Annexes to COM(2021)664 - Amendment of Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2021)664 - Amendment of Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, ... |
|---|---|
| document | COM(2021)664  |
| date | October 27, 2021 |
(19) Similar studies, which came to the same conclusion for banks around the globe, were carried out at international level by the BCBS. For details, see https://www.bis.org/bcbs/implementation/rcap_thematic.htm .
(20) See https://www.bis.org/bcbs/publ/d424.htm.
(21) See https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_19_6269 .
(22) More specifically to 1 January 2023 for the starting date of application and to 1 January 2028 for the full application of the final elements of the reform.
(23) See https://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1588580774040&uri=CELEX:52019DC0640
(24) See https://eur-lex.europa.eu/legal-content/ES/TXT/?uri=COM:2021:550:FIN .
(25) See COM(2021) 390 final.
(26) See https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0097 .
(27) See https://ec.europa.eu/info/publications/sustainable-finance-high-level-expert-group_en .
(28) See EBA/REP/2021/20 (available here ). The CRD requires EBA to report on the regulatory arbitrage resulting from the current different treatments of TCBs. This report takes stock of the national regimes for TCBs and confirms that significant differences persist in the national treatment of these branches and in the degree of involvement of the host-supervisor.
(29) COM(2021)750, see strategic area of action 6 (“building resilient and future-proof economic and financial systems”).
(30) The relevant Treaty Articles conferring the Union the right to adopt measures are those concerning the freedom of establishment (in particular Article 53 TFEU), the freedom to provide services (Article 59 TFEU), and the approximation of rules which have as their object the establishment and functioning of the internal market (Article 114 TFEU).
(31) See https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12015-Alignment-EU-rules-on-capital-requirements-to-international-standards-prudential-requirements-and-market-discipline-/public-consultation_en .
(32) See https://ec.europa.eu/info/consultations/finance-2018-basel-3-finalisation_en
(33) A first impact analysis was provided in two parts in 2019 (see here and here ). A second impact analysis, updating the results of the original analysis in light of the impact of the COVID-19 pandemic was provided in December 2020 (see here ). The updated analysis showed that from Q2 2018 to Q4 2019, the total increase in minimum capital requirements due to the implementation of the full Basel III reform decreased by over 5 percentage points (i.e. from +24.1% to +18.5%), while the capital shortfall across the institutions in the sample has more than halved (from EUR 109.5 bn to EUR 52.2 bn).
(34) The first macroprudential analysis was prepared in conjunction with the 2019 impact analysis prepared by the EBA. An updated version was then prepared in 2021 to take into account the EBA’s updated impact analysis. The results of the updated ECB analysis are presented in the impact assessment. For details on the ECB analysis see https://www.ecb.europa.eu/pub/financial-stability/macroprudential-bulletin/html/ecb.mpbu202107_1~3292170452.en.html .
(35) SWD(2021) 320.
(36) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures, OJ L 111, 25.4.2019, p. 4–12.
(37) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, OJ L 314, 5.12.2019, p. 1–63.
(38) The proportion is calculated with respect to the consolidated group’s RWAs.
(39) FSB: Strengthening Oversight and Regulation of Shadow Banking, 29 August 2013, available at: https://www.fsb.org/wp-content/uploads/r_130829b.pdf .
(40) European Banking Authority: Policy Advice on the Basel III Reforms: Operational Risk, EBA-OP-2019-09b, 2 August 2019.
(41) European Securities and Markets Authority: Report on securities financing transactions and leverage in the EU, October 2016.
(42) EBA, Policy advice on the Basel reforms: Operational Risk, EBA/OP/2019/09b, 2 August 2019, available at: https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2886865/5db69327-7d3f-4e6c-9ac9-fc54430781eb/Policy%20Advice%20on%20Basel%20III%20reforms%20-%20Operational%20Risk.pdf?retry=1
(43) Basel Committee on Banking Supervision (2019): Leverage ratio treatment of client cleared derivatives, June 2019, available at: https://www.bis.org/bcbs/publ/d467.pdf
(44) Report from the Commission to the European Parliament and the Council on a possible extension of the leverage ratio buffer framework to O-SIIs and on the definition and calculation of the total exposure measure, including the treatment of central bank reserves, February 2021, available at: https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:52021DC0062
(45) ECOFIN Council “Action Plan to Tackle Non-Performing Loans in Europe”, July 2017. Council conclusions on Action plan to tackle non-performing loans in Europe - Consilium (europa.eu)
(46) Communication from the Commission to the European Parliament, the Council and the European Central Bank on “Tackling non-performing loans in the aftermath of the COVID-19 pandemic” COM/2020/822 final.
(47) Guidelines EBA/GL/2018/10 of the European Banking Authority of 17 December 2018 on disclosure of non-performing and forborne exposures.
(48) Commission Implementing Regulation (EU) 2021/637 of 15 March 2021 laying down implementing technical standards with regard to public disclosures by institutions of the information referred to in Titles II and III of Part Eight of Regulation (EU) No 575/2013 of the European Parliament and of the Council and repealing Commission Implementing Regulation (EU) No 1423/2013, Commission Delegated Regulation (EU) 2015/1555, Commission Implementing Regulation (EU) 2016/200 and Commission Delegated Regulation (EU) 2017/2295 (Text with EEA relevance) OJ L 136, 21.4.2021, p. 1–327.
(49) OJ C , , p. .
(50) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012 (OJ L 150, 7.6.2019, p. 1).
(51) ECOFIN Council “Action Plan to Tackle Non-Performing Loans in Europe”, July 2017. Council conclusions on Action plan to tackle non-performing loans in Europe - Consilium (europa.eu)
(52) Communication from the Commission to the European Parliament, the Council and the European Central Bank on “Tackling non-performing loans in the aftermath of the COVID-19 pandemic” COM/2020/822 final.
(53) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).
(54) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
(55) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).