What changed, Commission Delegated Regulation (EU) 2016/101 of 26 October 2015 supplementing Regulation (EU) No 575/2013

+ ## CHAPTER I / **GENERAL PROVISIONS**
− ### art_1
+ ### Article 1 — Methodology for calculating Additional Valuation Adjustments (AVAs)
− Article 1
+ ### Article 2 — Definitions
− ### art_2
− Article 2
− 
+ (a) ‘valuation position’ means a financial instrument or commodity or portfolio of financial instruments or commodities held in both trading and non-trading books, which are measured at fair value;
− | (a) | ‘valuation position’ means a financial instrument or commodity or portfolio of financial instruments or commodities held in both trading and non-trading books, which are measured at fair value; |
− | --- | --- |
+ (b) ‘valuation input’ means a market observable or non-observable parameter or matrix of parameters that influences the fair value of a valuation position;
− | (b) | ‘valuation input’ means a market observable or non-observable parameter or matrix of parameters that influences the fair value of a valuation position; |
− | --- | --- |
+ (c) ‘valuation exposure’ means the amount of a valuation position which is sensitive to the movement in a valuation input.
− | (c) | ‘valuation exposure’ means the amount of a valuation position which is sensitive to the movement in a valuation input. |
− | --- | --- |
+ ### Article 3 — Sources of market data
− ### art_3
− Article 3
− 
+ (a) exchange prices in a liquid market;
− | (a) | exchange prices in a liquid market; |
− | --- | --- |
+ (b) trades in the exact same or very similar instrument, either from the institution's own records or, where available, trades from across the market;
− | (b) | trades in the exact same or very similar instrument, either from the institution's own records or, where available, trades from across the market; |
− | --- | --- |
+ (c) tradable quotes from brokers and other market participants;
− | (c) | tradable quotes from brokers and other market participants; |
− | --- | --- |
+ (d) consensus service data;
− | (d) | consensus service data; |
− | --- | --- |
+ (e) indicative broker quotes;
− | (e) | indicative broker quotes; |
− | --- | --- |
+ (f) counterparty collateral valuations.
− | (f) | counterparty collateral valuations. |
− | --- | --- |
+ (a) the use of proxy data based on similar instruments for which sufficient data is available;
− | (a) | the use of proxy data based on similar instruments for which sufficient data is available; |
− | --- | --- |
+ (b) the application of prudent shifts to valuation inputs;
− | (b) | the application of prudent shifts to valuation inputs; |
− | --- | --- |
+ (c) the identification of natural bounds to the value of an instrument.
− | (c) | the identification of natural bounds to the value of an instrument. |
− | --- | --- |
+ ## CHAPTER II / **SIMPLIFIED APPROACH FOR THE DETERMINATION OF AVAs**
− ### art_4
+ ### Article 4 — Conditions for use of the simplified approach
− Article 4
+ ### Article 5 — Determination of AVAs under the simplified approach
− ### art_5
− Article 5
− 
+ ### Article 6 — Determination of total AVAs calculated under the simplified approach
− ### art_6
− 
− Article 6
+ ## CHAPTER III / **CORE APPROACH FOR THE DETERMINATION OF AVAs**
− ### art_7
+ ### Article 7 — Overview of the core approach
− Article 7
+ (a) they shall calculate AVAs for each of the categories described in paragraphs 10 and 11 of Article 105 of Regulation (EU) No 575/2013 (‘category level AVAs’) according to paragraph 2 of this Article;
− | (a) | they shall calculate AVAs for each of the categories described in paragraphs 10 and 11 of Article 105 of Regulation (EU) No 575/2013 (‘category level AVAs’) according to paragraph 2 of this Article; |
− | --- | --- |
+ (b) they shall sum the amounts resulting from point (a) for each of the category level AVAs to provide the total AVAs for the purposes of Article 1.
− | (b) | they shall sum the amounts resulting from point (a) for each of the category level AVAs to provide the total AVAs for the purposes of Article 1. |
− | --- | --- |
+ (a) according to Articles 9 to 17;
+ 
+ (b) where the application of Articles 9 to 17 is not possible for certain positions, according to a ‘fall-back approach’, whereby they shall identify the related financial instruments and calculate an AVA as the sum of the following:
+ 
+ (i) 100 % of the net unrealised profit on the related financial instruments;
+ 
+ (ii) 10 % of the notional value of the related financial instruments in the case of derivatives;
− | (a) | according to Articles 9 to 17; |
− | --- | --- |
+ (iii) 25 % of the absolute value of the difference between the fair value and the unrealised profit, as determined in point (i), of the related financial instruments in the case of non-derivatives.
− | (b) | where the application of Articles 9 to 17 is not possible for certain positions, according to a ‘fall-back approach’, whereby they shall identify the related financial instruments and calculate an AVA as the sum of the following:(i)100 % of the net unrealised profit on the related financial …
− | --- | --- |
− | (i) | 100 % of the net unrealised profit on the related financial instruments; |
− | (ii) | 10 % of the notional value of the related financial instruments in the case of derivatives; |
− | (iii) | 25 % of the absolute value of the difference between the fair value and the unrealised profit, as determined in point (i), of the related financial instruments in the case of non-derivatives. |
+ ### Article 8 — General provisions for the calculations of AVAs under the core approach
− ### art_8
− 
− Article 8
+ ### Article 9 — Calculation of market price uncertainty AVA
− ### art_9
− Article 9
− 
+ (a) the institution has firm evidence of a tradable price for a valuation exposure or a price can be determined from reliable data based on a liquid two-way market as described in the second subparagraph of Article 338(1) of Regulation (EU) No 575/2013;
− | (a) | the institution has firm evidence of a tradable price for a valuation exposure or a price can be determined from reliable data based on a liquid two-way market as described in the second subparagraph of Article 338(1) of Regulation (EU) No 575/2013; |
− | --- | --- |
+ (b) the sources of market data set out in Article 3(2) do not indicate any material valuation uncertainty.
− | (b) | the sources of market data set out in Article 3(2) do not indicate any material valuation uncertainty. |
− | --- | --- |
+ (a) The granularity at which those AVAs shall be assessed shall be one of the following:
+ 
+ (i) where decomposed, all the valuation inputs required to calculate an exit price for the valuation position;
+ 
+ (ii) the price of the instrument.
+ 
+ (b) Each of the valuation inputs referred to in point (a)(i) shall be treated separately. Where a valuation input consists of a matrix of parameters, AVAs shall be calculated based on the valuation exposures related to each parameter within that matrix. Where a valuation input does not refer to trad…
+ 
+ (i) the total value of the reduced valuation exposure is the same as the total value of the original valuation exposure;
+ 
+ (ii) the reduced set of parameters can be mapped to a set of market tradable instruments;
+ 
+ (iii) the ratio of variance measure 2 defined below over variance measure 1 defined below, based on historical data from the most recent 100 trading days, is less than 0,1.
− | (a) | The granularity at which those AVAs shall be assessed shall be one of the following:(i)where decomposed, all the valuation inputs required to calculate an exit price for the valuation position;(ii)the price of the instrument. |
− | --- | --- |
− | (i) | where decomposed, all the valuation inputs required to calculate an exit price for the valuation position; |
− | (ii) | the price of the instrument. |
+ For the purposes of this paragraph, ‘variance measure 1’ shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input and ‘variance measure 2’ shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input minus the valuat…
− | (b) | Each of the valuation inputs referred to in point (a)(i) shall be treated separately. Where a valuation input consists of a matrix of parameters, AVAs shall be calculated based on the valuation exposures related to each parameter within that matrix. Where a valuation input does not refer to …
− | --- | --- |
− | (i) | the total value of the reduced valuation exposure is the same as the total value of the original valuation exposure; |
− | (ii) | the reduced set of parameters can be mapped to a set of market tradable instruments; |
− | (iii) | the ratio of variance measure 2 defined below over variance measure 1 defined below, based on historical data from the most recent 100 trading days, is less than 0,1. |
+ (c) Where a reduced number of parameters is used for the purpose of calculating AVAs, the determination that the criteria set out in point (b) are met shall be subject to independent control function review of the netting methodology and internal validation on at least an annual basis.
− | (c) | For the purposes of this paragraph, ‘variance measure 1’ shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input and ‘variance measure 2’ shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input minus th…
− | --- | --- |
+ 
+ (a) where sufficient data exists to construct a range of plausible values for a valuation input:
+ 
+ (i) for a valuation input where the range of plausible values is based on exit prices, institutions shall estimate a point within the range where they are 90 % confident they could exit the valuation exposure at that price or better;
+ (ii) for a valuation input where the range of plausible values is created from mid prices, institutions shall estimate a point within the range where they are 90 % confident that the mid value they could achieve in exiting the valuation exposure would be at that price or better;
+ 
+ (b) where insufficient data exists to construct a plausible range of values for a valuation input, institutions shall use an expert-based approach using qualitative and quantitative information available to achieve a level of certainty in the prudent value of the valuation input that is equivalent t…
+ 
+ (c) institutions shall calculate the market price uncertainty AVA based on one of the following approaches:
− | (a) | where sufficient data exists to construct a range of plausible values for a valuation input:(i)for a valuation input where the range of plausible values is based on exit prices, institutions shall estimate a point within the range where they are 90 % confident they could exit the valuation e…
− | --- | --- |
− | (i) | for a valuation input where the range of plausible values is based on exit prices, institutions shall estimate a point within the range where they are 90 % confident they could exit the valuation exposure at that price or better; |
− | (ii) | for a valuation input where the range of plausible values is created from mid prices, institutions shall estimate a point within the range where they are 90 % confident that the mid value they could achieve in exiting the valuation exposure would be at that price or better; |
+ (i) they shall apply the difference between the valuation input values estimated according to either point (a) or point (b), and the valuation input values used for calculating fair value to the valuation exposure of each valuation position;
− | (b) | where insufficient data exists to construct a plausible range of values for a valuation input, institutions shall use an expert-based approach using qualitative and quantitative information available to achieve a level of certainty in the prudent value of the valuation input that is equivale…
− | --- | --- |
+ (ii) they shall combine the valuation input values estimated according to either point (a) or point (b) and they shall revalue valuation positions based on those values. Institutions shall then take the difference between the revalued positions and fair-valued positions.
− | (c) | institutions shall calculate the market price uncertainty AVA based on one of the following approaches:(i)they shall apply the difference between the valuation input values estimated according to either point (a) or point (b), and the valuation input values used for calculating fair value to…
− | --- | --- |
− | (i) | they shall apply the difference between the valuation input values estimated according to either point (a) or point (b), and the valuation input values used for calculating fair value to the valuation exposure of each valuation position; |
− | (ii) | they shall combine the valuation input values estimated according to either point (a) or point (b) and they shall revalue valuation positions based on those values. Institutions shall then take the difference between the revalued positions and fair-valued positions. |
+ ### Article 10 — Calculation of close-out costs AVA
− ### art_10
− Article 10
− 
+ 
+ (a) The granularity at which those close-out costs AVAs shall be assessed shall be one of the following:
+ 
+ (i) where decomposed, all valuation inputs required to calculate an exit price for the valuation position;
+ 
+ (ii) the price of the instrument.
+ 
+ (b) Each of the valuation inputs each of the valuation inputs referred to in point (a)(i) shall be treated separately. Where a valuation input consists of a matrix of parameters, institutions shall assess the close-out cost AVA based on the valuation exposures related to each parameter within that m…
+ 
+ (i) the total value of the reduced valuation exposure is the same as the total value of the original valuation exposure;
+ 
+ (ii) the reduced set of parameters can be mapped to a set of market tradable instruments;
+ (iii) the ratio of variance measure 2 over variance measure 1, based on historical data from the most recent 100 trading days, is less than 0,1.
− | (a) | The granularity at which those close-out costs AVAs shall be assessed shall be one of the following:(i)where decomposed, all valuation inputs required to calculate an exit price for the valuation position;(ii)the price of the instrument. |
− | --- | --- |
− | (i) | where decomposed, all valuation inputs required to calculate an exit price for the valuation position; |
− | (ii) | the price of the instrument. |
+ For the purposes of this paragraph, variance measure 1 shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input and variance measure 2 shall mean profit and loss variance of the valuation exposure based on the unreduced valuation input minus the valuation …
− | (b) | Each of the valuation inputs each of the valuation inputs referred to in point (a)(i) shall be treated separately. Where a valuation input consists of a matrix of parameters, institutions shall assess the close-out cost AVA based on the valuation exposures related to each parameter within th…
− | --- | --- |
− | (i) | the total value of the reduced valuation exposure is the same as the total value of the original valuation exposure; |
− | (ii) | the reduced set of parameters can be mapped to a set of market tradable instruments; |
− | (iii) | the ratio of variance measure 2 over variance measure 1, based on historical data from the most recent 100 trading days, is less than 0,1. |
+ (c) Where a reduced number of parameters is used for the purpose of calculating AVAs, the determination that the criteria set out in point (b) are met shall be subject to independent control function review and internal validation on at least an annual basis.
− | (c) | Where a reduced number of parameters is used for the purpose of calculating AVAs, the determination that the criteria set out in point (b) are met shall be subject to independent control function review and internal validation on at least an annual basis. |
− | --- | --- |
+ (a) where sufficient data exists to construct a range of plausible bid-offer spreads for a valuation input, institutions shall estimate a point within the range where they are 90 % confident that the spread they could achieve in exiting the valuation exposure would be at that price or better;
− | (a) | where sufficient data exists to construct a range of plausible bid-offer spreads for a valuation input, institutions shall estimate a point within the range where they are 90 % confident that the spread they could achieve in exiting the valuation exposure would be at that price or better; |
− | --- | --- |
+ (b) where insufficient data exists to construct a plausible range of bid-offer spreads, institutions shall use an expert-based approach using qualitative and quantitative information available to achieve a level of certainty in the prudent value that is equivalent to that targeted where a range of p…
− | (b) | where insufficient data exists to construct a plausible range of bid-offer spreads, institutions shall use an expert-based approach using qualitative and quantitative information available to achieve a level of certainty in the prudent value that is equivalent to that targeted where a range …
− | --- | --- |
+ (c) institutions shall calculate the close-out costs AVA by applying 50 % of the estimated bid-offer spread calculated in accordance with either point (a) or point (b) to the valuation exposures related to the valuation inputs defined in paragraph 5.
− | (c) | institutions shall calculate the close-out costs AVA by applying 50 % of the estimated bid-offer spread calculated in accordance with either point (a) or point (b) to the valuation exposures related to the valuation inputs defined in paragraph 5. |
− | --- | --- |
+ ### Article 11 — Calculation of model risk AVA
− ### art_11
− Article 11
− 
+ (a) complexity of products relevant to the model;
− | (a) | complexity of products relevant to the model; |
− | --- | --- |
+ (b) diversity of possible mathematical approaches and model parameters, where those model parameters are not related to market variables;
− | (b) | diversity of possible mathematical approaches and model parameters, where those model parameters are not related to market variables; |
− | --- | --- |
+ (c) the degree to which the market for relevant products is ‘one way’;
− | (c) | the degree to which the market for relevant products is ‘one way’; |
− | --- | --- |
+ (d) the existence of unhedgeable risks in relevant products;
− | (d) | the existence of unhedgeable risks in relevant products; |
− | --- | --- |
+ (e) the adequacy of the model in capturing the behaviour of the pay-off of the products in the portfolio.
− | (e) | the adequacy of the model in capturing the behaviour of the pay-off of the products in the portfolio. |
− | --- | --- |
+ (a) the AVAs calculated using the method described in paragraph 4, if it were applied to a material sample of the valuation models for which the institution applies the method in paragraph 3; and
− | (a) | the AVAs calculated using the method described in paragraph 4, if it were applied to a material sample of the valuation models for which the institution applies the method in paragraph 3; and |
− | --- | --- |
+ (b) the AVAs produced by the method in paragraph 3 for the same sample of valuation models.
− | (b) | the AVAs produced by the method in paragraph 3 for the same sample of valuation models. |
− | --- | --- |
+ ### Article 12 — Calculation of unearned credit spreads AVA
− ### art_12
− Article 12
− 
+ ### Article 13 — Calculation of investing and funding costs AVA
− ### art_13
− Article 13
− 
+ ### Article 14 — Calculation of concentrated positions AVA
− ### art_14
− 
− Article 14
+ (a) they shall identify concentrated valuation positions;
− | (a) | they shall identify concentrated valuation positions; |
− | --- | --- |
+ (b) for each identified concentrated valuation position, where a market price applicable for the size of the valuation position is unavailable, they shall estimate a prudent exit period;
− | (b) | for each identified concentrated valuation position, where a market price applicable for the size of the valuation position is unavailable, they shall estimate a prudent exit period; |
− | --- | --- |
+ (c) where the prudent exit period exceeds 10 days, they shall estimate an AVA taking into account the volatility of the valuation input, the volatility of the bid offer spread and the impact of the hypothetical exit strategy on market prices.
− | (c) | where the prudent exit period exceeds 10 days, they shall estimate an AVA taking into account the volatility of the valuation input, the volatility of the bid offer spread and the impact of the hypothetical exit strategy on market prices. |
− | --- | --- |
+ 
+ (a) the size of all valuation positions relative to the liquidity of the related market;
+ (b) the institution's ability to trade in that market;
− | (a) | the size of all valuation positions relative to the liquidity of the related market; |
− | --- | --- |
+ (c) the average daily market volume and typical daily trading volume of the institution.
− | (b) | the institution's ability to trade in that market; |
− | --- | --- |
+ Institutions shall establish and document the methodology applied to determine concentrated valuation positions for which a concentrated positions AVA shall be calculated.
− | (c) | the average daily market volume and typical daily trading volume of the institution.Institutions shall establish and document the methodology applied to determine concentrated valuation positions for which a concentrated positions AVA shall be calculated. |
− | --- | --- |
+ ### Article 15 — Calculation of future administrative costs AVA
− ### art_15
− 
− Article 15
+ ### Article 16 — Calculation of early termination AVA
− ### art_16
− 
− Article 16
− 
− ### art_17
+ ### Article 17 — Calculation of operational risk AVA
− Article 17
+ ## CHAPTER IV / **DOCUMENTATION, SYSTEMS AND CONTROLS**
− ### art_18
+ ### Article 18 — Documentation requirements
− Article 18
+ (a) the range of methodologies for quantifying AVAs for each valuation position;
− | (a) | the range of methodologies for quantifying AVAs for each valuation position; |
− | --- | --- |
+ (b) the hierarchy of methodologies for each asset class, product, or valuation position;
− | (b) | the hierarchy of methodologies for each asset class, product, or valuation position; |
− | --- | --- |
+ (c) the hierarchy of market data sources used in the AVA methodology;
− | (c) | the hierarchy of market data sources used in the AVA methodology; |
− | --- | --- |
+ (d) the required characteristics of market data to justify a zero AVA for each asset class, product, or valuation position;
− | (d) | the required characteristics of market data to justify a zero AVA for each asset class, product, or valuation position; |
− | --- | --- |
+ (e) the methodology applied where an expert based approach is used to determine an AVA;
− | (e) | the methodology applied where an expert based approach is used to determine an AVA; |
− | --- | --- |
+ (f) the methodology for determining whether a valuation position requires a concentrated position AVA;
− | (f) | the methodology for determining whether a valuation position requires a concentrated position AVA; |
− | --- | --- |
+ (g) the assumed exit horizon for the purpose of calculating AVAs for concentrated positions, where relevant;
− | (g) | the assumed exit horizon for the purpose of calculating AVAs for concentrated positions, where relevant; |
− | --- | --- |
+ (h) the fair-valued assets and liabilities for which a change in accounting valuation has a partial or zero impact on CET1 capital according to Article 4(2) and Article 8(1).
− | (h) | the fair-valued assets and liabilities for which a change in accounting valuation has a partial or zero impact on CET1 capital according to Article 4(2) and Article 8(1). |
− | --- | --- |
+ ### Article 19 — Systems and controls requirements
− ### art_19
− Article 19
− 
+ (a) at least an annual review of valuation model performance;
− | (a) | at least an annual review of valuation model performance; |
− | --- | --- |
+ (b) management sign-off on all significant changes to valuation policies;
− | (b) | management sign-off on all significant changes to valuation policies; |
− | --- | --- |
+ (c) a clear statement of the institution's risk appetite for exposure to positions subject to valuation uncertainty which is monitored at an aggregate institution-wide level;
− | (c) | a clear statement of the institution's risk appetite for exposure to positions subject to valuation uncertainty which is monitored at an aggregate institution-wide level; |
− | --- | --- |
+ (d) independence in the valuation process between risk taking and control units;
− | (d) | independence in the valuation process between risk taking and control units; |
− | --- | --- |
+ (e) a comprehensive internal audit process related to valuation processes and controls.
− | (e) | a comprehensive internal audit process related to valuation processes and controls. |
− | --- | --- |
+ 
+ (a) a precisely defined institution-wide product inventory, ensuring that every valuation position is uniquely mapped to a product definition;
+ 
+ (b) valuation methodologies, for each product in the inventory covering choice and calibration of model, fair value adjustments, AVAs, independent price verification methodologies applicable to the product, and the measurement of valuation uncertainty;
+ 
+ (c) validation process ensuring that, for each product, both the risk-taking and relevant control departments approve the product-level methodologies described in point (b) and certify that they reflect the actual practice for every valuation position mapped to the product;
+ 
+ (d) defined thresholds based on observed market data for determining when valuation models are no longer sufficiently robust;
+ 
+ (e) a formal IPV process based on prices independent from the relevant trading desk;
+ 
+ (f) a new product approval processes referencing the product inventory and involving all internal stakeholders relevant to risk measurement, risk control, financial reporting and the assignment and verification of valuations of financial instruments;
+ 
+ (g) a new deal review process to ensure that pricing data from new trades are used to assess whether valuations of similar valuation exposures remain appropriately prudent.
+ 
+ ## CHAPTER V / **FINAL PROVISIONS**
+ 
+ ### Article 20 — Entry into force
+ 
+ This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
+ 
+ This Regulation shall be binding in its entirety and directly applicable in all Member States.
+ 
+ ### ANNEX
+ 
+ **Formulae to be used for the purpose of aggregating AVAs under Articles 9(6), 10(7) and 11(7)**
+ 
+ *Method 1*
+ 
+ | APVA | = | (FV – PV) – 50 % · (FV – PV)= (50 % · (FV – PV) |
+ | --- | --- | --- |
+ 
+ | AVA | = | Σ APVA |
+ | --- | --- | --- |
+ 
+ *Method 2*
+ | APVA | = | max {0, (FV – PV) – 50 % · (EV – PV)}= max {0, FV – 50 % · (EV + PV)} |
+ | --- | --- | --- |
− | (a) | a precisely defined institution-wide product inventory, ensuring that every valuation position is uniquely mapped to a product definition; |
− | --- | --- |
+ | AVA | = | Σ APVA |
+ | --- | --- | --- |
− | (b) | valuation methodologies, for each product in the inventory covering choice and calibration of model, fair value adjustments, AVAs, independent price verification methodologies applicable to the product, and the measurement of valuation uncertainty; |
− | --- | --- |
+ Where:
− | (c) | validation process ensuring that, for each product, both the risk-taking and relevant control departments approve the product-level methodologies described in point (b) and certify that they reflect the actual practice for every valuation position mapped to the product; |
− | --- | --- |
+ | FV | = | The valuation exposure level fair value after any accounting adjustment applied in the institution's fair value that can be identified as addressing the same source of valuation uncertainty as the relevant AVA, |
+ | --- | --- | --- |
− | (d) | defined thresholds based on observed market data for determining when valuation models are no longer sufficiently robust; |
− | --- | --- |
+ | PV | = | The valuation exposure level prudent value determined in accordance with this Regulation, |
+ | --- | --- | --- |
− | (e) | a formal IPV process based on prices independent from the relevant trading desk; |
− | --- | --- |
+ | EV | = | The expected value at a valuation exposure level taken from a range of possible values, |
+ | --- | --- | --- |
− | (f) | a new product approval processes referencing the product inventory and involving all internal stakeholders relevant to risk measurement, risk control, financial reporting and the assignment and verification of valuations of financial instruments; |
− | --- | --- |
+ | APVA | = | The valuation exposure level AVA after adjusting for aggregation, |
+ | --- | --- | --- |
− | (g) | a new deal review process to ensure that pricing data from new trades are used to assess whether valuations of similar valuation exposures remain appropriately prudent. |
− | --- | --- |
+ | AVA | = | The total category level AVA after adjusting for aggregation. |
+ | --- | --- | --- |
− ### art_20
+ (1) OJ L 176, 27.6.2013, p. 1.
− Article 20
+ (2) Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
− This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.