Council of the European Union and European Parliament 26 June 2013, Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC Text with EEA relevance Also known as
Directive 2013/36/EU (Capital Requirements Directive IV) establishes a comprehensive Union-wide framework governing access to the activity of credit institutions and investment firms, the prudential supervision of such institutions by competent authorities, and the publication requirements applicable to supervisory authorities, repealing Directives 2006/48/EC and 2006/49/EC with effect from 1 January 2014. Key provisions address authorisation requirements, qualifying holdings, freedom of establishment and to provide services, corporate governance and remuneration policies, supervisory cooperation between home and host Member State authorities, and the introduction of capital conservation, countercyclical, systemic risk, and global systemically important institution buffers. The Directive operates in conjunction with Regulation (EU) No 575/2013, which sets out directly applicable prudential requirements, and confers significant rule-making and mediation functions on the European Banking Authority to promote supervisory convergence across the internal market.AI
European Union ·
Table of Contents TITLE I. SUBJECT MATTER, SCOPE AND DEFINITIONS Article 1. Subject matter Article 2. Scope Article 3. Definitions TITLE II. COMPETENT AUTHORITIES Article 4. Designation and powers of the competent authorities Article 5. Coordination within Member States Article 6. Cooperation within the European System of Financial Supervision Article 7. Union dimension of supervision TITLE III. REQUIREMENTS FOR ACCESS TO THE ACTIVITY OF CREDIT INSTITUTIONS CHAPTER 1. General requirements for access to the activity of credit institutions Article 8. Authorisation Article 9. Prohibition against persons or undertakings other than credit institutions from carrying out the business of taking deposits or other repayable funds from the public Article 10. Programme of operations and structural organisation Article 11. Economic needs Article 12. Initial capital Article 13. Effective direction of the business and place of the head office Article 14. Shareholders and members Article 15. Refusal of authorisation Article 16. Prior consultation of the competent authorities of other Member States Article 17. Branches of credit institutions authorised in another Member State Article 18. Withdrawal of authorisation Article 19. Name of credit institutions Article 20. Notification of authorisation and withdrawal of authorisation Article 21. Waiver for credit institutions permanently affiliated to a central body CHAPTER 2. Qualifying holding in a credit institution Article 22. Notification and assessment of proposed acquisitions Article 23. Assessment criteria Article 24. Cooperation between competent authorities Article 25. Notification in the case of a divestiture Article 26. Information obligations and penalties Article 27. Criteria for qualifying holdings TITLE IV. INITIAL CAPITAL OF INVESTMENT FIRMS Article 28. Initial capital of investment firms Article 29. Initial capital of particular types of investment firms Article 30. Initial capital of local firms Article 31. Coverage for firms not authorised to hold client money or securities Article 32. Grandfathering provision TITLE V. PROVISIONS CONCERNING THE FREEDOM OF ESTABLISHMENT AND THE FREEDOM TO PROVIDE SERVICES CHAPTER 1. General Principles Article 33. Credit institutions Article 34. Financial institutions CHAPTER 2. The right of establishment of credit institutions Article 35. Notification requirement and interaction between competent authorities Article 36. Commencement of activities Article 37. Information about refusals Article 38. Aggregation of branches CHAPTER 3. Exercise of the freedom to provide services Article 39. Notification procedure CHAPTER 4. Powers of the competent authorities of the host Member State Article 40. Reporting requirements Article 41. Measures taken by the competent authorities of the home Member State in relation to activities carried out in the host Member State Article 42. Reasons and communication Article 43. Precautionary measures Article 44. Powers of host Member States Article 45. Measures following withdrawal of authorisation Article 46. Advertising TITLE VI. RELATIONS WITH THIRD COUNTRIES Article 47. Notification in relation to third-country branches and conditions of access for credit institutions with such branches Article 48. Cooperation with supervisory authorities of third countries regarding supervision on a consolidated basis TITLE VII. PRUDENTIAL SUPERVISION CHAPTER 1. Principles of prudential supervision Section I. Competence and duties of home and host Member States Article 49. Competence of the competent authorities of the home and host Member States Article 50. Collaboration concerning supervision Article 51. Significant branches Article 52. On-the-spot checking and inspection of branches established in another Member State Section II. Exchange of information and professional secrecy Article 53. Professional secrecy Article 54. Use of confidential information Article 55. Cooperation agreements Article 56. Exchange of information between authorities Article 57. Exchange of information with oversight bodies Article 58. Transmission of information concerning monetary, deposit protection, systemic and payment aspects Article 59. Transmission of information to other entities Article 60. Disclosure of information obtained by on-the-spot checks and inspections Article 61. Disclosure of information concerning clearing and settlement services Article 62. Processing of personal data Section III. Duty of persons responsible for the legal control of annual and consolidated accounts Article 63. Duty of persons responsible for the legal control of annual and consolidated accounts Section IV. Supervisory powers, powers to impose penalties and right of appeal Article 64. Supervisory powers and powers to impose penalties Article 65. Administrative penalties and other administrative measures Article 66. Administrative penalties and other administrative measures for breaches of authorisation requirements and requirements for acquisitions of qualifying holdings Article 67. Other provisions Article 68. Publication of administrative penalties Article 69. Exchange of information on penalties and maintenance of a central database by EBA Article 70. Effective application of penalties and exercise of powers to impose penalties by competent authorities Article 71. Reporting of breaches Article 72. Right of appeal CHAPTER 2. Review Processes Section I. Internal capital adequacy assessment process Article 73. Internal Capital Section II. Arrangements, processes and mechanisms of institutions Sub-Section 1. General principles Article 74. Internal governance and recovery and resolution plans Article 75. Oversight of remuneration policies Sub-Section 2. Technical criteria concerning the organisation and treatment of risks Article 76. Treatment of risks Article 77. Internal Approaches for calculating own funds requirements Article 78. Supervisory benchmarking of internal approaches for calculating own funds requirements Article 79. Credit and counterparty risk Article 80. Residual risk Article 81. Concentration risk Article 82. Securitisation risk Article 83. Market risk Article 84. Interest risk arising from non-trading book activities Article 85. Operational risk Article 86. Liquidity risk Article 87. Risk of excessive leverage Sub-Section 3. Governance Article 88. Governance arrangements Article 89. Country-by-country reporting Article 90. Public disclosure of return on assets Article 91. Management body Article 92. Remuneration policies Article 93. Institutions that benefit from government intervention Article 94. Variable elements of remuneration Article 95. Remuneration Committee Article 96. Maintenance of a website on corporate governance and remuneration Section III. Supervisory review and evaluation process Article 97. Supervisory review and evaluation Article 98. Technical criteria for the supervisory review and evaluation Article 99. Supervisory examination programme Article 100. Supervisory stress testing Article 101. Ongoing review of the permission to use internal approaches Section IV. Supervisory measures and powers Article 102. Supervisory measures Article 103. Application of supervisory measures to institutions with similar risk profiles Article 104. Supervisory powers Article 105. Specific liquidity requirements Article 106. Specific publication requirements Article 107. Consistency of supervisory reviews, evaluations and supervisory measures Section V. Level of application Article 108. Internal capital adequacy assessment process Article 109. Institutions' arrangements, processes and mechanisms Article 110. Review and evaluation and supervisory measures CHAPTER 3. Supervision on a consolidated basis Section I. Principles for conducting supervision on a consolidated basis Article 111. Determination of the consolidating supervisor Article 112. Coordination of supervisory activities by the consolidating supervisor Article 113. Joint decisions on institution-specific prudential requirements Article 114. Information requirements in emergency situations Article 115. Coordination and cooperation arrangements Article 116. Colleges of supervisors Article 117. Cooperation obligations Article 118. Checking information concerning entities in other Member States Section II. Financial holding companies, mixed financial holding companies and mixed-activity holding companies Article 119. Inclusion of holding companies in consolidated supervision Article 120. Supervision of mixed financial holding companies Article 121. Qualification of directors Article 122. Requests for information and inspections Article 123. Supervision Article 124. Exchange of information Article 125. Cooperation Article 126. Penalties Article 127. Assessment of equivalence of third countries' consolidated supervision CHAPTER 4. Capital Buffers Section I. Buffers Article 128. Definitions Article 129. Requirement to maintain a capital conservation buffer Article 130. Requirement to maintain an institution-specific countercyclical capital buffer Article 131. Global and other systemically important institutions Article 132. Reporting Article 133. Requirement to maintain a systemic risk buffer Article 134. Recognition of a systemic risk buffer rate Section II. Setting and calculating countercyclical capital buffers Article 135. ESRB guidance on setting countercyclical buffer rates Article 136. Setting countercyclical buffer rates Article 137. Recognition of countercyclical buffer rates in excess of 2,5 % Article 138. ESRB recommendation on third country countercyclical buffer rates Article 139. Decision by designated authorities on third country countercyclical buffer rates Article 140. Calculation of institution-specific countercyclical capital buffer rates Section III. Capital conservation measures Article 141. Restrictions on distributions Article 142. Capital Conservation Plan TITLE VIII. DISCLOSURE BY COMPETENT AUTHORITIES Article 143. General disclosure requirements Article 144. Specific disclosure requirements TITLE IX. DELEGATED AND IMPLEMENTING ACTS Article 145. Delegated Acts Article 146. Implementing Acts Article 147. European Banking Committee Article 148. Exercise of the delegation Article 149. Objections to regulatory technical standards TITLE X. AMENDMENTS OF DIRECTIVE 2002/87/EC Article 150. Amendments of Directive 2002/87/EC TITLE XI. TRANSITIONAL AND FINAL PROVISIONS CHAPTER 1. Transitional provisions on the supervision of institutions exercising the freedom of establishment and the freedom to provide services Article 151. Scope Article 152. Reporting requirements Article 153. Measures taken by the competent authorities of the home Member State in relation to activities carried out in the host Member State Article 154. Precautionary measures Article 155. Responsibility Article 156. Liquidity supervision Article 157. Collaboration concerning supervision Article 158. Significant branches Article 159. On-the-spot checks CHAPTER 2. Transitional provisions for capital buffers Article 160. Transitional provisions for capital buffers CHAPTER 3. Final provisions Article 161. Review and report Article 162. Transposition Article 163. Repeal Article 164. Entry into force Article 165. Addressees ANNEX I. LIST OF ACTIVITIES SUBJECT TO MUTUAL RECOGNITION 27.6.2013
EN
Official Journal of the European Union
L 176/338
DIRECTIVE 2013/36/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 26 June 2013
on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC
(Text with EEA relevance)
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