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October 22, 2018

EC published the Implementing Regulation 2018/1580 on closely correlated currencies in accordance the Capital Requirements Regulation or CRR (EU Regulation No 575/2013). Regulation 2018/1580 amends the Implementing Regulation (EU) 2015/2197, which lays down the implementing technical standards with regard to closely correlated currencies. Regulation 2018/1580 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

As part of the amendment, the Annex to Regulation 2015/2197 is being replaced by the text set out in the Annex to the Regulation 2018/1580. To ensure that the currency pairs referred to in the Annex to Regulation 2015/2197 continue to reflect the actual correlation between the relevant currencies, it is necessary to update the list of closely correlated currencies. The list uses March 31, 2017 as the end date for the purpose of computing the three- and five-year data series required to assess the currency pairs in accordance with CRR. Regulation 2018/1580 is based on the draft implementing technical standards submitted by EBA to EC. Given that the necessary amendments to Implementing Regulation (EU) 2015/2197 do not involve significant changes in substantive terms, in accordance with the second subparagraph of Article 15(1) of Regulation (EU) No 1093/2010, EBA has not conducted an open public consultation, considering that it would be disproportionate in relation to the scope and impact of the draft implementing technical standards concerned.

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Effective Date: November 11, 2018

Keywords: Europe, EU, Banking, CRR, Regulation 2018/1580, Correlated Currencies, Implementing Technical Standards, EC

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