Regulation 2022/2036 - Amendment of Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
Contents
official title
Regulation (EU) 2022/2036 of the European Parliament and of the Council of 19 October 2022 amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilitiesLegal instrument | Regulation |
---|---|
Number legal act | Regulation 2022/2036 |
Original proposal | COM(2021)665 ![]() |
CELEX number i | 32022R2036 |
Document | 19-10-2022; Date of signature |
---|---|
Publication in Official Journal | 25-10-2022; OJ L 275 p. 1-10 |
Signature | 19-10-2022 |
Effect | 14-11-2022; Entry into force Date pub. +20 See Art 4 14-11-2022; Application See Art 4 01-01-2024; Application Partial application See Art 4 |
Deadline | 15-11-2023; See Art 3.1 |
End of validity | 31-12-9999 |
25.10.2022 |
EN |
Official Journal of the European Union |
L 275/1 |
REGULATION (EU) 2022/2036 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 19 October 2022
amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Regulation (EU) 2019/876 of the European Parliament and of the Council (4), Regulation (EU) 2019/877 of the European Parliament and of the Council (5) and Directive (EU) 2019/879 of the European Parliament and of the Council (6) amended the Union resolution framework for credit institutions and investment firms through amendments to Regulation (EU) No 575/2013 of the European Parliament and of the Council (7), Regulation (EU) No 806/2014 of the European Parliament and of the Council (8) and Directive 2014/59/EU of the European Parliament and of the Council (9), respectively. Those amendments were necessary to implement in the Union the international ‘Total Loss-absorbing Capacity (TLAC) Term Sheet’, published by the Financial Stability Board on 9 November 2015 (the ‘TLAC standard’), for global systemically important banks, referred to in the Union framework as global systemically important institutions (G-SIIs), and to enhance the application of the minimum requirement for own funds and eligible liabilities (MREL) for all banks. The revised Union bank resolution framework should better ensure that the loss absorption and recapitalisation of banks occurs through private means when those banks become financially unviable and are, subsequently, placed in resolution. |
(2) |
Article 12a of Regulation (EU) No 575/2013 provides that G-SIIs with a resolution strategy under which more than one group entity might be resolved (‘multiple-point-of-entry resolution strategy’ or ‘MPE resolution strategy’) are to calculate their risk-based requirement for own funds and eligible liabilities on the theoretical assumption that only one entity of the group would be resolved, with the losses and recapitalisation needs of any subsidiaries of that group being transferred to the resolution entity (‘single-point-of-entry resolution strategy’ or ‘SPE resolution strategy’). A similar requirement is provided for in Article 45d(4) of Directive 2014/59/EU, regarding the additional requirement for own funds and eligible liabilities that may be imposed by resolution authorities pursuant to paragraph 3 of that Article. In line with the TLAC standard, those calculations should take into account all third-country entities that are part of a G-SII that would be resolution entities if they were established in the Union. |
(3) |
In accordance with Article 45h(2), third subparagraph, of Directive 2014/59/EU, and in line with the TLAC standard, the sum of the actual requirements for own funds and eligible liabilities of a G-SII with an MPE resolution strategy is not to be lower than that group’s theoretical requirement under an SPE resolution strategy. In order to align the provisions of Regulation (EU) No 575/2013 with those of Directive 2014/59/EU and to ensure that resolution authorities always act in accordance with that... |
More
This text has been adopted from EUR-Lex.
This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.
This page is also available in a full version containing the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and the related cases of the European Court of Justice.
The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.
The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.