BETA

34 Amendments of Pervenche BERÈS related to 2016/0360A(COD)

Roberto GUALTIERI, Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point f a (new)

Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 79

(fa) in paragraph 1, point (79) is replaced by the following: "(79) ‘Speculative immovable property financing' means loans for the purposes of the acquisition of or development or construction on land in relation to immovable property, or of and in relation to such property, where the repayment of the loan solely depends on the future sale of underlying property."

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point i a (new)

Regulation (EU) No 575/2013
Article 4 – paragraph 1 – point 127 – point a

(ia) in point (127) of paragraph 1, point (a) is replaced by the following: “(a) the institutions fall within the same institutional protection scheme as referred to in Article 113(7) or are permanently affiliated with a network to a central body;”

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 3 – point j

Regulation (EU) No 575/2013
Article 4 – paragraph 1 - point 144 a (new)

(144a) small and non-complex institution means an institution which fulfils all of the following criteria: (a) the total value of the assets at the consolidated level, or, in the case of institutions controlled by a parent undertaking, a financial holding company or a mixed financial holding company, the total value of assets of the parent entity at the consolidated level is less than or equal to EUR 1.5 billion; (b) the resolution assessment in accordance with Articles 15 and 16 of Directive 2014/59/EU concludes that the liquidation of the institution in normal insolvency proceedings is feasible and credible; (c) the institution is not a large institution within the meaning of Article 4(1) point 144b; (d) its trading activities are classified as low within the meaning of Article 94; (e) the total value of its derivative exposures is less than or equal to 2% of its total on- and off-balance sheet assets, where only derivatives which qualify as positions held with trading intent are included in calculating the derivative exposures; (f) the institution does not use internal models for calculating own funds requirements; (g) the institution has not communicated to the competent authority an objection to being classified as a small and non- complex institution; (h) the competent authority has not decided that the institute is not to be considered a small and non- complex institution based on an analysis of its size, connectivity, complexity or risk profile. As an exception to point a, the competent supervisory authority may at its discretion raise the threshold value from EUR 1.5 billion to up to 0.1 % of the gross domestic product of the Member State in which the institution is established, should the competent authority consider this appropriate. As a further exception to point a, the competent supervisory authority may at its discretion lower the threshold value from EUR 1.5 billion to as low as 1% of the gross domestic product of the Member State in which the institution is established, provided that the threshold value of EUR 1.5 billion is more than 1% of the GDP of the Member State in question, and provided that the competent supervisory authority considers this to be necessary. Institutions in a Member State should be considered as small and non-complex only if the value of the combined assets of all institutions that fulfil all the criteria (a) to (g) set in this point to the total amount of assets of all institutions in this Member State does not exceed 10%.

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b

Regulation (EU) No 575/2013
Article 6 – paragraph 1a – subparagraph 1

By way of derogation from paragraph 1, only institutions identified as resolution entities, that are also G-SII or ~~are part of a G-SII~~O-SII with a total value of assets exceeding €30 billion, or are part of a G-SII or are part of a O- SII with a total value of assets exceeding €30 billion, and that do not have subsidiaries shall comply with the requirement laid down in Article 92a on an individual basis.

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b

Regulation (EU) No 575/2013
Article 6 – paragraph 1a – subparagraph 2

Only material subsidiaries of a non-EU G- SII that are not subsidiaries of an EU parent institution, or of a EU G-SII or a EU O-SII with a total value of assets exceeding €30 billion that are not resolution entities and that do not have subsidiaries shall comply with Article 92b on an individual basis.

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 575/2013
Article 7 – paragraph 1

1. Competent authorities may waive the application of Article 6(1) to any subsidiary of an institution, where both the subsidiary and the parent undertaking have their head office situated in the same Member State and the subsidiary is included in the supervision on a consolidated basis of the parent undertaking, which is an institution, a financial holding company or a mixed financial holding companyinstitution are subject to authorisation and supervision by the competent authority concerned, and the subsidiary is included in the supervision on a consolidated basis of the institution which is the parent undertaking, and all of the following conditions are satisfied, in order to ensure that own funds are distributed adequately between the parent undertaking and the subsidiary:

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 575/2013
Article 7 – paragraph 2

2. ~~After having consulted the consolidating supervisor, the c~~Competent authorityies may waive the application of Article 6(1) to a subsidiary having the head office situated in a different Member State than the head office of its parent undertaking and included in the supervision on a consolidated basis ofexercise the option provided for in paragraph 1 where thate parent undertaking~~, which is an institution,~~ is a financial holding company or a mixed financial holding company, provided that all of the following conditions are satisfied: (a) (a) to (d) of paragraph 1; (b) to its subsidiary, which at all times fulfils the following conditions: (i) least an amount equivalent to the amount of the own funds requirement of the subsidiary which is waived; (ii) the subsidiary is unable to pay its debts or other liabilities as they fall due or a determination has been made in accordance with Article 59(3) of Directive 2014/59/EU in respect of the subsidiary, whichever is the earliest; (iii) the guarantee is fully collateralised for at least 50% of its amount through a financial collateral arrangement as defined in point (a) ofit is subject to the same supervision as that exercised over institutions, and in particular to the standards laid down in Article 211(1) of Directive 2002/47/EC of the European Parliament and of the Council27 ; (iv) collateral arrangement are governed by the laws of the Member State where the head office of the subsidiary is situated, unless otherwise specified by the competent authority of the subsidiary; (v) the collateral backing the guarantee is an eligible collateral as referred to in Article 197 , which, following appropriately conservative haircuts, is sufficient to fully cover the amount referred to in point (iii); (vi) the collateral backing the guarantee is unencumbered and is not used as collateral to back any o. the conditions laid down in points the institution grants a guarantee the guarantee is provided for at ther guarantee; (vii) there are no legal, regulatory or operational barriers to the transfer of the collateral from the parent undertaking to the relevant subsidiary.. __________________ 27 Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43). is triggered when the guarantee and financial

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 5

Regulation (EU) No 575/2013
Article 7 – paragraph 3

~~"3. Where institu~~(5) In Article 7, paragraph 3 is replaced by the following: "3. Competent authorities may waive the applications of the single liquidity sub-group are authorised in several Member States, paragraph 1 shall only be applied after following the procedure laid down in Article 21 and only to the institutions whose competent authorities agree about the following elementArticle 6(1) to a parent institution in a Member State where that institution is subject to authorisation and supervision by the competent authority concerned, and it is included in the supervision on a consolidated basis, and all the following conditions are satisfied, in order to ensure that own funds are distributed adequately among the parent undertaking and the subsidiaries: (a) the~~ir assessment of the compliance of the organisation a~~re is no current or foreseen material practical or legal impediment to the prompt transfer of own funds of the treatment of liquidity risk with the conditions set out in Article 86 of Directive 2013/36/EU across the single liquidity sub-group; (b) the distribution of amounts, location and ownership of the required liquid assets to be held within the single liquidity sub-group; (c) the determination of minimum amounts of liquid assets to be held by institutions for which the application of Part Six will be waived; (d) the need for stricter parameters than those set out in Part Six; (e) unrestricted sharing of complete information between the competent authorities; (f) a full understanding of the implications of such a waiverr repayment of liabilities to the parent institution in a Member State; (b) the risk evaluation, measurement and control procedures relevant for consolidated supervision cover the parent institution in a Member State. The competent authority which makes use of this paragraph shall inform the national competent authorities of all other Member States. If the competent authority deems that there are material practical or legal impediment of prompt transfer of own funds or repayment of liabilities which prevent the application of a waiver of prudential requirements on an individual basis, the competent authority shall inform the Member States concerned and report to the Commission and the Council with a view to propose to take appropriate measures to remove the remaining obstacles."

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6 – introductory part

Regulation (EU) No 575/2013
Article 8

(6) In Article 8 is, the title, paragraphs 2 and 3 are replaced by the following:

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 1

1. Competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries having their head offices situated in the same Member State as the institution's head office and supervise them as a single liquidity sub-group, where all of the following conditions are satisfied: (a) the parent institution on a consolidated basis or a subsidiary on a sub-consolidated basis complies with Part Six; (b) consolidated basis or the subsidiary institution on a sub-consolidated basis monitors at all times the liquidity positions of all institutions within the liquidity sub-group that are subject to the waiver in accordance with this paragraph and ensures a sufficient level of liquidity for all of those institutions; (c) sub-group have entered into contracts that, to the satisfaction of competent authorities, provide for the free movement of funds between them to enable them to meet their individual and joint obligations as they become due; (d) material practical or legal impediment to the fulfilment of the contracts referred to in point (c).deleted the parent institution on a the institutions within the liquidity there is no current or expected

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraphs 2 and 3

2. Competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries having their head offices situated in different Member States than the institution's head office and supervise them as a single liquidity sub-group, only after following the procedure laid down in Article 21 and only to the institutions whose competent authorities agree about the following elements: (a) with the conditions referred to in paragraph 1; (b) of the organisation and treatment of liquidity risk with the criteria set out in Article 86 of Directive 2013/36/EU across the single liquidity sub-group; (c) location and ownership of the required liquid assets to be held within the single liquidity sub-group; (d) amounts of liquid assets to be held by institutions for which the application of Part Six will be waived; (e) the need for stricter parameters than those set out in Part Six; (f) unrestricted sharing of complete information between competent authorities; (g) a full understanding of the implications of such a waiver. 3. An authority that is competent for supervising on an individual basis an institution and all or some of its subsidiaries having their head offices situated in different Member States than the institution's head office may waive in full or in part the application of Part Six to that institution and to all or some of its subsidiaries and supervise them as a single liquidity sub-group, provided that all of the following conditions are satisfied: (a) the conditions referred to in paragraph 1 and in point (b) of paragraph 2; (b) the parent institution on a consolidated basis or a subsidiary institution on a sub-consolidated basis grants to the institution or group of institutions having their head office situated in another Member State a guarantee that fulfils all of the following conditions: (i) amount at least equivalent to the amount of the net liquidity outflows that the guarantee substitutes and that is calculated in accordance with Commission Delegated Regulation (EU) 2015/61 on an individual basis for the institution or on a sub-consolidated basis for the group of institutions subject to the waiver and benefitting from the guarantee, without taking into account any preferential treatment; (ii) the institution or group of institutions subject to the waiver and benefitting from the guarantee is unable to pay its debts or other liabilities as they become due or a determination has been made in accordance with Article 59(3) of Directive 2014/59/EU in respect of the institution or group of institutions subject to the waiver, whichever is the earliest; (iii) the guarantee is fully collateralised through a financial collateral arrangement as defined in point (a) of Article 2(1) of Directive 2002/47/EC; (iv) collateral arrangement are governed by the laws of the Member State where the head office of the institution or group of institutions subject to the waiver and benefitting from the guarantee is situated, unless otherwise specified by the competent authority of those institutions; (v) guarantee is eligible as high quality liquid asset as defined in Articles 10 to 13 and 15 of Commission Delegated Regulation (EU) 2015/61 and, following the application of the haircuts referred to in Chapter 2 of Title II of that Regulation, covers at least 50% of the amount of the net liquidity outflows calculated in accordance with that Regulation on an individual basis for the institution or on a sub-consolidated basis for the group of institutions subject to the waiver and benefitting from the guarantee, without taking into account any preferential treatment; (vi) the collateral backing the guarantee is unencumbered and is not used as collateral to back any other transaction; (vii) there are no current or expected legal, regulatory or practical impediments to the transfer of the collateral from the institution granting the guarantee to the institution or group of institutions subject to the waiver and benefitting from the guaranteeThe competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries where all institutions of the single liquidity sub- group are supervised by the same competent authority and provided that the conditions in paragraph 1 are fulfilled. their assessment of the compliance their assessment of the compliance the distribution of amounts, the determination of minimum If the competent authority deems that there are material practical or legal impediment of prompt transfer of funds or repayment of liabilities which prevent the application of a waiver of liquidity requirements on an individual basis, the competent authority shall inform the Member States concerned and report to the Commission and the Council with a view to propose to take appropriate measures to remove the remaining obstacles. 3. Where institutions of the single liquidity sub-group are supervised by several competent authorities, paragraph 1shall only be applied after following the procedure laid down in Article 21 and only to the institutions whose competent authorities agree about the following elements: (a) their assessment of the compliance of the organisation and of the treatment of liquidity risk with the conditions set out in Article 86 of Directive2013/36/EU across the single liquidity sub-group; (b) the distribution of amounts, location and ownership of the required liquid assets to be held within the single liquidity sub-group; the guarantee is provided for an the guarantee is triggered when the guarantee and the financial the collateral backing the (c) the determination of minimum amounts of liquid assets to be held by institutions for which the application of Part Six will be waived; (d) unrestricted sharing of complete information between the competent authorities.

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 2

2. Competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries having their head offices situated in different Member States than the institution's head office and supervise them as a single liquidity sub-group, only after following the procedure laid down in Article 21 and only to the institutions whose competent authorities agree about the following elements: (a) with the conditions referred to in paragraph 1; (b) of the organisation and treatment of liquidity risk with the criteria set out in Article 86 of Directive 2013/36/EU across the single liquidity sub-group; (c) location and ownership of the required liquid assets to be held within the single liquidity sub-group; (d) amounts of liquid assets to be held by institutions for which the application of Part Six will be waived; (e) than those set out in Part Six; (f) information betweendeleted their assessment of the compliance their assessment of the compliance the distribution of amounts, the determination of minimum the need for stricter parameters unrestricted sharing of complete~~nt authorities; (g) implications of such a waiver.~~ a full understanding of the

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 3

~~3. [...]~~deleted

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 4

4. Competent authorities may also apply paragraphs 1, 2 and 3 to one or some of the subsidiaries of a financial holding company or mixed financial holding company and supervise as a single liquidity sub-group the financial holding company or mixed financial holding company and the subsidiaries that are subject to a waiver or the subsidiaries that are subject to a waiver only. References in paragraphs 1, 2 and 3 to the parent institution shall be understood as covering the financial holding company or the mixed financial holding company.deleted

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 5

5. Competent authorities may also apply paragraphs 1, 2 and 3 to institutions which are members of the same institutional protection scheme referred to in Article 113(7), provided that those institutions meet all the conditions laid down therein, and to other institutions linked by a relationship as referred to in Article 113(6), provided that those institutions meet all the conditions laid down therein. Competent authorities shall in that case determine one of the institutions subject to the waiver to meet Part Six on the basis of the consolidated situation of all institutions of the single liquidity sub-group.deleted

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 6

6. Where a waiver has been granted under paragraphs 1 to 5, competent authorities may also apply Article 86 of Directive 2013/36/EU, or parts thereof, at the level of the single liquidity sub-group and waive the application of Article 86 of Directive 2013/36/EU, or parts thereof, on an individual basis. Where a waiver has been granted under paragraphs 1 to 5, for the parts of Part Six that are waived, competent authorities shall apply the reporting obligations set out in Article 415 of this Regulation at the level of the single liquidity sub-group and waive the application of Article 415 on an individual basis.deleted

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 575/2013
Article 8 – paragraph 7

7. Where a waiver is not granted under paragraphs 1 to 5 to institutions to which a waiver was previously granted on an individual basis, competent authorities shall take into account the time needed for those institutions to get prepared for the application of Part Six or part thereof and provide for an appropriate transitional period before applying those provisions to those institutions.deleted

2018/02/02
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 36

Regulation (EU) No 575/2013
Article 81 – paragraph 1 – point a – point ii

(ii) an undertaking that is subject by virtue of applicable national law to the requirements of this Regulation and Directive 2013/36/EU or to comparable requirements of these legal acts;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 38 a (new)

Regulation (EU) No 575/2013
Article 85 – paragraph 3 a (new)

(38a) In Article 85, the following paragraph 3 a is added: "3a. Where credit institutions permanently affiliated in a network to a central body and institutions established within an institutional protection scheme subject to the conditions laid down in Article 113(7) have set up a cross- guarantee scheme that provides that there is no current or foreseen material, practical or legal impediment to the transfer of the amount of own funds above the regulatory requirements from the counterparty to the credit institution, these institutions are exempted from the provisions of this Article regarding deductions and may recognize any qualifying Tier 1 instruments arising within the cross-guarantee scheme in full."

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 40

Regulation (EU) No 575/2013
Article 92 a – title

Article 92a G-SII and O-SII Requirement for own funds and eligible liabilities

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 40

Regulation (EU) No 575/2013
Article 92 a – paragraph 1 a (new)

1a. Subject to Articles 93 and 94 and to the exceptions set out in paragraph 2 of this Article, institutions identified as resolution entities and that are a O-SII or part of a O-SII with a total value of assets exceeding €30 billion shall at all times satisfy a risk-based ratio of 13.5%, representing the own funds and eligible liabilities of the institution expressed as a percentage of the total risk exposure amount calculated in accordance with Article 92(3) and (4).

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 103

Regulation (EU) No 575/2013
Article 411 – point 15 a (new)

(15a) "Factoring", which is to be treated as trade finance in part VI of this Regulation, means an agreement between a business (Assignor) and a financial entity (Factor) in which the Assignor assigns/sells its receivables to the Factor and the Factor provides the Assignor with a combination of one or more of the following services with regard to the receivables assigned: advance of a percentage of the amount of receivables assigned, management of receivables, collection and credit protection.

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 114

Regulation (EU) No 575/2013
Article 428 e

BIn the application of point (b) of Article 428s and point (a) of Article 428u(1) and by way of derogation from Article 428c(1), assets and liabilities resulting from secured lending transactions and capital market- driven transactions as defined in Article 192(2) and (3) ~~with a single counterparty~~ shall be calculated on a net basis, provided that th~~ose assets and liabilities respect the netting conditions set out in Article 429b(4)~~e transactions explicit final settlement dates are below six months.

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 114

Regulation (EU) No 575/2013
Article 428 f – paragraph 2 – point d

(d) covered bonds that meet the eligibility requirements for the treatment set out in Article 129(4) or (5), as appropriate, where the underlying loans are fully matched funded with the covered bonds issued or where there exists non- discretionary extendable maturity triggers on the covered bonds of one year or more until the term of the underlying loans in the event of refinancing failure at the maturity date of the covered bond , or where national legislation adequately limits refinancing risk for covered bond issuers, including through limitations on maturity mismatch between assets and liabilities;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 115

Regulation (EU) No 575/2013
Article 429 a – paragraph 1 – point d

(d) where the institution is a public development credit institution, the exposures arising from assets that constitute claims on regional governments, local authorities or public sector entities in relation to public sector investments or, where the institution complies with points(a),(b),(c),(e) of paragraph 2 of this article and operates at a domestic level, with a form of government oversight, exposures to credit institutions collateralized by residential housing assets;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 115

Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – point a

(a) it has been established under public law by a Member State's central government, regional government or local authority or is considered as a development or a promotional bank in accordance with a Commission's decision;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 115

Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – point b

(b) its activity is limited to advancing specified objectives of financial, social or economic public policy in accordance with the laws and provisions governing that institution, on a non-competitive basis, or to address a market failure. For these purposes, public policy objectives may include the provision of financing for promotional or development purposes to specified economic sectors or geographical areas of the relevant Member State;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 115

Regulation (EU) No 575/2013
Article 429 a – paragraph 2 – point e

(e) it ~~is precluded from accepting~~does not take covered deposits as defined in point (5) of Article 2(1) of Directive 2014/49/EU or in the national law of Member States implementing that Directive.

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 123

Regulation (EU) No 575/2013
Article 497 – paragraph 1 – point b – point ii

(ii) ~~five~~two years after the date of submission of the application.

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 127

Regulation (EU) No 575/2013
Article 501 a – paragraph 1 – point j

(j) the obligor has adequate safeguards to ensure completion of the project according to the agreed specification, budget or completion date; including strong completion guarantees or experienced constructor providing adequate liquidated damages;

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 127

Regulation (EU) No 575/2013
Article 501 b – paragraph 1

1. ~~Until [date of application + 3 years], i~~Institutions that use the approaches set out in Chapters 1a and 1b, Title IV, Part Three to calculate the own funds requirement for market risks shall multiply their own funds requirements for market risks calculated under these approaches by a factor of 65%.

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 127

Regulation (EU) No 575/2013
Article 501 b – paragraph 3

3. Within the three years after the date of application of the approaches set out in Chapters 1a and 1b, Title IV, Part Three , the Commission shall be empowered to adopt a delegated act in accordance with Article 462 of this Regulation to prolong the application of the treatment referred to in paragraph 1 or amend the factor referred to in that paragraph, if considered appropriate and taking into account the report referred to in paragraph 2, international regulatory developments and the specificities of financial and capital markets in the Union.deleted

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 1 – paragraph 1 – point 127

Regulation (EU) No 575/2013
Article 501 b – paragraph 5

~~4. In the absence of adoption of the~~ delegated ~~act referred to in the previous subparagraph within the specified timeframe, the treatment set out in paragraph 1 shall cease to apply.~~

2018/02/05
Committee: ECON

Pervenche BERÈS

Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b a (new)

(ba) the provisions in points (41), (46) to (51) and (83) to (88) on the introduction of the new own funds requirements for market risk, which shall apply from 1 July 2022;

2018/02/05
Committee: ECON