EBA欧洲银行-28EBA-2016-D-84029202016-08-04-IV-Letter-to-Commisson-QA-review-for-CRR-C..._8页_262kb

EBA Q&A Review Summary on CRR/CRD Implementation

Core Content

The European Banking Authority (EBA) conducted a review of the Single Rulebook Q&A tool to identify possible errors, inconsistencies, and fundamental issues in the application of Regulation (EU) No 575/2013 (CRR) and Directive 2013/36/EU (CRD) after three years of implementation. The review was carried out in response to a request from the European Commission, and the findings were shared with Martin Merlin, Director of Regulation and Prudential Supervision of financial institutions at DG FISMA.

Main Objectives

• To identify errors, inconsistencies, and fundamental issues in the Level 1 texts of the CRR and CRD.
• To classify Q&As into four categories:
  1. Errors in the articulation of the CRR or CRD
  2. Inconsistencies that may lead to unintended consequences
  3. Fundamental issues that raise substantial concerns
  4. Other issues (usually implementation-related)

Key Findings

General Overview

• Out of approximately 300 Q&As, only about ten were identified as errors or inconsistencies, which is a small number.
• The majority of Q&As reflect usual implementation issues and are not considered to raise fundamental concerns.
• The EBA has identified 27 fundamental issues and 7 inconsistencies in the CRR, and 1 inconsistency in the CRD.

CRR Findings

• Errors:
  • One in Part Six - Liquidity (Article 415(2) CRR).
  • One in Part Three - Operational Risk.
• Inconsistencies:
  • One in Part Two - Own Funds.
  • One in Part Three - Market Risk.
  • One in Part Seven - Leverage Ratio.
  • Two in Part Four - Large Exposures.
  • Two in Other Topics.
• Fundamental Issues:
  • Most are concentrated in Part Two - Own Funds.
  • Also identified in Market Risk, Large Exposures, Liquidity, and Leverage Ratio.
  • Many are related to definitions, eligibility, and interpretation.

CRD Findings

• Inconsistencies:
  • One in Remuneration / Governance (Article 91(4)(b) CRD).

Additional Notes

• The EBA has not proposed detailed recommendations for legislative changes, as the review was limited to identifying issues rather than suggesting solutions.
• Transitional issues are still relevant and should be considered when drafting new grandfathering rules.
• Q&As related to Delegated Acts (e.g., LCR and Leverage Ratio) are expected to be addressed in upcoming corrigendums.
• The EBA recommends that 'legacy' interpretation issues be removed from the Q&A tool as part of the CRR/CRD review.
• The EBA will further develop on these issues in upcoming reports responding to the Commission’s calls for advice on CCR and FRTB.

Conclusion

The review highlights that the CRR and CRD have been generally well drafted and implemented, with only a few significant issues identified. The EBA emphasizes the importance of addressing fundamental issues and inconsistencies in the Level 1 texts during the CRR/CRD review, and suggests that transitional and legacy issues should be removed from the Q&A tool.