ARTICLE · 01 AUGUST 2024

Looking Ahead: European Developments - Horizon Scanner Finance August 2024

Arthur Cox

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The public consultation by the European Banking Authority (EBA) on its draft regulatory technical standards (RTS) under the revised Capital Requirements Regulation (CRR 3)...

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BANKING PACKAGE (CRR VI AND CRR 3)

The public consultation by the European Banking Authority (EBA) on its draft regulatory technical standards (RTS) under the revised Capital Requirements Regulation (CRR 3) regarding the equivalent mechanism for unfinished property closes on 13 August 2024. The RTS specify the conditions that a legal mechanism should meet in order to recognise a property under construction in the own fund requirements calculation under the standardised approach of credit risk. Those conditions are (a) an entity should be required to or have committed in a legally binding manner to ensuring that the property under construction will be finished within a reasonable timeframe; (b) the entity should have the legal powers and ability to do so; and (c) a counter guarantee should be provided by a central government or assimilated entities.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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