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
Keywords: Europe, EU, Banking, CRD5, CRD IV, Corrigendum, Own Funds Regulation, Tier 1 Capital, Leverage Ratio, Regulatory Capital, Basel, European Parliament, European Council
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