16 Amendments of Isabel BENJUMEA BENJUMEA related to 2021/0343(COD)
Amendment 17 #
Proposal for a regulation
Recital 2
Recital 2
(2) Article 12a of Regulation (EU) No 575/2013 provides that global systemically important institution (G-SII) groups with a resolution strategy under which more than one group entity might be resolved (Multiple Point of Entry (MPE) resolution strategy) are to calculate their risk-based requirement for own funds and eligible liabilities under the theoretical assumption that only one entity of the group would be resolved, with the losses and recapitalisation needs of any subsidiaries of that group being transferred to the resolution entity (Single Point of Entry (SPE) resolution strategy). A similar requirement is provided for in Article 45d(4) of Directive 2014/59/EU, for the additional requirement for own funds and eligible liabilities that may be imposed by resolution authorities pursuant to paragraph 3 of that Article. In line with the TLAC standard, thatose calculations should take into account all third-country entities belonging to a G-SII that would be resolution entities were they established in the Union.
Amendment 19 #
Proposal for a regulation
Recital 3
Recital 3
(3) According to Article 45h(2), third subparagraph, of Directive 2014/59/EU, and to the TLAC standard, the sum of the actual requirements for own funds and eligible liabilities of a G-SII group with an MPE resolution strategy must not be lower than that group’s theoretical requirement under an SPE resolution strategy. Regulation (EU) No 575/2013, namely Articles 12a and 92a(3), should be aligned with the corresponding provisions of Directive 2014/59/EU and ensure that resolution authorities always act in accordance with that Directive and consider both the requirements for own funds and eligible liabilities laid down in Regulation (EU) No 575/2013 as well as any additional requirement for own funds and eligible liabilities determined in accordance with Article 45d of Directive 2014/59/EU. This should not prevent resolution authorities from concluding that any adjustment to minimise or eliminate the difference between the sum of the actual requirements for own funds and eligible liabilities of a G-SII group with an MPE resolution strategy and that group’s theoretical requirement under an SPE resolution strategy, when the former is higher than the latter, would be inappropriate or inconsistent with the G- SII’s resolution strategy. To ensure consistency between Article 12a of Regulation (EU) No 575/2013 and Article 45h(2) of Directive 2014/59/EU, the calculation referred to in Article 45h(2) of that Directive should also take into account the loss absorbency requirements of all third-country entities belonging to a G-SII that would be resolution entities if they were established in the Union.
Amendment 23 #
Proposal for a regulation
Recital 5
Recital 5
(5) According to Article 72e(4), first subparagraph, of Regulation (EU) No 575/2013, resolution authorities may permit a G-SII with an MPE resolution strategy to deduct certain holdings of own funds and eligible liabilities instruments of its subsidiaries that do not belong to the same resolution group by deducting a lower, adjusted amount specified by the resolution authority. Article 72e(4), second subparagraph, of that Regulation requires that in such cases, the difference between the adjusted amount and the original amount is deducted from the loss absorbing and recapitalisation capacity of the subsidiaries concerned. In line with the TLAC standard, that approach should take into account the risk-based and non-risk- based requirements for own funds and eligible liabilities of the subsidiary concerned. Furthermore, that approach should be applicable to all third-country subsidiaries belonging to that G-SII, as long as those subsidiaries are subject to a local resolution regime that is equivalent to, according to the relevant EU resolution authority, is legally enforceable and implements internationally agreed standards.
Amendment 35 #
Proposal for a regulation
Recital 10
Recital 10
(10) To ensure that institutions have sufficient time to implement the dedicated treatment for the indirect subscription of instruments eligible for internal MREL, including the new deduction regime, the provisions laying down that treatment should become applicable sixthree months after the entry into force of this Regulation.
Amendment 38 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 575/2013
Article 12 a – paragraph 1
Article 12 a – paragraph 1
Where at least two G-SII entities belonging to the same G-SII are resolution entities or third-country entities that would be resolution entities if they were established in the Union, the EU parent institution of that G-SII shall calculate the amount of own funds and eligible liabilities referred to in Article 92a(1), point (a). That calculation, for the following entities: (a) each resolution entity or third-country entity that would be a resolution entity if it were established in the Union; (b) the EU parent institution as if it were the only resolution entity of the G-SII. The calculation referred to in point (b) shall be undertaken on the basis of the consolidated situation of the EU parent institution as if it were the only resolution entity of the G-SII.
Amendment 42 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 575/2013
Article 72 e – paragraph 4 – subparagraph 9
Article 72 e – paragraph 4 – subparagraph 9
ri = the ratio applicable to subsidiary i at the level of its resolution group in accordance with Article 92a(1), point (a), of this Regulation and Article 45c(3), first subparagraph, point (a), of Directive 2014/59/EU or, for third-country subsidiaries, an equivalent resolution requirementin accordance with legally enforceable national law implementing internationally agreed standards, applicable to subsidiary i in the third country where it has its head office, insofar as that requirement is met with instruments that would be considered own funds under this Regulation or eligible liabilities under this Regulationin accordance with the international standards of the FSB;
Amendment 44 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 575/2013
Article 72 e – paragraph 4 – subparagraph 10
Article 72 e – paragraph 4 – subparagraph 10
aRWAi = the total risk exposure amount of the G-SII entity i calculated in accordance with Article 92(3), taking into account the adjustments set out in Article 12a of this Regulation, or, for third-country subsidiaries, calculated in accordance with the applicable national law;
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 575/2013
Article 72 e – paragraph 4 – subparagraph 11
Article 72 e – paragraph 4 – subparagraph 11
wi = the ratio applicable to subsidiary i at the level of its resolution group in accordance with Article 92a(1), point (b), of this Regulation and of Article 45c(3), first subparagraph, point (b), of Directive 2014/59/EU or, for third-country subsidiaries, an equivalent resolution requirement applicable to subsidiary i in the third country where it has its head office, insofar as that requirement is met with instruments that would be considered own funds under this Regulation or eligible liabilities under this Regulationin accordance with international standards;
Amendment 47 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 575/2013
Article 72 e – paragraph 4 – subparagraph 12
Article 72 e – paragraph 4 – subparagraph 12
aLREi = the total exposure measure of the G-SII entity i calculated in accordance with Article 429(4) of this Regulation, or, for third-country subsidiaries, calculated in accordance with the applicable national law.
Amendment 48 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a a (new)
Article 1 – paragraph 1 – point 5 – point a a (new)
Regulation (EU) No 575/2013
Article 72 e – paragraph 4 a (new)
Article 72 e – paragraph 4 a (new)
(aa) the following paragraph is inserted: “(4a) By way of derogation from paragraph 4, until 31 December 2024, entities shall calculate ‘ri’ as follow: ri = the ratio applicable to subsidiary i at the level of its resolution group in accordance with Article 92a(1), point (a), of this Regulation and Article 45c(3), first subparagraph, point (a), of Directive2014/59/EU or, for third-country subsidiaries, in accordance with legally enforceable national law implementing internationally agreed standards applicable to subsidiary i in the third country where it has its head office, insofar as those requirements are met with instruments that would be considered own funds under this Regulation or eligible liabilities in accordance with the international standards of the FSB; or loss absorbency requirement for those third-country subsidiaries that have not yet a regime in accordance with the international standards of the FSB.”
Amendment 59 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
1. To calculate risk-weighted exposure amounts, risk weights shall be applied to all exposures, unless deducted from own funds or eligible liabilities subject to the treatment set out in Article 72e(4) and Article 72e(5), first subparagraph, in accordance with the provisions of Section 2. The application of risk weights shall be based on the exposure class to which the exposure is assigned and, to the extent specified in Section 2, its credit quality. Credit quality may be determined by reference to the credit assessments of ECAIs or the credit assessments of export credit agencies in accordance with Section 3.;
Amendment 61 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 575/2013
Article 151 – paragraph 1
Article 151 – paragraph 1
1. The risk-weighted exposure amounts for credit risk for exposures belonging to one of the exposure classes referred to in Article 147(2), points (a) to (e) and point (g), shall, unless deducted from own funds or eligible liabilities subject to the treatment set out in Article 72e(4) and Article 72e(5), first subparagraph, be calculated in accordance with Sub-section 2.;
Amendment 63 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – point q
Article 429 a – paragraph 1 – point q
(q) the amounts that are subject to the treatment set out in Article 72e(4) and Article 72e(5), first subparagraph.
Amendment 66 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
Directive 2014/59/EU
Article 45 d – paragraph 4
Article 45 d – paragraph 4
(-1) In Article 45d, paragraph 4 is replaced by the following: ‘4. For the purposes of Article 45h(2), where more than one G-SII entity belonging to the same G-SII are resolution entities or third-country entities that would be resolution entities if they were established in the Union, the relevant resolution authorities shall calculate the amount referred to in paragraph 3: (a) for each resolution entity or third- country entity that would be a resolution entity if it was established in the Union; (b) for the Union parent entityundertaking as if it was the only resolution entity of the G-SII. Or. en(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0059-’; 20210626)
Amendment 70 #
Proposal for a regulation
Article 2 – paragraph 1 a (new)Directive 2014/59/EU
Article 2 – paragraph 1 a (new)Directive 2014/59/EU
Article 45 h – paragraph 2
(1a) In Article 45h,paragraph 2 is replaced by the following: ‘2. Where more than one G-SII entity belonging to the same G-SII are resolution entities or third-country entities that would be resolution entities if they were established in the Union, the resolution authorities referred to in paragraph 1 shall discuss and, where appropriate and consistent with the G-SII’s resolution strategy, agree on the application of Article 72e of Regulation (EU) No 575/2013 and any adjustment to minimise or eliminate the difference between the sum of the amounts referred to in point (a) of Article 45d(4)of Article45d(4), point (a) of this Directive, and Article 12a, point (a), of Regulation (EU) No 575/2013 for individual resolution entities or third- country entities and the sum of the amounts referred to in Article 45d(4), point (b), of Article 45d(4)this Directive and Article 12a , point (b),of Regulation (EU) No 575/2013. Such an adjustment may be applied subject to the following: (a) the adjustment may be applied in respect of differences in the calculation of the total risk exposure amounts between the relevant Member States or third countries by adjusting the level of the requirement; (b) the adjustment shall not be applied to eliminate differences resulting from exposures between resolution groups. The sum of the amounts referred to in point (a) of Article 45d(4), point (a), of this Directive and Article 12a, point (a), of Regulation (EU) No 575/2013 for individual resolution entities or third- country entities that would be resolution entities if they were established in the Union shall not be lower than the sum of the amounts referred to in point (b) of Article 45d(4), point(b), of this Directive and Article 12a, point (b), of Regulation (EU) No 575/2013.’.
Amendment 76 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
However, Article 1, point (3), point (5)(b), and points (7), (8) and (9) and Article 2 shall apply from [OP please insert the date = 63 months after date of entry into force of this amending Regulation].