575/2013
The legislation has 575/2013 amended several times, 575/2013, in line with evolving international regulatory standards set by the Basel Committee on Banking Supervision. Delegated and implementing acts.
Having regard to the Treaty on the Functioning of the European Union, and in particular Article thereof,. Having regard to the opinion of the European Central Bank 1 ,. Having regard to the opinion of the European Economic and Social Committee 2 ,. The G Declaration of 2 April on Strengthening of the Financial System called for internationally consistent efforts that are aimed at strengthening transparency, accountability and regulation by improving the quantity and quality of capital in the banking system once the economic recovery is assured. That declaration also called for introduction of a supplementary non-risk based measure to contain the build-up of leverage in the banking system, and the development of a framework for stronger liquidity buffers. Those measures were endorsed by the G leaders at their Pittsburgh Summit of September and were set out in detail in December
575/2013
It applies from 1 January The financial crisis has shown that losses in the financial sector can be extremely large when a downturn is preceded by a period of excessive credit growth. The financial crisis revealed vulnerabilities in the regulation and supervision of the banking system at European and global level. Institutions entered the crisis with capital of insufficient quantity and quality and, in order to safeguard financial stability, governments had to provide support to the banking sector in many countries. First, Basel III is not a law. It is the latest configuration of an evolving set of internationally agreed standards developed by supervisors and central banks. That has to now go through a process of democratic control as it is transposed into EU and national law. Furthermore, while the Basel capital adequacy agreements apply to 'internationally active banks', in the EU it has applied to all banks more than 8, as well as investment firms. This wide scope is necessary in the EU since banks authorised in one Member State can provide their services across the EU's single market known as 'EU banking passport' and as such are more than likely to engage in cross-border business. Within this framework the previous CRD was divided into two legislative instruments: a directive governing the access to deposit-taking activities and a regulation establishing the prudential requirements institutions need to respect. While Member States have transposed the directive into national law, the regulation is directly applicable, which means that it creates law that takes immediate effect in all Member States in the same way as a national instrument, without any further action on the part of the national authorities. This removes the major sources of national divergences. It also makes the regulatory process faster and makes it easier to react to change market conditions.
EBA and the Commission should start preparing their reports on liquidity requirements and leverage, 575/2013, as provided for in this 575/2013, as soon as possible.
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575/2013
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EBA shall develop draft implementing technical standards to specify the joint decision process referred to in point a of paragraph 1, with regard to the applications for permissions referred to in Article 1 , Article 4 and 9 , Article , Article 2 , and Article with a view to facilitating joint decisions. As a general rule, the competent authorities should not discriminate between the three approaches with regard to the Supervisory Review Process, i. Institutions should hold a diversified buffer of liquid assets that they can use to cover liquidity needs in a short term liquidity stress. Bonds issued by the National Asset Management Agency NAMA in Ireland are of particular importance to the Irish banking recovery and their issue has been granted prior approval by the Member States, and approved as a State aid by the Commission as a support measure introduced to remove impaired assets from the balance sheets of certain credit institutions. EBA, in cooperation with the ESRB, should issue guidance on the principles for use of liquid stock in a stress situation. Main article: Basel III. Where Member States adopt guidelines of general scope, in particular in areas where the adoption by the Commission of draft technical standards is pending, those guidelines shall neither contradict Union law nor undermine its application. The six-month period shall be deemed the conciliation period within the meaning of that Regulation. Such a situation can be considered prejudicial to the solvency of an institution. The joint decision may also impose constraints on the location and ownership of liquid assets and require minimum amounts of liquid assets to be held by institutions that are exempt from the application of Part Six. While it is desirable to base the calculation of the exposure value on that provided for the purposes of own funds requirements, it is appropriate to adopt rules for the monitoring of large exposures without applying risk weightings or degrees of risk. Appropriate transitional provisions for the latter case should therefore be laid down in this Regulation.
OJ L ,
Having regard to work of the BCBS' Standards Implementation Group in monitoring and reviewing member countries' implementation of the Basel III framework, the Commission should provide update reports on an ongoing basis, and at least following the publication of each Progress Report by BCBS, on the implementation and domestic adoption of the Basel III framework in other major jurisdictions, including an assessment of the consistency of other countries' legislation or regulations with the international minimum standards, in order to identify differences that could raise level playing field concerns. In accordance with Declaration No 39 on Article TFEU, the Commission should continue to consult experts appointed by the Member States in the preparation of draft delegated acts in the financial services area, in accordance with its established practice. In managing its positions or sets of positions in the trading book the institution shall comply with all of the following requirements:. Therefore, excessive concentration of exposures to a single client or group of connected clients may result in an unacceptable risk of loss. The Commission should state the reasons for the use of such a procedure. On the basis of the reports which EBA is required to submit and when preparing the proposal for a delegated act on liquidity requirements, the Commission should also consider if senior bonds issued by legal entities similar to NAMA in Ireland or the Spanish Asset Management Company, established for the same purpose and of particular importance for bank recovery in any other Member State, should be granted such treatment, to the extent they are guaranteed by the central government of the relevant Member State and are eligible collateral with monetary authorities. Saves information regarding the user's consent to the use of cookies for each optional category. Where, in the cases referred to in paragraph 1 and point b of paragraph 2, several undertakings meet the criteria set out therein, they shall nevertheless be included in the consolidation where collectively they are of non-negligible interest with respect to the specified objectives. EBA shall submit those draft regulatory technical standards to the Commission by 30 September If by 31 December , Union law governing the requirement that capital instruments should be capable of being fully and permanently written down to zero or converted into Common Equity Tier 1 instruments in the event that an institution is no longer considered viable has not been adopted, the Commission should review and report on whether such a provision should be included in this Regulation and, in light of that review, submit appropriate legislative proposals. In order to ensure adequate transparency to the market of their remuneration structures and the associated risk, institutions should disclose detailed information on their remuneration policies, practices and, for reasons of confidentiality, aggregated amounts for those members of staff whose professional activities have a material impact on the risk profile of the institution. Although an institution may opt not to disclose information as the information is regarded as proprietary or confidential, the fact that information is being regarded as proprietary or confidential should not discharge liability arising from non-disclosure of that information when such non-disclosure is found to have material effect.
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