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17.11.2009

EN

Official Journal of the European Union

L 302/115

9.

Instruments that by 31 December 2010, according to

(c) supplementary measures to risk-based requirements for

national law were deemed equivalent to the items referred to in points (a), (b) and (c) of Article 57 but do not fall within Article 57(a) or do not comply with the criteria set out in Article 63a, shall be deemed to fall within Article 57(ca) until

credit institutions, to help constrain the build-up of leverage in the banking system.

31 December 2040, subject to the following limitations:

  • (a)

    up to 20 % of the sum of Article 57(a) to (ca), less the sum of points (i), (j) and (k) of Article 57 between 10 and 20 years after 31 December 2010;

  • (b)

    up to 10 % of the sum of Article 57(a) to (ca), less the sum of points (i), (j) and (k) of Article 57 between 20 and 30 years after 31 December 2010.

The Committee of European Banking Supervisors shall moni­ tor, until 31 December 2010, the issuance of those instruments.

The Commission shall submit a report on the above issues to the European Parliament and to the Council with any appro­ priate proposals.

The Commission shall, as soon as possible and in any event by 31 December 2009 present to the European Parliament and the Council a report on the need for further reform of the supervisory system, including relevant Articles of this Directive, and, in accordance with the applicable procedure under the Treaty, any appropriate legislative proposal.

10.

For the purpose of Section 5, assets items constitut­

ing claims on and other exposures to institutions incurred prior to 31 December 2009 shall continue to be subject to

the same treatment as applied Article 115(2) and Article 116

in

accordance

as

they stood

with prior

to 7 December 2009, however not longer than until 31 December 2012.

By 1 January 2011, the Commission shall review the progress made by the Committee of European Banking Supervisors towards uniform formats, frequencies and dates of reporting referred to in Article 74(2). In light of that review, the Com­ mission shall report to the European Parliament and the Council.

11.

Until 31 December 2012, the time period referred to

in Article 129(3) shall be six months.’;

38. Article 156 is replaced by the following:

By 31 December 2011, the Commission shall review and report on the application of this Directive with particular attention to all aspects of Articles 68 to 73, 80(7), 80(8) and its application to microcredit finance and shall submit this report to the European Parliament and the Council together with any appropriate proposals.

‘Article 156

The Commission, in cooperation with Member States, and taking into account the contribution of the European Cen­ tral Bank, shall periodically monitor whether this Directive taken as a whole, together with Directive 2006/49/EC, has significant effects on the economic cycle and, in the light of that examination, shall consider whether any remedial mea­ sures are justified.

Based on that analysis and taking into account the contribu­ tion of the European Central Bank, the Commission shall draw up a biennial report and submit it to the European Par­ liament and to the Council, together with any appropriate proposals. Contributions from credit taking and credit lend­ ing parties shall be adequately acknowledged when the report is drawn up.

By 31 December 2009, the Commission shall review this Directive as a whole to address the need for better analysis of and response to macro-prudential problems, including the examination of:

By 31 December 2011 the Commission shall review and report on the application of Article 113(4) including whether exemptions should be a matter of national discretion and shall submit this report to the European Parliament and the Council together with any appropriate proposals. With respect to the potential elimination of the national discretion under Article 113(4)(c) and its potential application at the EU level, the review shall in particular take into account the effi­ ciency of group’s risk management while ensuring that suf­ ficient safeguards are in place to ensure financial stability in all Member States in which an entity of a group is incorporated.

By 31 December 2009 the Commission shall review and report on measures to enhance transparency of OTC mar­ kets, including the credit default swap markets, such as by clearing through central counterparties, and shall submit this report to the European Parliament and the Council together with any appropriate proposals.

  • (a)

    measures that mitigate the ups and downs of the busi­ ness cycle, including the need for credit institutions to build counter-cyclical buffers in good times that can be used during a downturn;

  • (b)

    the rationale underlying the calculation of capital requirements in this Directive; and

By 31 December 2009 the Commission shall report on the expected impact of Article 122a, and shall submit that report to the European Parliament and the Council, together with any appropriate proposal. The Commission shall draw up its report after consulting the Committee of European Banking Supervisors. The report shall consider, in particular, whether

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