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L 302/118

EN

Official Journal of the European Union

17.11.2009

Article 2 Amendments to Directive 2006/49/EC

(c) the second paragraph is replaced by the following:

Directive 2006/49/EC is hereby amended as follows:

‘In relation to point (e), in each case in which the limit has been exceeded, the amount of the excess and the name of the client concerned shall be reported.’;

1.

in Article 12, the first paragraph is replaced by the following:

‘“Original own funds” means the sum of points (a) to (ca), less the sum of points (i), (j) and (k) of Article 57 of Directive 2006/48/EC.’;

5.

in Article 32(1), the first subparagraph is replaced by the following:

‘1.

The competent authorities shall establish procedures to

  • 2.

    Article 28 is amended as follows:

    • (a)

      paragraph 1 is replaced by the following:

‘1.

Institutions, except investment firms that fulfil the

criteria set out in paragraph 2 or 3 of Article 20 of this Directive, shall monitor and control their large expo­ sures in accordance with Articles 106 to 118 of Direc­

prevent institutions from deliberately avoiding the additional capital requirements that they would otherwise incur, on exposures exceeding the limit laid down in Article 111(1) of Directive 2006/48/EC once those exposures have been main­ tained for more than 10 days, by means of temporarily trans­ ferring the exposures in question to another company, whether within the same group or not, and/or by undertak­ ing artificial transactions to close out the exposure during the

10-day period and create a new exposure.’;

tive 2006/48/EC.’;

6.

in Article 35, the following paragraph is added:

  • (b)

    paragraph 3 is deleted;

    • 3.

      in Article 30, paragraph 4 is replaced by the following:

‘6.

Investment firms shall be covered by the uniform for­

mats,

frequencies

and

dates

of

reporting

referred

to

in

Article 74(2) of Directive 2006/48/EC.’;

‘4.

By derogation from paragraph 3 competent authori­

7.

in Article 38, the following paragraph is added:

ties may allow assets constituting claims and other exposures on recognised third country investment firms and recognised

clearing houses and exchanges to be subject to treatment as laid down in Article 111(1) of 2006/48/EC and in Article 106(2)(c) of that respectively.’;

the same Directive Directive

‘3.

Article 42a of Directive 2006/48/EC, with the excep­

tion of point (a) of its paragraph 1, shall apply mutatis mutandis to the supervision of investment firms unless the investment firms fulfil the criteria set out in Article 20(2),

20(3) or 46(1) of this Directive.’;

  • 4.

    Article 31 is amended as follows:

    • (a)

      in the first paragraph, points (a) and (b) is replaced by the following:

‘(a) the exposure on the non-trading book to the client or group of clients in question does not exceed the limit laid down in Article 111(1) of Directive 2006/48/EC, this limit being calculated with refer­ ence to own funds as specified in that Directive, so that the excess arises entirely on the trading book;

  • 8.

    in Article 45(1), the date ‘31 December 2010’ is replaced by ‘31 December 2014’;

  • 9.

    in Article 47, the date ‘31 December 2009’ is replaced by ‘31 December 2010’ and the reference to points 4 and 8 of Annex V of the Directive 93/6/EEC is replaced by reference to points 4 and 8 of Annex VIII;

10. in Article 48(1), the date ‘31 December 2010’ is replaced by ‘31 December 2014’.

(b) the institution meets an additional capital require­ ment on the excess in respect of the limit laid down in Article 111(1) of Directive 2006/48/EC, that additional capital requirement being calculated in accordance with Annex VI to this Directive;’;

Article 3 Amendment to Directive 2007/64/EC

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

Article 1(1)(a) of Directive 2007/64/EC is replaced by the following:

‘(e) institutions shall report to the competent authori­ ties every three months all cases where the limit laid down in Article 111(1) of Directive 2006/48/EC has been exceeded during the preceding three months.’;

‘(a) credit institutions within the meaning of Article 4(1)(a) of Directive 2006/48/EC, including branches within the mean­ ing of Article 4(3) of that Directive located in the Commu­ nity of credit institutions having their head offices inside or, in accordance with Article 38 of that Directive, outside the Community;’.

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