On 2 July 2014, the EBA published its advice to the European Commission on whether the CRR should be revised so as not to require firms to include any element of own funds, fair value gains and losses on derivative liabilities of the firm that result from changes to its own credit standing. The EBA considers that currently the CRR needs only to be amended to align the wording with Basel III. The European Commission must report to the European Parliament and the Council of the EU on this issue, including any proposed amending legislation, by 31 December 2014.

The EBA advice is available at: http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-05+-