Directive 2009/83 - Amendment of certain Annexes to Directive 2006/48/EC as regards technical provisions concerning risk management

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Contents

  1. Current status
  2. Key information
  3. Key dates
  4. Legislative text
  5. Sources and disclaimer
  6. Full version
  7. EU Monitor

1.

Current status

This directive was in effect from August 17, 2009 until December 31, 2013 and should have been implemented in national regulation on October 31, 2010 at the latest.

2.

Key information

official title

Commission Directive 2009/83/EC of 27 July 2009 amending certain Annexes to Directive 2006/48/EC of the European Parliament and of the Council as regards technical provisions concerning risk management (Text with EEA relevance )
 
Legal instrument Directive
Number legal act Directive 2009/83
CELEX number i 32009L0083

3.

Key dates

Document 27-07-2009
Publication in Official Journal 28-07-2009; Special edition in Croatian: Chapter 06 Volume 014,OJ L 196, 28.7.2009
Effect 17-08-2009; Entry into force Date pub. +20 See Art 3
31-12-2010; Application See Art 2
End of validity 31-12-2013; Repealed by 32013L0036
Transposition 31-10-2010; See Art 2

4.

Legislative text

28.7.2009   

EN

Official Journal of the European Union

L 196/14
 

COMMISSION DIRECTIVE 2009/83/EC

of 27 July 2009

amending certain Annexes to Directive 2006/48/EC of the European Parliament and of the Council as regards technical provisions concerning risk management

(Text with EEA relevance)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community,

Having regard to Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (1), in particular Article 150(1)(l) thereof,

Whereas:

 

(1)

In order to ensure a coherent implementation and application throughout the EU of Directive 2006/48/EC, the Commission and the Committee of European Banking Supervisors set up a working group (Capital Requirements Directive Transposition Group — CRDTG) in 2006, entrusted with the task of discussing and resolving issues related to the implementation and application of that Directive. According to the CRDTG, certain technical provisions included in Annexes V, VI, VII, VIII, IX, X and XII to Directive 2006/48/EC need to be further specified in order to ensure a convergent application. Moreover, certain provisions are not commensurate with sound risk management practices of credit institutions. It is therefore appropriate to adjust these provisions.
 

(2)

For the sake of achievement of the internal market, the ways in which a credit institution can demonstrate that there is significant transfer of risk off its balance sheet should be clarified. It is also appropriate to increase the credit conversion factor for liquidity facilities granted by credit institutions to off-balance sheet vehicles.
 

(3)

Directive 2006/48/EC should therefore be amended accordingly.
 

(4)

The measures provided for in this Directive are in accordance with the opinion of the European Banking Committee,

HAS ADOPTED THIS DIRECTIVE:

Article 1

Directive 2006/48/EC is amended as follows:

 

1.

in Annex V, point 8 is replaced by the following:

 

‘8.

The risks arising from securitisation transactions in relation to which the credit institutions are investor, originator or sponsor shall be evaluated and addressed through appropriate policies and procedures. These policies and procedures shall in particular ensure that the economic substance of the transaction is fully reflected in the risk assessment and management decisions.’;
 

2.

Annex VI, Part 1, is amended as follows:

 

(a)

in point 29, the introductory phrase is replaced by the following:

 

‘29.

Exposures to institutions with a residual maturity of more than three months for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight according to Table 4 in accordance with the assignment by the competent authorities of the credit assessments of eligible ECAIs to six steps in a credit quality assessment scale.’;
 

(b)

in point 31, the introductory phrase is replaced by the following:

 

‘31.

Exposures to an institution of up to three months residual maturity for which a credit assessment by a nominated ECAI is available shall be assigned a risk-weight according to Table 5 in accordance with the assignment by the competent authorities of the credit assessments of eligible ECAIs to six steps in a credit quality assessment scale:’;
 

(c)

point 14 is replaced by the following:
 

(d)

in point 73, the introductory phrase is replaced by the following:

 

‘73.

Exposures to institutions where points 29 to 32 apply, and exposures to corporates for which a short-term credit assessment by a nominated ECAI is available shall be...


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This text has been adopted from EUR-Lex.

 

5.

Sources and disclaimer

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6.

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7.

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