Adopted text, 24 April 2024
Amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor
Document TA-9-2024-0363 · P9_TA(2024)0363 · PE731.818
AI:In short
Parliament adopted its first-reading position on a Commission proposal to amend Regulation (EU) No 575/2013 on credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The position corresponds to the final legislative act, Regulation (EU) 2024/1623, after agreement with the Council. Parliament takes note of a Commission statement on Article 518c of Regulation (EU) No 575/2013, annexed to the resolution. In that statement the Commission undertakes to assess the state of the Single Market for banking, including the output floor and waivers of capital and liquidity requirements, and to present a legislative proposal where appropriate.
Key points
- Parliament adopts its position at first reading on the proposal to amend Regulation (EU) No 575/2013 on credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor.
- The position corresponds to the final legislative act, Regulation (EU) 2024/1623, following agreement between Parliament and Council.
- Parliament takes note of the Commission statement annexed to the resolution, to be published in the C series of the Official Journal.
- The Commission statement concerns Article 1, point (253), of Regulation (EU) 2024/1623, on Article 518c of Regulation (EU) No 575/2013.
- The Commission undertakes to carry out a fair and balanced assessment of the state of the Single Market for banking, in particular prudential requirements, the level of application of the output floor and provisions on waiver of capital and liquidity requirements.
- The Commission will base this assessment on inputs from the European Banking Authority and the European Central Bank/Single Supervisory Mechanism, and will consult interested parties.
- The Commission will, where appropriate, present a legislative proposal based on the report.
- Parliament calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal.
Who is affected
- Banks and financial institutions subject to Regulation (EU) No 575/2013, which would face amended requirements on credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor.
- The Commission, which must assess the Single Market for banking and may propose legislation.
- The European Banking Authority and the European Central Bank/Single Supervisory Mechanism, which will provide inputs to the Commission's assessment.
Legal basis. Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union
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Full text
Text 22 paragraphs
Committee on Economic and Monetary Affairs
European Parliament legislative resolution of 24 April 2024 on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (COM(2021)0664 – C9-0397/2021 – 2021/0342(COD))
(Ordinary legislative procedure: first reading)
The European Parliament,
–having regard to the Commission proposal to Parliament and the Council (COM(2021)0664),
–having regard to Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C90397/2021),
–having regard to Article 294(3) of the Treaty on the Functioning of the European Union,
–having regard to the opinion of the European Central Bank of 24 March 2022,
–having regard to the opinion of the European Economic and Social Committee of 23 March 2022,
–having regard to the provisional agreement approved by the committee responsible under Rule 74(4) of its Rules of Procedure and the undertaking given by the Council representative by letter of 6 December 2023 to approve Parliament’s position, in accordance with Article 294(4) of the Treaty on the Functioning of the European Union,
–having regard to Rule 59 of its Rules of Procedure,
–having regard to the report of the Committee on Economic and Monetary Affairs (A9-0030/2023),
Read the rest (10 paragraphs)
1.Adopts its position at first reading hereinafter set out;
2.Takes note of the statement by the Commission annexed to this resolution, which will be published in the C series of the Official Journal of the European Union;
3.Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
4. Instructs its President to forward its position to the Council, the Commission and the national parliaments.
P9_TC1-COD(2021)0342
Position of the European Parliament adopted at first reading on 24 April 2024 with a view to the adoption of Regulation (EU) 2024/… of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor
(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) 2024/1623.)
ANNEX TO THE LEGISLATIVE RESOLUTION
Statement by the Commission with respect to Article 1, point (253), of Regulation (EU) 2024/1623 of the European Parliament and of the Council concerning Article 518c of Regulation (EU) No 575/2013
The Commission undertakes to carry out a fair and balanced assessment of the state of the Single Market for banking, taking into consideration in particular prudential requirements, including the level of application of the output floor and the provisions on the waiver of capital and liquidity requirements. It will carry out this mandate based on inputs from the European Banking Authority and from the European Central Bank/Single Supervisory Mechanism, and will consult with interested parties to ensure that the various perspectives are appropriately considered. The Commission will, where appropriate, present a legislative proposal based on the report.