| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | (L) 2024/1623 |
| Publication Date | 19/06/2024 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2024/1623 - adopted by the co-legislators on 31 May 2024 - introducing amendments to Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. It is also known as the CRR III. This is a text with EEA relevance. Further information:Regulation (EU) No 575/2013 - also known as the Capital Requirements Regulation (CRR) - established a single set of harmonised prudential rules, which banks throughout the European Union (EU) must respect. This single rule book aims to ensure the uniform application of global standards (Basel III) in all Member States. This Act reviews that regulatory framework to complete the implementation of standards agreed internationally and known as the Basel III finalisation or Basel IV. It also takes into account the specificities of the EU's banking sector. The revised rules require banks to systematically identify, disclose and manage sustainability risks (ESG risks) as part of their risk management. They also provide stronger enforcement tools for supervisors overseeing EU banks. The review of the framework on bank capital requirements was included in the European Commission's 2020 Work Programme. A draft law was eventually adopted by the Commission on 27 October 2021, as part of the so-called 2021 Banking Package. The Council of the European Union adopted its general approach to the text on 8 November 2022. The plenary of the European Parliament endorsed a negotiating position on the proposal on 13 February 2023. An informal agreement between the co-legislators on a compromise text for this file was reached on 27 June. This was formally endorsed by Parliament on 24 April 2024 and by the Council on 30 May. The Act was signed by the co-legislators on 31 May 2024 and published in the Official Journal on 19 June 2024. |
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| Source Link | http://data.europa.eu/eli/reg/2024/1623/oj |
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| Subject Categories | Business and Industry |
| Subject Tags | Banking Union, Financial Services, Risk | Crisis Management |
| Keywords | Banks | Banking |
| International Organisations | European Union [EU] |
