in force 2024-11-14
02014R0806-20240513 → 02014R0806-20241114
Amended by Directive (EU) 2024/1174 32024L1174
Directive (EU) 2024/1174 of the European Parliament and of the Council of 11 April 2024 amending Directive 2014/59/EU and Regulation (EU) No 806/2014 as regards certain aspects of the minimum requirement for own funds and eligible liabilities (Text with EEA relevance)
detected 2026-08-13
3 provisions touched — 3 substantive, 0 date-only, 1 disputed · 1 change without an explanation
Emendrix checks every change against three independent sources. Where they disagree it says so rather than picking a winner.
MODIFIED +473 −0 Art. 3 Definitions§
applies from: unchanged
A new definition, point (24aa), has been inserted between existing points (24a) and (24b), introducing the term 'liquidation entity' and describing it as a legal person established in a participating Member State for which the group resolution plan, or in the case of entities not part of a group the resolution plan, provides for winding up under normal insolvency proceedings, or as an entity within a resolution group other than a resolution entity for which the group resolution plan does not provide for exercise of write-down and conversion powers.
No other definitions in Article 3 were altered between the two versions.
Cited: Art. 3, v2 · Art. 3, v1
text before / after
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Article 3 Definitions 1. For the purposes of this Regulation the following definitions apply: (1) national competent authority means any national competent authority as defined in Article 2(2) of Regulation (EU) No 1024/2013; (2) competent authority means a competent authority as defined in Article … 491 unchanged words … participating Member State; (24a) resolution entity means a legal person established in a participating Member State, which, in accordance with Article 8, is identified by the Board as an entity in respect of which the resolution plan provides for resolution action; (24aa) liquidation entity means a legal person established in a participating Member State in respect of which the group resolution plan or, for entities that are not part of a group, the resolution plan, provides that the entity is to be wound up under normal insolvency proceedings, or an entity, within a resolution group other than a resolution entity, in respect of which the group resolution plan does not provide for the exercise of write-down and conversion powers; (24b) resolution group means: (a) a resolution entity, together with its subsidiaries that are not: (i) resolution entities themselves; (ii) subsidiaries of other resolution entities; or (iii) entities established in a third country that are not included in the resolution group under the resolution … 1,008 unchanged words … referred to in Article 2 of Directive 2014/59/EU apply. In the absence of a relevant definition in paragraph 1 of this Article or in Article 2 of Directive 2014/59/EU, the definitions referred to in Article 3 of Directive 2013/36/EU apply.
MODIFIED +2,391 −0 Art. 12d Determination of the minimum requirement for own funds and eligible liabilities§
applies from: unchanged
A new paragraph 2a is added, stating that the Board shall not determine the requirement referred to in Article 12a(1) for liquidation entities.
The new paragraph 2a also allows the Board to assess whether determining that requirement for a liquidation entity on an individual basis, in an amount exceeding the loss-absorption amount under paragraph 2(a), is justified, listing own funds, eligible liabilities meeting Article 72a criteria (with named exceptions), and liabilities referred to in Article 12c(2) as the means of meeting such a requirement.
It further states that Article 77(2) and Article 78a of Regulation (EU) No 575/2013 do not apply to liquidation entities for which the Board has not set the requirement, that holdings of own funds and eligible liabilities instruments issued by such subsidiary liquidation entities are not deducted under Article 72e(5) of that Regulation, and that an institution or entity that is a subsidiary of a resolution entity or of a would-be resolution entity third-country entity must deduct such holdings in same-group liquidation entities once the aggregate reaches or exceeds 7% of the relevant own funds and liabilities total, calculated annually as of 31 December as a 12-month average; no such provisions exist in the earlier text.
Cited: Art. 12d, v2 · Art. 12d, v1
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Article 12d Determination of the minimum requirement for own funds and eligible liabilities 1. The requirement referred to in Article 12a(1) shall be determined by the Board, after consulting the competent authorities, including the ECB, on the basis of the following criteria: (a) … 517 unchanged words … point (a) of the first subparagraph. The assessment by the Board shall evaluate, in particular, the limit referred to in the second subparagraph as regards any possible impact on financial stability and on the risk of contagion to the financial system. 2a. The Board shall not determine the requirement referred to in Article 12a(1) for liquidation entities. By way of derogation from the first subparagraph, the Board may assess whether it is justified to determine the requirement referred to in Article 12a(1) for a liquidation entity on an individual basis in an amount exceeding the amount sufficient to absorb losses in accordance with paragraph 2, point (a), of this Article. The Board shall take into account in its assessment, in particular, any possible impact on financial stability and on the risk of contagion to the financial system, including with regard to the financing capacity of deposit guarantee schemes. Where the Board determines the requirement referred to in Article 12a(1), the liquidation entity shall meet that requirement by using one or more of the following: (a) own funds; (b) liabilities that fulfil the eligibility criteria referred to in Article 72a of Regulation (EU) No 575/2013, with the exception of Article 72b(2), points (b) and (d), of that Regulation; (c) the liabilities referred to in Article 12c(2). Article 77(2) and Article 78a of Regulation (EU) No 575/2013 shall not apply to liquidation entities for which the Board has not determined the requirement referred to in Article 12a(1) of this Regulation. Holdings of own funds instruments and eligible liabilities instruments issued by subsidiary institutions which are liquidation entities for which the Board has not determined the requirement referred to in Article 12a(1) shall not be deducted under Article 72e(5) of Regulation (EU) No 575/2013. By way of derogation from the fourth subparagraph, an institution or entity referred to in Article 2 that is not itself a resolution entity but is a subsidiary of a resolution entity or of a third-country entity that would be a resolution entity if it were established in the Union shall deduct its holdings of own funds instruments in subsidiary institutions that belong to the same resolution group and that are liquidation entities for which the Board has not determined the requirement referred to in Article 12a(1) where the aggregate amount of those holdings is equal to or exceeds 7 % of the total amount of its own funds and liabilities that comply with the eligibility criteria specified in Article 12g(2), calculated annually as of 31 December as an average over the previous 12 months. 3. For resolution entities, the amount referred to in the first subparagraph of paragraph 2 shall be the following: (a) for the purpose of calculating the requirement referred to in Article 12a(1), in accordance with point (a) of Article 12a(2), the … 2,050 unchanged words … the transitional provisions laid down in Chapters 1, 2 and 4 of Title I of Part Ten of Regulation (EU) No 575/2013 and in the provisions of national legislation exercising the options granted to the competent authorities by that Regulation.
MODIFIED ±0 Art. 12g§
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`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
The full entry, with the citation mapping v1 = 02014R0806-20240513, v2 = 02014R0806-20241114, is committed at eu/32014R0806/CHANGELOG.md.