LeX-Ray

PRCIIFR is amended as follows:

Articles 1 and 2 are replaced by the following: ( *1 ) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations ESAEBAR and OTC, of the European Parliament and of the Council ( OJ L 173, 12.6.2014, p. 190 )." ( *2 ) Regulation 2014/806 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending ESAEBAR ( OJ L 225, 30.7.2014, p. 1 )." ( *3 ) Council Regulation 2013/1024 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions ( OJ L 287, 29.10.2013, p. 63 ).’;"

Article 4 is amended as follows:

paragraph 1 is amended as follows:

point (7) is replaced by the following: ( *4 ) UCITS of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) ( OJ L 302, 17.11.2009, p. 32 )." ( *5 ) AIFMD of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations CRAR and ESAESMAR ( OJ L 174, 1.7.2011, p. 1 ).’;"

‘collective investment undertaking’ or ‘CIU’ means a UCITS as defined in Article 1(2) of UCITS of the European Parliament and of the Council ( *4 ) or an alternative investment fund (AIF) as defined in point (a) of Article 4(1) of AIFMD of the European Parliament and of the Council ( *5 ) ;

point (20) is replaced by the following:

‘financial holding company’ means a financial institution, the subsidiaries of which are exclusively or mainly institutions or financial institutions, and which is not a mixed financial holding company; the subsidiaries of a financial institution are mainly institutions or financial institutions where at least one of them is an institution and where more than 50 % of the financial institution's equity, consolidated assets, revenues, personnel or other indicator considered relevant by the competent authority are associated with subsidiaries that are institutions or financial institutions;’;

point (26) is replaced by the following: ( *6 ) PSD2 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and ESAEBAR, and repealing PSD ( OJ L 337, 23.12.2015, p. 35 ).’;"

‘financial institution’ means an undertaking other than an institution and other than a pure industrial holding company, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and point 15 of Annex I to Directive 2013/36, including a financial holding company, a mixed financial holding company, a payment institution as defined in point (4) of Article 4 of PSD2 of the European Parliament and of the Council ( *6 ) , and an asset management company, but excluding insurance holding companies and mixed-activity insurance holding companies as defined, respectively, in points (f) and (g) of Article 212(1) of SII;

point (28) is replaced by the following:

‘parent institution in a Member State’ means an institution in a Member State which has an institution, a financial institution or an ancillary services undertaking as a subsidiary or which holds a participation in an institution, financial institution or ancillary services undertaking, and which is not itself a subsidiary of another institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in the same Member State;’;

the following points are inserted:

‘parent investment firm in a Member State’ means a parent institution in a Member State that is an investment firm;

‘EU parent investment firm’ means an EU parent institution that is an investment firm;

‘parent credit institution in a Member State’ means a parent institution in a Member State that is a credit institution;

‘EU parent credit institution’ means an EU parent institution that is a credit institution;’;

in point (39), the following paragraph is added: ‘Two or more natural or legal persons who fulfil the conditions set out in point (a) or (b) because of their direct exposure to the same CCP for clearing activities purposes are not considered as constituting a group of connected clients;’;

point (41) is replaced by the following:

‘consolidating supervisor’ means a competent authority responsible for the exercise of supervision on a consolidated basis in accordance with Article 111 of Directive 2013/36;’;

in point (71), the introductory phrase in point (b) is replaced by the following:

for the purposes of Article 97 it means the sum of the following:’;

in point (72), point (a) is replaced by the following: ( *7 ) MIFID2 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending IMD and AIFMD ( OJ L 173, 12.6.2014, p. 349 ).’;"

it is a regulated market or a third-country market that is considered to be equivalent to a regulated market in accordance with the procedure set out in point (a) of Article 25(4) of MIFID2 of the European Parliament and of the Council ( *7 ) ;

point (86) is replaced by the following:

‘trading book’ means all positions in financial instruments and commodities held by an institution either with trading intent or to hedge positions held with trading intent in accordance with Article 104;’;

point (91) is replaced by the following:

‘trade exposure’ means a current exposure, including a variation margin due to the clearing member but not yet received, and any potential future exposure of a clearing member or a client, to a CCP arising from contracts and transactions listed in points (a), (b) and (c) of Article 301(1), as well as initial margin;’;

point (96) is replaced by the following:

‘internal hedge’ means a position that materially offsets the component risk elements between a trading book position and one or more non-trading book positions or between two trading desks;’;

in point (127), point (a) is replaced by the following:

the institutions fall within the same institutional protection scheme as referred to in Article 113(7) or are permanently affiliated with a network to a central body;’;

point (128) is replaced by the following:

‘distributable items’ means the amount of the profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose, before distributions to holders of own funds instruments, less any losses brought forward, any profits which are non-distributable pursuant to Union or national law or the institution's by-laws and any sums placed in non-distributable reserves in accordance with national law or the statutes of the institution, in each case with respect to the specific category of own funds instruments to which Union or national law, institutions' by-laws, or statutes relate; such profits, losses and reserves being determined on the basis of the individual accounts of the institution and not on the basis of the consolidated accounts;’;

the following points are added: ( *8 ) Directive 2013/34 of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending SAAACAD of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC ( OJ L 182, 29.6.2013, p. 19 )." ( *9 ) Directive 2004/109 of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34 ( OJ L 390, 31.12.2004, p. 38 ).’;"

‘resolution authority’ means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59;

‘resolution entity’ means a resolution entity as defined in point (83a) of Article 2(1) of Directive 2014/59;

‘resolution group’ means a resolution group as defined in point (83b) of Article 2(1) of Directive 2014/59;

‘global systemically important institution’ or ‘G-SII’ means a G-SII that has been identified in accordance with Article 131(1) and (2) of Directive 2013/36;

‘non-EU global systemically important institution’ or ‘non-EU G-SII’ means a global systemically important banking group or a bank (G-SIBs) that is not a G-SII and that is included in the list of G-SIBs published by the Financial Stability Board, as regularly updated;

‘material subsidiary’ means a subsidiary that on an individual or consolidated basis meets any of the following conditions: for the purpose of determining the material subsidiary, where Article 21b(2) of Directive 2013/36 applies, the two intermediate EU parent undertakings shall count as a single subsidiary on the basis of their consolidated situation;

the subsidiary holds more than 5 % of the consolidated risk-weighted assets of its original parent undertaking;

the subsidiary generates more than 5 % of the total operating income of its original parent undertaking;

the total exposure measure, referred to in Article 429(4) of this Regulation, of the subsidiary is more than 5 % of the consolidated total exposure measure of its original parent undertaking;

‘G-SII entity’ means an entity with legal personality that is a G-SII or is part of a G-SII or of a non-EU G-SII;

‘bail-in tool’ means a bail-in tool as defined in point (57) of Article 2(1) of Directive 2014/59;

‘group’ means a group of undertakings of which at least one is an institution and which consists of a parent undertaking and its subsidiaries, or of undertakings that are related to each other as set out in Article 22 of Directive 2013/34 of the European Parliament and of the Council ( *8 ) ;

‘securities financing transaction’ means a repurchase transaction, a securities or commodities lending or borrowing transaction, or a margin lending transaction;

‘initial margin’ or ‘IM’ means any collateral, other than variation margin, collected from or posted to an entity to cover the current and potential future exposure of a transaction or of a portfolio of transactions in the period needed to liquidate those transactions, or to re-hedge their market risk, following the default of the counterparty to the transaction or portfolio of transactions;

‘market risk’ means the risk of losses arising from movements in market prices, including in foreign exchange rates or commodity prices;

‘foreign exchange risk’ means the risk of losses arising from movements in foreign exchange rates;

‘commodity risk’ means the risk of losses arising from movements in commodity prices;

‘trading desk’ means a well-identified group of dealers set up by the institution to jointly manage a portfolio of trading book positions in accordance with a well-defined and consistent business strategy and operating under the same risk management structure;

‘small and non-complex institution’ means an institution that meets all the following conditions:

it is not a large institution;

the total value of its assets on an individual basis or, where applicable, on a consolidated basis in accordance with this Regulation and Directive 2013/36 is on average equal to or less than the threshold of EUR 5 billion over the four-year period immediately preceding the current annual reporting period; Member States may lower that threshold;

it is not subject to any obligations, or is subject to simplified obligations, in relation to recovery and resolution planning in accordance with Article 4 of Directive 2014/59;

its trading book business is classified as small within the meaning of Article 94(1);

the total value of its derivative positions held with trading intent does not exceed 2 % of its total on- and off-balance-sheet assets and the total value of its overall derivative positions does not exceed 5 %, both calculated in accordance with Article 273a(3);

more than 75 % of both the institution's consolidated total assets and liabilities, excluding in both cases the intragroup exposures, relate to activities with counterparties located in the European Economic Area;

the institution does not use internal models to meet the prudential requirements in accordance with this Regulation except for subsidiaries using internal models developed at the group level, provided that the group is subject to the disclosure requirements laid down in Article 433a or 433c on a consolidated basis;

the institution has not communicated to the competent authority an objection to being classified as a small and non-complex institution;

the competent authority has not decided that the institution is not to be considered a small and non-complex institution on the basis of an analysis of its size, interconnectedness, complexity or risk profile;

‘large institution’ means an institution that meets any of the following conditions:

it is a G-SII;

it has been identified as an other systemically important institution (O-SII) in accordance with Article 131(1) and (3) of Directive 2013/36;

it is, in the Member State in which it is established, one of the three largest institutions in terms of total value of assets;

the total value of its assets on an individual basis or, where applicable, on the basis of its consolidated situation in accordance with this Regulation and Directive 2013/36 is equal to or greater than EUR 30 billion;

‘large subsidiary’ means a subsidiary that qualifies as a large institution;

‘non-listed institution’ means an institution that has not issued securities that are admitted to trading on a regulated market of any Member State, within the meaning of point (21) of Article 4(1) of MIFID2;

‘financial report’ means, for the purposes of Part Eight, a financial report within the meaning of Articles 4 and 5 of Directive 2004/109 of the European Parliament and of the Council ( *9 ) .

the following paragraph is added:

Article 6 is amended as follows:

paragraph 1 is replaced by the following:

the following paragraph is inserted:

paragraphs 3, 4 and 5 are replaced by the following: ( *10 ) ISSCSDR of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation 2012/236 ( OJ L 257, 28.8.2014, p. 1 ).’;"

Article 8 is amended as follows:

in paragraph 1, point (b) is replaced by the following:

the parent institution on a consolidated basis or the subsidiary institution on a sub-consolidated basis monitors and has oversight at all times over the liquidity positions of all institutions within the group or sub-group, that are subject to the waiver, monitors and has oversight at all times over the funding positions of all institutions within the group or sub-group where the net stable funding ratio (NSFR) requirement set out in Title IV of Part Six is waived, and ensures a sufficient level of liquidity, and of stable funding where the NSFR requirement set out in Title IV of Part Six is waived, for all of those institutions;’;

in paragraph 3, points (b) and (c) are replaced by the following:

the distribution of amounts, location and ownership of the required liquid assets to be held within the single liquidity sub-group, where the liquidity coverage ratio (LCR) requirement as laid down in the delegated act referred to in Article 460(1) is waived, and the distribution of amounts and location of available stable funding within the single liquidity sub-group, where the NSFR requirement set out in Title IV of Part Six is waived;

the determination of minimum amounts of liquid assets to be held by institutions for which the application of the LCR requirement as laid down in the delegated act referred to in Article 460(1) is waived and the determination of minimum amounts of available stable funding to be held by institutions for which the application of the NSFR requirement set out in Title IV of Part Six is waived;’;

the following paragraph is added:

in Article 10(1), the introductory phrase of the first subparagraph is replaced by the following:

Article 11 is amended as follows:

paragraphs 1 and 2 are replaced by the following:

paragraph 3 is deleted;

the following paragraph is inserted:

paragraphs 4 and 5 are replaced by the following:

Article 12 is deleted;

the following article is inserted:

Articles 13 and 14 are replaced by the following:

in Article 15(1), the introductory phrase of the first subparagraph is replaced by the following:

Article 16 is replaced by the following:

Article 18 is replaced by the following:

Article 22 is replaced by the following

the title of Part Two is replaced by the following: ‘ OWN FUNDS AND ELIGIBLE LIABILITIES ’;

in Article 26, paragraph 3 is replaced by the following:

Article 28 is amended as follows:

paragraph 1 is amended as follows:

point (b) is replaced by the following:

the instruments are fully paid up and the acquisition of ownership of those instruments is not funded directly or indirectly by the institution;’;

the following subparagraph is added: ‘For the purposes of point (b) of the first subparagraph, only the part of a capital instrument that is fully paid up shall be eligible to qualify as a Common Equity Tier 1 instrument.’;

in paragraph 3, the following subparagraphs are added: ‘The condition set out in point (h)(v) of the first subparagraph of paragraph 1 shall be considered to be met notwithstanding a subsidiary being subject to a profit and loss transfer agreement with its parent undertaking, according to which the subsidiary is obliged to transfer, following the preparation of its annual financial statements, its annual result to the parent undertaking, where all the following conditions are met: Where an institution has entered into a profit and loss transfer agreement, it shall notify the competent authority without delay and provide the competent authority with a copy of the agreement. The institution shall also notify the competent authority without delay of any changes to the profit and loss transfer agreement and the termination thereof. An institution shall not enter into more than one profit and loss transfer agreement.’;

the parent undertaking owns 90 % or more of the voting rights and capital of the subsidiary;

the parent undertaking and the subsidiary are located in the same Member State;

the agreement was concluded for legitimate taxation purposes;

in preparing the annual financial statement, the subsidiary has discretion to decrease the amount of distributions by allocating a part or all of its profits to its own reserves or funds for general banking risk before making any payment to its parent undertaking;

the parent undertaking is obliged under the agreement to fully compensate the subsidiary for all losses of the subsidiary;

the agreement is subject to a notice period according to which the agreement can be terminated only by the end of an accounting year, with such termination taking effect no earlier than the beginning of the following accounting year, leaving the parent undertaking's obligation to fully compensate the subsidiary for all losses incurred during the current accounting year unchanged.

in Article 33(1), point (c) is replaced by the following:

fair value gains and losses on derivative liabilities of the institution that result from changes in the own credit risk of the institution.’;

Article 36 is amended as follows:

paragraph 1 is amended as follows:

point (b) is replaced by the following:

intangible assets with the exception of prudently valued software assets the value of which is not negatively affected by resolution, insolvency or liquidation of the institution;’;

the following point is added:

for a minimum value commitment referred to in Article 132c(2), any amount by which the current market value of the units or shares in CIUs underlying the minimum value commitment falls short of the present value of the minimum value commitment and for which the institution has not already recognised a reduction of Common Equity Tier 1 items.’;

the following paragraph is added:

in Article 37, the following point is added:

the amount to be deducted shall be reduced by the amount of the accounting revaluation of the subsidiaries' intangible assets derived from the consolidation of subsidiaries attributable to persons other than the undertakings included in the consolidation pursuant to Chapter 2 of Title II of Part One.’;

in Article 39(2), in the first subparagraph the introductory phrase is replaced by the following: ‘Deferred tax assets that do not rely on future profitability shall be limited to deferred tax assets which were created before 23 November 2016 and which arise from temporary differences, where all the following conditions are met:’;

in Article 45, point (a)(i) is replaced by the following:

the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;’;

Article 49 is amended as follows:

in paragraph 2, the following subparagraph is added: ‘This paragraph shall not apply when calculating own funds for the purposes of the requirements laid down in Articles 92a and 92b, which shall be calculated in accordance with the deduction framework set out in Article 72e(4).’;

paragraph 3 is amended as follows:

in point (a)(iv), the last sentence is replaced by the following: ‘The consolidated balance sheet or the extended aggregated calculation shall be reported to the competent authorities with the frequency set out in the implementing technical standards referred to in Article 430(7)’;

in point (a)(v), the first sentence is replaced by the following:

the institutions included in an institutional protection scheme meet together on a consolidated or extended aggregated basis the requirements laid down in Article 92 and carry out reporting of compliance with those requirements in accordance with Article 430.’;

Article 52(1) is amended as follows:

point (a) is replaced by the following:

the instruments are directly issued by an institution and fully paid up;’;

the introductory phrase of point (b) is replaced by the following:

the instruments are not owned by any of the following:’;

point (c) is replaced by the following:

the acquisition of ownership of the instruments is not funded directly or indirectly by the institution;’;

point (h) is replaced by the following:

where the instruments include one or more early redemption options including call options, the options are exercisable at the sole discretion of the issuer;’;

point (j) is replaced by the following:

the provisions governing the instruments do not indicate explicitly or implicitly that the instruments would be called, redeemed or repurchased, as applicable, by the institution other than in the case of the insolvency or liquidation of the institution and the institution does not otherwise provide such an indication;’;

point (p) is replaced by the following:

where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59 as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the law or contractual provisions governing the instruments require that, upon a decision by the resolution authority to exercise the write-down and conversion powers referred to in Article 59 of that Directive, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted to Common Equity Tier 1 instruments; where the issuer is established in a third country and has not been designated in accordance with Article 12 of Directive 2014/59 as part of a resolution group the resolution entity of which is established in the Union, the law or contractual provisions governing the instruments require that, upon a decision by the relevant third-country authority, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted into Common Equity Tier 1 instruments;’;

the following points are added:

where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59 as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the instruments may only be issued under, or be otherwise subject to the laws of a third country where, under those laws, the exercise of the write-down and conversion powers referred to in Article 59 of that Directive is effective and enforceable on the basis of statutory provisions or legally enforceable contractual provisions that recognise resolution or other write-down or conversion actions;

the instruments are not subject to set-off or netting arrangements that would undermine their capacity to absorb losses.’;

the following subparagraph is added: ‘For the purposes of point (a) of the first subparagraph, only the part of a capital instrument that is fully paid up shall be eligible to qualify as an Additional Tier 1 instrument.’;

in Article 54(1), the following point is added:

where the Additional Tier 1 instruments have been issued by a subsidiary undertaking established in a third country, the 5,125 % or higher trigger referred to in point (a) shall be calculated in accordance with the national law of that third country or contractual provisions governing the instruments, provided that the competent authority, after consulting EBA, is satisfied that those provisions are at least equivalent to the requirements set out in this Article.’;

in Article 59, point (a)(i) is replaced by the following:

the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;’;

in Article 62, point (a) is replaced by the following:

capital instruments where the conditions set out in Article 63 are met, and to the extent specified in Article 64;’;

Article 63 is amended as follows:

the introductory phrase is replaced by the following: ‘Capital instruments shall qualify as Tier 2 instruments, provided that the following conditions are met:’;

point (a) is replaced by the following:

the instruments are directly issued by an institution and fully paid up;’;

in point (b), the introductory phrase is replaced by the following:

the instruments are not owned by any of the following:’;

points (c) and (d) are replaced by the following:

the acquisition of ownership of the instruments is not funded directly or indirectly by the institution;

the claim on the principal amount of the instruments under the provisions governing the instruments ranks below any claim from eligible liabilities instruments;’;

in point (e), the introductory phrase is replaced by the following:

the instruments are not secured or are not subject to a guarantee that enhances the seniority of the claim by any of the following:’;

points (f) to (n) are replaced by the following:

the instruments are not subject to any arrangement that otherwise enhances the seniority of the claim under the instruments;

the instruments have an original maturity of at least five years;

the provisions governing the instruments do not include any incentive for their principal amount to be redeemed or repaid, as applicable by the institution prior to their maturity;

where the instruments include one or more early repayment options, including call options, the options are exercisable at the sole discretion of the issuer;

the instruments may be called, redeemed, repaid or repurchased early only where the conditions set out in Article 77 are met, and not before five years after the date of issuance, except where the conditions set out in Article 78(4) are met;

the provisions governing the instruments do not indicate explicitly or implicitly that the instruments would be called, redeemed, repaid or repurchased early, as applicable, by the institution other than in the case of the insolvency or liquidation of the institution and the institution does not otherwise provide such an indication;

the provisions governing the instruments do not give the holder the right to accelerate the future scheduled payment of interest or principal, other than in the case of the insolvency or liquidation of the institution;

the level of interest or dividends payments, as applicable, due on the instruments will not be amended on the basis of the credit standing of the institution or its parent undertaking;

where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59 as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the law or contractual provisions governing the instruments require that, upon a decision by the resolution authority to exercise the write-down and conversion powers referred to in Article 59 of that Directive, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted to Common Equity Tier 1 instruments; where the issuer is established in a third country and has not been designated in accordance with Article 12 of Directive 2014/59 as a part of a resolution group the resolution entity of which is established in the Union, the law or contractual provisions governing the instruments require that, upon a decision by the relevant third-country authority, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted into Common Equity Tier 1 instruments;’;

the following points are added:

where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59 as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the instruments may only be issued under, or be otherwise subject to the laws of a third country where, under those laws, the exercise of the write-down and conversion powers referred to in Article 59 of that Directive is effective and enforceable on the basis of statutory provisions or legally enforceable contractual provisions that recognise resolution or other write-down or conversion actions;

the instruments are not subject to set-off or netting arrangements that would undermine their capacity to absorb losses.’;

the following paragraph is added: ‘For the purposes of point (a) of the first paragraph, only the part of the capital instrument that is fully paid up shall be eligible to qualify as a Tier 2 instrument.’;

Article 64 is replaced by the following:

in Article 66, the following point is added:

the amount of items required to be deducted from eligible liabilities items pursuant to Article 72e that exceeds the eligible liabilities items of the institution.’;

in Article 69, point (a)(i) is replaced by the following:

the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;’;

the following chapter is inserted after Article 72: ( *11 ) DGSTERD of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes ( OJ L 173, 12.6.2014, p. 149 )." ( *12 ) SFIPSSSD of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems ( OJ L 166, 11.6.1998, p. 45 ).’;"

in Title I of Part Two, the title of Chapter 6 is replaced by the following: ‘ General requirements for own funds and eligible liabilities ’;

Article 73 is amended as follows:

the title is replaced by the following: ‘ Distributions on instruments ’;

paragraphs 1 to 4 are replaced by the following:

paragraph 6 is replaced by the following:

in Article 75, the introductory phrase is replaced by the following: ‘The maturity requirements for short positions referred to in point (a) of Article 45, point (a) of Article 59, point (a) of Article 69 and point (a) of Article 72h shall be considered to be met in respect of positions held where all the following conditions are met:’;

in Article 76, paragraphs 1, 2 and 3 are replaced by the following:

Article 77 is replaced by the following:

Article 78 is replaced by the following:

the following article is inserted:

Article 79 is amended as follows:

the title is replaced by the following: ‘Temporary waiver from deduction from own funds and eligible liabilities’;

paragraph 1 is replaced by the following:

the following article is inserted:

Article 80 is amended as follows:

the title is replaced by the following: ‘Continuing review of the quality of own funds and eligible liabilities instruments’;

paragraph 1 is replaced by the following:

in paragraph 3, the introductory phrase is replaced by the following:

in Article 81, paragraph 1 is replaced by the following:

Article 82 is replaced by the following:

in Article 83(1), the introductory phrase is replaced by the following:

the following article is inserted:

Article 92 is amended as follows:

in paragraph 1, the following point is added:

a leverage ratio of 3 %;’;

the following paragraph is inserted:

paragraph 3 is amended as follows:

points (b) and (c) are replaced by the following:

the own funds requirements for the trading-book business of an institution for the following:

market risk as determined in accordance with Title IV of this Part, excluding the approaches set out in Chapters 1a and 1b of that Title;

large exposures exceeding the limits specified in Articles 395 to 401, to the extent that an institution is permitted to exceed those limits, as determined in accordance with Part Four;

the own funds requirements for market risk as determined in Title IV of this Part, excluding the approaches set out in Chapters 1a and 1b of that Title, for all business activities that are subject to foreign exchange risk or commodity risk;’;

the following point is inserted:

the own funds requirements calculated in accordance with Title V of this Part, with the exception of Article 379 for settlement risk.’;

the following articles are inserted:

Article 94 is replaced by the following:

in Title I of Part Three, Chapter 2 is deleted;

Article 102 is amended as follows:

paragraphs 2, 3 and 4 are replaced by the following:

the following paragraphs are added:

Article 103 is replaced by the following:

in Article 104, paragraph 2 is deleted;

the following articles are inserted:

Article 105 is amended as follows:

paragraph 1 is replaced by the following:

paragraphs 3 and 4 are replaced by the following:

paragraph 6 is replaced by the following:

in paragraph 7, the second subparagraph is replaced by the following: ‘For the purposes of point (d) of the first subparagraph, the model shall be developed or approved independently of the trading desks and shall be independently tested, including validation of the mathematics, assumptions and software implementation.’;

in paragraph 11, point (a) is replaced by the following:

the additional amount of time it would take to hedge out the position or the risks within the position beyond the liquidity horizons that have been assigned to the risk factors of the position in accordance with Article 325bd;’;

Article 106 is amended as follows:

paragraphs 2 and 3 are replaced by the following:

the following paragraphs are added:

in Article 107, paragraph 3 is replaced by the following:

in Article 117, paragraph 2 is amended as follows:

the following points are added:

the International Development Association;

the Asian Infrastructure Investment Bank.’;

the following subparagraph is added: ‘The Commission is empowered to amend this Regulation by adopting delegated acts in accordance with Article 462 amending, in accordance with international standards, the list of multilateral development banks referred to in the first subparagraph.’;

in Article 118, point (a) is replaced by the following:

the European Union and the European Atomic Energy Community;’;

in Article 123, the following paragraph is added: ‘Exposures due to loans granted by a credit institution to pensioners or employees with a permanent contract against the unconditional transfer of part of the borrower's pension or salary to that credit institution shall be assigned a risk weight of 35 %, provided that all the following conditions are met:

in order to repay the loan, the borrower unconditionally authorises the pension fund or employer to make direct payments to the credit institution by deducting the monthly payments on the loan from the borrower's monthly pension or salary;

the risks of death, inability to work, unemployment or reduction of the net monthly pension or salary of the borrower are properly covered through an insurance policy underwritten by the borrower to the benefit of the credit institution;

the monthly payments to be made by the borrower on all loans that meet the conditions set out in points (a) and (b) do not in aggregate exceed 20 % of the borrower's net monthly pension or salary;

the maximum original maturity of the loan is equal to or less than ten years.’;

Article 124 is replaced by the following:

in Article 128, paragraphs 1 and 2 are replaced by the following:

Article 132 is replaced by the following:

the following articles are inserted:

in Article 144(1), point (g) is replaced by the following:

the institution has calculated under the IRB Approach the own funds requirements resulting from its risk parameters estimates and is able to submit the reporting as required by Article 430;’;

Article 152 is replaced by the following:

in Article 158, the following paragraph is inserted:

Article 164 is replaced by the following:

in Article 201(1), point (h) is replaced by the following:

qualifying central counterparties.’;

the following article is inserted:

Article 223 is amended as follows:

in paragraph 3, the second subparagraph is replaced by the following: ‘In the case of OTC derivative transactions, institutions using the method laid down in Section 6 of Chapter 6 shall calculate E VA as follows:

in paragraph 5, the following subparagraph is added: ‘In the case of OTC derivative transactions, institutions using the methods laid down in Sections 3, 4 and 5 of Chapter 6 shall take into account the risk-mitigating effects of collateral in accordance with the provisions laid down in Sections 3, 4 and 5 of Chapter 6, as applicable.’;

Article 272 is amended as follows:

point (6) is replaced by the following:

‘hedging set’ means a group of transactions within a single netting set for which full or partial offsetting is allowed for determining the potential future exposure under the methods set out in Section 3 or 4 of this Chapter;’;

the following point is inserted:

‘one way margin agreement’ means a margin agreement under which an institution is required to post variation margin to a counterparty but is not entitled to receive variation margin from that counterparty or vice-versa;’;

point (12) is replaced by the following:

‘current market value’ or ‘CMV’ means the net market value of all the transactions within a netting set gross of any collateral held or posted where positive and negative market values are netted in computing the CMV;’

the following point is inserted:

‘net independent collateral amount’ or ‘NICA’ means the sum of the volatility-adjusted value of net collateral received or posted, as applicable, to the netting set other than variation margin;’;

Article 273 is amended as follows:

paragraph 1 is replaced by the following:

paragraphs 6, 7 and 8 are replaced by the following:

the following paragraph is added:

the following articles are inserted:

in Chapter 6 of Title II of Part Three, Sections 3, 4 and 5 are replaced by the following:

in Article 283, paragraph 4 is replaced by the following:

Article 298 is replaced by the following:

in Article 299(2), point (a) is deleted;

Article 300 is amended as follows:

the introductory sentence is replaced by the following: ‘For the purposes of this Section and of Part Seven, the following definitions apply:’;

the following points are added:

‘cash transaction’ means a transaction in cash, debt instruments or equities, a spot foreign exchange transaction or a spot commodities transaction; however, repurchase transactions, securities or commodities lending transactions, and securities or commodities borrowing transactions, are not cash transactions;

‘indirect clearing arrangement’ means an arrangement that meets the conditions set out in the second subparagraph of Article 4(3) of OTC;

‘higher-level client’ means an entity providing clearing services to a lower-level client;

‘lower-level client’ means an entity accessing the services of a CCP through a higher-level client;

‘multi-level client structure’ means an indirect clearing arrangement under which clearing services are provided to an institution by an entity which is not a clearing member, but is itself a client of a clearing member or of a higher-level client;

‘unfunded contribution to a default fund’ means a contribution that an institution that acts as a clearing member has contractually committed to provide to a CCP after the CCP has depleted its default fund to cover the losses it incurred following the default of one or more of its clearing members;

‘fully guaranteed deposit lending or borrowing transaction’ means a fully collateralised money market transaction in which two counterparties exchange deposits and a CCP interposes itself between them to ensure the performance of those counterparties' payment obligations.’;

Article 301 is replaced by the following:

in Article 302, paragraph 2 is replaced by the following:

Article 303 is replaced by the following:

Article 304 is amended as follows:

paragraph 1 is replaced by the following:

paragraphs 3, 4 and 5 are replaced by the following:

the following paragraphs are added:

Article 305 is amended as follows:

paragraph 1 is replaced by the following:

paragraph 2 is amended as follows:

point (c) is replaced by the following:

the client has conducted a sufficiently thorough legal review, which it has kept up to date, that substantiates that the arrangements that ensure that the condition set out in point (b) is met are legal, valid, binding and enforceable under the relevant laws of the relevant jurisdiction or jurisdictions;’;

the following subparagraph is added: ‘When assessing its compliance with the condition set out in point (b) of the first subparagraph, an institution may take into account any clear precedents of transfers of client positions and of corresponding collateral at a CCP, and any industry intent to continue with that practice.’;

paragraphs 3 and 4 are replaced by the following:

Article 306 is amended as follows:

paragraph 1 is amended as follows:

point (c) is replaced by the following:

where an institution acts as a financial intermediary between a client and a CCP, and the terms of the CCP-related transaction stipulate that the institution is not required to reimburse the client for any losses suffered due to changes in the value of that transaction in the event that the CCP defaults, that institution may set the exposure value of the trade exposure with the CCP that corresponds to that CCP-related transaction to zero;’;

the following point is added:

where an institution acts as a financial intermediary between a client and a CCP, and the terms of the CCP-related transaction stipulate that the institution is required to reimburse the client for any losses suffered due to changes in the value of that transaction in the event that the CCP defaults, that institution shall apply the treatment in point (a) or (b), as applicable, to the trade exposure with the CCP that corresponds to that CCP-related transaction.’;

paragraphs 2 and 3 are replaced by the following:

Article 307 is replaced by the following:

Article 308 is amended as follows:

paragraphs 2 and 3 are replaced by the following:

paragraphs 4 and 5 are deleted;

Articles 309, 310 and 311 are replaced by the following:

in Article 316(1), the following subparagraph is added: ‘By way of derogation from the first subparagraph of this paragraph, institutions may choose not to apply the accounting categories for the profit and loss account under Article 27 of Directive 86/635/EEC to financial and operating leases for the purpose of calculating the relevant indicator, and may instead:

include interest income from financial and operating leases and profits from leased assets in the category referred to in point 1 of Table 1;

include interest expense from financial and operating leases, losses, depreciation and impairment of operating leased assets in the category referred to in point 2 of Table 1.’;

in Title IV of Part Three, Chapter 1 is replaced by the following:

in Title IV of Part Three, the following Chapters are inserted:

the total counterparty credit risk exposure value of counterparty ‘i’ (summed across its netting sets) including the effect of collateral in accordance with the methods set out in Sections 3 to 6 of Chapter 6 of Title II as applicable to the calculation of the own funds requirements for counterparty credit risk for that counterparty.’;

Article 385 is replaced by the following:

Article 390 is replaced by the following:

in Article 391, the following paragraph is added: ‘For the purposes of the first paragraph, the Commission may adopt, by means of implementing acts, and subject to the examination procedure referred to in Article 464(2), decisions as to whether a third country applies prudential supervisory and regulatory requirements at least equivalent to those applied in the Union.’;

Article 392 is replaced by the following:

Article 394 is replaced by the following:

Article 395 is amended as follows:

paragraph 1 is replaced by the following:

paragraph 5 is replaced by the following:

Article 396 is amended as follows:

paragraph 1 is amended as follows:

the second subparagraph is replaced by the following: ‘Where the amount of EUR 150 million referred to in Article 395(1) is applicable, the competent authorities may allow the 100 % limit in terms of the institution's Tier 1 capital to be exceeded on a case-by-case basis.’;

the following subparagraph is added: ‘Where, in the exceptional cases referred to in the first and second subparagraph of this paragraph, a competent authority allows an institution to exceed the limit set out in Article 395(1) for a period longer than three months, the institution shall present a plan for a timely return to compliance with that limit to the satisfaction of the competent authority and shall carry out that plan within the period agreed with the competent authority. The competent authority shall monitor the implementation of the plan and shall require a more rapid return to compliance if appropriate.’;

the following paragraph is added:

in Article 397, in Column 1 of Table 1, the term ‘eligible capital’ is replaced by the term ‘Tier 1 capital’;

Article 399 is amended as follows:

paragraph 1 is replaced by the following:

paragraph 3 is replaced by the following:

Article 400 is amended as follows:

in paragraph 1, the first subparagraph is amended as follows:

point (j) is replaced by the following:

clearing members' trade exposures and default fund contributions to qualified central counterparties;’;

the following points are added:

clients' trade exposures referred to in Article 305(2) or (3);

holdings by resolution entities, or by their subsidiaries which are not themselves resolution entities, of own funds instruments and eligible liabilities referred to in Article 45f(2) of Directive 2014/59 that have been issued by any of the following entities:

in respect of resolution entities, other entities belonging to the same resolution group;

in respect of subsidiaries of a resolution entity that are not themselves resolution entities, the relevant subsidiary's subsidiaries belonging to the same resolution group;

exposures arising from a minimum value commitment that meets all the conditions set out in Article 132c(3).’;

paragraph 2 is amended as follows:

point (c) is replaced by the following:

exposures incurred by an institution, including through participations or other kinds of holdings, to its parent undertaking, to other subsidiaries of that parent undertaking, or to its own subsidiaries and qualifying holdings, in so far as those undertakings are covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation, Directive 2002/87 or with equivalent standards in force in a third country; exposures that do not meet those criteria, whether or not exempted from Article 395(1) of this Regulation, shall be treated as exposures to a third party;’;

point (k) is replaced by the following:

exposures in the form of a collateral or a guarantee for residential loans, provided by an eligible protection provider referred to in Article 201 qualifying for the credit rating which is at least the lower of the following:

credit quality step 2;

the credit quality step corresponding to the central government foreign currency rating of the Member State where the protection provider's headquarters are located;’;

the following point is added:

exposures in the form of a guarantee for officially supported export credits, provided by an export credit agency qualifying for the credit rating which is at least the lower of the following:

credit quality step 2;

the credit quality step corresponding to the central government foreign currency rating of the Member State where the export credit agency's headquarters are located.’;

in paragraph 3, the second subparagraph is replaced by the following: ‘Competent authorities shall inform EBA of whether they intend to use any of the exemptions provided for in paragraph 2 in accordance with points (a) and (b) of this paragraph and provide EBA with the reasons substantiating the use of those exemptions.’;

the following paragraph is added:

Article 401 is replaced by the following:

in Article 402, paragraphs 1 and 2 are replaced by the following:

Article 403 is replaced by the following:

in Part Six, the heading of Title I is replaced by the following: ‘ DEFINITIONS AND LIQUIDITY REQUIREMENTS ’;

Article 411 is replaced by the following:

Article 412 is amended as follows:

paragraph 2 is replaced by the following:

the following paragraph is inserted:

Articles 413 and 414 are replaced by the following:

Article 415 is amended as follows:

paragraphs 1, 2 and 3 are replaced by the following:

the following paragraph is inserted:

Article 416 is amended as follows:

paragraph 3 is replaced by the following:

paragraphs 5 and 6 are replaced by the following:

paragraph 7 is deleted;

Article 419 is amended as follows:

paragraph 2 is replaced by the following:

paragraph 5 is replaced by the following:

Article 422 is amended as follows:

paragraph 4 is replaced by the following:

paragraph 8 is replaced by the following:

in Article 423, paragraphs 2 and 3 are replaced by the following:

in Article 424, paragraph 4 is replaced by the following:

in Article 425(2), point (c) is replaced by the following:

loans with an undefined contractual end date shall be taken into account with a 20 % inflow, provided that the contract allows the institution to withdraw and request payment within 30 days;’;

in Part Six, the following title is inserted after Article 428:

Part Seven is replaced by the following: ( *13 ) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC ( OJ L 133, 22.5.2008, p. 66 ).’ "

the following part is inserted after Article 429g: ( *14 ) Commission Implementing Regulation 2014/680 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to PRCIIFR of the European Parliament and of the Council ( OJ L 191, 28.6.2014, p. 1 ).’;"

Part Eight is replaced by the following: ( *15 ) GDPR of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 1995/46 (General Data Protection Regulation) ( OJ L 119, 4.5.2016, p. 1 ).’;"

in Article 456, the following point is added:

amendments to the disclosure requirements laid down in Titles II and III of Part Eight to take account of developments or amendments of the international standards on disclosure.’;

in Article 457, point (i) is replaced by the following:

Part Two and Article 430 only as a result of developments in accounting standards or requirements which take account of Union legislative acts’;

Article 458 is amended as follows:

paragraph 2 is replaced by the following:

paragraphs 4 and 5 are replaced by the following:

paragraphs 9 and 10 are replaced by the following:

Article 460 is amended as follows:

paragraph 1 is replaced by the following:

the following paragraph is added:

the following article is inserted:

Article 462 is replaced by the following:

in Article 471, paragraph 1 is replaced by the following:

Article 493 is amended as follows:

in paragraph 1, the first sentence is replaced by the following: ‘The provisions on large exposures as laid down in Articles 387 to 403 of this Regulation shall not apply to investment firms the main business of which consists exclusively of the provision of investment services or activities in relation to the financial instruments set out in points (5), (6), (7), (9), (10) and (11) of Section C of Annex I to Directive 2014/65/EU and to which Directive 2004/39/EC of the European Parliament and of the Council ( *16 ) did not apply on 31 December 2006. ( *16 ) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC ( OJ L 145, 30.4.2004, p. 1 ).’;"

in paragraph 3, point (c) is replaced by the following:

exposures, including participations or other kinds of holdings, incurred by an institution to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries and qualifying holdings, in so far as those undertakings are covered by the supervision on a consolidated basis to which the institution itself is subject, in accordance with this Regulation, Directive 2002/87 or with equivalent standards in force in a third country; exposures that do not meet those criteria, whether or not exempted from Article 395(1) of this Regulation, shall be treated as exposures to a third party;’;

Article 494 is replaced by the following:

the following articles are inserted:

Article 497 is replaced by the following:

in Article 498(1), the first subparagraph is replaced by the following:

Article 499(3) is deleted;

Articles 500 and 501 are replaced by the following: ( *17 ) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises ( OJ L 124, 20.5.2003, p. 36 ).’;"

the following article is inserted:

in Part Ten, the following article is inserted after Title II: REPORTS AND REVIEWS:

the following article is inserted:

Article 507 is replaced by the following:

in Article 510, the following paragraphs are added:

Article 511 is replaced by the following:

Article 513 is replaced by the following:

Article 514 is replaced by the following:

the following article is inserted:

the following article is inserted:

in Part Ten, the following title is inserted:

Annex II is amended as set out in the Annex to this Regulation.

OTC is amended as follows:

in Article 50a, paragraph 2 is replaced by the following:

Article 50b is replaced by the following:

in Article 50c(1), points (d) and (e) are deleted;

in Article 50d, point (c) is deleted;

in Article 89, paragraph 5a is replaced by the following:

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union . Official Journal of the European Union

This Regulation shall apply from 28 June 2021 with the exceptions listed in paragraphs 3 to 8.

The following points of Article 1 of this Regulation shall apply from 27 June 2019:

point (1), containing the provisions on scope and on supervisory powers;

point (2), containing the definitions, unless they relate exclusively to provisions that apply in accordance with this Article from a different date, in which case they shall apply from such different date;

points (3)(b), (6)(c), (8), point (9), as regards Article 13 of PRCIIFR, point (12), as regards the second subparagraph of Article 18(1) of PRCIIFR, points (14) to (17), (19) to (44), (47), (128) and (129), containing the provisions related to own funds and the provisions on the introduction of the new requirements for own funds and eligible liabilities;

point (9), as regards the provisions on the impact of new securitisation rules laid down in Article 14 of PRCIIFR;

point (57), containing the provisions on the risk weights for multilateral development banks, and point (58), containing the provisions on the risk weights for international organisations;

point (53), as regards Article 104b of PRCIIFR, points (89) and (90), point (118), as regards Article 430b of PRCIIFR, and point (124), containing the provisions on the reporting requirements for market risk;

point (130), containing the provisions on own funds requirements for CCP exposures;

point (133), as regards the provisions on massive disposals laid down in Article 500 of PRCIIFR;

point (134), as regards Article 501b of PRCIIFR, containing the provisions on waiver of reporting;

point (144), containing the provisions on the compliance tool;

the provisions that require European Supervisory Authorities or the ESRB to submit to the Commission draft regulatory or implementing technical standards and reports, the provisions that require the Commission to produce reports, the provisions that empower the Commission to adopt delegated acts or implementing acts, the provisions on review and on legislative proposals and the provisions that require the European Supervisory Authorities to issue guidelines, namely point (2)(b); point (12), as regards Article 18(9) of PRCIIFR; point (18)(b); point (31), as regards Article 72b(7) of PRCIIFR; point (38), as regards Article 78a(3) of PRCIIFR; point (57)(b); point (60), as regards Article 124(4) and (5) of PRCIIFR; point (63), as regards Article 132a(4) of PRCIIFR; point (67), as regards Article 164(8) and (9) of PRCIIFR); point (74), as regards Article 277(5) and 279a(3) of PRCIIFR; point (89), as regards Article 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325(9) of PRCIIFR; point (90), as regards Articles 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325u(5), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325w(8), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325ap(3), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325az(8) and (9), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bd(7), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325be(3), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bf(9), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bg(4), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bh(3), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bk(3), 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325bp(12) of PRCIIFR; point (93), as regards Article 390(9) of PRCIIFR; point (94); point (96), as regards Article 394(4) of PRCIIFR; point (98)(b); point (104), as regards Article 403(4) of PRCIIFR; point (109)(b); point (111)(b); point (118), as regards Articles 325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7)e='articles' class='internal-link article' href='#art_325' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >325type='articles' class='internal-link article' href='#art_430.7' data-bs-toggle='popover' data-bs-trigger='hover focus' data-bs-content='No text available' data-bs-placement='top' >430(7) and (8), 430b(6) and Article 430c of PRCIIFR; point (119), as regards Article 432(1) and (2) and Article 434a of PRCIIFR; point (123); point (124); point (125); point (134), as regards Article 501a(4) and (5) of PRCIIFR; point (135); point (136); point (137); point (138); point (139); point (140); point (141), as regards Article 514(1) of PRCIIFR; point (142); and point (143).

Without prejudice to point (f) of the first subparagraph, the provisions on disclosure and on reporting shall apply as of the date of application of the requirement to which the disclosure or the reporting relates.

The following points of Article 1 of this Regulation shall apply from 28 December 2020:

points (6)(a), (6)(b), (6)(d), points (7) and (12), as regards the first subparagraph of Article 18(1) and Article 18(2) to (8) of PRCIIFR, containing the provisions on prudential consolidation;

point (60), containing the provisions on exposures secured by mortgages on immovable property, point (67), containing the provisions on loss given default, and point (122), containing the provisions on macroprudential or systemic risk identified at the level of a Member State.

Point (46)(b) of Article 1 of this Regulation, containing the provisions on the introduction of the new requirement for own funds for G-SIIs, shall apply from 1 January 2022.

Point (53), as regards Article 104a of PRCIIFR, and points (55) and (69) of Article 1 of this Regulation, containing the provisions on the introduction of the new own funds requirements for market risk, shall apply from 28 June 2023.

Point (18) of Article 1 of this Regulation, as regards point (b) of Article 36(1) of PRCIIFR, containing the provision on the exemption from deductions of prudently valued software assets, shall apply from 12 months after the date of entry into force of the regulatory technical standards referred to in Article 36(4) of PRCIIFR.

Point (126) of Article 1 of this Regulation, containing the provisions on the exemptions from deductions of equity holdings, shall apply retroactively from 1 January 2019.

in point 1, point (e) is replaced by the following:

interest-rate options;’;

in point 2, point (d) is replaced by the following:

currency options;’;

point 3 is replaced by the following:

Contracts of a nature similar to those in points 1(a) to (e) and 2(a) to (d) of this Annex concerning other reference items or indices. This includes as a minimum all instruments specified in points (4) to (7), (9), (10) and (11) of Section C of Annex I to MIFID2 not otherwise included in point 1 or 2 of this Annex.’.