Key EU legislative developments - status update as at October 2014

Key EU Legislative Developments - Status Update - As at October 2014 (updates in red) 1
Key EU Legislative Developments - Status Update
As at October 2014 (updates in red)
Name Legislative Measure(s) / Level 2 / Guidelines Status / Progress
CRD IV and
Regulation
(CRR)
Implementing Basel III (Liquidity standards; definition of capital; leverage ratio; counterparty credit risk; capital buffers). Plus, enhanced
governance/supervision and sanctions; removal of national options/discretions; introducing the "single rulebook"; CRD IV supersedes CRD
II (Directive 2009/111) and CRD III (Directive 2010/76) previously in place.
Directive 2013/36/EU (CRD IV) and Regulation 575/2013
(CRR) (27 June 2013) (with CRD Corrigendum and CRR
Corrigendum (2 August 2013) and the final CRR
Corrigendum (30 November 2013)).
European Council CRD IV / CRR FAQs (16 July 2013).
European Parliament Background Note on CRD IV / CRR
(15 April 2013).
European Commission webpage with links to various RTS
and ITS issued to date under CRD IV / CRR. Updated.
Final Delegated Regulation on the Liquidity Coverage
Ratio, Delegated Regulation supplementing Solvency II
and Delegated Regulation amending the CRR setting out
the detail of the Basel III leverage ratio, all published
October 2014.
EBA Final Guidelines on the disclosure of encumbered and
unencumbered assets (27 June 2014).
EBA Final Guidelines on harmonised definitions and
templates for funding plans of credit institutions (19 June
2014).
EBA has updated its Single Rulebook Q&A tool to ensure
consistent and effective application of the new regulatory
Regulation entered into force on 28 June 2013, applies from 1 January
2014 and Directive entered into force on 17 July 2013, required
transposition by 31 December 2013. From 1 January 2014, CRD IV and
CRR supersede BCD/CRD (2006/48/EC and 2006/49/EC), CRD II
(Directive 2009/111) and CRD III (Directive 2010/76) previously in place.
UK Government launched a legal challenge against the bonus cap
arrangements in the European Court of Justice has been published in the
Official Journal of the EU (7 December 2013) - hearing to take place on 8
September 2014 - see Case Update.
European Commission Letter to the EBA expressing concerns about
variable remuneration (4 September 2014).
EBA Consultation Paper on RTS that will specify the conditions of
application of permanent and temporary uses of the Standardised Approach
by banks that have received permission to use the Internal Ratings-Based
Approach (26 June 2014).
EBA Consultation Paper on draft RTS on the disclosure of information in
relation to the compliance of institutions with the requirement for a
countercyclical capital buffer (under Articles 6(3) and 13 of CRR) (27 June
2014).
European Commission Consultation Document on the potential economic
consequences of country-by-country reporting (July 2014).
European Commission Delegated Regulation setting out draft RTS