What Does the Banking Reform Package Mean to You and Your Institution?
June 17, 2019
To help you navigate the complex legislative process of the European Union, our European Financial Regulatory team have produced consolidated mark-ups of the original legislative texts comprising the banking package showing changes made by the recent amendments introduced by the European Union.
While the banking reform package will enter into force on June 27, 2019, the legislative texts set out different dates for the application of the relevant provisions:
- With respect to the CRR II, the majority of the amendments will apply from 28 June 2021, although certain measures (e.g. MREL requirements) will apply from the date of entry into force.
- With respect to the SRM II, the relevant amendments will apply from 28 December 2020.
- With respect to the CRD V and BRRD II, EU Member States will be required to adopt national legislative measures necessary to comply with the relevant amendments by 28 December 2020.
Moreover, certain requirements (e.g. the requirements for non-EU groups to establish an intermediate EU parent undertakings) will be subject to transitional periods running well beyond December 2020.
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