to French Fonds Communs de Créances laid down in points (d) and (f) of Article 129(1), provided that both of the following …