CRD v Finally Implemented Into Austrian Law

A law implementing, among others, Directive (EU) 2019/878 amending Directive (EU) 2013/36 (Capital Requirements Directive - CRD V) has been passed by the Austrian Parliament and Federal Council, and has been published in the Federal Gazette. CRD V (as part of the package together with Regulation (EU) 2019/876 amending Regulation (EU) 575/2013 - CRR II) aims to close regulatory gaps in the existing financial regulatory framework and, while adding prudential measures as to capital requirements, requires certain entities to comply with new licensing obligations.

Introduction

On 19 May 2021 the Austrian Parliament passed a law implementing, among others, the Capital Requirements Directive - CRD V (which, together with CRR II, forms a significant reformation of the existing CRR/CRD IV regime and is also referred to as Basel IV). After passing the Federal Council on 27 May 2021, the law was published in the Federal Gazette on 28 May 2021, as the last step before its