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I (Acts whosepublication isoblig atory) DIRECTIVE 2006/48/ECOF THEEUR OPEANP ARLIAMENTANDOFTHE COUNCIL of 14June2006 relating tothetakin gup andpursuitofthe businessof creditinstitutions (recast) (Textwith EEArelevance)

THE EUROPEANPARLIAMENT ANDTHECOUNCILOF THE

EUROPEANUNION,

Havingregard to theTreatyestablishing theEuropean Commu- nity,and inpar ticularthe firstandthirdsentences ofAr ticle4 7 (2) thereof,

Havingrega rdtothe proposalfromtheCommission,

Havingrega rdtotheOpinion ofthe EuropeanEconomic and

Social Committee(

1 Havingregard tothe Opinionof theEuropean CentralBank ( 2 Actingin accordancewith theprocedure laiddo wnin Article

251of theT reaty(

3

Whereas:

(1)Directive 2000/12/ECofthe EuropeanPar liamentand of the Councilof 20March 2000relating to thetaking upand pursuit ofthe businessof creditinstitutions ( 4 ) hasbeen significantlyamended onseveral occasions.No wthat new amendments arebeing madet othe saidDirective,itis desirable, inorder to clarifymatters,that itshouldberecast. (2)In ordert omakeiteasier totake upand pursuethe business ofcredit institutions,it isnecessar yt oeliminat e the mostobstr uctivedifferencesbetween thelawsof the

Member Statesasreg ardsthe rulestowhich these

institutions aresubject. (3)This Directiveconstitutes theessential instrument for the achievementof theinte rnal marketfromthepointofview of boththe freedomof establishmentand thefreedom to providef inancialservices,in thefieldof creditinstitutions. (4)The CommissionCommunication of1 1Ma y1999entitled Implementingthe framework forfinancialmarkets: Action plan , listeda numberof goalsthat needto beac hievedin

order tocomp letetheinternal marketin financialservices.The LisbonEuropean Councilof 23and 24 March2000 set

the goalof implementing theactionplanby 2005. Recasting ofthe provisions onownfunds isa keyelement of theaction plan. (5)Measures tocoordinat ecreditinstitutionsshould, bothin order toprotect savings andtocreate equalconditions of competitionbetween theseinstitutions, applyt oall of them. Dueregard shouldho weverbe hadtotheobjective differencesin theirstatutes andtheir properaims aslaid downby nationalla ws. (6)The scopeof thosemeasures shouldtheref orebe asbroad as possible,co veringallinstitutionswhosebusiness isto receive repayablefundsfrom thepublic, whetherin the formofdeposits orin otherf orms such asthe continuing issue ofbonds andother comparable securities andtogrant credits fortheiro wnaccount. Exceptionsshouldbe providedf orinthecase ofcer taincredit institutionsto which thisDirective cannotapply .The provisionsofthis Directive shouldnot prejudicethe applicationof national lawswhich provide forspecialsupplementar yauthorisa- tions permittingcreditinstitutions tocar ry onspecif ic activities orunder takespecifickindsof operations. (7)It isappropr iatetoeffectonly theessential harmonisation necessaryand sufficientto securethe mutualrecognition of authorisationand ofpr udentialsuper visionsystems, making possiblethe grantingof asing lelicence recognised throughout theCommunity andthe applicationof the principleof homeMember Statepr udentialsuper vision. Therefore,the requirementthat aprogramme ofoperations be producedshould beseen merelyas afact orenabling the competentauthor itiestodecideon thebasis ofmore precise informationusingobjectivecr iteria. Ameasure of flexibilityshould nonethelessbe possibleas regardsthe requirements onthe legalf orm ofcreditinstitutions concerningthe protection ofbankingnames.

30.6.2006ENOfficialJour naloftheEuropean UnionL 17 7/1

1 ) OJC 234,22.9.2005, p.8. 2 ) OJC 52,2.3.2005, p.3 7. 3 ) Opinionof theEuropean Parliamentof 28Sept ember2005 (notyet published inthe OJ)and Decisionof theCouncil of7 June2006. 4 ) OJL 126, 26.5.2000,p.1. Directiveas lastamended byDirective

2006/29/EC (OJL 70,9.3.2006, p.50).

(8)Since theobjectives ofthis Directive,namely theintroduc- tion ofr ulesconcerningthe takingupandpursuit ofthe business ofcredit institutions,and theirpr udentialsuper - vision, cannotbe sufficiently achievedbytheMember Statesand cantheref ore,by reasonofthescale andthe effects ofthe proposedaction, bebetter achieved at Community level,the Communityma yadopt measures,in accordance withthe principle ofsubsidiarityas setout in Article5 ofthe Treaty .In accordancewiththeprincipleof proportionality,asset outin thatAr ticle,this Directivedoes not gobey ondwhatisnecessar yin ordert oachievethose objectives. (9)Equivalent financialrequirements for creditinstitutionsare necessaryto ensuresimilar safeguards for saversandfa ir conditions ofcomp etitionbetweencomparable groupsof credit institutions.Pending further coordination,appro- priatestr ucturalratiosshouldbe for mulatedmaking it possible withinthe frameworkof cooperationbetween national authoritiestoobser ve,in accordancewithstandard methods, theposition ofcomp arabletypes ofcredit institutions. Thisprocedure shouldhelp to bring about the gradualappro ximationofthesystems ofcoeff icients established andapplied by theMemberStates. Itis necessary,however tomakea distinctionbetween coefficientsintende dtoensurethe soundmanage mentof credit institutionsand thoseestablished for thepur posesof economic andmonetar ypolicy. (10)The principlesofmutual recognitionand homeMember State supervisionrequirethat MemberStat es'compe tent authoritiesshould notgrant orshould withdrawan authorisationwhere factors suchastheconte ntof the activities programmes,the geographicaldistr ibutionof activities orthe activitiesactually carr iedon indicateclearly that acredit institutionhas opted for thelegalsystem of one MemberState for thepurposeof evadingthe stricter standards inf orceinanotherMember Statewithin whose territoryitcarr ieson orintendstocarry onthe greater Part of itsactivities. Wherethere isno such clearindication, but the majorityofthe total assetsof theentitiesina banking group arelocat edinanotherMember Statethe competent authoritiesof whichare responsiblef orex ercisingsuper - vision ona consolidated basis,inthecontext ofAr ticles

125and 126 responsibilityforex ercisingsuper visionona

consolidatedbasis shouldbe chang edonly withthe agreement ofthose competent authorities.Acredit institution whichis alega lperson shouldbeauthorised in theMember Statein whichit hasits registeredoffice. A credit institutionwhich isnot alegal personshould haveits head officeinthe MemberState inwhich ithas been authorised.In addition,Member Statesshould requirethat a credit institution'shead office alwaysbesituat edinitshome

Member Stateand thatit actuallyoperates there.

(11)The competentauthoritiesshould notauthoriseor continue theauthor isationofacredit institutionwhere they areliable tobe prevented fromeffecti velyexercising

their supervisoryfunctionsbythe closelinks betweenthat institution andother naturalor legalpersons. Credit

institutions alreadyauthor isedshouldalsosatisfy the competentauthor itiesinthatrespect. (12)The referencet othesupervisor yauthor ities'effective exerciseof theirsuper visory functionscoverssupervision on aconsolidated basiswhich shouldbe exercisedo vera credit institutionwhere thepro visionsof Communitylaw so provide.Insuch cases,the authorities appliedt of or authorisationshould beable toidentify theauthor ities competentto exercise supervisionona consolidatedbasis overthat creditinstitution. (13)This Directiveenables MemberState sand/or competent authoritiest oapplycapitalrequirements ona soloand consolidatedbasis, andto disapplysolo wherethe ydeem this appropriate.Solo,consolidatedand cross-border consolidatedsuper visionareusefultoo lsin overseeing credit institutions.This Directiveenables competent authoritiesto support crossborderinstitutionsb yfa cilitat- ing cooperationbetween them.In particular ,the competent authoritiesshould continuet omake useofArticles 42,1 31 and 141tocoordinat etheiractivitiesand information requests. (14)Credit institutionsauthor isedintheirhome MemberStat es should beallo wedtocarr yon, throughouttheCommunity, any orall ofthe activitiesliste din AnnexI byestablishing branches orby providing services. (15)The MemberStat esmayalso establishstricter rules than those laiddo wninArticle 9(1),f irstsubparagraph,Article 9 (2) andAr ticles12,1 9to21 ,44to52, 75 and120to1 22 forcredit institutionsauthor isedby theircompetent authorities.The MemberStat esma yalsorequirethat

Article1 23becomplied withon anindividualorother

basis, andthat thesub consolidation describedinAr ticle7 3 (2) beapplied toother levelswithin agroup. (16)It isappropr iatetoextend mutualrecognition tothe activities listedinAnnex Iwhen they arecar ried onby financialinstitutions whichare subsidiaries ofcredit institutions, providedthatsuc hsubsidiar iesarecovered by theconsolidat edsupervisionof theirparentunder- takings andmeet certain strictconditions. (17)The hostMember Stateshould beable, inconnection with the exerciseof ther ightof establishmentandthefreedom to provideservices, torequirecompliance withspecif ic provisionsof itso wnnational lawsorregulations onthe Partof institutionsnot authorised ascredit institutionsin their homeMember States andwithregardt oactivities not listedin AnnexI provided that,on theonehand,such provisionsare compatiblewith Communityla wand are intended toprot ectthegeneral goodand that,ontheother hand, suchinstitutions orsuc hactivities arenotsubjectto equivalent rulesunderthis legislationor regulationsof their home MemberStat es. L 177/2ENOfficialJour naloftheEuropean Union30.6.2006 (18)The MemberStates shouldensure thatthere areno obstacles tocar ryingonactivitiesreceivingmutual recognition inthe samemanner asin thehome Member State,as longas thelatte rdo notconf lictwithlegal provisionsprotecting thege neralgood inthehostMember

State.

(19)The rulesgover ningbranchesofcreditinstitutions having their headoffice outsidethe Communityshould be analogous inall MemberState s.It isimportant topro vide that suchrules maynotbe morefavourable thanthose for branches ofinstitutions fromanother MemberState. The

Community shouldbe ablet oconclude agreementswith

third countriesproviding fortheapplication ofruleswhich accord suchbranchesthe sametreatment throughoutits territory.Thebranchesofcredit institutionsauthor isedin third countriesshouldnot enjoy thefreedom toprovide servicesunder thesecond paragraphof Article 49of the Treatyor thefreedom ofestablishment inMember States other thanthose inwhich they areestablished. (20)Agreement shouldbe reached,on thebasis ofreciprocity , between theCommunity andthird countries witha viewto allowingthe practicalexerc iseof consolidatedsupervision overthe largestpossible geographical area. (21)Responsibility forsupervising thefinancialsoundness ofa credit institution,and inpar ticularits solvency,shouldla y with itshome MemberState. Thehost MemberState's competentauthor itiesshouldberesponsible for the supervisionof theliquidity ofthe branchesand monetary policies. Thesuper visionofmarketr iskshould bethe subject ofclose cooperationbetween thecomp etent authoritiesof thehome andhost MemberStat es. (22)The smoothoperation ofthe inter nalbanking market requires notonly legalr ulesbut alsocloseandregular cooperation andsignifi cantlyenhancedconvergence of regulatory andsuper visorypracticesbetweenthecomp e- tentauthor itiesoftheMember States.T othis end,in particular,considerationof problemsconcer ningindividual credit institutionsand themutual exchang eof information should takeplace inthe Committeeof EuropeanBanking

Supervisorsset upb yCommission Decision2004/5/EC(

1 That mutualinf ormationprocedureshouldnotin anycase replace bilateralcooperation.Without prejudicet otheir ownpo wersofcontrol,the competent authorities ofthe host MemberState sshouldbeable, inan emergency ,on their owninitiativeor follo wingthe initiativeofthe competentauthor itiesofhomeMember State,to verify that the activitiesof acredit institutionestablished withintheir territoriescomplywiththerelevant laws andwith the principlesof soundadministrative andaccounting proce- dures andadequat einternalcontrol. (23)It isappropr iatetoallowthe exchang eofinfor mation between thecompe tentauthoritiesand authoritiesor

bodies which,by virtue oftheirfunction,help tostrengthen the stabilityof thef inancialsyste m.Inordert opreservethe

confidentialnature ofthe infor mationf orwarded,thelistof addressees shouldremain withinstr ictlimits. (24)Certainbeha viour,suchasfraud andinsideroffences,is liable toaffect thestability,including theintegr ity,ofthe financialsystem, evenwhen involving institutionsother than creditinstitutions. Itis necessary to specifythe conditions underwhich exchang eofinformationin such cases isauthor ised. (25)Where itis stipulated thatinformation may bedisclosed only withthe expressagreement ofthe competent authorities,these shouldbe able,where appropriate, to make theiragreement subjectto compliancewith strict conditions. (26)Exchangesofinf ormation between,ontheonehand,the competentauthor itiesand,onthe other, centralbanks and other bodieswith asimilar functionin theircapacity as monetaryauthor itiesand,whereappropr iate, otherpublic authoritiesresponsible for supervisingpayment systems should alsobe authorised. (27)For thepur poseofstrengtheningthe prudential supervision of creditinstitutions andthe protectionof clientsof credit institutions, auditorsshouldhave aduty torepor tpromp tly to thecomp etentauthorities,wherever ,duringthe performanceoftheir tasks, they becomeawareof certain factswhich areliable tohave aser iouseffect onthe financialsituation orthe administrativeand accounting organisationof acredit institution.For thesame reason Member Statesshouldalso provide thatsuc hadutyapplies in allcircumstances wheresuc hf actsarediscovered byan auditordur ingtheperfor manceof histasksinan undertakingwhich hasclose linkswith acredit institution. The dutyof auditors tocommunicate,whereappropr iate, to the competentauthorities certainfacts anddecisions concerninga creditinstitution whichthey discover during the performanceoftheirtasks ina non-financialunder - taking shouldnot initself change thenature oftheirtasks in thatunder takingnorthemanner inwhich theyshould performthosetasks inthat undertaking. (28)This Directivespecifies thatf orcer tainownfunds items qualifying criteriashouldbe specified,without prejudiceto the possibilityof MemberState st oapplymorestr ingent provisions. (29)Accordingt othenatureof theitems constitutingo wn funds, thisDirective distinguishesbetween onthe one hand, itemsconstituting original ownfundsand, onthe other,those constitutingadditional own funds. (30)Toref lectthefact thatitems constitutingadditionalown funds arenot ofthe samenature asthose constituting originalo wnfunds,theamount ofthe for merincluded in

30.6.2006ENOfficialJour naloftheEuropean UnionL 17 7/3

1 ) OJL 3,7 .1 .2004,p.28. ownfunds shouldnot exceed theor iginalownfunds. Moreover,theamount ofcer tainitems ofadditional own funds includedshould notexceed onehalf ofthe original ownfunds. (31)In ordert oavoiddistor tionsofcompetition, publiccredit institutions shouldnot includein theiro wnfunds guarantees grantedthem bythe MemberStat esor local authorities. (32)Whenever inthe courseof supervision itis necessaryto determinethe amountof theconsolidated own fundsof a group ofcredit institutions,the calculationshould be effectedin accordancewith thisDirective. (33)The preciseaccounting technique tobeused forthe calculation ofo wnfunds,theiradequacy for ther iskto which acredit institutionis exposed,and for theassessment of theconcentration ofexposures shouldtake accountof the provisionsofCouncil Directive86/635/EEC of

8 December1 986ontheannual accountsand consolidated

accounts ofbanks andother financialinstitutions ( 1 ), which incorporatescertain adaptationsofthe provisionsof Seventh CouncilDirective 83/349/EECof 13 June1 983 on consolidatedaccounts( 2 ) orof Regulation(EC) No

1606/2002of theEuropean Parliament andof theCouncil

of 19July2002 onthe applicationof international accounting standards( 3 ), whichevergo vernstheaccounting of thecredit institutionsunder nationalla w. (34)Minimum capitalrequirements play acentralrolein the supervisionof creditinstitutions andin themutual recognition ofsuper visorytechniques.Inthat respect,the provisionson minimumcapital requirementsshould be considered inconjunction withother specificinstr uments also harmonisingthefundamental techniques for the supervisionof creditinstitutions. (35)In orderto preventdistor tionsof competitionandto strengthen thebanking systemin theinternal market,it is appropriateto lay downcommonminimum capital requirements. (36)For thepur posesofensuring adequatesolvency itis importanttola ydo wnminimumcapitalrequirements which weightassets andoff-balance-sheet itemsaccording to thedegree ofr isk. (37)On thispoint, on26 June2004 theBasel Committeeon

Banking Supervisionadopted aframeworkagreement onthe internationalconvergence ofcapitalmeasurementand

capital requirements.The provisions inthisDirectiveon the minimum capitalrequirements ofcredit institutions,and the minimumcapital provisions inDirective2006/49/ECof the EuropeanPar liamentandofthe Councilof 14 June

2006 onthe capitaladequacy ofin vestmentfir msand

credit institutions( 4 ), formanequivalentt othe provisions of theBasel frameworkagreement. (38)It isessential to takeaccountofthe diversityof credit institutions inthe Communityby providing alter native approachesto thecalculation ofminimum capitalrequire- ments forcreditr iskincor poratingdifferentlevels of risk sensitivity andrequir ingdifferentdegreesof sophisti- cation. Useof external ratingsandcreditinstitutions' own estimatesof individualcredit risk parametersrepresents a significantenhancement inthe risk sensitivity andpr uden- tial soundnessof thecredit risk rules. Thereshouldbe appropriateincentives for creditinstitutionsto move towardsthe morer isk-sensitive approaches.Inproducing the estimatesneeded toapply theapproac hesto creditr isk of thisDirective, creditinstitutions willhav et oadjust their data processingneeds totheir clients'legitimate data protectioninter estsasgover nedby theexistingCommunity legislation ondata protection,while enhancingcredit risk measurement andmanag ementprocessesofcredit institu- tions tomak emethodsfor determining creditinstitutions' regulatory ownfundsrequirements availablethat reflect the sophistication ofindividual creditinstitutions' processes. The processingof datashould bein accordancewith the ruleson transferof personaldata laiddo wnin Directive95/

46/EC ofthe EuropeanParliament andof theCouncil of

24October 1995 ontheprotection ofindividuals with

regardt otheprocessingof personaldata andon thefree movementof such data( 5 ). Inthis regard, theprocessingof data inconnection withthe incurr ingand managementof exposures tocustomers shouldbe consideredto includethe development andvalidation ofcredit risk managementand measurement systems.Thatser vesnot onlytofulfil the legitimate interestofcredit institutionsbut alsothe purpose of thisDirective, touse bettermethods for risk measure- ment andmanagement andalso usethem for regulatory ownfunds purposes. (39)With regardt otheuseof bothexte rnal andan institution's ownestimat esorinternalratings, accountshould betaken of thef actthat,atpresent, onlythe latterare drawnup by an entity - the financialinstitutionitself - which is subject toa Communityauthor isationprocess. Inthecase of externalratingsuseis madeof theproducts ofwhat are knownas recognisedrating agencies, whichin the Community arenot currently subjecttoan authorisation process. Inview ofthe impor tanceof externalratingsin connection withthe calculationof capitalrequirements under thisDirective, appropriate futureauthorisationand supervisoryprocessf orrating agenciesneedt obe kept under review. L 177/4ENOfficialJour naloftheEuropean Union30.6.2006 1 ) OJL 37 2,31.12. 1986,p.1.DirectiveaslastamendedbyDirective

2003/51/ECof theEuropean Parliament andof theCouncil(OJL

178,17 .7.2003,p.16).

2 ) OJL 193, 18.7.1 983,p.1.DirectiveaslastamendedbyDirective

2003/51/EC.

3 ) OJL 243, 11.9.2002,p. 1. 4 ) Seepage 201 ofthisOfficialJour nal 5 ) OJL 281 ,23.11.1 995,p.31.DirectiveasamendedbyRegulation (EC) No1 882/2003(OJL284, 31 .1 0.2003,p. 1). (40)The minimumcapital requirementsshould bepropor tion- ate tother isks addressed.Inparticularthereduction inr isk levels derivingfromhavi nga largenumberofrelatively small exposuresshould beref lectedin therequirements. (41)The provisionsofthis Directiverespect thepr incipleof proportionality,having regardinparticular to thediversity in sizeand scaleof operationsand to therange ofactivities of creditinstitutions. Respectof thepr incipleof propor- tionality alsomeans thatthe simplestpossible rating procedures, evenin theInt ernal RatingsBasedApproach

IRB Approach

), arerecognised for retailexposures. (42)The'evolutionary'nature ofthis Directiveenables credit institutions toch ooseamongstthreeapproaches ofvar ying complexity.Inorder to allow especiallysmallcredit institutions tooptf orthe morerisk-sensitive IRB Approach, thecomp etentauthoritiesshouldim plement the provisionsofAr ticle89(1)(a) and(b)whenever appropriate.Thosepro visionsshould bereadassuc hthat exposure classesrefer redtoin Article86(1)(a)and (b) include allexposures thatare, directlyor indirectly, puton a par withthem throughoutthis Directive.As ageneral rule, the competentauthorities shouldnotdiscriminate between the threeapproac heswithregardto theSuper visory Review Process, i.e.credit institutionsoperating accordingt othe provisionsof theStandardised Approach shouldnot for that reasonalone besuper visedon astricter basis. (43)Increased recognitionshould begiven tot echniquesof credit riskmitigation withinaframework ofr ulesdesigned to ensurethat solvencyis notunder minedby undue recognition. Therelevant MemberState s'cur rentcustomary banking collateralfor mitigatingcreditrisks should wherever possiblebe recognisedin theStandardised

Approach, butalso inthe otherapproac hes.

(44)In orderto ensurethat ther isksand risk reductionsarising from creditinstitutions' securitisation activitiesandinvest- ments areappropr iatelyreflected intheminimumcapital requirements ofcredit institutionsit isnecessar yt oinclude rulespro vidingfora risk sensitive andpr udentiallysoundquotesdbs_dbs41.pdfusesText_41

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