EU Publishes Corrigenda to CRD 4 and CRD 5
EU published, in the Official Journal of the European Union, a corrigendum to the Capital Requirements Directive, or CRD, 5 (2019/878). The corrigendum mentions corrections to six articles, including text related to additional own funds requirement and restriction on distributions in case of failure to meet the leverage ratio buffer requirement. CRD 5 amends CRD 4 (Directive 2013/36/EU) regarding exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers, and capital conservation measures. In June 2020, EU had also published a corrigendum to CRD 4 in the Official Journal of the European Union. The corrigendum to CRD 4 amended articles related to restrictions on distributions and assessment of capital conservation plans.
The corrigendum to CRD 5 mentions corrections to the following:
- Second subparagraph of Article 21a(2) related to approval of financial holding companies and mixed financial holding companies
- Article 21b(8) related to intermediate EU parent undertaking
- Article 104a(4) related to additional own funds requirement
- Point (b) of the second subparagraph of Article 141(2) related to restrictions on distributions
- Point (d) of the first subparagraph of Article 141(6) related to restrictions on distributions
- Point (b) of the second subparagraph of Article 141b(2) related to restriction on distributions in case of failure to meet the leverage ratio buffer requirement
Related Links
Keywords: Europe, EU, Banking, CRD5, CRD IV, Corrigendum, Own Funds Regulation, Tier 1 Capital, Leverage Ratio, Regulatory Capital, Basel, European Parliament, European Council
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
ESMA Guides on Securitization Repository Data Consistency ThresholdsRelated Articles
BCBS Consults on Principles for Operational Risk and Resilience
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
FSI Note Discusses Challenges Associated with COVID Relief Measures
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
HKMA Announces Repayment Deferment Under Payment Holiday Scheme
HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.
ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal
The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.
MAS Announces Key Initiatives to Support Adoption of SORA
MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.
BoE Updates Template and Definitions for Form ER
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.
PRA to Extend Temporary High Balance Coverage Amid COVID Crisis
PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.
EBA Publishes Standards on Disclosure and Reporting of MREL and TLAC
EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.
EBA Releases Erratum for Phase 2 Package on Reporting Framework 2.10
EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.
EC Sets Out Updated Technical Information for Solvency II Calculations
EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.
