On 20 May 2014, several European Commission Delegated Regulations setting out regulatory technical standards (“RTS”) under CRD IV were published in the Official Journal of the European Union. The RTS relate to: (i) the determination of what constitutes close correspondence between the value of an institution’s covered bonds and the value of the institution’s assets; (ii) the information to be exchanged between national regulators; (iii) the definition of market; (iv) the determination of the proxy spread and limited smaller portfolios for credit valuation adjustment risk; (v) the classes of instruments that reflect the credit quality of a firm as a going concern and are appropriate to be used for variable remuneration; (vi) the non-delta risk of options in the standardized market risk approach; (vii) the assessment of the materiality of extensions and changes of the Internal Ratings Based Approach and the Advanced Measurement Approach; and (viii) the definitions for material exposures and thresholds for internal approaches to specific risk in the trading book.

The legislation is available at:

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2014:148:FULL& from=EN.