in force 2025-01-01 MODIFIED+563 −0§
Amended by Regulation (EU) 2024/1623 32024R1623 · Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2024/2795 32024R2795
applies from: unchanged
The before text lacked paragraphs 2 and 3, moving directly from paragraph 1 to paragraph 4, while the after text inserts a new paragraph 2 allowing institutions to reduce total additional value adjustments in extraordinary circumstances determined by an EBA opinion, and a new paragraph 3 describing EBA's monitoring of market conditions and notification to the Commission.
Paragraph 4, referencing extraordinary circumstances and reductions under paragraph 2, is unchanged in wording between the two versions.
Cited: Art. 34, v1 · Art. 34, v2
text before / after
02013R0575-20240709 → 02013R0575-20250101
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. 2. By way of derogation from paragraph 1, in extraordinary circumstances, the existence of which shall be determined by an opinion provided by EBA in accordance with paragraph 3, institutions may reduce the total additional value adjustments in the calculation of the total amount to be deducted from Common Equity Tier 1 capital. 3. For the purpose of providing the opinion referred to in paragraph 2, EBA shall monitor the market conditions to assess whether extraordinary circumstances have occurred and, if so, shall notify the Commission thereof immediately. 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.