Council of the European Union and European Parliament 31 May 2024, Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (Text with EEA relevance)

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Regulation (EU) 2024/1623 amends Regulation (EU) No 575/2013 to implement the outstanding elements of the Basel III reform, specifically targeting requirements for credit, operational, market, and credit valuation adjustment risks. Key provisions include the introduction of an aggregate output floor to limit capital requirement variability, revised risk weights for various exposure classes, and new prudential treatments for crypto-asset exposures and environmental, social, and governance (ESG) risks. The Regulation establishes transitional arrangements for several measures and generally applies from 1 January 2025, with specific reporting and technical mandate provisions taking effect on 9 July 2024.AI