CEBS is consulting on implementation guidelines for hybrid capital instruments. The Commission has amended the CRD following CEBS’ advice on defining Tier 1 hybrids. CEBS is now looking at a common approach for regulators when considering topics within the relevant CRD article. The consultation includes draft guidance on permanence, flexibility of payments, loss absorbency, limits and hybrid instruments issued through an SPV. CEBS wants comments by 23 September and will hold a public hearing on 8 September.