The European Parliament announced on 16 April 2013 that it had voted to approve the texts of the Capital Requirements Directive IV and Regulation (CRD IV / CRR) at first reading, and has published the approved texts of the legislation.  The Parliament's swift approval means that the EU's proposed 1 January 2014 implementation date for the legislation is likely to stand and will not be postponed further.  However, this depends on publication of the approved texts in the Official Journal of the EU before 30 June 2013, to give EU Member States a minimum of six months in which to transpose CRD IV into national law.  The CRR will be directly applicable from 1 January 2014 (save for the provisions on liquidity, leverage and net stable funding, which are being phased-in in accordance with Basel III), Member States do not need to transpose it.  This reflects the Commission's commitment to developing a "Single Rulebook" for all European banks.  Providing that each EU Member State transposes the Directive by these dates, the substance of the Basel III capital adequacy framework will be in place across Europe - on a consistent basis - in just over six months time.  If publication in the Official Journal is delayed beyond 30 June 2013 (and the texts will require legal-linguistic review and translation as well as the Council of Ministers' formal approval prior to publication), the required implementation date for the legislation will be postponed until 1 July 2014.

Our legislative Status Update table provides a quick-reference guide to the progress of CRD IV / CRR and other new European legislation affecting securitisation and structured finance transactions.