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    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments. Additionally, the European Supervisory Authorities (ESAs) have submitted, to the European Commission (EC), queries related to the interpretation of the European Union laws on the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation.

    Draft regulation on amendments to standards on credit risk adjustments. The draft regulation amends Regulation No 183/2014 with respect to calculating the specific credit risk adjustments for the purposes of assigning the risk-weights referred to in Article 127(1) of the Capital Requirements Regulation or CRR (575/2013) to the unsecured part of a defaulted exposure. When calculating specific credit risk adjustments for such purposes, institutions shall include any positive difference between the amount owed by the obligor on that exposure and the sum of the additional own funds reduction if that exposure was written-off fully and any already existing own funds reductions related to that exposure. The Commission Delegated Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    Queries on SFDR and Taxonomy Regulation. ESAs have submitted queries on the  interpretation of SFDR and Taxonomy Regulation. The queries address topics that relate to principal adverse impact disclosures, financial advisers, transparency of the integration of sustainability risks and rules for products no longer made available, good governance practices, and scope of certain articles under the Taxonomy Regulation.

     

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    Keywords: Europe, EU, Banking, Insurance, Securities, Credit Risk, CRR, Basel, SFDR, Taxonomy Regulation, Sustainable Finance, ESG, Regulatory Technical Standards, Regulatory Capital, Risk-Weighted Assets, Defaulted Exposures, ESAs, EC, European Council

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