# Directive 2013/36/EU (CRD IV) — access to the activity of credit institutions and the prudential supervision of credit institutions URL: https://consilena.com/coverage/laws/ksrc_656h85c93cfcwy1k - Jurisdiction: European Union - Type: Directive - Identifier: 32013L0036 - Current as of: 27 June 2013 - Provisions: 165 - Official text: https://eur-lex.europa.eu/eli/dir/2013/36/oj > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **Repeal**: Directives 2006/48/EC and 2006/49/EC are repealed with effect from 1 January 2014. References to the repealed Directives shall be construed as… - **Supervisory powers**: 1. For the purposes of Article 97, Article 98 (4), Article 101 - **Notification in relation to third-country branches and conditions of access for credit institutions with such branches**: 1. Member States shall not apply to… - **Definitions**: For the purpose of this Chapter, the following definitions shall apply: (1) ‧capital conservation buffer‧ means the own funds that an institution… - **Supervisory examination programme**: 1. The competent authorities shall, at least annually, adopt a supervisory examination programme for the institutions they… - **Supervisory stress testing**: 1. The competent authorities shall carry out as appropriate but at least annually supervisory stress tests on institutions they… - **Programme of operations and structural organisation**: Member States shall require applications for authorisation to be accompanied by a programme of operations… - **Transmission of information to other entities**: 1. Notwithstanding Article 53 (1) and Article 54, Member States may, by virtue of provisions laid down in… - **Reporting requirements**: Host Member States may, for statistical purposes, require that all credit institutions having branches within their territories shall… - **Residual risk**: Competent authorities shall ensure that the risk that recognised credit risk mitigation techniques used by institutions prove less effective than… - **Recognition of countercyclical buffer rates in excess of 2,5 %**: 1. Where a designated authority, in accordance with Article 136(4), or a relevant third-country… - **Cooperation between competent authorities**: 1. The relevant competent authorities shall fully consult each other when carrying out the assessment if the proposed… - **Maintenance of a website on corporate governance and remuneration**: Institutions that maintain a website shall explain there how they comply with the… - **Union dimension of supervision**: The competent authorities in each Member State shall, in the exercise of their general duties, duly consider the potential… - **Specific publication requirements**: 1. Member States shall empower the competent authorities to require institutions: (a) to publish information referred to in… - **Initial capital of particular types of investment firms**: 1. An investment firm that does not deal in any financial instruments for its own account or underwrite… - **Grandfathering provision**: 1. By way of derogation from Article 28 (2), Article 29 (1) and (3) and Article 30, Member States may continue authorising investment… - **Initial capital**: 1. Without prejudice to other general conditions laid down in national law, the competent authorities shall refuse authorisation to commence… - **Collaboration concerning supervision**: 1. The competent authorities of the Member States concerned shall collaborate closely in order to supervise the activities… - **Right of appeal**: Member States shall ensure that decisions and measures taken pursuant to laws, regulations and administrative provisions adopted in accordance… - **Other provisions**: 1. This Article shall apply at least in any of the following circumstances: (a) an institution has obtained an authorisation through false… - **Credit and counterparty risk**: Competent authorities shall ensure that: (a) credit-granting is based on sound and well-defined criteria and that the process for… - **Duty of persons responsible for the legal control of annual and consolidated accounts**: — Article 63 — Duty of persons responsible for the legal control of annual and consolidated accounts 1. Member States shall provide that any person authorised… - **Operational risk**: 1. Competent authorities shall ensure that institutions implement policies and processes to evaluate and manage the exposure to operational… - **Cooperation obligations**: 1. The competent authorities shall cooperate closely with each other. They shall provide one another with any information which is… - **Cooperation with supervisory authorities of third countries regarding supervision on a consolidated basis**: 1. The Commission may submit proposals to the… - **Institutions that benefit from government intervention**: In the case of institutions that benefit from exceptional government intervention, the following… - **Specific liquidity requirements**: For the purposes of determining the appropriate level of liquidity requirements on the basis of the review and evaluation… - **Internal capital adequacy assessment process**: 1. Competent authorities shall require every institution which is neither a subsidiary in the Member State where… - **Refusal of authorisation**: Where a competent authority refuses authorisation to commence the activity of a credit institution, it shall notify the applicant of… - **Joint decisions on institution-specific prudential requirements**: 1. The consolidating supervisor and the competent authorities responsible for the supervision… - **Definitions**: 1. For the purposes of this Directive, the following definitions shall apply: (1) ‧credit institution‧ means credit institution as defined in point… - **Country-by-country reporting**: 1. From 1 January 2015 Member States shall require each institution to disclose annually, specifying, by Member State and by third… - **Remuneration Committee**: 1. Competent authorities shall ensure that institutions that are significant in terms of their size, internal organisation and the… - **Requirement to maintain a capital conservation buffer**: 1. Member States shall require institutions to maintain in addition to the Common Equity Tier 1 capital… - **Institutions' arrangements, processes and mechanisms**: 1. Competent authorities shall require institutions to meet the obligations set out in Section II of this… - **Information obligations and penalties**: 1. Credit institutions shall, on becoming aware of any acquisitions or disposals of holdings in their capital that cause… - **Concentration risk**: Competent authorities shall ensure that the concentration risk arising from exposures to each counterparty, including central… - **Exchange of information with oversight bodies**: 1. Notwithstanding Articles 53, 54 and 55, Member States may authorise exchange of information between the… - **Requirement to maintain an institution-specific countercyclical capital buffer**: 1. Member States shall require institutions to maintain an institution-specific… - **Effective application of penalties and exercise of powers to impose penalties by competent authorities**: Member States shall ensure that when determining the… - **Transmission of information concerning monetary, deposit protection, systemic and payment aspects**: 1. Nothing in this Chapter shall prevent a competent… - **Specific disclosure requirements**: 1. For the purpose of Part Five of Regulation (EU) No 575/2013, competent authorities shall publish the following information… - **Checking information concerning entities in other Member States**: Where, in applying this Directive and Regulation (EU) No 575/2013, the competent authorities of… - **Supervisory measures**: and powers — Article 102 — Supervisory measures 1. Competent authorities shall require an institution to take the necessary measures at an early stage to… - **Implementing Acts**: The following measures shall be adopted as implementing acts in accordance with the examination procedure referred to in Article 147(2): (a)… - **Global and other systemically important institutions**: 1. Member States shall designate the authority in charge of identifying, on a consolidated basis, global… - **On-the-spot checks**: 1. Host Member States shall provide that, where an institution authorised in another Member State carries out its activities through a… - **Aggregation of branches**: Any number of places of business set up in the same Member State by a credit institution with headquarters in another Member State… - **Criteria for qualifying holdings**: In determining whether the criteria for a qualifying holding as referred to in Articles 22, 25 and 26 are fulfilled, the… - **ESRB recommendation on third country countercyclical buffer rates**: The ESRB may, in accordance with Article 16 of Regulation (EU) No 1092/2010, issue a… - **Penalties**: In accordance with Chapter 1, Section IV of this Title, Member States shall ensure that administrative penalties or other administrative measures… - **Public disclosure of return on assets**: Institutions shall disclose in their annual report among the key indicators their return on assets, calculated as their… - **Internal governance and recovery and resolution plans**: 1. Institutions shall have robust governance arrangements, which include a clear organisational structure… - **Inclusion of holding companies in consolidated supervision**: 1. Member States shall adopt any measures necessary, where appropriate, to include financial holding… - **Authorisation**: 1. Member States shall require credit institutions to obtain authorisation before commencing their activities. Without prejudice to Articles 10… - **Supervision**: 1. Without prejudice to Part Four of Regulation (EU) No 575/2013, Member States shall provide that, where the parent undertaking of one or more… - **Ongoing review of the permission to use internal approaches**: 1. Competent authorities shall review on a regular basis, and at least every 3 years, institutions'… - **Coverage for firms not authorised to hold client money or securities**: 1. Coverage for the firms referred to in point (2)(c) of Article 4(1) of Regulation (EU)… - **Application of supervisory measures to institutions with similar risk profiles**: 1. Where the competent authorities determine under Article 97 that institutions… - **Restrictions on distributions**: 1. Member States shall prohibit any institution that meets the combined buffer requirement from making a distribution in… - **Processing of personal data**: The processing of personal data for the purposes of this Directive shall be carried out in accordance with Directive 95/46/EC and… - **Internal Approaches for calculating own funds requirements**: 1. Competent authorities shall encourage institutions that are significant in terms of their size… - **Economic needs**: Member States shall not require the application for authorisation to be examined in terms of the economic needs of the market. - **Powers of host Member States**: Host Member States may, notwithstanding Articles 40 and 41, exercise the powers conferred on them under this Directive to take… - **Initial capital of local firms**: Local firms shall have initial capital of EUR 50 000 insofar as they benefit from the freedom of establishment or to provide… - **Technical criteria for the supervisory review and evaluation**: 1. In addition to credit, market and operational risks, the review and evaluation performed by… - **Reporting of breaches**: 1. Member States shall ensure that competent authorities establish effective and reliable mechanisms to encourage reporting of potential… - **Remuneration policies**: 1. The application of paragraph 2 of this Article and of Articles 93, 94 and 95 shall be ensured by competent authorities for… - **Initial capital of investment firms**: 1. The initial capital of investment firms shall comprise only one or more of the items referred to in points (a) to (e) of… - **Transitional provisions for capital buffers**: — Article 160 — Transitional provisions for capital buffers 1. This Article amends the requirements of Articles 129 and 130 for a transitional period between 1… - **Setting countercyclical buffer rates**: 1. Each Member State shall designate a public authority or body (a ‧designated authority‧) that is responsible for setting… - **European Banking Committee**: 1. For the adoption of implementing acts, the Commission shall be assisted by the European Banking Committee. That committee shall… - **Reporting requirements**: The competent authorities of the host Member States may require that all credit institutions having branches within their territories… - **Qualification of directors**: Member States shall require that the members of the management body of a financial holding company or mixed financial holding… - **Assessment criteria**: 1. In assessing the notification provided for in Article 22 (1) and the information referred to in Article 22 (3), the competent… - **Risk of excessive leverage**: 1. Competent authorities shall ensure that institutions have policies and processes in place for the identification, management and… - **Liquidity supervision**: Host Member States shall, pending further coordination, retain responsibility in cooperation with the competent authorities of the home… - **Notification of authorisation and withdrawal of authorisation**: 1. Competent authorities shall notify EBA of every authorisation granted under Article 8. 2. EBA… - **ESRB guidance on setting countercyclical buffer rates**: 1. The ESRB may give, by way of recommendations in accordance with Article 16 of Regulation (EU) No… - **Transposition**: 1. By 31 December 2013 Member States shall adopt and publish the laws, regulations and administrative provisions necessary to comply with this… - **Financial institutions**: 1. Member States shall provide that the activities listed in Annex I may be carried out within their territories, in accordance with… - **Treatment of risks**: 1. Member States shall ensure that the management body approves and periodically reviews the strategies and policies for taking up… - **Scope**: 1. The provisions in this Chapter shall apply instead of Articles 40, 41, 43, 49, 50 and 51 until the date on which the liquidity coverage requirement… - **Addressees**: This Directive is addressed to the Member States. - **Disclosure of information concerning clearing and settlement services**: 1. Nothing in this Chapter shall prevent the competent authorities of a Member State from… - **Name of credit institutions**: For the purposes of exercising their activities, credit institutions may, notwithstanding any provisions in the host Member State… - **Publication of administrative penalties**: 1. Member States shall ensure that the competent authorities publish on their official website at least any… - **Coordination of supervisory activities by the consolidating supervisor**: 1. In addition to the obligations imposed by this Directive and by Regulation (EU) No… - **Reasons and communication**: Any measure taken pursuant to Article 41(1), or Article 43 or 44 involving penalties or restrictions on the exercise of the freedom… - **Delegated Acts**: The Commission shall be empowered to adopt delegated acts in accordance with Article 148 concerning the following: (a) clarification of the… - **Coordination within Member States**: Where Member States have more than one competent authority for the prudential supervision of credit institutions, investment… - **General disclosure requirements**: 1. Competent authorities shall publish the following information: (a) the texts of laws, regulations, administrative rules and… - **Use of confidential information**: Competent authorities receiving confidential information under Article 53 shall use it only in the course of their duties and… - **Cooperation agreements**: Member States and EBA, in accordance with Article 33 of Regulation (EU) No 1093/2010, may conclude cooperation agreements, providing for… - **Waiver for credit institutions permanently affiliated to a central body**: 1. The competent authorities may waive the requirements set out in Articles 10 and 12… - **Reporting**: 1. The Commission shall, by 31 December 2015, submit a report to the European Parliament and to the Council on the basis of international… - **Exchange of information on penalties and maintenance of a central database by EBA**: 1. Subject to the professional secrecy requirements referred to in Article… - **Withdrawal of authorisation**: The competent authorities may only withdraw the authorisation granted to a credit institution where such a credit institution: (a)… - **Notification procedure**: 1. Any credit institution wishing to exercise the freedom to provide services by carrying out its activities within the territory of… - **Responsibility**: 1. The prudential supervision of an institution, including that of the activities it carries out in accordance with Articles 33 and 34, shall be… - **Subject matter**: This Directive lays down rules concerning: (a) access to the activity of credit institutions and investment firms (collectively referred to as… - **Exercise of the delegation**: 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The… - **Entry into force**: This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. - **Measures following withdrawal of authorisation**: In the event of withdrawal of authorisation, the competent authorities of the home Member State shall inform the… - **Precautionary measures**: Before following the procedure provided for in Article 153, the competent authorities of the host Member State may, in emergencies, take… - **Consistency of supervisory reviews, evaluations and supervisory measures**: 1. Competent authorities shall inform EBA of: (a) the functioning of their review and… - **Requirement to maintain a systemic risk buffer**: 1. Each Member State may introduce a systemic risk buffer of Common Equity Tier 1 capital for the financial… - **Prohibition against persons or undertakings other than credit institutions from carrying out the business of taking deposits or other repayable funds from the public**: Prohibition against persons or undertakings other than credit institutions from carrying out the business of taking deposits or other repayable funds from the… - **Review and evaluation and supervisory measures**: 1. Competent authorities shall apply the review and evaluation process referred to in Section III of this… - **Notification and assessment of proposed acquisitions**: 1. Member States shall require any natural or legal person or such persons acting in concert (the… - **Supervisory powers and powers to impose penalties**: 1. Competent authorities shall be given all supervisory powers to intervene in the activity of institutions… - **Cooperation within the European System of Financial Supervision**: In the exercise of their duties, the competent authorities shall take into account the… - **Advertising**: Nothing in this Chapter shall prevent credit institutions with head offices in other Member States from advertising their services through all… - **Administrative penalties and other administrative measures**: 1. Without prejudice to the supervisory powers of competent authorities referred to in Article 64… - **Coordination and cooperation arrangements**: 1. In order to facilitate and establish effective supervision, the consolidating supervisor and the other competent… - **Management body**: 1. Members of the management body shall at all times be of sufficiently good repute and possess sufficient knowledge, skills and experience to… - **Designation and powers of the competent authorities**: 1. Member States shall designate competent authorities that carry out the functions and duties provided for… - **Exchange of information**: 1. Member States shall ensure that there are no legal impediments preventing the exchange, as between undertakings included within the… - **Liquidity risk**: 1. Competent authorities shall ensure that institutions have robust strategies, policies, processes and systems for the identification… - **Measures taken by the competent authorities of the home Member State in relation to activities carried out in the host Member State**: 1. Where the competent… - **Supervisory review and evaluation**: process — Article 97 — Supervisory review and evaluation 1. Taking into account the technical criteria set out in Article 98, the competent authorities shall… - **Notification requirement and interaction between competent authorities**: 1. A credit institution wishing to establish a branch within the territory of another… - **Prior consultation of the competent authorities of other Member States**: 1. The competent authority shall, before granting authorisation to a credit institution… - **Market risk**: 1. Competent authorities shall ensure that policies and processes for the identification, measurement and management of all material sources and… - **Collaboration concerning supervision**: The competent authorities of the Member States concerned shall collaborate closely in order to supervise the activities of… - **Disclosure of information obtained by on-the-spot checks and inspections**: Member States shall ensure that information received under Article 52(3), Article… - **Significant branches**: 1. The competent authorities of a host Member State may make a request to the consolidating supervisor where Article 112 (1) applies or to… - **Oversight of remuneration policies**: 1. Competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established… - **Variable elements of remuneration**: 1. For variable elements of remuneration, the following principles shall apply in addition to, and under the same conditions… - **Notification in the case of a divestiture**: Member States shall require any natural or legal person who has taken a decision to dispose, directly or indirectly… - **Interest risk arising from non-trading book activities**: Competent authorities shall ensure that institutions implement systems to identify, evaluate and manage… - **Governance arrangements**: 1. Member States shall ensure that the management body defines, oversees and is accountable for the implementation of the governance… - **Requests for information and inspections**: 1. Pending further coordination of consolidation methods, Member States shall provide that, where the parent… - **Securitisation risk**: 1. Competent authorities shall ensure that the risks arising from securitisation transactions in relation to which the credit institutions… - **Shareholders and members**: 1. The competent authorities shall refuse authorisation to commence the activity of a credit institution unless a credit institution… - **Effective direction of the business and place of the head office**: 1. The competent authorities shall grant authorisation to commence the activity of a credit… - **Recognition of a systemic risk buffer rate**: 1. Other Member States may recognise the systemic risk buffer rate set in accordance with Article 133 and may apply… - **Calculation of institution-specific countercyclical capital buffer rates**: 1. The institution-specific countercyclical capital buffer rate shall consist of the… - **Measures taken by the competent authorities of the home Member State in relation to activities carried out in the host Member State**: 1. Where the competent… - **Competence of the competent authorities of the home and host Member States**: 1. The prudential supervision of an institution, including that of the activities it… - **Professional secrecy**: 1. Member States shall provide that all persons working for or who have worked for the competent authorities and auditors or experts… - **Assessment of equivalence of third countries' consolidated supervision**: 1. Where an institution, the parent undertaking of which is an institution or a… - **On-the-spot checking and inspection of branches established in another Member State**: 1. Host Member States shall provide that, where an institution authorised… - **Branches of credit institutions authorised in another Member State**: Host Member States shall not require authorisation or endowment capital for branches of… - **Commencement of activities**: 1. Before the branch of a credit institution commences its activities the competent authorities of the host Member State shall… - **Internal Capital**: Institutions shall have in place sound, effective and comprehensive strategies and processes to assess and maintain on an ongoing basis the… - **Review and report**: 1. The Commission shall conduct periodic reviews of the implementation of this Directive in order to ensure that its implementation does not… - **Supervision of mixed financial holding companies**: 1. Where a mixed financial holding company is subject to equivalent provisions under this Directive and under… - **Cooperation**: 1. Where an institution, financial holding company, mixed financial holding company or a mixed-activity holding company controls one or more… - **Significant branches**: 1. The competent authorities of a host Member State may make a request to the consolidating supervisor, where Article 112 (1) applies, or… - **Information about refusals**: Member States shall inform the Commission and EBA of the number and type of cases in which there has been a refusal pursuant to… - **Capital Conservation Plan**: 1. Where an institution fails to meet its combined buffer requirement, it shall prepare a capital conservation plan and submit it to… - **Decision by designated authorities on third country countercyclical buffer rates**: 1. This Article applies irrespective of whether the ESRB has issued a… - **Determination of the consolidating supervisor**: 1. Where a parent undertaking is a parent institution in a Member State or an EU parent institution, supervision… - **Information requirements in emergency situations**: 1. Where an emergency situation, including a situation as described in Article 18 of Regulation (EU) No… - **Supervisory benchmarking of internal approaches for calculating own funds requirements**: 1. Competent authorities shall ensure that institutions permitted to use… - **Precautionary measures**: 1. Before following the procedure set out in Article 41, the competent authorities of the host Member State may, in emergency… - **Amendments of Directive 2002/87/EC**: Article 21a of Directive 2002/87/EC is hereby amended as follows: (a) in paragraph 2, point (a) is deleted; (b) paragraph 3… - **Scope**: 1. This Directive shall apply to institutions. 2. Article 30 shall apply to local firms. 3. Article 31 shall apply to the firms referred to in point… - **Credit institutions**: Member States shall provide that the activities listed in Annex I may be carried out within their territories, in accordance with Article… - **Objections to regulatory technical standards**: Where the Commission adopts a regulatory technical standard pursuant to this Directive which is the same as the… - **Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings**: … - **Exchange of information between authorities**: Article 53(1) and Article 54 shall not preclude the exchange of information between competent authorities within a… - **Colleges of supervisors**: 1. The consolidating supervisor shall establish colleges of supervisors to facilitate the exercise of the tasks referred to in Articles… - **Assessment criteria**: (1), of any member of the management body and any member of senior management who will direct the business of the credit institution as a… - **Calculation of institution-specific countercyclical capital buffer rates**: (3) of Regulation (EU) No 575/2013, Member States shall ensure that the following… - **Delegated Acts**: (3) where the Commission report submitted pursuant to the first subparagraph of that paragraph identifies significant negative effects; (i)… - **Internal governance and recovery and resolution plans**: 4. Competent authorities shall ensure that recovery plans for the restoration of an institution's… - **Liquidity risk**: 4. Competent authorities shall ensure that institutions develop methodologies for the identification, measurement, management and monitoring of… - **Assessment of equivalence of third countries' consolidated supervision**: 2. The Commission may request the European Banking Committee to give general guidance as… - **Colleges of supervisors**: 2. The competent authorities participating in the colleges of supervisors and EBA shall cooperate closely. The confidentiality… - **Cooperation obligations**: (3), Article 74 (1) and Article 109 (2), and of the competent authorities of the regulated entities in the group; (b) procedures for… - **Treatment of risks**: 3. Member States shall ensure that institutions that are significant in terms of their size, internal organisation and the nature, scope and… - **Designation and powers of the competent authorities**: 6. Member States shall ensure that institutions register all their transactions and document systems and… - **Administrative penalties and other administrative measures**: 3. Competent authorities shall have all information gathering and investigatory powers that are… - **Review and report**: (3) and Article 79(b). Those reports shall also outline the degree of supervisory convergence in that regard. 4. By 31 December 2014, the… - **Supervisory examination programme**: (1) and Article 100, or the outcome of the supervisory review and evaluation process under Article 97, indicate significant… - **Remuneration policies**: 2. Competent authorities shall ensure that, when establishing and applying the total remuneration policies, inclusive of salaries and… - **Supervisory review and evaluation**: process — Article 97 — Supervisory review and evaluation (2). 5. Member States shall ensure that where a review shows that an institution may pose systemic… - **Transposition**: (1)(g) shall require institutions to apply the principles laid down therein to remuneration awarded for services provided or performance from the… - **Scope**: (15) in Hungary, the ‧MFB Magyar Fejlesztési Bank Zártkörűen Működő Részvénytársaság‧ and the ‧Magyar Export-Import Bank Zártkörűen Működő… - **Significant branches**: (1) applies, the consolidating supervisor, shall do everything within their power to reach a joint decision on the designation of a branch… - **Cooperation with supervisory authorities of third countries regarding supervision on a consolidated basis**: 3. Without prejudice to Article 218 TFEU, the… - **Transitional provisions for capital buffers**: — Article 160 — Transitional provisions for capital buffers (3) of Regulation (EU) No 575/2013. 5. The requirement for a capital conservation plan and the… - **Decision by designated authorities on third country countercyclical buffer rates**: (3) of Regulation (EU) No 575/2013 of institutions that have credit exposures… - **Grandfathering provision**: (3) or Article 30. Nevertheless, during any period when the level specified in Article 28 (2), Article 29 (1) or (3) or Article 30 has… - **Internal Approaches for calculating own funds requirements**: 4. EBA shall develop draft regulatory technical standards to further define the notion ‧exposures to… - **Supervisory powers**: (4) and Articles 102 and 103 and the application of Regulation (EU) No 575/2013, competent authorities shall have at least the following… - **Exchange of information with oversight bodies**: (1); (c) where the information originates in another Member State, that it is not disclosed without the express… - **Specific disclosure requirements**: (3) of that Regulation, represented by own funds which are held in subsidiaries in a third country; (iii) the percentage of… - **Ongoing review of the permission to use internal approaches**: 4. If an institution has received permission to apply an approach that requires permission by the… - **Financial institutions**: (2) and Articles 40 to 46, either by establishing a branch or by providing services, by any financial institution from another Member… - **Country-by-country reporting**: 4. The information referred to in paragraph 1 shall be audited in accordance with Directive 2006/43/EC and shall be published… - **Information obligations and penalties**: (1) and subject to Articles 65 to 72. If a holding is acquired despite opposition by the competent authorities, Member… - **Global and other systemically important institutions**: 1. Systemic importance shall be assessed on the basis of at least any of the following criteria: (a) size… - **Requirement to maintain an institution-specific countercyclical capital buffer**: 5. Institutions shall meet the requirement imposed by paragraph 1 with Common… - **Duty of persons responsible for the legal control of annual and consolidated accounts**: — Article 63 — Duty of persons responsible for the legal control of annual and consolidated accounts (28) Article 73 of Directive 2009/65/EC, or any other… - **Variable elements of remuneration**: (2): (a) where remuneration is performance related, the total amount of remuneration is based on a combination of the… - **Precautionary measures**: 5. The Commission, EBA and the competent authorities of the other Member States concerned shall be informed of precautionary measures… - **Joint decisions on institution-specific prudential requirements**: (1)(a) to the other relevant competent authorities; (b) for the purposes of paragraph 1(b)… - **Setting countercyclical buffer rates**: (3) of Regulation (EU) No 575/2013 of institutions that have credit exposures in that Member State, shall be between 0 %… - **Notification and assessment of proposed acquisitions**: (1) (the "assessment"). The competent authorities shall inform the proposed acquirer of the date of the… - **Technical criteria for the supervisory review and evaluation**: 2. For the purposes of point (e) of paragraph 1, the competent authorities shall regularly carry… - **Notification requirement and interaction between competent authorities**: (4) of Regulation (EU) No 575/2013 of the credit institution which is its parent… - **Shareholders and members**: (2) and (3) and Article 24 shall apply. 3. Where close links exist between the credit institution and other natural or legal persons… - **Definitions**: (11) ‧model risk‧ means the potential loss an institution may incur, as a consequence of decisions that could be principally based on the output of… - **Publication of administrative penalties**: 4. By 18 July 2015 EBA shall submit a report to the Commission on the publication of penalties by Member States on an… - **Exchange of information**: (3), of any information which would be relevant for the purposes of supervision in accordance with Article 110 and Chapter 3. 2. Where… - **Supervisory benchmarking of internal approaches for calculating own funds requirements**: 3. Competent authorities shall, on the basis of the information… - **Internal capital adequacy assessment process**: 3. Competent authorities shall require institutions controlled by a parent financial holding company or a parent… - **Management body**: (7) of Regulation (EU) No 575/2013 are fulfilled; or (ii) undertakings (including non-financial entities) in which the institution holds a… - **Collaboration concerning supervision**: 4. The competent authorities of the home Member State shall communicate and explain upon request to the competent… - **Significant branches**: (1) applies, shall do everything within their power to reach a joint decision on the designation of a branch as being significant. If no… - **Commencement of activities**: (2), a credit institution shall give written notice of the change in question to the competent authorities of the home and host… - **Requirement to maintain a capital conservation buffer**: (31). 5. Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the… - **Requirement to maintain a systemic risk buffer**: 4. Institutions shall not use Common Equity Tier 1 capital that is maintained to meet the requirement under… - **Measures taken by the competent authorities of the home Member State in relation to activities carried out in the host Member State**: (3) of that Regulation… - **On-the-spot checking and inspection of branches established in another Member State**: 3. The competent authorities of the host Member State shall have the power… - **Initial capital of particular types of investment firms**: 4. The holding of non-trading-book positions in financial instruments in order to invest own funds… - **Transmission of information concerning monetary, deposit protection, systemic and payment aspects**: (1), the competent authorities communicate, without delay… - **Restrictions on distributions**: 5. The sum to be multiplied in accordance with paragraph 4 shall consist of: (a) interim profits not included in Common Equity… - **Determination of the consolidating supervisor**: 4. Where more than one institution authorised in the Union has as its parent the same financial holding company… - **Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings**: … - **Other provisions**: (1) of Regulation (EU) No 575/2013; (h) an institution fails to report information or provides incomplete or inaccurate information on… - **Governance arrangements**: 2. Member States shall ensure that institutions which are significant in terms of their size, internal organisation and the nature… - **Transmission of information to other entities**: (1); (d) where the information originates in another Member State that it is not disclosed without the express… - **Governance arrangements**: (2)(c) of Regulation (EU) No 575/2013; (b) periodically, and at least annually, assess the structure, size, composition and performance… - **Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings**: … - **Technical criteria for the supervisory review and evaluation**: 5. The review and evaluation performed by competent authorities shall include the exposure of… - **Significant branches**: (1). The competent authorities of the home Member State shall communicate to the competent authorities of the host Member States where… - **Review and report**: 9. By 1 July 2014, EBA shall report to the Commission on credit institutions' use of and benefits from ESCB central banks longer-term… - **Other provisions**: (1) of Regulation (EU) No 575/2013; (n) an institution makes payments to holders of instruments included in the own funds of the institution… - **Variable elements of remuneration**: or owners or members of the institution to approve a higher maximum level of the ratio between the fixed and variable… - **Calculation of institution-specific countercyclical capital buffer rates**: (3) of Regulation (EU) No 575/2013, Member States shall ensure that the following… - **Cooperation obligations**: (1) of that Regulation. 3. The competent authorities responsible for the supervision of institutions controlled by an EU parent… - **Assessment criteria**: (21) is being or has been committed or attempted, or that the proposed acquisition could increase the risk thereof. 2. The competent… - **Collaboration concerning supervision**: (1) of that Regulation. 6. EBA shall develop draft regulatory technical standards to specify the information referred to… - **Supervisory powers**: restrictions on maturity mismatches between assets and liabilities; (l) to require additional disclosures. 2. The additional own funds… - **Supervisory benchmarking of internal approaches for calculating own funds requirements**: 6. EBA may issue guidelines and recommendations in accordance with… - **Treatment of risks**: 4. Member States shall ensure that the management body in its supervisory function and, where a risk committee has been established, the… - **Setting countercyclical buffer rates**: 7. Each designated authority shall announce the quarterly setting of the countercyclical buffer rate by publication on its… - **Financial institutions**: compliance with the conditions set out in the first subparagraph and shall supply the financial institution with a certificate of… - **Specific disclosure requirements**: (1) of that Regulation represented by own funds which are held in subsidiaries in a third country. - **Definitions**: (24) ‧parent institution in a Member State‧ means parent institution in a Member State as defined in point (28) of Article 4 (1) of Regulation (EU)… - **Colleges of supervisors**: 6. The competent authorities responsible for the supervision of subsidiaries of an EU parent institution or an EU parent financial… - **Assessment of equivalence of third countries' consolidated supervision**: 3. In the absence of such equivalent supervision, Member States shall apply this… - **Global and other systemically important institutions**: 6. When requiring an O-SII buffer to be maintained the competent authority or the designated authority… - **Management body**: (2)(c) of Regulation (EU) No 575/2013 and shall use it to benchmark diversity practices. The competent authorities shall provide EBA with that… - **Administrative penalties and other administrative measures**: subject matter of an investigation; (c) the power, subject to other conditions set out in Union law… - **Requirement to maintain a systemic risk buffer**: 7. Where paragraph 5 applies and an institution is part of a group or a sub-group to which a G-SII or an O-SII… - **Liquidity risk**: 8. Competent authorities shall ensure that institutions consider alternative scenarios on liquidity positions and on risk mitigants and review… - **Notification and assessment of proposed acquisitions**: 5. If the competent authorities decide to oppose the proposed acquisition, they shall, within two working… - **Significant branches**: (1). 5. Where Article 116 does not apply, the competent authorities supervising a institution with significant branches in other Member… - **Joint decisions on institution-specific prudential requirements**: (3) of that Regulation, and shall take its decision in conformity with the decision of EBA. The… - **Remuneration policies**: been established, by the management body in its supervisory function; (g) the remuneration policy, taking into account national criteria… - **Restrictions on distributions**: (3) of that Regulation, is within the second quartile of the combined buffer requirement, the factor shall be 0,2; (c) where the… - **Supervisory benchmarking of internal approaches for calculating own funds requirements**: 9. The Commission shall, by 1 April 2015 and after consulting EBA… - **Calculation of institution-specific countercyclical capital buffer rates**: (1); (b) institutions shall apply the countercyclical buffer rate set by the relevant… - **Requirement to maintain a systemic risk buffer**: 11. Before setting or resetting a systemic risk buffer rate of up to 3 %, the competent authority or the… - **Global and other systemically important institutions**: (3) of Regulation (EU) No 575/2013; and (b) the G-SII or O-SII buffer rate applicable to the group at… - **Restrictions on distributions**: 8. Where an institution fails to meet the combined buffer requirement and intends to distribute any of its distributable profits… - **Liquidity risk**: 11. Competent authorities shall ensure that institutions have in place liquidity recovery plans setting out adequate strategies and proper… - **Definitions**: (35) ‧close links‧ means close links as defined in point (38) of Article 4 (1) of Regulation (EU) No 575/2013; (36) ‧competent authority‧ means… - **Other provisions**: (2), a temporary ban against a member of the institution's management body or any other natural person, who is held responsible, from… - **Variable elements of remuneration**: the institution shall, without delay, inform the competent authority of the decisions taken by its shareholders or owners or… - **Colleges of supervisors**: (2). 9. The consolidating supervisor, subject to the confidentiality requirements under Chapter 1, Section II, of this Directive, and… - **Significant branches**: 50. The establishment and functioning of the college shall be based on written arrangements to be determined, after consulting the… - **Joint decisions on institution-specific prudential requirements**: (3) of that Regulation, and shall take their decision in conformity with the decision of EBA… - **Supervisory powers**: (5) of Regulation (EU) No 575/2013 that the stress test results referred to in that Article materially exceed its own funds requirement for… - **Treatment of risks**: (30), ensure that institutions have a risk management function independent from the operational functions and which shall have sufficient… - **Requirement to maintain a systemic risk buffer**: 12. Before setting or resetting a systemic risk buffer rate of above 3 %, the competent authority or the… - **Joint decisions on institution-specific prudential requirements**: (1)(a) and Article 105. In the latter case, the update may be addressed on a bilateral basis… - **Calculation of institution-specific countercyclical capital buffer rates**: (2)(c) if the effect of that decision is to increase the buffer rate; (b) subject to… - **Significant branches**: 5. EBA shall develop draft implementing technical standards in order to determine the operational functioning of colleges of supervisors… - **Restrictions on distributions**: (1)(a) of that Regulation; (d) a repayment of amounts paid up in connection with capital instruments referred to in Article 26… - **Global and other systemically important institutions**: 10. Without prejudice to paragraphs 1 and 9, the competent authority or the designated authority may, in… - **Definitions**: (49) ‧credit risk mitigation‧ means credit risk mitigation as defined in point (57) of Article 4 (1) of Regulation (EU) No 575/2013; (50)… - **Variable elements of remuneration**: or buy out from contracts in previous employment must align with the long-term interests of the institution including… - **Requirement to maintain a systemic risk buffer**: 11. When setting or resetting a systemic risk buffer rate above 5 % the procedures set out in paragraph 12 shall… - **Definitions**: (3) of Regulation (EU) No 575/2013. 2. Where this Directive refers to the management body and, pursuant to national law, the managerial and… - **Global and other systemically important institutions**: 13. Systemically important institutions shall not use Common Equity Tier 1 capital that is maintained to… - **Variable elements of remuneration**: in any event at least 40 %, of the variable remuneration component is deferred over a period which is not less than three to… - **Calculation of institution-specific countercyclical capital buffer rates**: (2)(c), if the effect of that decision is to increase the buffer rate; (d) a… - **Variable elements of remuneration**: the business strategy, objectives, values and long-term interests of the institution. If the employee leaves the institution… - **Requirement to maintain a systemic risk buffer**: 15. Within one month of the notification referred to in paragraph 12, the ESRB shall provide the Commission with… - **Global and other systemically important institutions**: 17. Where paragraph 15 applies and an institution is part of a group or a sub-group to which a G-SII or an… - **Requirement to maintain a systemic risk buffer**: (1) of Regulation (EU) No 1093/2010. Within two months of notification, the Commission, taking into account the… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_656h85c93cfcwy1k. Index of every page: https://consilena.com/llms.txt.