What changed, Directive (EU) 2019/878

+ ### Article 1 — Amendments to Directive 2013/36/EU
− ### art_1
+ Directive 2013/36/EU is amended as follows:
+ 
+ (1) in Article 2, paragraphs 5 and 6 are replaced by the following: **‘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) pos…
− Article 1
+ (2) Article 3 is amended as follows: (a) in paragraph 1, the following points are added: ‘(60) “resolution authority” means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59/EU of the European Parliament and of the Council (*2); (61) “global systemically important …
+ 
+ (3) in Article 4, paragraph 8 is replaced by the following: **‘8.** Member States shall ensure that where authorities other than competent authorities have the power of resolution, those other authorities cooperate closely and consult the competent authorities with regard to the preparation of resol…
− Directive 2013/36/EU is amended as follows:
+ (4) Article 8 is amended as follows: (a) in paragraph 2, points (a) and (b) are replaced by the following: ‘(a) the information to be provided to the competent authorities in the application for the authorisation of credit institutions, including the programme of operations, structural organisation …
+ 
+ (5) in Article 9, the following paragraphs are added: **‘3.** Member States shall notify to the Commission and to EBA the national laws that expressly allow undertakings other than credit institutions to carry out the business of taking deposits and other repayable funds from the public. **4.** Purs…
− | (1) | in Article 2, paragraphs 5 and 6 are replaced by the following:‘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 off…
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− | (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”, the “Eksport Kredit Fonden A/S”, the “Danmarks Skibskredit A/S” and the “KommuneKredit”; |
− | (5) | in Germany, the “Kreditanstalt für Wiederaufbau”, “Landwirtschaftliche Rentenbank”, “Bremer Aufbau-Bank GmbH”, “Hamburgische Investitions- und Förderbank”, “Investitionsbank Berlin”, “Investitionsbank des Landes Brandenburg”, “Investitionsbank Schleswig-Holstein”, “Investitions- und Förderba…
− | (6) | in Estonia, the “hoiu-laenuühistud”, as cooperative undertakings that are recognised under the “hoiu-laenuühistu seadus”; |
− | (7) | in Ireland, the Strategic Banking Corporation of Ireland, credit unions and friendly societies; |
− | (8) | in Greece, the “Ταμείο Παρακαταθηκών και Δανείων” (Tamio Parakatathikon kai Danion); |
− | (9) | in Spain, the “Instituto de Crédito Oficial”; |
− | (10) | in France, the “Caisse des dépôts et consignations”; |
− | (11) | in Croatia, the “kreditne unije” and the “Hrvatska banka za obnovu i razvitak”; |
− | (12) | in Italy, the “Cassa depositi e prestiti”; |
− | (13) | in Latvia, the “krājaizdevu sabiedrības”, undertakings that are recognised under the “krājaizdevu sabiedrību likums” as cooperative undertakings rendering financial services solely to their members; |
− | (14) | in Lithuania, the “kredito unijos” other than the “centrinės kredito unijos”; |
− | (15) | in Hungary, the “MFB Magyar Fejlesztési Bank Zártkörűen Működő Részvénytársaság” and the “Magyar Export-Import Bank Zártkörűen Működő Részvénytársaság”; |
− | (16) | in Malta, “The Malta Development Bank”; |
− | (17) | in the Netherlands, the “Nederlandse Investeringsbank voor Ontwikkelingslanden NV”, the “NV Noordelijke Ontwikkelingsmaatschappij”, the “NV Limburgs Instituut voor Ontwikkeling en Financiering”, the “Ontwikkelingsmaatschappij Oost-Nederland NV” and kredietunies; |
− | (18) | in Austria, undertakings recognised as housing associations in the public interest and the “Österreichische Kontrollbank AG”; |
− | (19) | in Poland, the “Spółdzielcze Kasy Oszczędnościowo — Kredytowe” and the “Bank Gospodarstwa Krajowego”; |
− | (20) | in Portugal, the “Caixas Económicas” existing on 1 January 1986 with the exception of those incorporated as limited companies and of the “Caixa Económica Montepio Geral”; |
− | (21) | in Slovenia, the “SID-Slovenska izvozna in razvojna banka, d.d. Ljubljana”; |
− | (22) | in Finland, the “Teollisen yhteistyön rahasto Oy/Fonden för industriellt samarbete AB”, and the “Finnvera Oyj/Finnvera Abp”; |
− | (23) | in Sweden, the “Svenska Skeppshypotekskassan”; |
− | (24) | in the United Kingdom, National Savings and Investments (NS&I), CDC Group plc, the Agricultural Mortgage Corporation Ltd, the Crown Agents for overseas governments and administrations, credit unions and municipal banks. |
+ (6) Article 10 is replaced by the following: ‘Article 10 Programme of operations, structural organisation and governance arrangements **1.** Member States shall require applications for authorisation to be accompanied by a programme of operations setting out the types of business envisaged and the s…
− | (2) | Article 3 is amended as follows:(a)in paragraph 1, the following points are added:‘(60)“resolution authority” means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59/EU of the European Parliament and of the Council(*2);(61)“global systemically important ins…
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− | (a) | in paragraph 1, the following points are added:‘(60)“resolution authority” means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59/EU of the European Parliament and of the Council(*2);(61)“global systemically important institution” or “G-SII” means a G-SII …
− | ‘(60) | “resolution authority” means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59/EU of the European Parliament and of the Council(*2); |
− | (61) | “global systemically important institution” or “G-SII” means a G-SII as defined in point (133) of Article 4(1) of Regulation (EU) No 575/2013; |
− | (62) | “non-EU global systemically important institution” or “non-EU G-SII” means a non-EU G-SII as defined in point (134) of Article 4(1) of Regulation (EU) No 575/2013; |
− | (63) | “group” means a group as defined in point (138) of Article 4(1) of Regulation (EU) No 575/2013; |
− | (64) | “third-country group” means a group of which the parent undertaking is established in a third country; |
− | (65) | “gender neutral remuneration policy” means a remuneration policy based on equal pay for male and female workers for equal work or work of equal value. |
− | (b) | the following paragraph is added:‘3. In order to ensure that requirements or supervisory powers laid down in this Directive or in Regulation (EU) No 575/2013 apply on a consolidated or sub-consolidated basis in accordance with this Directive and that Regulation, the terms “institution”, “par…
− | (a) | financial holding companies and mixed financial holding companies that have been granted approval in accordance with Article 21a of this Directive; |
− | (b) | designated institutions controlled by an EU parent financial holding company, an EU parent mixed financial holding company, a parent financial holding company in a Member State or a parent mixed financial holding company in a Member State where the relevant parent is not subject to approval …
− | (c) | financial holding companies, mixed financial holding companies or institutions designated pursuant to point (d) of Article 21a(6) of this Directive.’; |
+ (7) in Article 14, paragraph 2 is replaced by the following: **‘2.** Competent authorities shall refuse authorisation to commence the activity of a credit institution if, taking into account the need to ensure the sound and prudent management of a credit institution, they are not satisfied as to the…
− | (3) | in Article 4, paragraph 8 is replaced by the following:‘8. Member States shall ensure that where authorities other than competent authorities have the power of resolution, those other authorities cooperate closely and consult the competent authorities with regard to the preparation of resolu…
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+ (8) in Article 18, point (d) is replaced by the following: ‘(d) no longer meets the prudential requirements set out in Part Three, Four or Six, except for the requirements laid down in Articles 92a and 92b of Regulation (EU) No 575/2013 or imposed under point (a) of Article 104(1) or Article 105 of …
− | (4) | Article 8 is amended as follows:(a)in paragraph 2, points (a) and (b) are replaced by the following:‘(a)the information to be provided to the competent authorities in the application for the authorisation of credit institutions, including the programme of operations, structural organisation …
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− | (a) | in paragraph 2, points (a) and (b) are replaced by the following:‘(a)the information to be provided to the competent authorities in the application for the authorisation of credit institutions, including the programme of operations, structural organisation and governance arrangements provide…
− | ‘(a) | the information to be provided to the competent authorities in the application for the authorisation of credit institutions, including the programme of operations, structural organisation and governance arrangements provided for in Article 10; |
− | (b) | the requirements applicable to shareholders and members with qualifying holdings, or, where there are no qualifying holdings, to the 20 largest shareholders or members, pursuant to Article 14; and’; |
− | (b) | the following paragraph is added:‘5. EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, addressed to the competent authorities to specify a common assessment methodology for granting authorisations in accordance with this Directive.’; |
+ (9) the following articles are inserted: ‘Article 21a Approval of financial holding companies and mixed financial holding companies **1.** Parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU pa…
− | (5) | in Article 9, the following paragraphs are added:‘3. Member States shall notify to the Commission and to EBA the national laws that expressly allow undertakings other than credit institutions to carry out the business of taking deposits and other repayable funds from the public.4. Pursuant t…
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+ (10) in Article 23(1), point (b) is replaced by the following: ‘(b) the reputation, knowledge, skills and experience, as set out in Article 91(1), of any member of the management body who will direct the business of the credit institution as a result of the proposed acquisition;’;
− | (6) | Article 10 is replaced by the following:‘Article 10Programme of operations, structural organisation and governance arrangements1. Member States shall require applications for authorisation to be accompanied by a programme of operations setting out the types of business envisaged and the stru…
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+ (11) Article 47 is amended as follows: (a) the following paragraph is inserted: **‘1a.** A Member State shall require branches of credit institutions having their head office in a third country to report at least annually to the competent authorities the following information:(a) the total assets co…
− | (7) | in Article 14, paragraph 2 is replaced by the following:‘2. Competent authorities shall refuse authorisation to commence the activity of a credit institution if, taking into account the need to ensure the sound and prudent management of a credit institution, they are not satisfied as to the …
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+ (12) Article 56 is amended as follows: (a) point (g) is replaced by the following: ‘(g) authorities responsible for supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 of the European Parliament and of the Council (*5) for compliance with that Dir…
− | (8) | in Article 18, point (d) is replaced by the following:‘(d)no longer meets the prudential requirements set out in Part Three, Four or Six, except for the requirements laid down in Articles 92a and 92b of Regulation (EU) No 575/2013 or imposed under point (a) of Article 104(1) or Article 105 o…
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− | ‘(d) | no longer meets the prudential requirements set out in Part Three, Four or Six, except for the requirements laid down in Articles 92a and 92b of Regulation (EU) No 575/2013 or imposed under point (a) of Article 104(1) or Article 105 of this Directive or can no longer be relied on to fulfil …
+ (13) in Article 57(1), the introductory phrase is replaced by the following: **‘1.** Notwithstanding Articles 53, 54 and 55, Member States shall ensure that an exchange of information can take place between the competent authorities and the authorities responsible for oversight:’;
− | (9) | the following articles are inserted:‘Article 21aApproval of financial holding companies and mixed financial holding companies1. Parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU paren…
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− | (a) | the structural organisation of the group of which the financial holding company or the mixed financial holding company is part, with a clear indication of its subsidiaries and, where applicable, parent undertakings, and the location and type of activity undertaken by each of the entities wit…
− | (b) | information regarding the nomination of at least two persons effectively directing the financial holding company or mixed financial holding company and compliance with the requirements set out in Article 121 on qualification of directors; |
− | (c) | information regarding compliance with the criteria set out in Article 14 concerning shareholders and members, where the financial holding company or mixed financial holding company has a credit institution as its subsidiary; |
− | (d) | the internal organisation and distribution of tasks within the group; |
− | (e) | any other information that may be necessary to carry out the assessments referred to in paragraphs 3 and 4 of this Article. |
− | (a) | the internal arrangements and distribution of tasks within the group are adequate for the purpose of complying with the requirements imposed by this Directive and Regulation (EU) No 575/2013 on a consolidated or sub-consolidated basis and, in particular, are effective to:(i)coordinate all th…
− | (i) | coordinate all the subsidiaries of the financial holding company or mixed financial holding company including, where necessary, through an adequate distribution of tasks among subsidiary institutions; |
− | (ii) | prevent or manage intra-group conflicts; and |
− | (iii) | enforce the group-wide policies set by the parent financial holding company or parent mixed financial holding company throughout the group; |
− | (b) | the structural organisation of the group of which the financial holding company or mixed financial holding company is part does not obstruct or otherwise prevent the effective supervision of the subsidiary institutions or parent institutions as concerns the individual, consolidated and, wher…
− | (i) | the position of the financial holding company or mixed financial holding company in a multi-layered group; |
− | (ii) | the shareholding structure; and |
− | (iii) | the role of the financial holding company or mixed financial holding company within the group; |
− | (c) | the criteria set out in Article 14 and the requirements laid down in Article 121 are complied with. |
− | (a) | the financial holding company's principal activity is to acquire holdings in subsidiaries or, in the case of a mixed financial holding company, its principal activity with respect to institutions or financial institutions is to acquire holdings in subsidiaries; |
− | (b) | the financial holding company or mixed financial holding company has not been designated as a resolution entity in any of the group's resolution groups in accordance with the resolution strategy determined by the relevant resolution authority pursuant to Directive 2014/59/EU; |
− | (c) | a subsidiary credit institution is designated as responsible to ensure the group's compliance with prudential requirements on a consolidated basis and is given all the necessary means and legal authority to discharge those obligations in an effective manner; |
− | (d) | the financial holding company or mixed financial holding company does not engage in taking management, operational or financial decisions affecting the group or its subsidiaries that are institutions or financial institutions; |
− | (e) | there is no impediment to the effective supervision of the group on a consolidated basis. |
− | (a) | suspending the exercise of voting rights attached to the shares of the subsidiary institutions held by the financial holding company or mixed financial holding company; |
− | (b) | issuing injunctions or penalties against the financial holding company, the mixed financial holding company or the members of the management body and managers, subject to Articles 65 to 72; |
− | (c) | giving instructions or directions to the financial holding company or mixed financial holding company to transfer to its shareholders the participations in its subsidiary institutions; |
− | (d) | designating on a temporary basis another financial holding company, mixed financial holding company or institution within the group as responsible for ensuring compliance with the requirements laid down in this Directive and in Regulation (EU) No 575/2013 on a consolidated basis; |
− | (e) | restricting or prohibiting distributions or interest payments to shareholders; |
− | (f) | requiring financial holding companies or mixed financial holding companies to divest from or reduce holdings in institutions or other financial sector entities; |
− | (g) | requiring financial holding companies or mixed financial holding companies to submit a plan on return, without delay, to compliance. |
− | (a) | be incompatible with a mandatory requirement for separation of activities imposed by the rules or supervisory authorities of the third country where the ultimate parent undertaking of the third-country group has its head office; or |
− | (b) | render resolvability less efficient than in the case of two intermediate EU parent undertakings according to an assessment carried out by the competent resolution authority of the intermediate EU parent undertaking. |
− | (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 from their individual balance sheet, where an institution's balance sheet is not consolidated; and |
− | (b) | the total value of assets of each branch of the third-country group authorised in the Union in accordance with this Directive, Directive 2014/65/EU or Regulation (EU) No 600/2014 of the European Parliament and of the Council(*4). |
− | (a) | the names and the total value of assets of supervised institutions belonging to a third-country group; |
− | (b) | the names and the total value of assets corresponding to branches authorised in that Member State in accordance with this Directive, Directive 2014/65/EU or Regulation (EU) No 600/2014, and the types of activities that they are authorised to carry out; |
− | (c) | the name and the type as referred to in paragraph 3 of any intermediate EU parent undertaking set up in that Member State and the name of the third-country group of which it is part. |
− | (a) | it has an intermediate EU parent undertaking; |
− | (b) | it is an intermediate EU parent undertaking; |
− | (c) | it is the only institution in the Union of the third-country group; or |
− | (d) | it is part of a third-country group with a total value of assets in the Union of less than EUR 40 billion. |
− | (a) | whether the requirements laid down in this Article are operable, necessary and proportionate and whether other measures would be more appropriate; |
− | (b) | whether the requirements imposed on institutions by this Article should be revised to reflect best international practices. |
− | (a) | whether and to what extent supervisory practices under national law for third-country branches differ between Member States; |
− | (b) | whether a different treatment of third-country branches under national law could result in regulatory arbitrage; |
− | (c) | whether further harmonisation of national regimes for third-country branches would be necessary and appropriate, especially with regard to significant third-country branches. |
+ (14) the following article is inserted: ‘Article 58a Transmission of information to international bodies **1.** Notwithstanding Article 53(1) and Article 54, competent authorities may, subject to the conditions set out in paragraphs 2, 3 and 4 of this Article, transmit or share certain information w…
− | (10) | in Article 23(1), point (b) is replaced by the following:‘(b)the reputation, knowledge, skills and experience, as set out in Article 91(1), of any member of the management body who will direct the business of the credit institution as a result of the proposed acquisition;’; |
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− | ‘(b) | the reputation, knowledge, skills and experience, as set out in Article 91(1), of any member of the management body who will direct the business of the credit institution as a result of the proposed acquisition;’; |
+ (15) in Article 63(1), the following subparagraph is added: ‘Member States shall provide that competent authorities may require the replacement of a person referred to in the first subparagraph if that person acts in breach of his or her obligations under the first subparagraph.’;
− | (11) | Article 47 is amended as follows:(a)the following paragraph is inserted:‘1a. A Member State shall require branches of credit institutions having their head office in a third country to report at least annually to the competent authorities the following information:(a)the total assets corres…
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− | (a) | the following paragraph is inserted:‘1a. A Member State shall require branches of credit institutions having their head office in a third country to report at least annually to the competent authorities the following information:(a)the total assets corresponding to the activities of the bran…
− | (a) | the total assets corresponding to the activities of the branch authorised in that Member State; |
− | (b) | information on the liquid assets available to the branch, in particular availability of liquid assets in Member State currencies; |
− | (c) | the own funds that are at the disposal of the branch; |
− | (d) | the deposit protection arrangements available to depositors in the branch; |
− | (e) | the risk management arrangements; |
− | (f) | the governance arrangements, including key function holders for the activities of the branch; |
− | (g) | the recovery plans covering the branch; and |
− | (h) | any other information considered by the competent authority necessary to enable comprehensive monitoring of the activities of the branch.’; |
− | (b) | paragraph 2 is replaced by the following:‘2. The competent authorities shall notify EBA of the following:(a)all the authorisations for branches granted to credit institutions having their head office in a third country and any subsequent changes to such authorisations;(b)total assets and lia…
− | (a) | all the authorisations for branches granted to credit institutions having their head office in a third country and any subsequent changes to such authorisations; |
− | (b) | total assets and liabilities of the authorised branches of credit institutions having their head office in a third country, as periodically reported; |
− | (c) | the name of the third-country group to which an authorised branch belongs. |
− | (c) | the following paragraph is inserted:‘2a. Competent authorities supervising branches of credit institutions having their head office in a third country and competent authorities of institutions that are part of the same third-country group shall cooperate closely to ensure that all activities…
+ (16) Article 64 is amended as follows: (a) paragraph 1 is replaced by the following: **‘1.** Competent authorities shall be given all supervisory powers to intervene in the activity of institutions, financial holding companies and mixed financial holding companies that are necessary for the exercise…
− | (12) | Article 56 is amended as follows:(a)point (g) is replaced by the following:‘(g)authorities responsible for supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 of the European Parliament and of the Council(*5) for compliance with that Dire…
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− | (a) | point (g) is replaced by the following:‘(g)authorities responsible for supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 of the European Parliament and of the Council(*5) for compliance with that Directive, and financial intelligence uni…
− | ‘(g) | authorities responsible for supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 of the European Parliament and of the Council(*5) for compliance with that Directive, and financial intelligence units; |
− | (b) | the following point is added:‘(h)competent authorities or bodies responsible for the application of rules on structural separation within a banking group.’; |
− | ‘(h) | competent authorities or bodies responsible for the application of rules on structural separation within a banking group.’; |
+ (17) in Article 66(1), the following point is added: ‘(e) failing to apply for approval in breach of Article 21a or any other breach of the requirements set out in that Article.’;
− | (13) | in Article 57(1), the introductory phrase is replaced by the following:‘1. Notwithstanding Articles 53, 54 and 55, Member States shall ensure that an exchange of information can take place between the competent authorities and the authorities responsible for oversight:’; |
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+ (18) in Article 67(1), the following point is added: ‘(q) a parent institution, a parent financial holding company or a parent mixed financial holding company fails to take any action that may be required to ensure compliance with the prudential requirements set out in Part Three, Four, Six or Seven…
− | (14) | the following article is inserted:‘Article 58aTransmission of information to international bodies1. Notwithstanding Article 53(1) and Article 54, competent authorities may, subject to the conditions set out in paragraphs 2, 3 and 4 of this Article, transmit or share certain information with…
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− | (a) | the International Monetary Fund and the World Bank, for the purposes of assessments for the Financial Sector Assessment Program; |
− | (b) | the Bank for International Settlements, for the purposes of quantitative impact studies; |
− | (c) | the Financial Stability Board, for the purposes of its surveillance function. |
− | (a) | the request is duly justified in light of the specific tasks performed by the requesting body in accordance with its statutory mandate; |
− | (b) | the request is sufficiently precise as to the nature, scope, and format of the required information, and the means of its disclosure or transmission; |
− | (c) | the requested information is strictly necessary for the performance of the specific tasks of the requesting body and does not go beyond the statutory tasks conferred on the requesting body; |
− | (d) | the information is transmitted or disclosed exclusively to the persons directly involved in the performance of the specific task; |
− | (e) | the persons having access to the information are subject to professional secrecy requirements at least equivalent to those referred to in Article 53(1). |
+ (19) Article 74 is replaced by the following: ‘Article 74 Internal governance and recovery and resolution plans **1.** Institutions shall have robust governance arrangements, which include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effecti…
− | (15) | in Article 63(1), the following subparagraph is added:‘Member States shall provide that competent authorities may require the replacement of a person referred to in the first subparagraph if that person acts in breach of his or her obligations under the first subparagraph.’; |
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+ (20) in Article 75, paragraph 1 is replaced by the following: **‘1.** Competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established in points (g), (h), (i) and (k) of Article 450(1) of Regulation (EU) No 575/2013 as well as the information p…
− | (16) | Article 64 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Competent authorities shall be given all supervisory powers to intervene in the activity of institutions, financial holding companies and mixed financial holding companies that are necessary for the exercise of…
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− | (a) | paragraph 1 is replaced by the following:‘1. Competent authorities shall be given all supervisory powers to intervene in the activity of institutions, financial holding companies and mixed financial holding companies that are necessary for the exercise of their function, including in particu…
− | (b) | the following paragraph is added:‘3. The decisions taken by competent authorities in the exercise of their supervisory powers and powers to impose penalties shall state the reasons on which they are based.’; |
+ (21) Article 84 is replaced by the following: ‘Article 84 Interest risk arising from non-trading book activities **1.** Competent authorities shall ensure that institutions implement internal systems, use the standardised methodology or the simplified standardised methodology to identify, evaluate, …
− | (17) | in Article 66(1), the following point is added:‘(e)failing to apply for approval in breach of Article 21a or any other breach of the requirements set out in that Article.’; |
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− | ‘(e) | failing to apply for approval in breach of Article 21a or any other breach of the requirements set out in that Article.’; |
+ (22) in Article 85, paragraph 1 is replaced by the following: **‘1.** Competent authorities shall ensure that institutions implement policies and processes to evaluate and manage the exposures to operational risk, including model risk and risks resulting from outsourcing, and to cover low-frequency …
− | (18) | in Article 67(1), the following point is added:‘(q)a parent institution, a parent financial holding company or a parent mixed financial holding company fails to take any action that may be required to ensure compliance with the prudential requirements set out in Part Three, Four, Six or Sev…
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− | ‘(q) | a parent institution, a parent financial holding company or a parent mixed financial holding company fails to take any action that may be required to ensure compliance with the prudential requirements set out in Part Three, Four, Six or Seven of Regulation (EU) No 575/2013 or imposed under …
+ (23) in Article 88(1), the following subparagraph is added: ‘Member States shall ensure that data on loans to members of the management body and their related parties are properly documented and made available to competent authorities upon request. For the purposes of this Article, the term “related…
− | (19) | Article 74 is replaced by the following:‘Article 74Internal governance and recovery and resolution plans1. Institutions shall have robust governance arrangements, which include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective …
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+ (24) in Article 89, the following paragraph is added: **‘6.** By 1 January 2021, the Commission, after consulting EBA, EIOPA and ESMA, shall review whether the information referred to in points (a) to (f) of paragraph 1 is still adequate, while taking into account previous impact assessments, intern…
− | (20) | in Article 75, paragraph 1 is replaced by the following:‘1. Competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established in points (g), (h), (i) and (k) of Article 450(1) of Regulation (EU) No 575/2013 as well as the information pr…
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+ (25) Article 91 is amended as follows: (a) paragraph 1 is replaced by the following: **‘1.** Institutions, financial holding companies and mixed financial holding companies shall have the primary responsibility for ensuring that members of the management body are at all times of sufficiently good re…
− | (21) | Article 84 is replaced by the following:‘Article 84Interest risk arising from non-trading book activities1. Competent authorities shall ensure that institutions implement internal systems, use the standardised methodology or the simplified standardised methodology to identify, evaluate, man…
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− | (a) | the evaluation by an institution's internal system of the risks referred to in paragraph 1; |
− | (b) | the identification, management and mitigation by institutions of the risks referred to in paragraph 1; |
− | (c) | the assessment and monitoring by institutions of the risks referred to in paragraph 2; |
− | (d) | determining which of the internal systems implemented by institutions for the purposes of paragraph 1 are not satisfactory as referred to in paragraph 3. |
+ (26) Article 92 is amended as follows: (a) paragraph 1 is deleted; (b) paragraph 2 is amended as follows: (i) the introductory part is replaced by the following: ‘Member States shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and discretionary …
− | (22) | in Article 85, paragraph 1 is replaced by the following:‘1. Competent authorities shall ensure that institutions implement policies and processes to evaluate and manage the exposures to operational risk, including model risk and risks resulting from outsourcing, and to cover low-frequency h…
− | --- | --- |
+ (27) Article 94 is amended as follows: (a) paragraph 1 is amended as follows: (i) point (l)(i) is replaced by the following: ‘(i) shares or, subject to the legal structure of the institution concerned, equivalent ownership interests; or share-linked instruments or, subject to the legal structure of …
− | (23) | in Article 88(1), the following subparagraph is added:‘Member States shall ensure that data on loans to members of the management body and their related parties are properly documented and made available to competent authorities upon request.For the purposes of this Article, the term “relat…
− | --- | --- |
− | (a) | a spouse, registered partner in accordance with national law, child or parent of a member of the management body; |
− | (b) | a commercial entity, in which a member of the management body or his or her close family member as referred to in point (a) has a qualifying holding of 10 % or more of capital or of voting rights in that entity, or in which those persons can exercise significant influence, or in which those …
+ (28) Article 97 is amended as follows: (a) in paragraph 1, point (b) is deleted; (b) in paragraph 4, the following subparagraph is added: ‘When conducting the review and evaluation referred to in paragraph 1 of this Article, competent authorities shall apply the principle of proportionality in accor…
− | (24) | in Article 89, the following paragraph is added:‘6. By 1 January 2021, the Commission, after consulting EBA, EIOPA and ESMA, shall review whether the information referred to in points (a) to (f) of paragraph 1 is still adequate, while taking into account previous impact assessments, interna…
− | --- | --- |
+ (29) Article 98 is amended as follows: (a) in paragraph 1, point (j) is deleted; (b) paragraph 5 is replaced by the following: **‘5.** The review and evaluation performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activ…
− | (25) | Article 91 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Institutions, financial holding companies and mixed financial holding companies shall have the primary responsibility for ensuring that members of the management body are at all times of sufficiently good reput…
− | --- | --- |
− | (a) | paragraph 1 is replaced by the following:‘1. Institutions, financial holding companies and mixed financial holding companies shall have the primary responsibility for ensuring that members of the management body are at all times of sufficiently good repute and possess sufficient knowledge, s…
− | (b) | paragraphs 7 and 8 are replaced by the following:‘7. The management body shall possess adequate collective knowledge, skills and experience to be able to understand the institution's activities, including the main risks. The overall composition of the management body shall reflect an adequat…
− | (c) | in paragraph 12, the following point is added:‘(f)the consistent application of the power referred to in the second subparagraph of paragraph 1.’; |
− | ‘(f) | the consistent application of the power referred to in the second subparagraph of paragraph 1.’; |
+ (30) in Article 99(2), point (b) is deleted;
− | (26) | Article 92 is amended as follows:(a)paragraph 1 is deleted;(b)paragraph 2 is amended as follows:(i)the introductory part is replaced by the following:‘Member States shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and discretionary pen…
− | --- | --- |
− | (a) | paragraph 1 is deleted; |
− | (b) | paragraph 2 is amended as follows:(i)the introductory part is replaced by the following:‘Member States shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and discretionary pension benefits, for categories of staff whose professional activ…
− | (i) | the introductory part is replaced by the following:‘Member States shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and discretionary pension benefits, for categories of staff whose professional activities have a material impact on the i…
− | (ii) | the following point is inserted:‘(aa)the remuneration policy is a gender neutral remuneration policy;’; |
− | ‘(aa) | the remuneration policy is a gender neutral remuneration policy;’; |
− | (c) | the following paragraph is added:‘3. For the purposes of paragraph 2, categories of staff whose professional activities have a material impact on the institution's risk profile shall, at least, include:(a)all members of the management body and senior management;(b)staff members with manageri…
− | (a) | all members of the management body and senior management; |
− | (b) | staff members with managerial responsibility over the institution's control functions or material business units; |
− | (c) | staff members entitled to significant remuneration in the preceding financial year, provided that the following conditions are met:(i)the staff member's remuneration is equal to or greater than EUR 500 000 and equal to or greater than the average remuneration awarded to the members of the in…
− | (i) | the staff member's remuneration is equal to or greater than EUR 500 000 and equal to or greater than the average remuneration awarded to the members of the institution's management body and senior management referred to in point (a); |
− | (ii) | the staff member performs the professional activity within a material business unit and the activity is of a kind that has a significant impact on the relevant business unit's risk profile.’; |
+ (31) Article 103 is deleted;
− | (27) | Article 94 is amended as follows:(a)paragraph 1 is amended as follows:(i)point (l)(i) is replaced by the following:‘(i)shares or, subject to the legal structure of the institution concerned, equivalent ownership interests; or share-linked instruments or, subject to the legal structure of th…
− | --- | --- |
− | (a) | paragraph 1 is amended as follows:(i)point (l)(i) is replaced by the following:‘(i)shares or, subject to the legal structure of the institution concerned, equivalent ownership interests; or share-linked instruments or, subject to the legal structure of the institution concerned, equivalent n…
− | (i) | point (l)(i) is replaced by the following:‘(i)shares or, subject to the legal structure of the institution concerned, equivalent ownership interests; or share-linked instruments or, subject to the legal structure of the institution concerned, equivalent non-cash instruments;’; |
− | ‘(i) | shares or, subject to the legal structure of the institution concerned, equivalent ownership interests; or share-linked instruments or, subject to the legal structure of the institution concerned, equivalent non-cash instruments;’; |
− | (ii) | point (m) is replaced by the following:‘(m)a substantial portion, and in any event at least 40 %, of the variable remuneration component is deferred over a period which is not less than four to five years and is correctly aligned with the nature of the business, its risks and the activities…
− | ‘(m) | a substantial portion, and in any event at least 40 %, of the variable remuneration component is deferred over a period which is not less than four to five years and is correctly aligned with the nature of the business, its risks and the activities of the staff member concerned. For members…
− | (b) | paragraph 2 is replaced by the following:‘2. EBA shall develop draft regulatory technical standards to specify the classes of instruments that satisfy the conditions set out in point (l)(ii) of paragraph 1.EBA shall submit those draft regulatory technical standards to the Commission by 31 Ma…
− | (a) | managerial responsibility and control functions; |
− | (b) | material business unit and significant impact on the relevant business unit's risk profile; and |
− | (c) | other categories of staff not expressly referred to in Article 92(3) whose professional activities have an impact on the institution's risk profile comparably as material as that of those categories of staff referred to therein. |
− | (c) | the following paragraphs are added:‘3. By way of derogation from paragraph 1, the requirements set out in points (l) and (m) and in the second paragraph of point (o) of that paragraph shall not apply to:(a)an institution that is not a large institution as defined in point (146) of Article 4(…
− | (a) | an institution that is not a large institution as defined in point (146) of Article 4(1) of Regulation (EU) No 575/2013 and the value of the assets of which is on average and on an individual basis in accordance with this Directive and Regulation (EU) No 575/2013 equal to or less than EUR 5 …
− | (b) | a staff member whose annual variable remuneration does not exceed EUR 50 000 and does not represent more than one third of the staff member's total annual remuneration. |
− | (a) | the institution in relation to which the Member State makes use of this provision is not a large institution as defined in point (146) of Article 4(1) of Regulation (EU) No 575/2013 and, where the threshold is increased:(i)the institution meets the criteria set out in points (145)(c), (d) an…
− | (i) | the institution meets the criteria set out in points (145)(c), (d) and (e) of Article 4(1) of Regulation (EU) No 575/2013; and |
− | (ii) | the threshold does not exceed EUR 15 billion; |
− | (b) | it is appropriate to modify the threshold in accordance with this paragraph taking into account the institution's nature, scope and complexity of its activities, its internal organisation or, if applicable, the characteristics of the group to which it belongs. |
+ (32) Article 104 is amended as follows: (a) paragraphs 1 and 2 are replaced by the following: **‘1.** For the purposes of Article 97, Article 98(4) and (5), Article 101(4) and Article 102 of this Directive and of the application of Regulation (EU) No 575/2013, competent authorities shall have at lea…
− | (28) | Article 97 is amended as follows:(a)in paragraph 1, point (b) is deleted;(b)in paragraph 4, the following subparagraph is added:‘When conducting the review and evaluation referred to in paragraph 1 of this Article, competent authorities shall apply the principle of proportionality in accord…
− | --- | --- |
− | (a) | in paragraph 1, point (b) is deleted; |
− | (b) | in paragraph 4, the following subparagraph is added:‘When conducting the review and evaluation referred to in paragraph 1 of this Article, competent authorities shall apply the principle of proportionality in accordance with the criteria disclosed pursuant to point (c) of Article 143(1).’; |
− | (c) | the following paragraph is inserted:‘4a. Competent authorities may tailor the methodologies for the application of the review and evaluation referred to in paragraph 1 of this Article to take into account institutions with a similar risk profile, such as similar business models or geographic…
− | (d) | the following paragraph is added:‘6. Where a review, in particular the evaluation of the governance arrangements, the business model, or the activities of an institution, gives competent authorities reasonable grounds to suspect that, in connection with that institution, money laundering or …
+ (33) the following articles are inserted: ‘Article 104a Additional own funds requirement **1.** Competent authorities shall impose the additional own funds requirement referred to in point (a) of Article 104(1) where, on the basis of the reviews carried out in accordance with Articles 97 and 101, th…
− | (29) | Article 98 is amended as follows:(a)in paragraph 1, point (j) is deleted;(b)paragraph 5 is replaced by the following:‘5. The review and evaluation performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activities…
− | --- | --- |
− | (a) | in paragraph 1, point (j) is deleted; |
− | (b) | paragraph 5 is replaced by the following:‘5. The review and evaluation performed by competent authorities shall include the exposure of institutions to the interest rate risk arising from non-trading book activities.The supervisory powers shall be exercised at least in the following cases:(a…
− | (a) | where an institution's economic value of equity as referred to in Article 84(1) declines by more than 15 % of its Tier 1 capital as a result of a sudden and unexpected change in interest rates as set out in any of the six supervisory shock scenarios applied to interest rates; |
− | (b) | where an institution's net interest income as referred to in Article 84(1) experiences a large decline as a result of a sudden and unexpected change in interest rates as set out in any of the two supervisory shock scenarios applied to interest rates. |
− | (c) | the following paragraph is inserted:‘5a. EBA shall develop draft regulatory technical standards to specify for the purposes of paragraph 5:(a)the six supervisory shock scenarios as referred to in point (a) of the second subparagraph of paragraph 5 and the two supervisory shock scenarios as r…
− | (a) | the six supervisory shock scenarios as referred to in point (a) of the second subparagraph of paragraph 5 and the two supervisory shock scenarios as referred to in point (b) of the second subparagraph of paragraph 5 to be applied to interest rates for every currency; |
− | (b) | in light of internationally agreed prudential standards, the common modelling and parametric assumptions, excluding behavioural assumptions, that institutions shall reflect in their calculations of the economic value of equity as referred to in point (a) of the second subparagraph of paragra…
− | (i) | the treatment of the institution's own equity; |
− | (ii) | the inclusion, composition and discounting of cash flows sensitive to interest rates arising from the institution's assets, liabilities and off-balance-sheet items, including the treatment of commercial margins and other spread components; |
− | (iii) | the use of dynamic or static balance sheet models and the resulting treatment of amortised and maturing positions. |
− | (c) | in light of internationally agreed standards, the common modelling and parametric assumptions, excluding behavioural assumptions, that institutions shall reflect in their calculations of the net interest income as referred to in point (b) of the second subparagraph of paragraph 5 which shall…
− | (i) | the inclusion and composition of cash flows sensitive to interest rates arising from the institution's assets, liabilities and off-balance-sheet items, including the treatment of commercial margins and other spread components; |
− | (ii) | the use of dynamic or static balance sheet models and the resulting treatment of amortised and maturing positions; |
− | (iii) | the period over which future net interest income shall be measured; |
− | (d) | what constitutes a large decline as referred to in point (b) of the second subparagraph of paragraph 5. |
− | (d) | the following paragraph is added:‘8. EBA shall assess the potential inclusion in the review and evaluation performed by competent authorities of environmental, social and governance risks (ESG risks).For the purposes of the first subparagraph, EBA's assessment shall comprise at least the fol…
− | (a) | the development of a uniform definition of ESG risks, including physical risks and transition risks; the latter shall comprise the risks related to the depreciation of assets due to regulatory changes; |
− | (b) | the development of appropriate qualitative and quantitative criteria for the assessment of the impact of ESG risks on the financial stability of institutions in the short, medium and long term; such criteria shall include stress testing processes and scenario analyses to assess the impact of…
− | (c) | the arrangements, processes, mechanisms and strategies to be implemented by the institutions to identify, assess and manage ESG risks; |
− | (d) | the analysis methods and tools to assess the impact of ESG risks on lending and financial intermediation activities of institutions. |
+ (34) in Article 105, point (d) is deleted;
− | (30) | in Article 99(2), point (b) is deleted; |
− | --- | --- |
+ (35) in Article 108, paragraph 3 is deleted;
− | (31) | Article 103 is deleted; |
− | --- | --- |
+ (36) Article 109 is amended as follows: (a) paragraphs 2 and 3 are replaced by the following: **‘2.** Competent authorities shall require the parent undertakings and subsidiaries subject to this Directive to meet the obligations set out in Section II of this Chapter on a consolidated or sub-consolid…
− | (32) | Article 104 is amended as follows:(a)paragraphs 1 and 2 are replaced by the following:‘1. For the purposes of Article 97, Article 98(4) and (5), Article 101(4) and Article 102 of this Directive and of the application of Regulation (EU) No 575/2013, competent authorities shall have at least …
− | --- | --- |
− | (a) | paragraphs 1 and 2 are replaced by the following:‘1. For the purposes of Article 97, Article 98(4) and (5), Article 101(4) and Article 102 of this Directive and of the application of Regulation (EU) No 575/2013, competent authorities shall have at least the power to:(a)require institutions t…
− | (a) | require institutions to have additional own funds in excess of the requirements set out in Regulation (EU) No 575/2013, under the conditions set out in Article 104a of this Directive; |
− | (b) | require the reinforcement of the arrangements, processes, mechanisms and strategies implemented in accordance with Articles 73 and 74; |
− | (c) | require institutions to submit a plan to restore compliance with supervisory requirements pursuant to this Directive and to Regulation (EU) No 575/2013 and set a deadline for its implementation, including improvements to that plan regarding scope and deadline; |
− | (d) | require institutions to apply a specific provisioning policy or treatment of assets in terms of own funds requirements; |
− | (e) | restrict or limit the business, operations or network of institutions or to request the divestment of activities that pose excessive risks to the soundness of an institution; |
− | (f) | require the reduction of the risk inherent in the activities, products and systems of institutions, including outsourced activities; |
− | (g) | require institutions to limit variable remuneration as a percentage of net revenues where it is inconsistent with the maintenance of a sound capital base; |
− | (h) | require institutions to use net profits to strengthen own funds; |
− | (i) | restrict or prohibit distributions or interest payments by an institution to shareholders, members or holders of Additional Tier 1 instruments where the prohibition does not constitute an event of default of the institution; |
− | (j) | impose additional or more frequent reporting requirements, including reporting on own funds, liquidity and leverage; |
− | (k) | impose specific liquidity requirements, including restrictions on maturity mismatches between assets and liabilities; |
− | (l) | require additional disclosures. |
− | (b) | paragraph 3 is deleted; |
+ (37) Article 111 is replaced by the following: ‘Article 111 Determination of the consolidating supervisor **1.** Where a parent undertaking is a parent credit institution in a Member State or an EU parent credit institution, supervision on a consolidated basis shall be exercised by the competent aut…
− | (33) | the following articles are inserted:‘Article 104aAdditional own funds requirement1. Competent authorities shall impose the additional own funds requirement referred to in point (a) of Article 104(1) where, on the basis of the reviews carried out in accordance with Articles 97 and 101, they …
− | --- | --- |
− | (a) | the institution is exposed to risks or elements of risk that are not covered or not sufficiently covered, as specified in paragraph 2 of this Article, by the own funds requirements set out in Parts Three, Four and Seven of Regulation (EU) No 575/2013 and in Chapter 2 of Regulation (EU) 2017/…
− | (b) | the institution does not meet the requirements set out in Articles 73 and 74 of this Directive or in Article 393 of Regulation (EU) No 575/2013 and it is unlikely that other supervisory measures would be sufficient to ensure that those requirements can be met within an appropriate timeframe;…
− | (c) | the adjustments referred to in Article 98(4) are deemed to be insufficient to enable the institution to sell or hedge out its positions within a short period without incurring material losses under normal market conditions; |
− | (d) | the evaluation carried out in accordance with Article 101(4) reveals that the non-compliance with the requirements for the application of the permitted approach will likely lead to inadequate own funds requirements; |
− | (e) | the institution repeatedly fails to establish or maintain an adequate level of additional own funds to cover the guidance communicated in accordance with Article 104b(3); |
− | (f) | other institution-specific situations deemed by the competent authority to raise material supervisory concerns. |
− | (a) | institution-specific risks or elements of such risks that are explicitly excluded from or not explicitly addressed by the own funds requirements set out in Parts Three, Four and Seven of Regulation (EU) No 575/2013 and in Chapter 2 of Regulation (EU) 2017/2402; |
− | (b) | institution-specific risks or elements of such risks likely to be underestimated despite compliance with the applicable requirements set out in Parts Three, Four and Seven of Regulation (EU) No 575/2013 and in Chapter 2 of Regulation (EU) 2017/2402. |
− | (a) | at least three quarters of the additional own funds requirement shall be met with Tier 1 capital; |
− | (b) | at least three quarters of the Tier 1 capital referred to in point (a) shall be composed of Common Equity Tier 1 capital. |
− | (a) | own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013; |
− | (b) | the combined buffer requirement; |
− | (c) | the guidance on additional own funds referred to in Article 104b(3) of this Directive where that guidance addresses risks other than the risk of excessive leverage. |
− | (a) | the own funds requirement set out in point (d) of Article 92(1) of Regulation (EU) No 575/2013; |
− | (b) | the leverage ratio buffer requirement referred to in Article 92(1a) of Regulation (EU) No 575/2013; |
− | (c) | the guidance on additional own funds referred to in Article 104b(3) of this Directive, where that guidance addresses risks of excessive leverage. |
− | (a) | the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013; |
− | (b) | the requirement laid down in Article 104a of this Directive imposed by competent authorities to address risks other than the risk of excessive leverage and the combined buffer requirement. |
+ (38) Article 113 is replaced by the following: ‘Article 113 Joint decisions on institution-specific prudential requirements **1.** The consolidating supervisor and the competent authorities responsible for the supervision of subsidiaries of an EU parent institution or an EU parent financial holding …
− | (34) | in Article 105, point (d) is deleted; |
− | --- | --- |
+ (39) in Article 115, the following paragraph is added: **‘3.** Where the consolidating supervisor is different from the competent authority in the Member State where a financial holding company or mixed financial holding company that has been granted approval in accordance with Article 21a is establ…
− | (35) | in Article 108, paragraph 3 is deleted; |
− | --- | --- |
+ (40) Article 116 is amended as follows: (a) the following paragraph is inserted: **‘1a.** To facilitate the tasks referred to in Articles 112(1), 114(1) and 115(1) of this Directive, the consolidating supervisor shall also establish colleges of supervisors where all the cross-border subsidiaries of …
− | (36) | Article 109 is amended as follows:(a)paragraphs 2 and 3 are replaced by the following:‘2. Competent authorities shall require the parent undertakings and subsidiaries subject to this Directive to meet the obligations set out in Section II of this Chapter on a consolidated or sub-consolidate…
− | --- | --- |
− | (a) | paragraphs 2 and 3 are replaced by the following:‘2. Competent authorities shall require the parent undertakings and subsidiaries subject to this Directive to meet the obligations set out in Section II of this Chapter on a consolidated or sub-consolidated basis, to ensure that the arrangemen…
− | (b) | the following paragraphs are added:‘4. The remuneration requirements laid down in Articles 92, 94 and 95 shall not apply on a consolidated basis to either of the following:(a)subsidiary undertakings established in the Union where they are subject to specific remuneration requirements in acco…
− | (a) | subsidiary undertakings established in the Union where they are subject to specific remuneration requirements in accordance with other Union legal acts; |
− | (b) | subsidiary undertakings established in a third country where they would be subject to specific remuneration requirements in accordance with other Union legal acts if they were established in the Union. |
− | (a) | the subsidiary is either an asset management company, or an undertaking that provides the investment services and activities listed in points (2), (3), (4), (6) and (7) of Section A of Annex I to Directive 2014/65/EU; and |
− | (b) | those members of staff have been mandated to perform professional activities that have a direct material impact on the risk profile or the business of the institutions within the group. |
+ (41) in Article 117, the following paragraphs are added: **‘5.** Competent authorities, financial intelligence units and authorities entrusted with the public duty of supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 for compliance with that Dir…
− | (37) | Article 111 is replaced by the following:‘Article 111Determination of the consolidating supervisor1. Where a parent undertaking is a parent credit institution in a Member State or an EU parent credit institution, supervision on a consolidated basis shall be exercised by the competent author…
− | --- | --- |
− | (a) | the competent authority of the credit institution where there is only one credit institution within the group; |
− | (b) | the competent authority of the credit institution with the largest balance sheet total, where there are several credit institutions within the group; or |
− | (c) | the competent authority of the investment firm with the largest balance sheet total, where the group does not include any credit institution. |
+ (42) in Article 119, paragraph 1 is replaced by the following: **‘1.** Subject to Article 21a, Member States shall adopt any measures necessary to include financial holding companies and mixed financial holding companies in consolidated supervision.’;
− | (38) | Article 113 is replaced by the following:‘Article 113Joint decisions on institution-specific prudential requirements1. The consolidating supervisor and the competent authorities responsible for the supervision of subsidiaries of an EU parent institution or an EU parent financial holding com…
− | --- | --- |
− | (a) | on the application of Articles 73 and 97 to determine the adequacy of the consolidated level of own funds held by the group of institutions with respect to its financial situation and risk profile and the required level of own funds for the application of point (a) of Article 104(1) to each …
− | (b) | on measures to address any significant matters and material findings relating to liquidity supervision, including relating to the adequacy of the organisation and the treatment of risks as required pursuant to Article 86 and relating to the need for institution-specific liquidity requirement…
− | (c) | on any guidance on additional own funds referred to in Article 104b(3). |
− | (a) | for the purposes of point (a) of paragraph 1 of this Article, within four months of submission by the consolidating supervisor of a report containing the risk assessment of the group of institutions in accordance with Article 104a to the other relevant competent authorities; |
− | (b) | for the purposes of point (b) of paragraph 1 of this Article, within four months of submission by the consolidating supervisor of a report containing the assessment of the liquidity risk profile of the group of institutions in accordance with Articles 86 and 105; |
− | (c) | for the purposes of point (c) of paragraph 1 of this Article, within four months of submission by the consolidating supervisor of a report containing the risk assessment of the group of institutions in accordance with Article 104b. |
+ (43) in Article 120, paragraph 2 is replaced by the following: **‘2.** Where a mixed financial holding company is subject to equivalent provisions under this Directive and under Directive 2009/138/EC, in particular in terms of risk-based supervision, the consolidating supervisor may, in agreement wi…
− | (39) | in Article 115, the following paragraph is added:‘3. Where the consolidating supervisor is different from the competent authority in the Member State where a financial holding company or mixed financial holding company that has been granted approval in accordance with Article 21a is establi…
− | --- | --- |
+ (44) in Article 125(1), the following subparagraph is added: ‘Where, pursuant to Article 111 of this Directive, the consolidating supervisor of a group with a parent mixed financial holding company is different from the coordinator determined in accordance with Article 10 of Directive 2002/87/EC, th…
− | (40) | Article 116 is amended as follows:(a)the following paragraph is inserted:‘1a. To facilitate the tasks referred to in Articles 112(1), 114(1) and 115(1) of this Directive, the consolidating supervisor shall also establish colleges of supervisors where all the cross-border subsidiaries of an …
− | --- | --- |
− | (a) | the following paragraph is inserted:‘1a. To facilitate the tasks referred to in Articles 112(1), 114(1) and 115(1) of this Directive, the consolidating supervisor shall also establish colleges of supervisors where all the cross-border subsidiaries of an EU parent institution, an EU parent fi…
− | (b) | in paragraph 6, the following subparagraph is added:‘The competent authority in the Member State where a financial holding company or a mixed financial holding company that has been granted approval in accordance with Article 21a is established may participate in the relevant college of supe…
+ (45) in Article 128, the following paragraphs are inserted after the first paragraph: ‘Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the combined buffer requirement referred to in point (6) of the first paragraph of this Article, to meet any of the requirements s…
− | (41) | in Article 117, the following paragraphs are added:‘5. Competent authorities, financial intelligence units and authorities entrusted with the public duty of supervising the obliged entities listed in points (1) and (2) of Article 2(1) of Directive (EU) 2015/849 for compliance with that Dire…
− | --- | --- |
+ (46) Articles 129 and 130 are replaced by the following: ‘Article 129 Requirement to maintain a capital conservation buffer **1.** In addition to the Common Equity Tier 1 capital that is maintained to meet any of the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regul…
− | (42) | in Article 119, paragraph 1 is replaced by the following:‘1. Subject to Article 21a, Member States shall adopt any measures necessary to include financial holding companies and mixed financial holding companies in consolidated supervision.’; |
− | --- | --- |
+ (47) Article 131 is amended as follows: (a) paragraph 1 is replaced by the following: **‘1.** Member States shall designate an authority to be responsible for identifying, on a consolidated basis, G-SIIs, and, on an individual, sub-consolidated or consolidated basis, as applicable, other systemicall…
− | (43) | in Article 120, paragraph 2 is replaced by the following:‘2. Where a mixed financial holding company is subject to equivalent provisions under this Directive and under Directive 2009/138/EC, in particular in terms of risk-based supervision, the consolidating supervisor may, in agreement wit…
− | --- | --- |
+ (48) Article 132 is deleted;
− | (44) | in Article 125(1), the following subparagraph is added:‘Where, pursuant to Article 111 of this Directive, the consolidating supervisor of a group with a parent mixed financial holding company is different from the coordinator determined in accordance with Article 10 of Directive 2002/87/EC,…
− | --- | --- |
+ (49) Articles 133 and 134 are replaced by the following: ‘Article 133 Requirement to maintain a systemic risk buffer **1.** Each Member State may introduce a systemic risk buffer of Common Equity Tier 1 capital for the financial sector or one or more subsets of that sector on all or a subset of expo…
− | (45) | in Article 128, the following paragraphs are inserted after the first paragraph:‘Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the combined buffer requirement referred to in point (6) of the first paragraph of this Article, to meet any of the requirement…
− | --- | --- |
+ (50) Article 136 is amended as follows: (a) in paragraph 3, the introductory part is replaced by the following: **‘3.** Each designated authority shall assess the intensity of cyclical systemic risk and the appropriateness of the countercyclical buffer rate for its Member State on a quarterly basis …
− | (46) | Articles 129 and 130 are replaced by the following:‘Article 129Requirement to maintain a capital conservation buffer1. In addition to the Common Equity Tier 1 capital that is maintained to meet any of the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulati…
− | --- | --- |
+ (51) in Article 141, paragraphs 1 to 6 are replaced by the following: **‘1.** An institution that meets the combined buffer requirement shall not make a distribution in connection with Common Equity Tier 1 capital to an extent that would decrease its Common Equity Tier 1 capital to a level where the…
− | (47) | Article 131 is amended as follows:(a)paragraph 1 is replaced by the following:‘1. Member States shall designate an authority to be responsible for identifying, on a consolidated basis, G-SIIs, and, on an individual, sub-consolidated or consolidated basis, as applicable, other systemically i…
− | --- | --- |
− | (a) | paragraph 1 is replaced by the following:‘1. Member States shall designate an authority to be responsible for identifying, on a consolidated basis, G-SIIs, and, on an individual, sub-consolidated or consolidated basis, as applicable, other systemically important institutions (O-SIIs), which …
− | (a) | a group headed by an EU parent institution, an EU parent financial holding company, or an EU parent mixed financial holding company; or |
− | (b) | an institution that is not a subsidiary of an EU parent institution, of an EU parent financial holding company or of an EU parent mixed financial holding company. |
− | (b) | the following paragraph is inserted:‘2a. An additional identification methodology for G-SIIs shall be based on the following categories:(a)the categories referred to in points (a) to (d) of paragraph 2 of this Article;(b)cross-border activity of the group, excluding the group's activities ac…
− | (a) | the categories referred to in points (a) to (d) of paragraph 2 of this Article; |
− | (b) | cross-border activity of the group, excluding the group's activities across participating Member States as referred to in Article 4 of Regulation (EU) No 806/2014 of the European Parliament and of the Council(*9). |
− | (c) | in paragraph 3, the second subparagraph is replaced by the following:‘EBA, after consulting the ESRB, shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, by 1 January 2015 on the criteria to determine the conditions of application of this paragraph in relat…
− | (d) | paragraph 5 is replaced by the following:‘5. The competent authority or the designated authority may require each O-SII, on a consolidated, sub-consolidated or individual basis, as applicable, to maintain an O-SII buffer of up to 3 % of the total risk exposure amount calculated in accordance…
− | (e) | the following paragraph is inserted:‘5a. Subject to the Commission authorisation referred to in the third subparagraph of this paragraph, the competent authority or the designated authority may require each O-SII, on a consolidated, sub-consolidated or individual basis, as applicable, to mai…
− | (f) | in paragraph 7, the introductory part is replaced by the following:‘7. Before setting or resetting an O-SII buffer, the competent authority or the designated authority shall notify the ESRB one month before the publication of the decision referred to in paragraph 5 and shall notify the ESRB …
− | (g) | paragraph 8 is replaced by the following:‘8. Without prejudice to Article 133 and paragraph 5 of this Article, where an O-SII is a subsidiary of either a G-SII or an O-SII which is either an institution or a group headed by an EU parent institution, and subject to an O-SII buffer on a consol…
− | (a) | the sum of the higher of the G-SII or the O-SII buffer rate applicable to the group on a consolidated basis and 1 % of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013; and |
− | (b) | 3 % of the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013, or the rate the Commission has authorised to be applied to the group on a consolidated basis in accordance with paragraph 5a of this Article.’; |
− | (h) | paragraphs 9 and 10 are replaced by the following:‘9. There shall be at least five sub-categories of G-SIIs. The lowest boundary and the boundaries between each subcategory shall be determined by the scores in accordance with the identification methodology referred to in paragraph 2 of this …
− | (a) | re-allocate a G-SII from a lower sub-category to a higher sub-category; |
− | (b) | allocate an entity as referred to in paragraph 1 that has an overall score as referred to in paragraph 2 that is lower than the cut-off score of the lowest sub-category to that sub-category or to a higher sub-category, thereby designating it as a G-SII; |
− | (c) | taking into account the Single Resolution Mechanism, on the basis of the additional overall score referred to in paragraph 2a re-allocate a G-SII from a higher sub-category to a lower sub-category.’; |
− | (i) | paragraph 11 is deleted; |
− | (j) | paragraph 12 is replaced by the following:‘12. The competent authority or the designated authority shall notify to the ESRB the names of the G-SIIs and O-SIIs and the respective sub-category to which each G-SII is allocated. The notification shall contain full reasons why supervisory judgmen…
− | (k) | paragraph 13 is deleted; |
− | (l) | paragraphs 14 and 15 are replaced by the following:‘14. Where a group, on a consolidated basis, is subject to a G-SII buffer and to an O-SII buffer the higher buffer shall apply.15. Where an institution is subject to a systemic risk buffer, set in accordance with Article 133, that buffer sha…
− | (m) | paragraphs 16 and 17 are deleted; |
− | (n) | paragraph 18 is replaced by the following:‘18. EBA shall develop draft regulatory technical standards to specify, for the purposes of this Article, the methodologies in accordance with which the competent authority or the designated authority shall identify an institution or a group headed b…
+ (52) the following articles are inserted: ‘Article 141a Failure to meet the combined buffer requirement An institution shall be considered as failing to meet the combined buffer requirement for the purposes of Article 141 where it does not have own funds in an amount and of the quality needed to mee…
− | (48) | Article 132 is deleted; |
− | --- | --- |
+ (53) in Article 142(1), the first subparagraph is replaced by the following: **‘1.** Where an institution fails to meet its combined buffer requirement or, where applicable, its leverage ratio buffer requirement, it shall prepare a capital conservation plan and submit it to the competent authority n…
− | (49) | Articles 133 and 134 are replaced by the following:‘Article 133Requirement to maintain a systemic risk buffer1. Each Member State may introduce a systemic risk buffer of Common Equity Tier 1 capital for the financial sector or one or more subsets of that sector on all or a subset of exposur…
− | --- | --- |
− | (a) | all exposures located in the Member State that sets that buffer; |
− | (b) | the following sectoral exposures located in the Member State that sets that buffer:(i)all retail exposures to natural persons which are secured by residential property;(ii)all exposures to legal persons which are secured by mortgages on commercial immovable property;(iii)all exposures to leg…
− | (i) | all retail exposures to natural persons which are secured by residential property; |
− | (ii) | all exposures to legal persons which are secured by mortgages on commercial immovable property; |
− | (iii) | all exposures to legal persons excluding those specified in point (ii); |
− | (iv) | all exposures to natural persons excluding those specified in point (i); |
− | (c) | all exposures located in other Member States, subject to paragraphs 12 and 15; |
− | (d) | sectoral exposures, as identified in point (b) of this paragraph, located in other Member States only to enable recognition of a buffer rate set by another Member State in accordance with Article 134; |
− | (e) | exposures located in third countries; |
− | (f) | subsets of any of the exposure categories identified in point (b). |
− | (a) | the systemic risk buffer does not entail disproportionate adverse effects on the whole or parts of the financial system of other Member States or of the Union as a whole forming or creating an obstacle to the proper functioning of the internal market; |
− | (b) | the systemic risk buffer is to be reviewed by the competent authority or the designated authority at least every second year; |
− | (c) | the systemic risk buffer is not to be used to address risks that are covered by Articles 130 and 131. |
− | (a) | the macroprudential or systemic risks in the Member State; |
− | (b) | the reasons why the dimension of the macroprudential or systemic risks threatens the stability of the financial system at national level justifying the systemic risk buffer rate; |
− | (c) | the justification for why the systemic risk buffer is considered likely to be effective and proportionate to mitigate the risk; |
− | (d) | an assessment of the likely positive or negative impact of the systemic risk buffer on the internal market, based on information which is available to the Member State; |
− | (e) | the systemic risk buffer rate or rates that the competent authority or the designated authority, as applicable, intends to impose and the exposures to which such rates shall apply and the institutions which shall be subject to such rates; |
− | (f) | where the systemic risk buffer rate applies to all exposures, a justification of why the authority considers that the systemic risk buffer is not duplicating the functioning of the O-SII buffer provided for in Article 131. |
− | (a) | the systemic risk buffer rate or rates; |
− | (b) | the institutions to which the systemic risk buffer applies; |
− | (c) | the exposures to which the systemic risk buffer rate or rates apply; |
− | (d) | a justification for setting or resetting the systemic risk buffer rate or rates; |
− | (e) | the date from which the institutions shall apply the setting or resetting of the systemic risk buffer; and |
− | (f) | the names of the countries where exposures located in those countries are recognised in the systemic risk buffer. |
+ (54) in Article 143(1), point (c) is replaced by the following: ‘(c) the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);’;
− | (50) | Article 136 is amended as follows:(a)in paragraph 3, the introductory part is replaced by the following:‘3. Each designated authority shall assess the intensity of cyclical systemic risk and the appropriateness of the countercyclical buffer rate for its Member State on a quarterly basis and…
− | --- | --- |
− | (a) | in paragraph 3, the introductory part is replaced by the following:‘3. Each designated authority shall assess the intensity of cyclical systemic risk and the appropriateness of the countercyclical buffer rate for its Member State on a quarterly basis and set or adjust the countercyclical buf…
− | (b) | paragraph 7 is replaced by the following:‘7. Each designated authority shall publish quarterly at least the following information on its website:(a)the applicable countercyclical buffer rate;(b)the relevant credit-to-GDP-ratio and its deviation from the long-term trend;(c)the buffer guide ca…
− | (a) | the applicable countercyclical buffer rate; |
− | (b) | the relevant credit-to-GDP-ratio and its deviation from the long-term trend; |
− | (c) | the buffer guide calculated in accordance with paragraph 2; |
− | (d) | a justification for that buffer rate; |
− | (e) | where the buffer rate is increased, the date from which institutions shall apply that increased buffer rate for the purpose of calculating their institution-specific countercyclical capital buffer; |
− | (f) | where the date referred to in point (e) is less than 12 months after the date of the publication under this paragraph, a reference to the exceptional circumstances that justify that shorter deadline for application; |
− | (g) | where the buffer rate is decreased, the indicative period during which no increase in the buffer rate is expected, together with a justification for that period. |
+ (55) Article 146 is replaced by the following; ‘Article 146 Implementing acts In accordance with the examination procedure referred to in Article 147(2), an alteration of the amount of initial capital prescribed in Article 12 and Title IV to take account of developments in the economic and monetary …
− | (51) | in Article 141, paragraphs 1 to 6 are replaced by the following:‘1. An institution that meets the combined buffer requirement shall not make a distribution in connection with Common Equity Tier 1 capital to an extent that would decrease its Common Equity Tier 1 capital to a level where the …
− | --- | --- |
− | (a) | make a distribution in connection with Common Equity Tier 1 capital; |
− | (b) | create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet the combined buffer requirements; or |
− | (c) | make payments on Additional Tier 1 instruments. |
− | (a) | any interim profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013, net of any distribution of profits or any payment resulting from the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Artic…
− | (b) | any year-end profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013 net of any distribution of profits or any payment resulting from the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Artic…
− | (c) | amounts which would be payable by tax if the items specified in points (a) and (b) of this paragraph were to be retained. |
− | (a) | where the Common Equity Tier 1 capital maintained by the institution which is not used to meet any of the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of…
− | (b) | where the Common Equity Tier 1 capital maintained by the institution which is not used to meet any of the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of…
− | (c) | where the Common Equity Tier 1 capital maintained by the institution which is not used to meet the own funds requirements set out in points (a), (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of excess…
− | (d) | where the Common Equity Tier 1 capital maintained by the institution which is not used to meet the own funds requirements set out in points (b) and (c) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of excessive l…
+ (56) the following chapter is inserted after Article 159: ‘*CHAPTER 1A* ***Transitional provisions on financial holding companies and mixed financial holding companies*** Article 159a Transitional provisions on approval of financial holding companies and mixed financial holding companies Parent fina…
− | (52) | the following articles are inserted:‘Article 141aFailure to meet the combined buffer requirementAn institution shall be considered as failing to meet the combined buffer requirement for the purposes of Article 141 where it does not have own funds in an amount and of the quality needed to me…
− | --- | --- |
− | (a) | point (a) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of excessive leverage under point (a) of Article 104(1) of this Directive; |
− | (b) | point (b) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of excessive leverage under point (a) of Article 104(1) of this Directive; |
− | (c) | point (c) of Article 92(1) of Regulation (EU) No 575/2013 and the additional own funds requirement addressing risks other than the risk of excessive leverage under point (a) of Article 104(1) of this Directive. |
− | (a) | make a distribution in connection with Common Equity Tier 1 capital; |
− | (b) | create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet the combined buffer requirements; or |
− | (c) | make payments on Additional Tier 1 instruments. |
− | (a) | any interim profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013 net of any distribution of profits or any payment related to the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Article;pl…
− | (b) | any year-end profits not included in Common Equity Tier 1 capital pursuant to Article 26(2) of Regulation (EU) No 575/2013 net of any distribution of profits or any payment related to the actions referred to in point (a), (b) or (c) of the second subparagraph of paragraph 2 of this Article;m…
− | (c) | amounts which would be payable by tax if the items specified in points (a) and (b) of this paragraph were to be retained. |
− | (a) | where the Tier 1 capital maintained by the institution which is not used to meet the requirements under point (d) of Article 92(1) of Regulation (EU) No 575/2013 and under point (a) of Article 104(1) of this Directive when addressing the risk of excessive leverage not sufficiently covered by…
− | (b) | where the Tier 1 capital maintained by the institution which is not used to meet the requirements under point (d) of Article 92(1) of Regulation (EU) No 575/2013 and under point (a) of Article 104(1) of this Directive when addressing the risk of excessive leverage not sufficiently covered by…
− | (c) | where the Tier 1 capital maintained by the institution which is not used to meet the requirements under point (d) of Article 92(1) of Regulation (EU) No 575/2013 and under point (a) of Article 104(1) of this Directive when addressing the risk of excessive leverage not sufficiently covered by…
− | (d) | where the Tier 1 capital maintained by the institution which is not used to meet the requirements under point (d) of Article 92(1) of Regulation (EU) No 575/2013 and under point (a) of Article 104(1) of this Directive when addressing the risk of excessive leverage not sufficiently covered by…
+ (57) in Article 161, the following paragraph is added: **‘10.** By 31 December 2023, the Commission shall review and report on the implementation and application of the supervisory powers referred to in points (j) and (l) of Article 104(1) and submit a report to the European Parliament and to the Co…
− | (53) | in Article 142(1), the first subparagraph is replaced by the following:‘1. Where an institution fails to meet its combined buffer requirement or, where applicable, its leverage ratio buffer requirement, it shall prepare a capital conservation plan and submit it to the competent authority no…
− | --- | --- |
+ ### Article 2 — Transposition
− | (54) | in Article 143(1), point (c) is replaced by the following:‘(c)the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);’; |
− | --- | --- |
− | ‘(c) | the general criteria and methodologies they use in the review and evaluation referred to in Article 97, including the criteria for applying the principle of proportionality as referred to in Article 97(4);’; |
+ **1.** Member States shall adopt and publish, by 28 December 2020, the measures necessary to comply with:(a) provisions of this Directive insofar as they concern credit institutions;(b) Article 1(1) and (9) of this Directive as regards Article 2(5) and (6) and Article 21b of Directive 2013/36/EU, in…
− | (55) | Article 146 is replaced by the following;‘Article 146Implementing actsIn accordance with the examination procedure referred to in Article 147(2), an alteration of the amount of initial capital prescribed in Article 12 and Title IV to take account of developments in the economic and monetary…
− | --- | --- |
+ **2.** Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
− | (56) | the following chapter is inserted after Article 159: ‘ CHAPTER 1ATransitional provisions on financial holding companies and mixed financial holding companiesArticle 159aTransitional provisions on approval of financial holding companies and mixed financial holding companiesParent financial h…
− | --- | --- |
+ ### Article 3 — Entry into force
− | (57) | in Article 161, the following paragraph is added:‘10. By 31 December 2023, the Commission shall review and report on the implementation and application of the supervisory powers referred to in points (j) and (l) of Article 104(1) and submit a report to the European Parliament and to the Cou…
− | --- | --- |
+ This Directive shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
− ### art_2
+ ### Article 4 — Addressees
− Article 2
+ This Directive is addressed to the Member States.
− 1. Member States shall adopt and publish, by 28 December 2020, the measures necessary to comply with this Directive. They shall immediately inform the Commission thereof.
+ (*1) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).’;
− They shall apply those measures from 29 December 2020. However, the provisions necessary to comply with the amendments set out in point (21) and points (29)(a), (b) and (c) of Article 1 of this Directive as regards Article 84 and Article 98(5) and (5a) of Directive 2013/36/EU shall apply from 28 Jun…
+ (*2) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/3…
− When Member States adopt those measures, they shall contain a reference to this Directive or be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.
+ (*3) Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2…
− 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
+ (*4) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).’;
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