The Council of the European Union is expected to formally agree on the amendment of the Capital Adequacy Directive this autumn22. This directive will, inter alia, set out the conditions under which hybrid captal instruments can be included in core capital.
CEBS has compiled draft implementation guidelines for the convergence of supervision with regard to these equity instruments. The consultation period is until 23 September 2009.
European member states should have implemented the amendments to the Capital Adequacy Directive by 31 October 2010.