CRR: 282 provisions changed by Regulation (EU) 2024/1623, in force 2024-07-09

MODIFIED +619 −111 Art. 4 Definitions§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-01-10

The definition of "ancillary services undertaking" in point (18) changed from a general description of an undertaking whose principal activity is owning or managing property, managing data-processing services, or a similar ancillary activity, to a structured definition listing a direct extension of banking, operational leasing or ownership/management of property or provision of data-processing services, and any other activity EBA considers similar, and it now also specifies that the activity may be provided to undertakings inside or outside the group.

The point is now split into three lettered sub-points (a), (b) and (c) where previously it was a single unbroken sentence.

The remainder of Article 4, including Article 4(5), is shown only up to a truncation point in both texts, so no further difference beyond what is quoted above can be described.

Cited: Art. 4, v1 · Art. 4, v2

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Article 4 Definitions 1. For the purposes of this Regulation, the following definitions shall apply: (1) credit institution means an undertaking the business of which consists of any of the following: (a) to take deposits or other repayable funds from the public and to … 1,021 unchanged words … a place of business which forms a legally dependent part of an institution and which carries out directly all or some of the transactions inherent in the business of institutions; (18) ancillary services undertaking means an undertaking the principal activity of ~~which~~ which, whether provided to undertakings inside the group or to clients outside the group, consists of ~~owning~~ any of the following: (a) a direct extension of banking; (b) operational leasing, the ownership or ~~managing~~ management of property, ~~managing data-processing services,~~ the provision of data processing services or ~~a similar~~ any other activity ~~which is~~ insofar as those activities are ancillary to ~~the principal~~ banking; (c) any other activity ~~of one or more institutions;~~ considered similar by EBA to those referred to in points (a) and (b); (19) asset management company means an asset management company as defined in point (5) of Article 2 of Directive 2002/87/EC or an AIFM as defined in Article 4(1)(b) of Directive 2011/61/EU, including, unless otherwise provided, third-country entities that carry out … 6,097 unchanged words … to the Commission by 28 June 2020. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.5. By 10 January 2026, EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, specifying the criteria for the identification of activities referred to in paragraph 1, first subparagraph, point (18) of this Article.

MODIFIED +3,682 −39 Art. 5 Definitions specific to capital requirements for credit risk§

applies from: unchanged

The definition of expected loss (EL) in point (3) is expanded and split into two limbs, distinguishing a potential default of an obligor over a one-year period from a potential dilution event over a one-year period, whereas the earlier version referred only to a potential default of a counterparty or dilution.

A series of new points (4) to (11) is added defining credit obligation, credit exposure, facility or credit facility, margin of conservatism, appropriate adjustment, small and medium-sized enterprise or SME, commitment, and unconditionally cancellable commitment, none of which appeared in the earlier version.

Cited: Art. 5, v1 · Art. 5, v2

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before (02013R0575-20240109)

Article 5
Definitions specific to capital requirements for credit risk
For the purposes of Part Three, Title II, the following definitions shall apply:
(1) exposure means an asset or off-balance sheet item;
(2) loss means economic loss, including material discount effects, and material direct and indirect costs associated with collecting on the instrument;
(3) expected loss or EL means the ratio of the amount expected to be lost on an exposure from a potential default of a counterparty or dilution over a one-year period to the amount outstanding at default.

after (02013R0575-20240709)

Article 5
Definitions specific to capital requirements for credit risk
For the purposes of Part Three, Title II, the following definitions shall apply:
(1) exposure means an asset or off-balance sheet item;
(2) loss means economic loss, including material discount effects, and material direct and indirect costs associated with collecting on the instrument;
(3) expected loss or EL means the ratio, related to a single facility, of the amount expected to be lost on an exposure from any of the following:
(a) a potential default of an obligor over a one-year period to the amount outstanding at default;
(b) a potential dilution event over a one-year period to the amount outstanding at the date of occurrence of the dilution event;
(4) credit obligation means any obligation arising from a credit contract, including principal, accrued interest and fees, owed by an obligor;
(5) credit exposure means any on- or off -balance-sheet item, that results, or may result, in a credit obligation;
(6) facility or credit facility means a credit exposure arising from a contract or a set of contracts between an obligor and an institution;
(7) margin of conservatism means an add-on incorporated in risk parameter estimates to account for the expected range of estimation errors stemming from identified deficiencies in data, methods, models, and changes to underwriting standards, risk appetite, collection and recovery policies and any other source of additional uncertainty, as well as from general estimation error;
(8) appropriate adjustment means the impact on risk parameter estimates resulting from the application of methodologies within the estimation of risk parameters to correct the identified deficiencies in data and in estimation methods, and to account for changes to underwriting standards, risk appetite, collection and recovery policies and any other source of additional uncertainty, to the extent possible in order to avoid biases in risk parameter estimates;
(9) small and medium-sized enterprise or SME means a company, enterprise or undertaking which, according to its most recent consolidated accounts, has an annual turnover not exceeding EUR 50000000;
(10) commitment means any contractual arrangement that an institution offers to a client, and is accepted by that client, to extend credit, purchase assets or issue credit substitutes; and any such arrangement that can be unconditionally cancelled by an institution at any time without prior notice to an obligor or any arrangement that can be cancelled by an institution where an obligor fails to meet the conditions set out in the facility documentation, including conditions that are required to be met by the obligor prior to any initial or subsequent drawdown under the arrangement, unless contractual arrangements meet all of the following conditions:
(a) contractual arrangements where the institution receives no fees or commissions to establish or maintain those contractual arrangements;
(b) contractual arrangements where the client is required to apply to the institution for the initial and each subsequent drawdown under those contractual arrangements;
(c) contractual arrangements where the institution has full authority, regardless of the fulfilment by the client of the conditions set out in the contractual arrangement documentation, over the execution of each drawdown;
(d) the contractual arrangements allow the institution to assess the creditworthiness of the client immediately prior to deciding on the execution of each drawdown and the institution has implemented and applies internal procedures that ensure that such an assessment is being made before the execution of each drawdown;
(e) contractual arrangements that are offered to a corporate entity, including an SME, that is closely monitored on an ongoing basis;
(11) unconditionally cancellable commitment means any commitment the terms of which permit the institution to cancel that commitment to the full extent allowable under consumer protection and related legal acts, where applicable, at any time without prior notice to the obligor or that effectively provide for automatic cancellation due to a deterioration in a borrower’s creditworthiness.

INSERTED +3,896 −0 Art. 5a Definitions specific to crypto-assets§

applies from: unknown (an inserted provision states its own application date only in prose)

Article 5a is a new provision introducing a set of definitions specific to crypto-assets, covering terms such as crypto-asset, electronic money token, crypto-asset exposure, traditional asset, tokenised traditional asset, asset-referenced token and crypto-asset service.

Several of these definitions incorporate by reference definitions found in other legal instruments, including Regulation (EU) 2023/1114, Directive (EU) 2015/2366, Directive 2014/49/EU, Regulation (EU) 2017/2402, Directive 2009/138/EC, Directive (EU) 2016/2341, Regulation (EU) 2019/1238, Regulation (EC) No 883/2004 and Regulation (EC) No 987/2009.

Cited: Art. 5a, v2

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inserted text (02013R0575-20240709)

Article 5a
Definitions specific to crypto-assets
For the purposes of this Regulation, the following definitions apply:
(1) crypto-asset means a crypto-asset as defined in Article 3(1), point (5), of Regulation (EU) 2023/1114 of the European Parliament and of the CouncilRegulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40). that is not a central bank digital currency;
(2) electronic money token or e-money token means an electronic money token or e-money token as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114;
(3) crypto-asset exposure means an asset or an off-balance-sheet item related to a crypto-asset that gives rise to credit risk, counterparty credit risk, market risk, operational risk or liquidity risk;
(4) traditional asset means any asset other than a crypto-asset, including:
(a) financial instruments as defined in Article 4(1), point (50), of this Regulation;
(b) funds as defined in Article 4, point (25), of Directive (EU) 2015/2366;
(c) deposits as defined in Article 2(1), point (3), of Directive 2014/49/EU of the European Parliament and of the CouncilDirective 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149)., including structured deposits;
(d) securitisation positions in the context of a securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402;
(e) non-life or life insurance products falling within the classes of insurance listed in Annexes I and II to Directive 2009/138/EC or reinsurance and retrocession contracts referred to in that Directive;
(f) pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits;
(g) officially recognised occupational pension schemes within the scope of Directive (EU) 2016/2341 of the European Parliament and of the CouncilDirective (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37). or Directive 2009/138/EC;
(h) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider;
(i) a pan-European Personal Pension Product as defined in Article 2, point (2), of Regulation (EU) 2019/1238 of the European Parliament and of the CouncilRegulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP) (OJ L 198, 25.7.2019, p. 1).;
(j) social security schemes covered by Regulation (EC) No 883/2004 of the European Parliament and of the CouncilRegulation (EC) No 883/2004 of the European Parliament and of the Council of 29 April 2004 on the coordination of social security systems (OJ L 166, 30.4.2004, p. 1). and Regulation (EC) No 987/2009 of the European Parliament and of the CouncilRegulation (EC) No 987/2009 of the European Parliament and of the Council of 16 September 2009 laying down the procedure for implementing Regulation (EC) No 883/2004 on the coordination of social security systems (OJ L 284, 30.10.2009, p. 1).;
(5) tokenised traditional asset means a type of crypto-asset that represents a traditional asset, including an e-money token;
(6) asset-referenced token means an asset-referenced token as defined in Article 3(1), point (6), of Regulation (EU) 2023/1114;
(7) crypto-asset service means a crypto-asset service as defined in Article 3(1), point (16), of Regulation (EU) 2023/1114.

MODIFIED +65 −23 Art. 10a Application of prudential requirements on a consolidated basis where investment firms are parent undertakings§

applies from: unchanged

The provision now also includes investment holding companies alongside investment firms as entities that can be considered parent financial holding companies or EU parent financial holding companies, whereas before it referred only to investment firms.

The term "Union parent financial holding companies" was changed to "EU parent financial holding companies", and the introductory phrase was shortened from "For the purposes of the application of this Chapter" to "For the purposes of this Chapter".

Cited: Art. 10a, v1 · Art. 10a, v2

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Article 10a Application of prudential requirements on a consolidated basis where investment firms are parent undertakings For the purposes of ~~the application of~~ this Chapter, investment firms and investment holding companies shall be considered to be parent financial holding companies in a Member State or ~~Union~~ EU parent financial holding companies where such investment firms or investment holding companies are parent undertakings of an institution or of an investment firm subject to this Regulation that is referred to in Article 1(2) or (5) of Regulation (EU) 2019/2033.

MODIFIED ±0 Art. 13 §

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Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED +950 −0 Art. 18 Methods of prudential consolidation§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10

A new paragraph 10 has been added requiring EBA to submit a report to the Commission by 10 July 2025 on the completeness and appropriateness of the Regulation's definitions and provisions concerning supervision of risks at a consolidated level, with EBA to update that report at least once every two years.

The added paragraph also states that, in light of EBA's findings, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and the Council to adjust the relevant definitions or the scope of prudential consolidation.

Paragraphs 1 through 9 remain unchanged between the two versions of Article 18.

Cited: Art. 18, v2 · Art. 18, v1

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Article 18 Methods of prudential consolidation 1. Institutions, financial holding companies and mixed financial holding companies that are required to comply with the requirements referred to in Section 1 of this Chapter on the basis of their consolidated situation shall carry out … 708 unchanged words … to the Commission by 31 December 2020. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.10. EBA shall submit a report to the Commission by 10 July 2025 on the completeness and appropriateness of the definitions and provisions of this Regulation concerning the supervision of all types of risks to which institutions are exposed at a consolidated level. EBA shall assess in particular any possible remaining discrepancies in those definitions and provisions alongside their interaction with the applicable accounting framework, and any remaining aspect that might pose unintended constraints to a consolidated supervision that is comprehensive and adaptable to new sources or types of risks or structures that might lead to regulatory arbitrage. EBA shall update its report at least once every two years. In light of EBA’s findings, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to make adjustments to the relevant definitions or the scope of prudential consolidation.

MODIFIED ±0 Art. 19 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED +81 −81 Art. 20 Joint decisions on prudential requirements§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10 · dates removed: 2014-12-31

Paragraph 8's list of provisions covered by the EBA draft implementing technical standards has been changed, dropping the references to Article 151(4) and Article 312(2) and Article 363, and adding a reference to Articles 283 and 325az, while Article 151(9) is retained.

The deadline by which EBA must submit those draft implementing technical standards to the Commission has been changed from 31 December 2014 to 10 July 2025.

The cross-reference to the first subparagraph in the third subparagraph of paragraph 8 has been rephrased to specify that it refers to the first subparagraph of that paragraph.

Cited: Art. 20, v1 · Art. 20, v2

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Article 20 Joint decisions on prudential requirements 1. The competent authorities shall work together, in full consultation: (a) in the case of applications for the permissions referred to in Article 143(1), Article 151(4) and (9), Article 283, Article 312(2) and Article363 respectively submitted … 863 unchanged words … referred to in paragraphs 2, 4 and 5 shall be recognised as determinative and applied by the competent authorities in the Member States concerned. 8. EBA shall develop draft implementing technical standards to specify the joint decision process referred to in paragraph 1, point ~~(a)~~ (a), of ~~paragraph 1~~ this Article with regard to the applications for permissions referred to in Article 143(1), Article ~~151(4)~~ 151(9) and ~~(9), Article 283, Article 312(2),~~ Articles 283 and ~~Article 363~~ 325az with a view to facilitating joint decisions. EBA shall submit those draft implementing technical standards to the Commission by ~~31 December 2014.~~ 10 July 2025. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 22 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 27 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED +666 −0 Art. 34 Additional value adjustments§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-07-10

The previously unnumbered single paragraph is now labelled as paragraph 1, with its text left unchanged.

A new paragraph 4 has been added, directing EBA, in consultation with ESMA, to develop draft regulatory technical standards specifying indicators and conditions for determining extraordinary circumstances referred to in paragraph 2 and specifying the reduction of total aggregated additional value adjustments referred to there, with submission to the Commission and delegation of power to adopt those standards under Regulation (EU) No 1093/2010.

The new paragraph states that EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026.

Cited: Art. 34, v1 · Art. 34, v2

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before (02013R0575-20240109)

Article 34
Additional value adjustments
Institutions shall apply the requirements of Article 105 to all their assets measured at fair value when calculating the amount of their own funds and shall deduct from Common Equity Tier 1 capital the amount of any additional value adjustments necessary.

after (02013R0575-20240709)

Article 34
Additional value adjustments
1. Institutions shall apply the requirements of Article 105 to all their assets measured at fair value when calculating the amount of their own funds and shall deduct from Common Equity Tier 1 capital the amount of any additional value adjustments necessary.
4. EBA, in consultation with ESMA, shall develop draft regulatory technical standards to specify the indicators and conditions that EBA will use to determine the extraordinary circumstances referred to in paragraph 2 and to specify the reduction of the total aggregated additional value adjustments referred to in that paragraph.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +835 −0 Art. 94 Derogation for small trading book business§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10

A new paragraph 10 has been added requiring EBA to develop draft regulatory technical standards specifying the method for identifying the main risk driver of a position and for determining whether a transaction is a long or short position, referencing paragraph 3 of this Article and Articles 273a(3) and 325a(2).

The new paragraph also states that EBA shall take into consideration the method developed for the regulatory technical standards mandated under Article 279a(3), point (b), and sets a submission deadline of 10 July 2025 for those standards, with power delegated to the Commission to adopt them in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

The earlier version of Article 94 contained no such paragraph 10 or any equivalent text.

Cited: Art. 94, v2 · Art. 94, v1

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Article 94 Derogation for small trading book business 1. By way of derogation from point (b) of Article 92(3), institutions may calculate the own funds requirement for their trading-book business in accordance with paragraph 2 of this Article, provided that the size … 599 unchanged words … 1 have been met for an uninterrupted full-year period. 9. Institutions shall not enter into, buy or sell a trading-book position for the sole purpose of complying with any of the conditions set out in paragraph 1 during the monthly assessment.10. EBA shall develop draft regulatory technical standards to specify the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position as referred to in paragraph 3 of this Article, and Articles 273a(3) and 325a(2). In developing those draft regulatory technical standards, EBA shall take into consideration the method developed for the regulatory technical standards mandated in accordance with Article 279a(3), point (b). EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 95 §

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MODIFIED ±0 Art. 96 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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INSERTED +1,092 −0 Art. 104c Treatment of foreign exchange risk hedges of capital ratios§

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

This is a newly inserted article establishing rules on the treatment of foreign exchange risk hedges of capital ratios, though the excerpt shown begins at paragraph 4 rather than paragraph 1.

The visible text directs EBA to develop draft regulatory technical standards covering the risk positions an institution may take to hedge against adverse foreign exchange movements on its capital ratios, how to determine and exclude a maximum amount under the approaches in Article 325(1), and the criteria for an institution's risk management framework, with submission to the Commission required by 10 July 2026.

The text also delegates power to the Commission to supplement the Regulation by adopting these regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, and the provided excerpt is truncated before paragraphs 1 through 3 are shown.

Cited: Art. 104c, v2

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inserted text (02013R0575-20240709)

Article 104c
Treatment of foreign exchange risk hedges of capital ratios
4. EBA shall develop draft regulatory technical standards to specify:
(a) the risk positions that an institution can deliberately take in order to hedge, at least partially, against the adverse movements of foreign exchange rates on any of its capital ratios referred to in paragraph 1;
(b) how to determine the maximum amount referred to in paragraph 1, point (a), of this Article and the manner in which an institution is to exclude that amount for each of the approaches referred to in Article 325(1);
(c) the criteria to be met by an institution’s risk management framework referred to in paragraph 1, point (c), in order to be considered appropriate for the purposes of this Article.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026.
Power is delegated to the Commission to supplement this Regulation by adopting regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 106 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED ±0 Art. 107 §

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Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 108 §

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Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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INSERTED ±0 Art. 110a §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +883 −0 Art. 111 Exposure value§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10

A new paragraph 8 has been added requiring EBA to develop draft regulatory technical standards covering the criteria for assigning off-balance-sheet items to buckets 1 to 5 under Annex I, the factors that might limit institutions' ability to cancel unconditionally cancellable commitments referred to in Annex I, and the process for notifying EBA of institutions' classification of other off-balance-sheet items carrying similar risks to those in Annex I.

Paragraph 8 also states that EBA shall submit these draft regulatory technical standards to the Commission by 10 July 2025, and that the Commission is delegated power to adopt them under Articles 10 to 14 of Regulation (EU) No 1093/2010.

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

This is a newly added Article 122a, and the excerpt shown consists only of paragraph 4, which directs EBA to develop draft regulatory technical standards further specifying the conditions under which the criteria in paragraph 3, point (c)(ii), are met.

It also states that EBA must submit those draft standards to the Commission by 10 July 2026, and that the Commission is empowered to adopt them under Articles 10 to 14 of Regulation (EU) No 1093/2010.

Cited: Art. 122a, v2

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inserted text (02013R0575-20240709)

Article 122a
Specialised lending exposures
4. EBA shall develop draft regulatory technical standards to further specify the conditions under which the criteria set out in paragraph 3, point (c)(ii), are met.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +324 −0 Art. 123 Retail exposures§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10

The provision's opening paragraph is now explicitly numbered as paragraph 1, whereas the earlier text presented the same criteria without a numeral.

A new closing sentence has been added instructing the EBA to issue guidelines, under Article 16 of Regulation (EU) No 1093/2010, specifying proportionate diversification methods for determining when an exposure counts as one of a significant number of similar exposures referred to in point (c) of the first subparagraph.

The text states that this guidance is to be issued by 10 July 2025.

By 10 July 2025, EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, to specify proportionate diversification methods under which an exposure is to be considered as one of a significant number of similar exposures as specified in the first subparagraph, point (c), of this paragraph.

Cited: Art. 123, v2 · Art. 123, v1

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Article 123 Retail exposures 1. Exposures that comply with the following criteria shall be assigned a risk weight of 75 %: (a) the exposure shall be either to a natural person or persons, or to a small or medium-sized enterprise (SME); (b) the exposure shall be one of a significant number of exposures with similar characteristics such that the risks associated with such lending are substantially reduced; (c) the total amount owed to the institution and parent undertakings and its subsidiaries, including any exposure in default, by the obligor client or group of connected clients, but excluding exposures fully and completely secured on residential property collateral that have been assigned to the exposure class laid down in point (i) of Article 112, shall not, to the knowledge of the institution, exceed EUR 1 million. The institution shall take reasonable steps to acquire this knowledge. Securities shall not be eligible for the retail exposure class. Exposures that do not comply with the criteria referred to in points (a) to (c) of the first subparagraph shall not be eligible for the retail exposures class. The present value of retail minimum lease payments is eligible for the retail exposure class. Exposures due to loans granted by a credit institution to pensioners or employees with a permanent contract against the unconditional transfer of part of the borrower's pension or salary to that credit institution shall be assigned a risk weight of 35 %, provided that all the following conditions are met: (a) in order to repay the loan, the borrower unconditionally authorises the pension fund or employer to make direct payments to the credit institution by deducting the monthly payments on the loan from the borrower's monthly pension or salary; (b) the risks of death, inability to work, unemployment or reduction of the net monthly pension or salary of the borrower are properly covered through an insurance policy underwritten by the borrower to the benefit of the credit institution; (c) the monthly payments to be made by the borrower on all loans that meet the conditions set out in points (a) and (b) do not in aggregate exceed 20 % of the borrower's net monthly pension or salary; (d) the maximum original maturity of the loan is equal to or less than ten years.By 10 July 2025, EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, to specify proportionate diversification methods under which an exposure is to be considered as one of a significant number of similar exposures as specified in the first subparagraph, point (c), of this paragraph.

INSERTED ±0 Art. 123a §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED +1,710 −0 Art. 124 Exposures secured by mortgages on immovable property§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10, 2026-01-10

The after text adds three new paragraphs, numbered 11, 12 and 14, following paragraph 6, whereas the before text ends at paragraph 6.

Paragraph 11 directs EBA to develop draft regulatory technical standards on factors for assessing risk weights referred to in paragraph 9 and to submit them to the Commission by 10 January 2026, with power delegated to the Commission to adopt them.

Paragraph 12 addresses ESRB guidance to authorities designated under paragraph 8 concerning financial stability factors and benchmarks, while paragraph 14 concerns EBA draft regulatory technical standards on what constitutes an equivalent legal mechanism for property under construction, to be submitted to the Commission by 10 July 2025.

Cited: Art. 124, v2

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Article 124 Exposures secured by mortgages on immovable property 1. An exposure or any part of an exposure fully secured by mortgage on immovable property shall be assigned a risk weight of 100 %, where the conditions set out in Article 125 … 973 unchanged words … have been determined by the authorities of another Member State in accordance with paragraph 2 to all their corresponding exposures secured by mortgages on residential property or commercial immovable property located in one or more parts of that Member State.11. EBA, in close cooperation with the ESRB, shall develop draft regulatory technical standards to specify the types of factors to be considered for the assessment of the appropriateness of the risk weights referred to in paragraph 9. EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2026. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 12. The ESRB may, by means of recommendations, in accordance with Article 16 of Regulation (EU) No 1092/2010, and in close cooperation with EBA, give guidance to authorities designated in accordance with paragraph 8 of this Article on both of the following: (a) factors which could adversely affect current or future financial stability referred to in paragraph 9, second subparagraph; (b) indicative benchmarks that the authority designated in accordance with paragraph 8 is to take into account when determining higher risk weights. 14. EBA shall develop draft regulatory technical standards to specify what constitutes an equivalent legal mechanism in place to ensure that the property under construction is completed within a reasonable timeframe, in accordance with paragraph 3, point (a)(iii)(2). EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

INSERTED +595 −0 Art. 126a Land acquisition, development and construction exposures§

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

A new Article 126a is added, containing paragraph 3, which directs EBA to issue guidelines by 10 July 2025 under Article 16 of Regulation (EU) No 1093/2010 clarifying terms such as substantial cash deposits, financing ensured in an equivalent manner, significant portion of total contracts, and appropriate amount of obligor-contributed equity.

The paragraph also states that these guidelines are to take into account the specificities of institutions' lending to public housing or not-for-profit entities across the Union that are regulated by law and exist to serve social purposes and offer tenants long-term housing.

Cited: Art. 126a, v2

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inserted text (02013R0575-20240709)

Article 126a
Land acquisition, development and construction exposures
3. By 10 July 2025, EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, specifying the terms substantial cash deposits, financing ensured in an equivalent manner, significant portion of total contracts and appropriate amount of obligor-contributed equity, taking into account the specificities of institutions’ lending to public housing or not-for-profit entities across the Union that are regulated by law and that exist to serve social purposes and to offer tenants long-term housing.

MODIFIED +561 −76 Art. 127 Exposures in default§

applies from: unchanged

Paragraph 1 now adds a new subparagraph specifying that, when calculating the specific credit risk adjustments for an exposure purchased while already in default, institutions must include any positive difference between the amount owed by the obligor and the sum of the additional own funds reduction that would arise from a full write-off plus any existing own funds reductions on that exposure.

Paragraph 2 changes its wording from referring to the secured part of the "past due item" to the secured part of a "defaulted exposure," while still pointing to Chapter 4 for eligibility of collateral and guarantees.

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10, 2026-01-10

A new paragraph 3 has been added requiring ESMA to prepare a report on whether ESG risks are appropriately reflected in ECAI credit risk rating methodologies and to submit that report to the Commission, with the Commission then to submit a legislative proposal to the European Parliament and Council where appropriate.

Paragraphs 1 and 2 remain unchanged between the two versions.

Cited: Art. 135, v2 · Art. 135, v1

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Article 135 Use of credit assessments by ECAIs 1. An external credit assessment may be used to determine the risk weight of an exposure under this Chapter only if it has been issued by an ECAI or has been endorsed by an ECAI in accordance with Regulation (EC) No 1060/2009. 2. EBA shall publish the list of ECAIs in accordance with Article 2(4) and Article 18(3) of Regulation (EC) No 1060/2009 on its website.3. By 10 July 2025, ESMA shall prepare a report on whether ESG risks are appropriately reflected in ECAI credit risk rating methodologies and submit that report to the Commission. On the basis of that report, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council by 10 January 2026.

MODIFIED ±0 Art. 138 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 139 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 141 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

applies from: unchanged

A new paragraph 3a is inserted, stating that, by way of derogation from paragraph 2, exposures to regional governments, local authorities and public sector entities are assigned to the exposure class in paragraph 2, point (a), where those exposures are treated as exposures to central governments under Article 115 or 116.

All other paragraphs of Article 147, including paragraphs 1 through 3 and 4 through 10, remain textually unchanged between the two versions.

Cited: Art. 147, v2 · Art. 147, v1

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Article 147 Methodology to assign exposures to exposure classes 1. The methodology used by the institution for assigning exposures to different exposure classes shall be appropriate and consistent over time. 2. Each exposure shall be assigned to one of the following exposure classes: (a) exposures to central governments and central banks; (b) exposures to institutions; (c) exposures to corporates; (d) retail exposures; (e) equity exposures; (f) items representing securitisation positions; (g) other non credit-obligation assets. 3. The following exposures shall be assigned to the class laid down in point (a) of paragraph 2: (a) exposures to regional governments, local authorities or public sector entities which are treated as exposures to central governments under Articles 115 and 116; (b) exposures to multilateral development banks referred to in Article 117(2); (c) exposures to International Organisations which attract a risk weight of 0 % under Article 118. 3a. By way of derogation from paragraph 2 of this Article, exposures to regional governments, local authorities and public sector entities shall be assigned to the exposure class referred to in paragraph 2, point (a), of this Article where those exposures are treated as exposures to central governments in accordance with Article 115 or 116. 4. The following exposures shall be assigned to the class laid down in point (b) of paragraph 2: (a) exposures to regional governments and local authorities which are not treated as exposures to central governments in accordance with Article 115(2) and … 486 unchanged words … basket would be assigned, except if the individual exposures in the basket would be assigned to various exposure classes in which case the exposure shall be assigned to the corporates exposure class laid down in point (c) of paragraph 2.

MODIFIED ±0 Art. 148 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 149 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +1,894 −0 Art. 150 Conditions for permanent partial use§

applies from: unchanged

A new paragraph 1a has been inserted allowing an institution, with the competent authority's prior permission, to apply the Standardised Approach to exposures to central governments and central banks and their regional and local bodies, to certain intragroup counterparties, and to institutions meeting the requirements of Article 113(7), where the IRB Approach is used for other exposures within the same exposure class.

Paragraph 1a also states that an institution using the IRB Approach for only some types of exposures within an exposure class must apply the Standardised Approach to the remaining types within that class, and that exposures to churches and religious communities meeting the requirements of Article 115(3) may likewise be treated under the Standardised Approach.

The parent-undertaking exception text now refers to Article 22(7) of Directive 2013/34/EU instead of Article 12(1) of Directive 83/349/EEC, and the reference to administrative bodies found in paragraph 1(d) does not appear in the corresponding list of paragraph 1a(a).

Cited: Art. 150, v2 · Art. 150, v1

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Article 150 Conditions for permanent partial use 1. Where institutions have received the prior permission of the competent authorities, institutions permitted to use the IRB Approach in the calculation of risk-weighted exposure amounts and expected loss amounts for one or more exposure … 381 unchanged words … first subparagraph which have been permitted for that treatment in other Member States. EBA shall publish on its website and regularly update a list of the exposures referred to in those points to be treated according to the Standardised Approach. 1a. In addition to the exposures referred to in paragraph 1, second subparagraph, an institution may, subject to the competent authority’s prior permission, apply the Standardised Approach for the following exposures where the IRB Approach is applied for other types of exposures within the same exposure class: (a) exposures to central governments and central banks of the Member States and their regional governments, local authorities, and public sector entities, provided that: (i) there is no difference in risk between the exposures to that central government and central bank and those other exposures because of specific public arrangements; and (ii) exposures to central governments and central banks are assigned a 0 % risk weight under Article 114(2) or (4); (b) exposures of an institution to a counterparty which is its parent undertaking, its subsidiary or a subsidiary of its parent undertaking, provided that the counterparty is an institution or a financial holding company, mixed financial holding company, financial institution, asset management company or ancillary services undertaking subject to appropriate prudential requirements or an undertaking linked by a relationship within the meaning of Article 22(7) of Directive 2013/34/EU; (c) exposures between institutions which meet the requirements set out in Article 113(7). An institution that is permitted to use the IRB Approach for the calculation of risk-weighted exposure amounts for only some types of exposures within an exposure class shall apply the Standardised Approach for the remaining types of exposures within that exposure class. In addition to the exposures referred to in paragraph 1, second subparagraph, of this Article and in this paragraph, an institution may apply the Standardised Approach for exposures to churches and religious communities which meet the requirements set out in Article 115(3). 2. For the purposes of paragraph 1, the equity exposure class of an institution shall be material if their aggregate value, excluding equity exposures incurred under legislative programmes as referred to in point (h) of paragraph 1, exceeds on average over the preceding year 10 % of the own funds of the institution. Where the number of those equity exposures is less than 10 individual holdings, that threshold shall be 5 % of the own funds of the institution. 3. EBA shall develop draft regulatory technical standards to determine the conditions of application of points (a), (b) and (c) of paragraph 1. EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 4. EBA shall issue guidelines on the application of point (d) of paragraph 1 in 2018, recommending limits in terms of a percentage of total balance sheet and/or risk weighted assets to be calculated in accordance with the Standardised Approach. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 151 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 152 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +99 −57 Art. 153 Risk-weighted exposure amounts for exposures to corporates, institutions and central governments and central banks§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-07-10 · dates removed: 2014-12-31

The submission deadline for EBA's draft regulatory technical standards on specialised lending exposure risk weights is changed from 31 December 2014 to 10 July 2026.

The wording describing the Commission's delegated power is revised to state that the Commission is to supplement the Regulation by adopting those standards, rather than simply adopt them, with a minor rephrasing of the cross-reference to paragraph 5's second subparagraph and to the first subparagraph of paragraph 9.

Cited: Art. 153, v1 · Art. 153, v2

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Article 153 Risk-weighted exposure amounts for exposures to corporates, institutions and central governments and central banks 1. Subject to the application of the specific treatments laid down in paragraphs 2, 3 and 4, the risk-weighted exposure amounts for exposures to corporates, institutions … 941 unchanged words … exposures included in the aggregation. A 1250 % risk weight shall apply to positions in a basket for which an institution cannot determine the risk-weight under the IRB Approach. 9. EBA shall develop draft regulatory technical standards to specify how institutions ~~shall~~ are to take into account the factors referred to in ~~the~~ paragraph 5, second ~~subparagraph of paragraph 5~~ subparagraph, when assigning risk weights to specialised lending exposures. EBA shall submit those draft regulatory technical standards to the Commission by ~~31 December 2014.~~ 10 July 2026. Power is delegated to the Commission to ~~adopt~~ supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 154 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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DELETED ±0 Art. 155 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +806 −0 Art. 157 Risk-weighted exposure amounts for dilution risk of purchased receivables§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-07-10

A new paragraph 6 has been added requiring EBA to develop draft regulatory technical standards specifying the methodology for calculating risk-weighted exposure amounts for dilution risk of purchased receivables, including recognition of credit risk mitigation and conditions for use of own estimates and the fall-back approach, as well as specifying assessment of the immateriality criterion referenced in paragraph 5.

This new paragraph 6 states that EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2027 and delegates power to the Commission to adopt them in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

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Article 173 Integrity of assignment process 1. For exposures to corporates, institutions and central governments and central banks, and for equity exposures where an institution uses the PD/LGD approach set out in Article 155(3), the assignment process shall meet the following requirements of integrity: (a) Assignments and periodic reviews of assignments shall be completed or approved by an independent party that does not directly benefit from decisions to extend the credit; (b) Institutions shall review assignments at least annually and adjust the assignment where the result of the review does not justify carrying forward the current assignment. High risk obligors and problem exposures shall be subject to more frequent review. Institutions shall undertake a new assignment if material information on the obligor or exposure becomes available; (c) An institution shall have an effective process to obtain and update relevant information on obligor characteristics that affect PDs, and on transaction characteristics that affect LGDs or conversion factors. 2. For retail exposures, an institution shall at least annually review obligor and facility assignments and adjust the assignment where the result of the review does not justify carrying forward the current assignment, or review the loss characteristics and delinquency status of each identified risk pool, whichever applicable. An institution shall also at least annually review in a representative sample the status of individual exposures within each pool as a means of ensuring that exposures continue to be assigned to the correct pool, and adjust the assignment where the result of the review does not justify carrying forward the current assignment. 3. EBA shall develop draft regulatory technical standards ~~for~~ setting out the methodologies of the competent authorities to assess the integrity of the assignment process and the regular and independent assessment of risks. EBA shall submit those draft regulatory technical standards to the Commission by ~~31 December 2014.~~ 10 July 2026. Power is delegated to the Commission to ~~adopt~~ supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 174 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 176 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED ±0 Art. 177 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +602 −0 Art. 178 Default of an obligor§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10

The AFTER text adds two new subparagraphs to paragraph 7, requiring EBA to issue, by 10 July 2025, updated guidelines that take account of encouraging institutions to engage in proactive, preventive and meaningful debt restructuring to support obligors.

It further adds that in developing those guidelines EBA shall duly consider the need for granting sufficient flexibility to institutions when specifying what constitutes a diminished financial obligation for the purposes of paragraph 3, point (d), a passage absent from the earlier version.

Cited: Art. 178, v2 · Art. 178, v1

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-12-31

A new paragraph 5 has been added requiring EBA to issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, specifying the methodology institutions are to apply to estimate IRB-CCF.

The only change is the date by which EBA must submit the draft regulatory technical standards to the Commission under Article 279a(3)(2), which moved from 28 December 2019 to 10 July 2025.

Cited: Art. 279a, v1 · Art. 279a, v2

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Article 279a Supervisory delta 1. Institutions shall calculate the supervisory delta as follows: (a) for call and put options that entitle the option buyer to purchase or sell an underlying instrument at a positive price on a single or multiple dates in the … 642 unchanged words … a long or short position in the primary risk driver or in the most material risk driver in the given risk category for transactions referred to in Article 277(3). EBA shall submit those draft regulatory technical standards to the Commission by ~~28 December 2019.~~ 10 July 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 285 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 291 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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MODIFIED +1,625 −0 Art. 314 Combined use of different approaches§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2020-12-17, 2026-01-10

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

The revised version adds two new paragraphs, 9 and 10, that were not present before, mandating EBA to develop draft regulatory technical standards on business indicator components and draft implementing technical standards mapping business indicator items to reporting cells in Commission Implementing Regulation (EU) 2021/451.

Both new paragraphs set 10 January 2026 as the deadline for EBA to submit the respective draft standards to the Commission, and paragraph 10 references the Implementing Regulation dated 17 December 2020.

Paragraphs 1 through 5, including their text and cross-references, remain unchanged between the two versions.

Cited: Art. 314, v2 · Art. 314, v1

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Article 314 Combined use of different approaches 1. Institutions may use a combination of approaches provided that they obtain permission from the competent authorities. Competent authorities shall grant such permission where the requirements set out in paragraphs 2 to 4, as applicable, … 327 unchanged words … draft regulatory technical standards to the Commission by 31 December 2016. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.9. EBA shall develop draft regulatory technical standards to specify the following: (a) the components of the business indicator, and their use, by developing lists of typical sub-items, taking into account international regulatory standards and, where appropriate, the prudential boundary defined in Part Three, Title I, Chapter 3; (b) the elements listed in paragraph 7 of this Article. EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2026. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 10. EBA shall develop draft implementing technical standards to specify the items of the business indicator by mapping those items with the corresponding reporting cells set out in Commission Implementing Regulation (EU) 2021/451Commission Implementing Regulation (EU) 2021/451 of 17 December 2020 laying down implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to supervisory reporting of institutions and repealing Implementing Regulation (EU) No 680/2014 (OJ L 97, 19.3.2021, p. 1).;, where appropriate. EBA shall submit those draft implementing technical standards to the Commission by 10 January 2026. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-01-10

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

The unnumbered list of criteria in the earlier text is now labelled as paragraph 1, with its content unchanged.

A new paragraph 3 has been added requiring EBA to develop draft regulatory technical standards specifying the conditions a competent authority must assess under paragraph 1, including how average annual operational risk loss is computed and what further information may be collected, with submission to the Commission required by 10 January 2027 and delegated power given to the Commission to adopt those standards.

Cited: Art. 320, v1 · Art. 320, v2

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Article 320 Criteria for the Standardised Approach 1. The criteria referred to in the first subparagraph of Article 312(1) are the following: (a) an institution shall have in place a well-documented assessment and management system for operational risk with clear responsibilities assigned for this system. It shall identify its exposures to operational risk and track relevant operational risk data, including material loss data. This system shall be subject to regular independent review carried out by an internal or external party possessing the necessary knowledge to carry out such review; (b) an institution's operational risk assessment system shall be closely integrated into the risk management processes of the institution. Its output shall be an integral part of the process of monitoring and controlling the institution's operational risk profile; (c) an institution shall implement a system of reporting to senior management that provides operational risk reports to relevant functions within the institution. An institution shall have in place procedures for taking appropriate action according to the information within the reports to management.3. EBA shall develop draft regulatory technical standards to specify the conditions that the competent authority has to assess pursuant to paragraph 1, including how the average annual operational risk loss is to be computed and the specifications on the information to be collected pursuant to paragraph 2 or any further information deemed necessary to carry out the assessment. EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2027. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +660 −21 Art. 321 Inclusion of losses from merged or acquired entities or activities§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-01-10

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

The heading changed from 'Qualitative standards' to 'Inclusion of losses from merged or acquired entities or activities', and the former unlabelled list of qualitative standards is now designated as paragraph 1 while keeping the same items (a) to (g).

A new paragraph 2 was added directing the EBA to develop draft regulatory technical standards on how institutions are to determine adjustments to their loss data set following the inclusion of losses from merged or acquired entities or activities, with submission to the Commission by 10 January 2027, and delegating power to the Commission to adopt those standards under Articles 10 to 14 of Regulation (EU) No 1093/2010.

Cited: Art. 321, v1 · Art. 321, v2

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Article 321 ~~Qualitative standards~~ Inclusion of losses from merged or acquired entities or activities 1. The qualitative standards referred to in Article 312(2) are the following: (a) an institution's internal operational risk measurement system shall be closely integrated into its day-to-day risk management processes; (b) an institution shall have an independent risk management function for operational risk; (c) an institution shall have in place regular reporting of operational risk exposures and loss experience and shall have in place procedures for taking appropriate corrective action; (d) an institution's risk management system shall be well documented. An institution shall have in place routines for ensuring compliance and policies for the treatment of non-compliance; (e) an institution shall subject its operational risk management processes and measurement systems to regular reviews performed by internal or external auditors; (f) an institution's internal validation processes shall operate in a sound and effective manner; (g) data flows and processes associated with an institution's risk measurement system shall be transparent and accessible.2. EBA shall develop draft regulatory technical standards to specify how institutions are to determine the adjustments to their loss data set following the inclusion of losses from merged or acquired entities or activities as referred to in paragraph 1. EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2027. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +513 −329 Art. 323 Operational risk management framework§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-01-10

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

The article's heading changed from referring to the impact of insurance and other risk transfer mechanisms to a broader label about the operational risk management framework.

Paragraph 2, which previously set the insurance provider's authorisation and minimum claims paying ability rating requirements, has been replaced with a mandate for EBA to develop draft regulatory technical standards specifying the obligations under paragraph 1, points (a) to (h), taking into account institution size and complexity, to be submitted to the Commission by 10 January 2027, with power delegated to the Commission to adopt them under Articles 10 to 14 of Regulation (EU) No 1093/2010.

The remaining paragraphs, including paragraph 3's conditions on insurance and the institution's insurance framework, paragraph 4's methodology elements, and paragraph 5's 20% cap, are unchanged in text.

Cited: Art. 323, v1 · Art. 323, v2

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Article 323 ~~Impact of insurance and other~~ Operational risk ~~transfer mechanisms~~ management framework 1. The competent authorities shall permit institutions to recognise the impact of insurance subject to the conditions set out in paragraphs 2 to 5 and other risk transfer mechanisms where the institution can demonstrate that a noticeable risk mitigating effect is achieved. 2. ~~The insurance provider~~ EBA shall ~~be authorised~~ develop draft regulatory technical standards to ~~provide insurance or re-insurance~~ specify the obligations under paragraph 1, points (a) to (h), taking into consideration the size and complexity of the institution. EBA shall ~~have a minimum claims paying ability rating~~ submit those draft regulatory technical standards to the Commission by ~~an ECAI which has been determined~~ 10 January 2027. Power is delegated to the Commission to supplement this Regulation by ~~EBA~~ adopting the regulatory technical standards referred to ~~be associated~~ in the first subparagraph of this paragraph in accordance with ~~credit quality step 3 or above under the rules for the risk weighting~~ Articles 10 to 14 of ~~exposures to institutions under Title II, Chapter 2.~~ Regulation (EU) No 1093/2010. 3. The insurance and the institutions' insurance framework shall meet all the following conditions: (a) the insurance policy has an initial term of no less than one year. For policies with a residual term of less than one year, an institution shall make appropriate haircuts reflecting the declining residual term of the policy, up to a full 100 % haircut for policies with a residual term of 90 days or less; (b) the insurance policy has a minimum notice period for cancellation of the contract of 90 days; (c) the insurance policy has no exclusions or limitations triggered by supervisory actions or, in the case of a failed institution, that preclude the institution's receiver or liquidator from recovering the damages suffered or expenses incurred by the institution, except in respect of events occurring after the initiation of receivership or liquidation proceedings in respect of the institution. However, the insurance policy may exclude any fine, penalty, or punitive damages resulting from actions by the competent authorities; (d) the risk mitigation calculations shall reflect the insurance coverage in a manner that is transparent in its relationship to, and consistent with, the actual likelihood and impact of loss used in the overall determination of operational risk capital; (e) the insurance is provided by a third party entity. In the case of insurance through captives and affiliates, the exposure has to be laid off to an independent third party entity that meets the eligibility criteria set out in paragraph 2; (f) the framework for recognising insurance is well reasoned and documented. 4. The methodology for recognising insurance shall capture all the following elements through discounts or haircuts in the amount of insurance recognition: (a) the residual term of the insurance policy, where less than one year; (b) the policy's cancellation terms, where less than one year; (c) the uncertainty of payment as well as mismatches in coverage of insurance policies. 5. The reduction in own funds requirements from the recognition of insurances and other risk transfer mechanisms shall not exceed 20 % of the own funds requirement for operational risk before the recognition of risk mitigation techniques.

MODIFIED +150 −33 Art. 325 Approaches for calculating the own funds requirements for market risk§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-07-10 · dates removed: 2020-09-28

The reference for the approaches EBA must address in the regulatory technical standards changed from points (a) and (b) of paragraph 3 to points (a) and (b) of paragraph 1, and a new requirement to take into account Article 104b(5) and (6), where applicable, was added.

The deadline for EBA to submit those draft regulatory technical standards to the Commission changed from 28 September 2020 to 10 July 2025.

02013R0575-20240109 → 02013R0575-20240709

Article 325c Scope and structure of the alternative standardised approach 1. The alternative standardised approach as set out in this Chapter shall be used only for the purposes of the reporting requirement laid down in Article 430b(1). 2. Institutions shall calculate the own funds requirements for market risk in accordance with the alternative standardised approach for a portfolio of trading book positions or non-trading book positions that are subject to foreign exchange or commodity risk as the sum of the following three components: (a) the own funds requirement under the sensitivities-based method set out in Section 2; (b) the own funds requirement for the default risk set out in Section 5 which is only applicable to the trading book positions referred to in that Section; (c) the own funds requirement for residual risks set out in Section 4 which is only applicable to the trading book positions referred to in that Section.8. EBA shall develop draft regulatory technical standards to specify the assessment methodology under which competent authorities conduct the verification referred to in paragraph 7; EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2028. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +688 −0 Art. 325j Treatment of collective investment undertakings§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-01-10

A new paragraph 7 has been added, requiring EBA to develop draft regulatory technical standards specifying technical elements of the methodology for determining hypothetical portfolios under the approach in paragraph 4, including how institutions are to account for leverage to the maximum extent where applicable.

This new paragraph also sets a submission deadline for EBA to deliver those draft standards to the Commission and delegates power to the Commission to adopt them under Articles 10 to 14 of Regulation (EU) No 1093/2010.

The earlier version of Article 325j contained no such paragraph 7.

EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2027.

Cited: Art. 325j, v2 · Art. 325j, v1

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Article 325j Treatment of collective investment undertakings 1. An institution shall calculate the own funds requirements for market risk of a position in a CIU using one of the following approaches: (a) where an institution is able to obtain sufficient information about the … 673 unchanged words … set out in this Chapter. 5. An institution may use the approaches referred to in point (a) or (b) of paragraph 1 only where the CIU meets all the conditions set out in Article 132(3) and point (a) of Article 132(4).7. EBA shall develop draft regulatory technical standards to further specify the technical elements of the methodology to determine hypothetical portfolios for the purposes of the approach set out in paragraph 4, including the manner in which institutions are to take into account in the methodology, where applicable, leverage to the maximum extent. EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2027. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED ±0 Art. 325q §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 325s §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

applies from: 2025-07-10

dates added to the text: 2025-07-10 · dates removed: 2020-03-28

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-07-10

A new paragraph 6 has been added requiring EBA to develop draft regulatory technical standards specifying the conditions and criteria institutions are to use in assessing whether CVA risk exposures from fair-valued securities financing transactions are material, and how often that assessment is to occur.

This new paragraph also sets a submission deadline for those draft standards to the Commission and delegates power to the Commission to adopt them under Articles 10 to 14 of Regulation (EU) No 1093/2010, none of which appeared in the earlier version.

EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026.

Cited: Art. 382, v2 · Art. 382, v1

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Article 382 Scope 1. An institution shall calculate the own funds requirements for CVA risk in accordance with this Title for all OTC derivative instruments in respect of all of its business activities, other than credit derivatives recognised to reduce risk-weighted exposure … 456 unchanged words … the date of the review referred to in the first subparagraph, Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.6. EBA shall develop draft regulatory technical standards to specify the conditions and the criteria that institutions are to use to assess whether the CVA risk exposures arising from fair-valued securities financing transactions are material, as well as the frequency of that assessment. EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2026. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

INSERTED ±0 Art. 382a §

applies from: unknown

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MODIFIED ±0 Art. 383 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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INSERTED +1,822 −0 Art. 383a Regulatory CVA model§

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

This new article, shown here only from paragraph 4 onward, directs EBA to draft regulatory technical standards covering how proxy spreads and other technical elements are determined for CVA-related calculations, with submission to the Commission by 10 July 2027.

It further directs EBA to draft separate regulatory technical standards on assessing the materiality of extensions and changes to the standardised approach and on the methodology competent authorities use to verify compliance with Articles 383 and 383a, to be submitted by 10 July 2028.

The text shown is truncated, beginning at paragraph 4, so earlier paragraphs of this new article are not described here.

Cited: Art. 383a, v2

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inserted text (02013R0575-20240709)

Article 383a
Regulatory CVA model
4. EBA shall develop draft regulatory technical standards to specify:
(a) how proxy spreads referred to in paragraph 2, point (b), are to be determined by the institution for the purposes of calculating default probabilities;
(b) further technical elements that institutions are to take into account when calculating the counterparty’s expected loss given default, the counterparty’s probabilities of default and the simulated discounted future exposure of the portfolio of transactions with that counterparty and CVA, as referred to in paragraph 1;
(c) which other instruments referred to in paragraph 2, point (a), are appropriate to estimate the counterparty’s probabilities of default and how institutions are to make that estimate.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2027.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
5. EBA shall develop draft regulatory technical standards to specify:
(a) the conditions for assessing the materiality of extensions and changes to the use of the standardised approach as referred to in Article 383(3);
(b) the assessment methodology under which competent authorities are to verify an institution’s compliance with the requirements set out in Articles 383 and 383a.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2028.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

MODIFIED +1,241 −0 Art. 395 Limits to large exposures§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2027-01-10, 2027-12-31, 2028-12-31

A new paragraph 2a is inserted requiring EBA, after consulting ESMA, to issue guidelines by 10 January 2027 updating the guidelines mentioned in paragraph 2, taking into account shadow banking entities' contribution to the capital markets union and potential adverse impacts of any changes.

The new paragraph also requires EBA to submit a report to the Commission by 31 December 2027 on institutions' exposures to shadow banking entities and the appropriateness of limits, and requires the Commission, where appropriate, to submit a legislative proposal to the European Parliament and Council by 31 December 2028.

The rest of the article, including paragraphs 1 through 2 and 3 through 8, is unchanged between the two versions.

Cited: Art. 395, v2 · Art. 395, v1

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Article 395 Limits to large exposures 1. An institution shall not incur an exposure to a client or group of connected clients the value of which exceeds 25 % of its Tier 1 capital, after taking into account the effect of the … 546 unchanged words … Articles 399 to 403. The Commission shall submit the report to the European Parliament and the Council, together, if appropriate, with a legislative proposal on exposure limits to shadow banking entities which carry out banking activities outside a regulated framework. 2a. By 10 January 2027, EBA, after consulting ESMA, shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, to update the guidelines referred to in paragraph 2 of this Article. In updating those guidelines, EBA shall take due account, among other considerations, of the contribution of shadow banking entities to the capital markets union, the potential adverse impact that any changes of those guidelines, including additional limits, could have on the business model and risk profile of the institutions and on the stability and the orderly functioning of financial markets. In addition, by 31 December 2027, EBA, after consulting ESMA, shall submit a report to the Commission on the contribution of shadow banking entities to the capital markets union and on institutions’ exposures to such entities, including on the appropriateness of aggregate limits or tighter individual limits to those exposures, while taking due account of the regulatory framework and business models of such entities. By 31 December 2028, the Commission shall, where appropriate, on the basis of that report, submit to the European Parliament and to the Council a legislative proposal on exposure limits to shadow banking entities. 3. Subject to Article 396, an institution shall at all times comply with the relevant limit laid down in paragraph 1. 4. Assets constituting claims and other exposures onto recognised third-country investment firms may be subject to the same treatment as … 950 unchanged words … this case, they shall notify the Commission, the Council, the competent authorities concerned and EBA. Approval of the new measures shall be subject to the process set out in this Article. This Article shall be without prejudice to Article 458.

MODIFIED +121 −78 Art. 400 Exemptions§

applies from: unchanged

The deadline for EBA to submit the draft implementing technical standards to the Commission has changed from 28 June 2020 to 10 July 2025.

Cited: Art. 434a, v1 · Art. 434a, v2

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Article 434a Uniform disclosure formats EBA shall develop draft implementing technical standards ~~specifying~~ to specify uniform disclosure formats, and ~~associated instructions in accordance with which~~ information on the resubmission policy, and shall develop IT solutions, including instructions, for disclosures required under Titles II and ~~III shall be made.~~ III. Those uniform disclosure formats shall convey sufficiently comprehensive and comparable information for users of that information to assess the risk profiles of institutions and their degree of compliance with the requirements laid down in Parts One to Seven. To facilitate the comparability of information, the implementing technical standards shall seek to maintain consistency of disclosure formats with international standards on disclosures. Uniform disclosure formats shall be tabular where appropriate. EBA shall submit those draft implementing technical standards to the Commission by ~~28 June 2020.~~ 10 July 2025. Power is conferred on the Commission to adopt those implementing technical standards in accordance with Article 15 of Regulation (EU) No 1093/2010.

INSERTED +1,081 −0 Art. 434c Report on the feasibility of the use of information reported by institutions other than small and non-complex institutions to publish an extended set of disclosures on the EBA website§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a new article requiring EBA to prepare a report examining whether information reported to competent authorities by institutions other than small and non-complex institutions could be used to publish an extended set of disclosures on the EBA website.

The article specifies that the report must consider EBA's prior work on integrated data collections, rest on a cost-benefit analysis covering competent authorities, institutions and EBA, and address technical, operational and legal challenges, with submission to the European Parliament, Council and Commission required by 10 July 2027, and a possible Commission legislative proposal by 31 December 2031.

Cited: Art. 434c, v2

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inserted text (02013R0575-20240709)

Article 434c
Report on the feasibility of the use of information reported by institutions other than small and non-complex institutions to publish an extended set of disclosures on the EBA website
EBA shall prepare a report on the feasibility of using information reported by institutions other than small and non-complex institutions to competent authorities in accordance with Article 430 in order to publish that information on its website thereby reducing the disclosure burden for such institutions.
That report shall consider the previous work of EBA regarding integrated data collections, shall be based on an overall cost and benefit analysis, including costs incurred by competent authorities, institutions and EBA, and shall consider any potential technical, operational and legal challenges.
EBA shall submit that report to the European Parliament, to the Council, and to the Commission by 10 July 2027.
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2031.

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Article 449a Disclosure of environmental, social and governance risks (ESG risks) 1. From 28 June 2022, large institutions which have issued securities that are admitted to trading on a regulated market of any Member State, as defined in point (21) of Article 4(1) of Directive 2014/65/EU, shall disclose information on ESG risks, including physical risks and transition risks, as defined in the report referred to in Article 98(8) of Directive 2013/36/EU. The information referred to in the first paragraph shall be disclosed on an annual basis for the first year and biannually thereafter.3. EBA shall develop draft implementing technical standards to specify uniform disclosure formats, as laid down in Article 434a, for ESG risks ensuring that they are consistent with and uphold the principle of proportionality while avoiding duplication of disclosure requirements already established in other applicable Union law. Those formats shall not require disclosure of information beyond the information to be reported to competent authorities in accordance with Article 430(1), point (h), and shall in particular take into account the size and complexity of the institution and the relative exposure of small and non-complex institutions subject to Article 433b to ESG risks. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.

INSERTED ±0 Art. 449b §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED ±0 Art. 451 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

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INSERTED +1,258 −0 Art. 451b Disclosure of crypto-asset exposures and related activities§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a newly inserted article requiring institutions to disclose information on crypto-asset exposures and related crypto-asset services and activities, including exposure amounts, risk exposure for operational risk, accounting classification, business activity descriptions and risk management policies.

It further specifies that more detailed information must be provided on material business activities, including issuance of significant asset-referenced and e-money tokens and provision of crypto-asset services under the referenced Regulation, and it states that the exemption in Article 432 does not apply to these disclosure requirements.

Cited: Art. 451b, v2

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inserted text (02013R0575-20240709)

Article 451b
Disclosure of crypto-asset exposures and related activities
1. Institutions shall disclose the following information on crypto-assets and crypto-asset services as well as any other activities related to crypto-assets:
(a) the direct and indirect exposure amounts in relation to crypto-assets, including the gross long and short components of net exposures;
(b) the total risk exposure amount for operational risk;
(c) the accounting classification for crypto-asset exposures;
(d) a description of the business activities related to crypto-assets and their impact on the risk profile of the institution;
(e) a specific description of their risk management policies related to crypto-asset exposures and crypto-asset services.
For the purposes of the first subparagraph, point (d), of this paragraph, institutions shall provide more detailed information on material business activities, including on the issuance of significant asset-referenced tokens and of significant e-money tokens and on the provision of crypto-asset services under Articles 60 and 61 of Regulation (EU) 2023/1114.
2. Institutions shall not apply the exception laid down in Article 432 for the purposes of the disclosure requirements laid down in paragraph 1 of this Article.

MODIFIED ±0 Art. 455 §

applies from: unknown

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MODIFIED ±0 Art. 456 §

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

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MODIFIED +127 −182 Art. 458 Macroprudential or systemic risk identified at the level of a Member State§

applies from: unchanged

Paragraph 6 now requires Member States that recognise measures to notify only the ESRB, which then forwards those notifications without delay to the Council, the Commission, EBA and the Member State authorised to apply the measures, whereas the earlier text had the recognising Member State notify the Council, the Commission, EBA, the ESRB and the authorised Member State directly.

Paragraph 9 now refers to the authorisation issued in accordance with paragraphs 2 and 4 and to the procedure referred to in paragraphs 2 and 4, adds the Commission as a body to be consulted alongside the ESRB and EBA before review, and removes the sentence stating that after the first extension the Commission shall review the situation at least every two years thereafter.

Cited: Art. 458, v1 · Art. 458, v2

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Article 458 Macroprudential or systemic risk identified at the level of a Member State 1. Member States shall designate the authority in charge of the application of this Article. This authority shall be the competent authority or the designated authority. 2. Where the … 858 unchanged words … Article and apply them to domestically authorised institutions, which have branches or have exposures located in the Member State authorised to apply the measure. 6. Where Member States recognise the measures set in accordance with this Article, they shall notify the ESRB. The ESRB shall forward such notifications without delay to the Council, the Commission, ~~EBA, the ESRB~~ EBA and the Member State authorised to apply the measures. 7. When deciding whether to recognise the measures set in accordance with this Article, the Member State shall take into consideration the criteria set in paragraph 4. 8. The Member State authorised to apply the measures may ask the ESRB to issue a recommendation as referred to in Article 16 of Regulation (EU) No 1092/2010 to one or more Member States which do not recognise the measures. 9. Before the expiry of the authorisation issued in accordance with ~~paragraph~~ paragraphs 2 and 4, the Member State concerned shall, in consultation with the ~~ESRB~~ ESRB, EBA and ~~EBA,~~ the Commission, review the situation and may adopt, in accordance with the procedure referred to in ~~paragraph~~ paragraphs 2 and 4, a new decision for the extension of the period of application of national measures for up to two additional years each time. ~~After the first extension, the Commission shall in consultation with the ESRB and EBA review the situation at least every two years thereafter.~~ 10. Notwithstanding the procedure as set out in paragraphs 3 to 9 of this Article, Member States shall be allowed to increase the risk weights beyond those provided for in this Regulation by up to 25 %, for those exposures identified in points (d)(iv) and (d)(vii) of paragraph 2 of this Article and tighten the large exposure limit provided for in Article 395 by up to 15 % for a period of up to two years or until the macroprudential or systemic risk ceases to exist if that occurs sooner, provided that the conditions and notification requirements laid down in paragraph 2 of this Article are met.

MODIFIED +2,191 −626 Art. 461a Own funds requirements for market risk§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2026-07-10 · dates removed: 2019-12-31

The heading changes from 'Alternative standardised approach for market risk' to 'Own funds requirements for market risk', and the single unstructured paragraph is replaced by three numbered paragraphs covering monitoring of international standards, delegated acts for targeted relief measures or postponement of application dates, and an EBA reporting obligation.

The prior deadline of 31 December 2019 for the Commission to adopt a delegated act on technical adjustments to specific market-risk articles is removed, and the new text instead sets 10 July 2026 as the date by which EBA must submit a report on third-country implementation of international market-risk standards.

The specific list of articles to be technically adjusted (such as Articles 325e, 325g to 325j, and others) and the risk-weight and correlation specifications tied to covered bonds are no longer present, replaced by broader references to the alternative standardised approach, the alternative internal model approach, and the simplified standardised approach.

Cited: Art. 461a, v1 · Art. 461a, v2

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before (02013R0575-20240109)

Article 461a
Alternative standardised approach for market risk
For the purposes of the reporting requirements set out in Article 430b(1), the Commission is empowered to adopt delegated acts in accordance with Article 462, to amend this Regulation by making technical adjustments to Articles 325e, 325g to 325j, 325p, 325q, 325ae, 325ai, 325ak, 325am, 325ap to 325at, 325av, 325ax, and specify the risk weight of bucket 11 of Table 4 in Article 325ah and the risk weights of covered bonds issued by credit institutions in third countries in accordance with Article 325ah, and the correlation of covered bonds issued by credit institutions in third countries in accordance with Article 325aj of the alternative standardised approach set out in Chapter 1a of Title IV of Part Three, taking into account developments in international regulatory standards.
The Commission shall adopt the delegated act referred to in paragraph 1 by 31 December 2019.

after (02013R0575-20240709)

Article 461a
Own funds requirements for market risk
1. The Commission shall monitor the differences between the implementation of international standards on own funds requirements for market risk in the Union and in third countries, including as regards the impact of the rules in terms of own funds requirements and as regards their date of application.
2. Where significant differences in such implementation are observed, the Commission shall be empowered to adopt delegated acts in accordance with Article 462 to amend this Regulation by:
(a) applying, until the date of application of the legislative act referred to in paragraph 3 of this Article or for up to three years in the absence of such an act, and where necessary to preserve a level playing field and to offset those observed differences, targeted operational relief measures or targeted multipliers equal to or greater than 0 and lower than 1 in the calculation of the institutions’ own funds requirements for market risk, for specific risk classes and specific risk factors, using one of the approaches referred to in Article 325(1), and laid out in:
(i) Articles 325c to 325ay, specifying the alternative standardised approach;
(ii) Articles 325az to 325bp, specifying the alternative internal model approach;
(iii) Articles 326 to 361, specifying the simplified standardised approach;
(b) postponing for up to two years the date from which institutions shall apply the own funds requirements for market risk set out in Part Three, Title IV, or any of the approaches to calculate the own funds requirements for market risk referred to in Article 325(1).
Where the Commission adopts the delegated act referred to in the first subparagraph, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council to adjust the implementation in the Union of international standards on own funds requirements for market risk to preserve in a more permanent manner a level playing field with third countries, in terms of own funds requirements and the impact of those requirements.
3. By 10 July 2026, EBA shall submit a report to the European Parliament, to the Council and to the Commission on the implementation of international standards on own funds requirements for market risk in third countries.
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal, in order to ensure a global level playing field.

MODIFIED ±0 Art. 465 §

applies from: unknown

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MODIFIED +76 −294 Art. 468 Temporary treatment of unrealised gains and losses measured at fair value through other comprehensive income§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2025-12-31 · dates removed: 2020-01-01, 2020-12-31, 2021-01-01, 2021-12-31, 2022-01-01, 2022-12-31

The heading no longer refers to the COVID-19 pandemic, and paragraph 1 now sets the period of temporary treatment as running until 31 December 2025 rather than from 1 January 2020 to 31 December 2022.

Paragraph 2 previously set out three separate factors f of 1, 0.7 and 0.4 applicable across three sub-periods from 2020 to 2022, whereas it now provides a single factor f of 1 applicable until 31 December 2025, removing the earlier tiered reduction and its associated sub-points (a), (b) and (c).

Cited: Art. 468, v1 · Art. 468, v2

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02013R0575-20240109 → 02013R0575-20240709

Article 468 Temporary treatment of unrealised gains and losses measured at fair value through other comprehensive income ~~in view of the COVID-19 pandemic~~ 1. By way of derogation from Article 35, ~~during the period from 1 January 2020 to~~ until 31 December ~~2022~~ 2025 (the period of temporary treatment), institutions may remove from the calculation of their Common Equity Tier 1 items the amount A, determined in accordance with the following formula: A = a · f where: a = the amount of unrealised gains and losses accumulated since 31 December 2019 accounted for as fair value changes of debt instruments measured at fair value through other comprehensive income in the balance sheet, corresponding to exposures to central governments, to regional governments or to local authorities referred to in Article 115(2) of this Regulation and to public sector entities referred to in Article 116(4) of this Regulation, excluding those financial assets that are credit-impaired as defined in Appendix A to the Annex to Commission Regulation (EC) No 1126/2008 (Annex relating to IFRS 9); and f = the factor applicable for each reporting year during the period of temporary treatment in accordance with paragraph 2. 2. Institutions shall apply the ~~following factors~~ factor f with a value equal to 1 until 31 December 2025 to calculate the amount A referred to in paragraph 1: (a) 1 during the period from 1 January 2020 to 31 December 2020; (b) 0,7 during the period from 1 January 2021 to 31 December 2021; (c) 0,4 during the period from 1 January 2022 to 31 December 2022. 1. 3. Where an institution decides to apply the temporary treatment set out in paragraph 1, it shall inform the competent authority of its decision at least 45 days before the remittance date for the reporting of the information based on that treatment. Subject to the prior permission of the competent authority, the institution may reverse its initial decision once during the period of temporary treatment. Institutions shall publicly disclose if they apply that treatment. 4. Where an institution removes an amount of unrealised losses from its Common Equity Tier 1 items in accordance with paragraph 1 of this Article, it shall recalculate all requirements laid down in this Regulation and in Directive 2013/36/EU that are calculated using any of the following items: (a) the amount of deferred tax assets that is deducted from Common Equity Tier 1 items in accordance with point (c) of Article 36(1) or risk weighted in accordance with Article 48(4); (b) the amount of specific credit risk adjustments. When recalculating the relevant requirement, the institution shall not take into account the effects that the expected credit loss provisions relating to exposures to central governments, to regional governments or to local authorities referred to in Article 115(2) of this Regulation and to public sector entities referred to in Article 116(4) of this Regulation, excluding those financial assets that are credit-impaired as defined in Appendix A to the Annex relating to IFRS 9, have on those items. 5. During the periods set out in paragraph 2 of this Article, in addition to disclosing the information required in Part Eight, institutions that have decided to apply the temporary treatment set out in paragraph 1 of this Article shall disclose the amounts of own funds, Common Equity Tier 1 capital and Tier 1 capital, the total capital ratio, the Common Equity Tier 1 capital ratio, the Tier 1 capital ratio, and the leverage ratio they would have in case they were not to apply that treatment.

MODIFIED +21 −34 Art. 493 Transitional provisions for large exposures§

applies from: unchanged

In point (a) of paragraph 3, the reference to covered bonds was changed from specifying covered bonds falling within Article 129(1), (3) and (6) to referring simply to covered bonds as referred to in Article 129, without the specific sub-paragraph references.

Cited: Art. 493, v1 · Art. 493, v2

text before / after

02013R0575-20240109 → 02013R0575-20240709

Article 493 Transitional provisions for large exposures 1. Until 26 June 2021, the provisions on large exposures as laid down in Articles 387 to 403 of this Regulation shall not apply to investment firms, the main business of which consists exclusively of the provision of investment services or activities in relation to the financial instruments set out in points (5), (6), (7), (9), (10) and (11) of Section C of Annex I to Directive 2014/65/EU and to which Directive 2004/39/EC of the European Parliament and of the CouncilDirective 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1). did not apply on 31 December 2006. 2. By 31 December 2015, the Commission shall, on the basis of public consultations and in the light of discussions with the competent authorities, report to the European Parliament and the Council on: (a) an appropriate regime for the prudential supervision of investment firms whose main business consists exclusively of the provision of investment services or activities in relation to the commodity derivatives or derivatives contracts set out in points 5, 6, 7, 9 and 10 of Section C of Annex I to Directive 2004/39/EC; (b) the desirability of amending Directive 2004/39/EC to create a further category of investment firm whose main business consists exclusively of the provision of investment services or activities in relation to the financial instruments set out in points 5, 6, 7, 9 and 10 of Section C of Annex I to Directive 2004/39/EC relating to energy supplies. On the basis of that report, the Commission may submit proposals to amend this Regulation. 3. By way of derogation from Article 400(2) and (3), Member States may, for a transitional period until the entry into force of any legal act following the review in accordance with Article 507, but not after 31 December 2028, fully or partially exempt the following exposures from the application of Article 395(1): (a) covered bonds ~~falling within~~ as referred to in Article ~~129(1), (3) and (6);~~ 129; (b) asset items constituting claims on regional governments or local authorities of Member States where those claims would be assigned a 20 % risk weight under Part Three, Title II, Chapter 2 and other exposures to or guaranteed by those … 912 unchanged words … to in paragraph 5 of this Article incurred before 12 December 2017 to which a risk weight of 0 % was assigned on 31 December 2017 in accordance with Article 495(2) shall be exempted from the application of Article 395(1).

INSERTED ±0 Art. 494d §

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MODIFIED ±0 Art. 495 §

applies from: unknown

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INSERTED ±0 Art. 495a §

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INSERTED +2,151 −0 Art. 495b Transitional arrangements for specialised lending exposures§

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

This new provision, numbered paragraphs 2 and 4 without a visible paragraph 1 or 3 in the text shown, directs EBA to prepare a report on calibration of risk parameters for specialised lending exposures under the IRB Approach, including own estimates of LGD and LGD input floors, and to submit it to the European Parliament, the Council and the Commission by 10 July 2026, with a possible Commission legislative proposal by 31 December 2027.

It further requires EBA to prepare a separate report analysing object finance markets, riskiness, own funds impact and the high-quality object finance sub-class, due to the European Parliament, the Council and the Commission by 31 December 2030, with a possible Commission legislative proposal by 31 December 2031.

Cited: Art. 495b, v2

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inserted text (02013R0575-20240709)

Article 495b
Transitional arrangements for specialised lending exposures
2. EBA shall prepare a report on the appropriate calibration of risk parameters, including the haircut parameter, applicable to specialised lending exposures under the IRB Approach, and in particular on own estimates of LGD and LGD input floors for each specific category of specialised lending exposures as referred to in Article 147(8). EBA shall in particular include in its report data on average numbers of defaults and realised losses observed in the Union for different samples of institutions with different business and risk profiles. EBA shall recommend specific calibrations of risk parameters, including the haircut parameter, that would reflect the specific and different risk profile for each specific category of specialised lending exposures.
EBA shall submit that report to the European Parliament to the Council and to the Commission by 10 July 2026.
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2027.
4. EBA shall prepare a report, analysing the following:
(a) the evolution of the trends and conditions in markets for object finance in the Union;
(b) the effective riskiness of the object finance exposures over a full economic cycle;
(c) the impact on own funds requirements of the treatment set out in Article 122a(3), point (a), for object finance exposures, without taking into account Article 465(1);
(d) the appropriateness of the definition of the sub-class of high quality object finance and to assign to that sub-class of exposures a different prudential treatment.
EBA shall submit that report to the European Parliament, to the Council and to the Commission by 31 December 2030.
On the basis of that report and taking due account of the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2031.

INSERTED +976 −0 Art. 495c Transitional arrangements for leasing exposures as a credit risk mitigation technique§

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree about the kind of change — they agree this provision changed and disagree about how: the text comparison called it INSERTED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. All are shown; none is overruled.

This is a newly inserted article that directs EBA to prepare a report on the calibration of risk parameters for leasing exposures, including LGD and Hc values referenced in Article 230, and to include data on default and loss experience across different leased property and institution types.

The text states that EBA is to submit this report to the European Parliament, the Council and the Commission by 10 July 2027, and that the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and the Council by 31 December 2028, based on that report and on internationally agreed BCBS standards.

Cited: Art. 495c, v2

text before / after

inserted text (02013R0575-20240709)

Article 495c
Transitional arrangements for leasing exposures as a credit risk mitigation technique
2. EBA shall prepare a report on the appropriate calibrations of risk parameters associated with leasing exposures under the IRB Approach, and of risk weights under the Standardised Approach, and in particular on the LGDs and Hc provided for in Article 230. EBA shall in particular include in its report data on average numbers of defaults and realised losses observed in the Union for exposures associated with different types of properties leased and different types of institutions practicing leasing activities.
EBA shall submit that report to the European Parliament, to the Council and to the Commission by 10 July 2027.
On the basis of that report, and taking into account the internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2028.

INSERTED ±0 Art. 495d §

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INSERTED ±0 Art. 495e §

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INSERTED ±0 Art. 495f §

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INSERTED ±0 Art. 495g §

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applies from: unknown

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MODIFIED ±0 Art. 501 §

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MODIFIED ±0 Art. 501a §

applies from: unknown

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MODIFIED +1,714 −574 Art. 501c Prudential treatment of exposures to environmental or social factors§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2024-07-09, 2024-12-31, 2025-12-31, 2026-12-31 · dates removed: 2025-06-28

The heading changes from referring to exposures related to environmental and/or social objectives to exposures to environmental or social factors, and the article is now organised into numbered paragraphs (1) and (2) rather than unnumbered prose.

The list of matters EBA must assess is rewritten, dropping the prior three items on methodologies, physical/transition risk criteria and financial-stability effects, and replacing them with five items covering ESG data availability, a standardised methodology in consultation with EIOPA, comparative riskiness assessment referencing BCBS developments, short/medium/long-term effects, and targeted enhancements to the current framework.

The single reporting deadline of 28 June 2025 is replaced by a staggered set of deadlines of 9 July 2024, 31 December 2024 and 31 December 2025 tied to specific assessment points, and the Commission's legislative proposal is now to be submitted by 31 December 2026 rather than without a stated date.

Cited: Art. 501c, v1 · Art. 501c, v2

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before (02013R0575-20240109)

Article 501c
Prudential treatment of exposures related to environmental and/or social objectives
EBA, after consulting the ESRB, shall, on the basis of available data and the findings of the Commission High-Level Expert Group on Sustainable Finance, assess whether a dedicated prudential treatment of exposures related to assets, including securitisations, or activities associated substantially with environmental and/or social objectives would be justified. In particular, EBA shall assess:
(a) methodologies for the assessment of the effective riskiness of exposures related to assets and activities associated substantially with environmental and/or social objectives compared to the riskiness of other exposure;
(b) the development of appropriate criteria for the assessment of physical risks and transition risks, including the risks related to the depreciation of assets due to regulatory changes;
(c) the potential effects of a dedicated prudential treatment of exposures related to assets and activities which are associated substantially with environmental and/or social objectives on financial stability and bank lending in the Union.
EBA shall submit a report on its findings to the European Parliament, to the Council and to the Commission by 28 June 2025.
On the basis of that report, the Commission shall, if appropriate, submit to the European Parliament and to the Council a legislative proposal.

after (02013R0575-20240709)

Article 501c
Prudential treatment of exposures to environmental or social factors
1. EBA, after consulting the ESRB, shall, on the basis of available data, assess whether the dedicated prudential treatment of exposures related to assets or liabilities, subject to the impact of environmental or social factors is to be adjusted. In particular, EBA shall assess:
(a) the availability and accessibility of reliable and consistent ESG data for each exposure class determined in accordance with Part Three, Title II;
(b) in consultation with EIOPA, the feasibility of introducing a standardised methodology to identify and qualify the exposures, for each exposure class determined in accordance with Part Three, Title II, based on a common set of principles to ESG risk classification, using the information on transition risk and physical risk indicators made available by sustainability disclosure reporting frameworks adopted in the Union and where available internationally, the guidance and conclusions coming from the supervisory stress-testing or scenario analysis of climate-related financial risks conducted by EBA or the competent authorities and if appropriately reflecting the ESG risks, the relevant ESG score of the credit risk rating by a nominated ECAI;
(c) the effective riskiness of exposures related to assets and activities subject to the impact of environmental or social factors compared to the riskiness of other exposures and the possible additional and more comprehensive revisions to the framework that should be considered, taking into consideration the developments agreed at international level by the BCBS;
(d) the potential short, medium and long-term effects of an adjusted dedicated prudential treatment of exposures related to assets and activities subject to the impact of environmental or social factors on financial stability and bank lending in the Union;
(e) the targeted enhancements that could be considered within the current prudential framework.
2. EBA shall submit successive reports on its findings to the European Parliament, to the Council and to the Commission by the following dates:
(a) 9 July 2024 for the assessments required under paragraph 1, point (e);
(b) 31 December 2024 for the assessments required under paragraph 1, points (a) and (b);
(c) 31 December 2025 for the assessments required under paragraph 1, points (c) and (d).
On the basis of those EBA reports, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2026.

INSERTED +3,406 −0 Art. 501d Transitional provisions on the prudential treatment of crypto-assets§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a newly inserted article setting out transitional rules for how institutions must treat crypto-asset exposures for prudential purposes, including a Commission legislative proposal deadline, interim risk-weighting rules, an exposure limit tied to Tier 1 capital, and a mandate for EBA to draft related technical standards.

The provision also states that institutions calculating own funds requirements for crypto-asset exposures under this article shall not apply the deduction referred to in Article 36(1), point (b).

Cited: Art. 501d, v2

text before / after

inserted text (02013R0575-20240709)

Article 501d
Transitional provisions on the prudential treatment of crypto-assets
1. By 30 June 2025, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council to introduce a dedicated prudential treatment for crypto-asset exposures, taking into account the international standards and Regulation (EU) 2023/1114. That legislative proposal shall include the following:
(a) criteria for assigning crypto-assets to different crypto-asset categories based on their risk characteristics and compliance with specific conditions;
(b) specific own funds requirements for all risks entailed by different crypto-assets;
(c) an aggregate limit for exposures to specific types of crypto-assets;
(d) specific leverage ratio requirements for crypto-asset exposures;
(e) specific supervisory powers as regards crypto-asset exposure assignment, monitoring and calculation of the own funds requirements;
(f) specific liquidity requirements for crypto-asset exposures;
(g) disclosure and reporting requirements.
2. Until the date of application of the legislative act referred to in paragraph 1, institutions shall calculate their own funds requirements for crypto-asset exposures as follows:
(a) crypto-asset exposures to tokenised traditional assets shall be treated as exposures to the traditional assets that they represent;
(b) exposures to asset-referenced tokens whose issuers comply with Regulation (EU) 2023/1114 and that reference one or more traditional assets shall be assigned a risk weight of 250 %;
(c) crypto-asset exposures other than those referred to in points (a) and (b) shall be assigned a risk weight of 1250 %.
By way of derogation from the first subparagraph, point (a), crypto-asset exposures to tokenised traditional assets whose values depend on any other crypto-assets shall be assigned to point (c).
3. The value of an institution’s total exposure to crypto-assets other than those referred to in paragraph 1, points (a) and (b), shall not exceed 1 % of the institution’s Tier 1 capital.
4. An institution that exceeds the limit set out in paragraph 3 shall immediately notify the competent authority of the breach and shall demonstrate to the satisfaction of the competent authority a timely return to compliance.
5. EBA shall develop draft regulatory technical standards to specify the technical elements necessary for institutions to calculate their own funds requirements in accordance with the approaches set out in paragraph 2, points (b) and (c), including how to calculate the value of the exposures and how to aggregate short and long exposures for the purposes of paragraphs 2 and 3.
In developing those draft regulatory technical standards, EBA shall take into consideration the related internationally agreed standards developed by the BCBS as well as existing authorisations in the Union under Regulation (EU) 2023/1114.
EBA shall submit those draft regulatory technical standards to the Commission by 10 July 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
6. For the calculation of their own funds requirements for crypto-asset exposures, institutions shall not apply the deduction referred to in Article 36(1), point (b).

MODIFIED ±0 Art. 505 §

applies from: unknown

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MODIFIED +712 −245 Art. 506 Credit risk — credit insurance§

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2024-06-30, 2024-12-31 · dates removed: 2017-12-31, 2019-12-31

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

The heading and subject matter of Article 506 changed from a provision on the definition of default under Article 178(1) to a provision on credit insurance as a credit risk mitigation technique.

The reporting duty now requires EBA, acting in close cooperation with EIOPA, to report by 30 June 2024 on the eligibility and use of credit insurance policies, covering the appropriateness of associated risk parameters, an analysis of riskiness of exposures where credit insurance was recognised, and the consistency of own funds requirements with that analysis, replacing the earlier requirement to report by 31 December 2017 on replacing 90 days with 180 days past due and its continued application after 31 December 2019.

The follow-up action also changed from a discretionary Commission proposal with no addressee or deadline to a proposal that the Commission shall submit, where appropriate, to the European Parliament and to the Council specifically on the treatment of credit insurance, by 31 December 2024.

Cited: Art. 506, v1 · Art. 506, v2

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before (02013R0575-20240109)

Article 506
Credit risk — definition of default
EBA shall, by 31 December 2017, report to the Commission on how replacing 90 days by 180 days past due, as provided in point (b) of Article 178(1), impacts risk-weighted exposure amounts and the appropriateness of the continued application of that provision after 31 December 2019.
On the basis of that report, the Commission may submit a legislative proposal to amend this Regulation.

after (02013R0575-20240709)

Article 506
Credit risk — credit insurance
By 30 June 2024, EBA shall, in close cooperation with EIOPA, report to the Commission on the eligibility and use of credit insurance policy as a credit risk mitigation technique, including on:
(a) the appropriateness of the associated risk parameters referred to in Part Three, Title II, Chapters 3 and 4;
(b) an analysis of the effective and observed riskiness of credit risk exposures where a credit insurance was recognised as a credit risk mitigation technique;
(c) the consistency of own funds requirements laid down in this Regulation with the outcomes of the analysis under points (a) and (b).
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to amend the treatment applicable to credit insurance referred to in Part Three, Title II, by 31 December 2024.

INSERTED ±0 Art. 506c §

applies from: unknown

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INSERTED ±0 Art. 506d §

applies from: unknown

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INSERTED +1,601 −0 Art. 506e Recognition of capped or floored unfunded credit protection§

applies from: unknown (an inserted provision states its own application date only in prose)

A new Article 506e has been inserted, requiring EBA to submit a report to the Commission covering the conditions for portfolio guarantees to qualify as securitisation, the regulatory treatment applicable to such guarantees when they do not qualify as securitisation, the application of certain securitisation-related chapters when they do qualify, and the application of Article 234 to single guarantees leading to tranching.

The article further specifies matters EBA must assess within that report, including when portfolio guarantees give rise to a tranched transfer of risk, relevant eligibility criteria, and application of specified chapters, and states that the Commission may submit a legislative proposal based on that report.

Cited: Art. 506e, v2

text before / after

inserted text (02013R0575-20240709)

Article 506e
Recognition of capped or floored unfunded credit protection
1. By 10 July 2026, EBA shall submit a report to the Commission on the following:
(a) the conditions that guarantees featuring caps or floors determined at the level of a portfolio of exposures (portfolio guarantees) need to meet to qualify as a securitisation;
(b) the regulatory treatment applicable under Part Three, Title II, Chapter 4, to portfolio guarantees where those do not qualify as a securitisation;
(c) the application of the requirements set out in Part Three, Title II, Chapter 5, of this Regulation and in Chapter 2 of Regulation (EU) 2017/2402 for portfolio guarantees where those guarantees qualify as a securitisation;
(d) the application of Article 234 for single guarantees that lead to tranching.
2. In the report referred to in paragraph 1, EBA shall assess in particular the following:
(a) in relation to paragraph 1, point (a), the conditions under which portfolio guarantees give rise to a tranched transfer of risk;
(b) in relation to paragraph 1, point (b):
(i) the relevant eligibility criteria of portfolio guarantees under Part Three, Title II, Chapter 4;
(ii) the application of the requirements set out in Part Three, Title II, Chapter 4;
(c) in relation to paragraph 1, point (d), the application of the requirements set out in Chapter 2 of Regulation (EU) 2017/2402 and in Part Three, Title II, Chapter 5, of this Regulation.
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2027.

INSERTED +865 −0 Art. 506f Prudential treatment of securities financing transactions§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a new article requiring EBA to report to the Commission by 10 July 2026 on the impact of the new securities financing transactions framework on own funds requirements, with particular attention to effects on sovereign debt markets in terms of market making capacity and cost.

The article also directs EBA to assess whether risk weights in the standardised approach should be recalibrated in light of risks tied to short-term maturities, specifically residual maturities below one year, and provides that the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and Council by 31 December 2027 based on that report.

Cited: Art. 506f, v2

text before / after

inserted text (02013R0575-20240709)

Article 506f
Prudential treatment of securities financing transactions
By 10 July 2026, EBA shall report to the Commission on the impact of the new framework for securities financing transactions in terms of own funds requirements attributed to the corresponding securities financing transactions which are by nature very short-term activities, with a particular focus on its possible impact on sovereign debt markets in terms of market making capacity and cost.
EBA shall assess whether a recalibration of the associated risk weights in the standardised approach is appropriate, given the associated risks with respect to short-term maturities, specifically for residual maturities below one year.
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 31 December 2027.

MODIFIED +231 −45 Art. 514 Method for the calculation of the exposure value of derivative transactions§

applies from: unchanged

Paragraph 2 now refers to the EBA report as the one mentioned in paragraph 1 and adds that the Commission must take due account of the implementation in third countries of the internationally agreed standards developed by the BCBS before submitting any legislative proposal.

The paragraph also now specifies that any such legislative proposal would be submitted to the European Parliament and to the Council, whereas the earlier version did not name these recipients, and it restates the reference to the relevant sections and chapter of Part Three in a different order.

Cited: Art. 514, v2 · Art. 514, v1

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02013R0575-20240109 → 02013R0575-20240709

Article 514 Method for the calculation of the exposure value of derivative transactions 1. EBA shall, by 28 June 2023, report to the Commission on the impact and the relative calibration of the approaches set out in Sections 3, 4 and 5 of Chapter 6 of Title II of Part Three to calculate the exposure values of derivative transactions. 2. On the basis of the EBA report referred to in paragraph 1 and taking due account of the implementation in third countries of the internationally agreed standards developed by ~~EBA,~~ the BCBS, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and to the Council to amend the approaches set out in Part Three, Title II, Chapter 6, Sections 3, 4 and ~~5 of Chapter 6 of Title II of Part Three.~~ 5.

INSERTED +987 −0 Art. 518c Review of the framework for prudential requirements§

applies from: unknown (an inserted provision states its own application date only in prose)

This new article requires the Commission to assess, by 31 December 2028 and in close cooperation with EBA and the ECB, the overall situation of the banking system in the single market and report to the European Parliament and Council on the appropriateness of the Union's banking regulatory and supervisory frameworks.

The report is to review post-financial-crisis banking reforms for adequacy of depositor protection and financial stability, and to address all banking union dimensions and the implementation of the output floor within capital and liquidity requirements, taking into account statements and conclusions of the European Parliament and the European Council on the banking union.

Cited: Art. 518c, v2

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inserted text (02013R0575-20240709)

Article 518c
Review of the framework for prudential requirements
By 31 December 2028, the Commission shall assess the overall situation of the banking system in the single market, in close cooperation with EBA and the ECB, and report to the European Parliament and to the Council on the appropriateness of the Union regulatory and supervisory frameworks for banking.
That report shall take stock of the reforms to the banking sector which took place after the great financial crisis and assess whether these ensure an adequate level of depositor protection and safeguard financial stability at Member State, banking union and Union level.
That report shall also consider all banking union dimensions, as well as the implementation of the output floor as part of capital and liquidity requirements more generally. In that regard, the Commission shall duly consider the corresponding statements and conclusions on the banking union of both the European Parliament and the European Council.

INSERTED +2,482 −0 Art. 519d Minimum haircut floor framework for securities financing transactions§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a new provision requiring EBA, working closely with ESMA, to report to the Commission by 10 January 2027 on whether the minimum haircut floor framework for securities financing transactions should be implemented in Union law.

It sets out specific matters the report must address, including leverage levels outside the banking system, materiality of affected transactions, estimated impacts under different implementation approaches, drivers of those impacts, and the most effective implementation approach.

It further provides that, based on that report and relevant Financial Stability Board and BCBS standards, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and Council by 10 January 2028.

Cited: Art. 519d, v2

text before / after

inserted text (02013R0575-20240709)

Article 519d
Minimum haircut floor framework for securities financing transactions
1. EBA, in close cooperation with ESMA, shall, by 10 January 2027, report to the Commission on the appropriateness of implementing in Union law the minimum haircut floor framework for securities financing transactions to address the potential build-up of leverage outside the banking sector.
2. The report referred to in paragraph 1 shall consider all of the following:
(a) the degree of leverage outside the banking system in the Union and the extent to which the minimum haircut floor framework could reduce that leverage if it became excessive;
(b) the materiality of the securities financing transactions held by institutions in the Union that are subject to the minimum haircut floor framework, including the breakdown of those securities financing transactions which do not comply with the minimum haircut floors;
(c) the estimated impact of the minimum haircut floor framework for institutions in the Union under the two implementation approaches recommended by the Financial Stability Board, namely a market regulation or more punitive own funds requirement under this Regulation, under a scenario in which institutions in the Union would not adjust haircuts to their securities financing transactions to comply with minimum haircut floors, and the estimated impact of the minimum haircut floor framework under an alternative scenario in which institutions in the Union would adjust those haircuts to comply with minimum haircut floors;
(d) the main drivers behind those estimated impacts, as well as the potential unintended consequences of introducing a minimum haircut floor framework on the functioning of the securities financing transaction markets in the Union;
(e) the implementation approach that would be most effective in meeting the regulatory objectives of the minimum haircut floor framework in light of the considerations referred to in points (a) to (d) and taking into account the level playing field across the financial sector in the Union.
3. On the basis of the report referred to in paragraph 1 and taking due account of the Financial Stability Board recommendation to implement the minimum haircut floor framework for securities financing transactions, as well as the related internationally agreed standards developed by the BCBS, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 10 January 2028.

INSERTED +867 −0 Art. 519e Operational risk§

applies from: unknown (an inserted provision states its own application date only in prose)

This is a new article requiring EBA to report to the Commission by 10 January 2028 on several matters concerning the use of insurance in calculating own funds requirements for operational risk, including possible regulatory arbitrage from insurance recoveries, differing impacts on coverage of recurring versus tail losses, and the availability and quality of data institutions use for this calculation.

It further states that, based on that report, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and the Council by 10 January 2029.

Cited: Art. 519e, v2

text before / after

inserted text (02013R0575-20240709)

Article 519 e
Operational risk
By 10 January 2028, EBA shall report to the Commission on the following:
(a) the use of insurance in the context of the calculation of the own funds requirement for operational risk;
(b) whether the recognition of insurance recoveries might lead to regulatory arbitrage by reducing the annual operational risk loss without a commensurate reduction in the actual operational loss exposure;
(c) whether the recognition of insurance recoveries has a different impact on the appropriate coverage of recurring losses and of potential tail losses;
(d) the availability and quality of data used by institutions when calculating their own funds requirement for operational risk.
On the basis of that report, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by 10 January 2029.

INSERTED +686 −0 Art. 519f Proportionality§

applies from: unknown (an inserted provision states its own application date only in prose)

A new Article 519f has been added, requiring EBA to prepare a report assessing the overall prudential framework for small and non-complex institutions, including its relation to banking groups and specific business models, and taking into account the relevance of such institutions at institution level and by region for financial stability and local credit provision.

The new provision states that when considering options for changes to the prudential framework, EBA is to base itself on the principle that any simplified requirements are to be more conservative, and that EBA shall submit the report to the Commission by 31 December 2027.

Cited: Art. 519f, v2

text before / after

inserted text (02013R0575-20240709)

Article 519f
Proportionality
EBA shall prepare a report assessing the overall prudential framework for small and non-complex institutions, in particular:
(a) assessing those requirements also in relation to banking groups and specific business models;
(b) taking into account the relevance of small and non-complex institutions at institution level and by region for maintaining financial stability and credit provision in local communities.
In considering options for changes in the prudential framework, EBA shall base itself on the overarching principle that any simplified requirements are to be more conservative.
EBA shall submit that report to the Commission by 31 December 2027.

MODIFIED ±0 Section 4 §

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DELETED ±0 Section 6 §

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MODIFIED ±0 Annex I §

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Capital Requirements Regulation

in force 2024-07-09

MODIFIED +619 −111 Art. 4 Definitions§

MODIFIED +3,682 −39 Art. 5 Definitions specific to capital requirements for credit risk§

INSERTED +3,896 −0 Art. 5a Definitions specific to crypto-assets§

MODIFIED +65 −23 Art. 10a Application of prudential requirements on a consolidated basis where investment firms are parent undertakings§

MODIFIED ±0 Art. 13§

MODIFIED +950 −0 Art. 18 Methods of prudential consolidation§

MODIFIED ±0 Art. 19§

MODIFIED +81 −81 Art. 20 Joint decisions on prudential requirements§

MODIFIED ±0 Art. 22§

MODIFIED ±0 Art. 27§

MODIFIED +666 −0 Art. 34 Additional value adjustments§

MODIFIED ±0 Art. 36§

MODIFIED ±0 Art. 46§

MODIFIED ±0 Art. 47c§

MODIFIED ±0 Art. 48§

MODIFIED ±0 Art. 49§

MODIFIED ±0 Art. 60§

MODIFIED ±0 Art. 62§

MODIFIED ±0 Art. 70§

MODIFIED ±0 Art. 72b§

MODIFIED ±0 Art. 72i§

MODIFIED ±0 Art. 74§

MODIFIED ±0 Art. 84§

MODIFIED ±0 Art. 85§

MODIFIED ±0 Art. 87§

INSERTED ±0 Art. 88b§

MODIFIED ±0 Art. 89§

MODIFIED ±0 Art. 92§

MODIFIED ±0 Art. 92a§

MODIFIED +835 −0 Art. 94 Derogation for small trading book business§

MODIFIED ±0 Art. 95§

MODIFIED ±0 Art. 96§

MODIFIED ±0 Art. 102§

MODIFIED +591 −0 Art. 104 Inclusion in the trading book§

MODIFIED +92 −59 Art. 104a Reclassification of a position§

MODIFIED ±0 Art. 104b§

INSERTED +1,092 −0 Art. 104c Treatment of foreign exchange risk hedges of capital ratios§

MODIFIED ±0 Art. 106§

MODIFIED ±0 Art. 107§

MODIFIED ±0 Art. 108§

INSERTED ±0 Art. 110a§

MODIFIED +883 −0 Art. 111 Exposure value§

MODIFIED ±0 Art. 112§

MODIFIED ±0 Art. 113§

MODIFIED ±0 Art. 115§

MODIFIED ±0 Art. 116§

MODIFIED ±0 Art. 117§

MODIFIED ±0 Art. 119§

MODIFIED ±0 Art. 120§

MODIFIED ±0 Art. 121§

MODIFIED ±0 Art. 122§

INSERTED +542 −0 Art. 122a Specialised lending exposures§

MODIFIED +324 −0 Art. 123 Retail exposures§

INSERTED ±0 Art. 123a§

MODIFIED +1,710 −0 Art. 124 Exposures secured by mortgages on immovable property§

INSERTED +595 −0 Art. 126a Land acquisition, development and construction exposures§

MODIFIED +561 −76 Art. 127 Exposures in default§

MODIFIED ±0 Art. 128§

MODIFIED ±0 Art. 129§

MODIFIED ±0 Art. 132a§

MODIFIED ±0 Art. 132b§

MODIFIED ±0 Art. 132c§

MODIFIED ±0 Art. 133§

MODIFIED ±0 Art. 134§

MODIFIED +345 −0 Art. 135 Use of credit assessments by ECAIs§

MODIFIED ±0 Art. 138§

MODIFIED ±0 Art. 139§

MODIFIED ±0 Art. 141§

MODIFIED ±0 Art. 142§

MODIFIED +73 −71 Art. 143 Permission to use the IRB Approach§

MODIFIED +78 −29 Art. 144 Competent authorities' assessment of an application to use an IRB Approach§

MODIFIED +342 −0 Art. 147 Methodology to assign exposures to exposure classes§

MODIFIED ±0 Art. 148§

MODIFIED ±0 Art. 149§

MODIFIED +1,894 −0 Art. 150 Conditions for permanent partial use§

MODIFIED ±0 Art. 151§

MODIFIED ±0 Art. 152§

MODIFIED +99 −57 Art. 153 Risk-weighted exposure amounts for exposures to corporates, institutions and central governments and central banks§

MODIFIED ±0 Art. 13 §

MODIFIED ±0 Art. 19 §

MODIFIED ±0 Art. 22 §

MODIFIED ±0 Art. 27 §

MODIFIED ±0 Art. 36 §

MODIFIED ±0 Art. 46 §

MODIFIED ±0 Art. 47c §

MODIFIED ±0 Art. 48 §

MODIFIED ±0 Art. 49 §

MODIFIED ±0 Art. 60 §

MODIFIED ±0 Art. 62 §

MODIFIED ±0 Art. 70 §

MODIFIED ±0 Art. 72b §

MODIFIED ±0 Art. 72i §

MODIFIED ±0 Art. 74 §

MODIFIED ±0 Art. 84 §

MODIFIED ±0 Art. 85 §

MODIFIED ±0 Art. 87 §

INSERTED ±0 Art. 88b §

MODIFIED ±0 Art. 89 §

MODIFIED ±0 Art. 92 §

MODIFIED ±0 Art. 92a §

MODIFIED ±0 Art. 95 §

MODIFIED ±0 Art. 96 §

MODIFIED ±0 Art. 102 §

MODIFIED ±0 Art. 104b §

MODIFIED ±0 Art. 106 §

MODIFIED ±0 Art. 107 §

MODIFIED ±0 Art. 108 §

INSERTED ±0 Art. 110a §

MODIFIED ±0 Art. 112 §

MODIFIED ±0 Art. 113 §

MODIFIED ±0 Art. 115 §

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MODIFIED ±0 Art. 120 §

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INSERTED ±0 Art. 123a §

MODIFIED ±0 Art. 128 §

MODIFIED ±0 Art. 129 §

MODIFIED ±0 Art. 132a §

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MODIFIED ±0 Art. 133 §

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MODIFIED ±0 Art. 148 §

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MODIFIED ±0 Art. 151 §

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DELETED ±0 Art. 155 §

MODIFIED ±0 Art. 158 §

MODIFIED ±0 Art. 159 §

INSERTED ±0 Art. 159a §

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MODIFIED ±0 Art. 161 §

MODIFIED ±0 Art. 162 §

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DELETED ±0 Art. 167 §

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MODIFIED ±0 Art. 197 §