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S.I. No. 627/2010 - European Communities (Directive 2009/111/EC) Regulations 2010

Type Statutory Instrument
Publication 2010-12-28
Last updated 2014-04-04
State In force superseded text
Text As published
Source Irish Statute Book
articles 3

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

1 amending act · 2014-04-04, S.I. No. 158/2014 - European Union (Capital Requirements) Regulations 2014

Reform history JSON API

ARRANGEMENT OF REGULATIONS

1.

1.

Citation.

2.

2.

Commencement.

3.

3.

Amendments.

SCHEDULE 1 Amendments of the Central Bank Act 1942

SCHEDULE 2 Amendments of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992

SCHEDULE 3 Amendments of the European Communities (Capital Adequacy of Investment Firms) Regulations 2006

SCHEDULE 4 Amendments of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006

Part 1 General amendments

Part 2 Provisions amended by substituting “Recast Credit Institutions Directive” for “recast Directive (CI)”

Part 3 Provisions amended by deleting “to the recast Directive (CI)”

SCHEDULE 5 Amendments of the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009

S.I. No. 627 of 2010

EUROPEAN COMMUNITIES (DIRECTIVE 2009/111/EC) REGULATIONS 2010

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 28th December, 2010.

I, BRIAN LENIHAN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) (as amended by the European Communities Act 2007 (No. 18 of 2007)), and for the purposes of giving effect to Directive 2009/111/EC1 of the European Parliament and of the Council of 16 September 2009 and giving further effect to Regulations (EU) No 1092/20102 , No. 1093/20103 , No. 1094/20104 and No. 1095/20105 of the European Parliament and of the Council of 24 November 2010, hereby make the following regulations:

Citation

1.

These Regulations may be cited as the European Communities (Directive 2009/111/EC) Regulations 2010.

Commencement

2.

These Regulations come into operation on 31 December 2010.

Amendments

3.

(1) The Central Bank Act 1942 (No. 22 of 1942) is amended as set out in Schedule 1.

Regulation 3(1)

SCHEDULE 1 Amendments of the Central Bank Act 1942
Item Provision amended Amendment
1 Section 33AK After subsection (3), insert: “(3A) Where a provision of any of the Supervisory Directives, or of any of the following Regulations of the European Parliament and of the Council, requires or permits the Bank to report information to a supervisory body established by that Regulation, the Bank may do so: (a) Regulation (EU) No. 1092/2010 of 24 November 20102; (b) Regulation (EU) No. 1093/2010 of 24 November 20103; (c) Regulation (EU) No. 1094/2010 of 24 November 20104; (d) Regulation (EU) No. 1095/2010 of 24 November 20105.”.
2 Section 33AK(5)(z) Substitute: “(z) to— (i) the Minister, in accordance with the provisions of the Supervisory Directives in relation to the Minister’s responsibility for policy on the supervision of supervised entities, (ii) authorities in other Member States with responsibilities corresponding to that of the Minister referred to in subparagraph (i), or (iii) where the Bank is the chair of a college of supervisors established under Regulation 11A of the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 ( S.I. No. 475 of 2009 ), to the Committee of European Banking Supervisors, (za) to an inspector appointed by the Minister and acting on the Minister’s behalf, or”.

Regulation 3(2)

SCHEDULE 2 Amendments of the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992
Item Provision amended Amendment
1 Regulation 2(1) After the definition of “branch”, insert:“ ‘CEBS’ means Committee of European Banking Supervisors;”.
2 Regulation 2(1), definitions of “the Commission” and “Community” Substitute:“ ‘Commission’ means the European Commission;”.
3 Regulation 2(1), definition of “credit union” Substitute:“ ‘credit union’ has the meaning given by section 2(1) of the Credit Union Act 1997 (No. 15 of 1997);”.
4 Regulation 2(1), definitions of “Directive” and “ECU” Delete.
5 Regulation 2(1), definition of “initial capital” Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
6 Regulation 2(1), definition of “Member State” Substitute:“Member State” means a Member State of the European Economic Area (that is, each of the Member States of the European Union and Iceland, Liechtenstein and Norway);”.
7 Regulation 2(1), definition of “proposed acquirer” Delete “paragraph (2);”; substitute “paragraph (1B);”.
8 Regulation 2(1) After the definition of “qualifying holding”, insert:“ ‘Recast Credit Institutions Directive’ means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 20066 relating to the taking up and pursuit of the business of credit institutions (recast), as last amended by Directive 2009/111/EC of the European Parliament and of the Council of 16 September 20097 ;”.
9 Regulation 2(1), definition of “supervisory enactments” Substitute:“ ‘supervisory enactments’ means the Central Bank Acts 1942 to 2010, the Building Societies Act 1989 (No. 17 of 1989), the Trustee Savings Banks Act 1989 (No. 21 of 1989), and any other enactment relating to supervision by the Bank and for the time being in force;”.
10 Regulation 2 Insert after paragraph (1C): “(1D) A reference in these Regulations to a significant branch of a credit institution is a reference to a branch of a credit institution that has been designated as significant under Regulation 26A or 26B.”.
11 Regulation 2(2) Substitute: “(2) A word or expression that is used in these Regulations and is also used in the Recast Credit Institutions Directive has, unless the contrary intention appears, the same meaning in these Regulations as it has in that Directive.”.
12 Regulation 3(1) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
13 Regulation 3(3) Substitute: “(3) The institutions to which, pursuant to Article 2 of the Recast Credit Institutions Directive, that Directive does not apply (other than the central banks of the Member States) shall be treated as financial institutions for the purposes of Section 1 of Chapter 4 of Title V to that Directive.”.
14 Regulation 4, definition of “solvency ratio” Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
15 Regulation 6(1) Delete each occurrence of “5,000,000 ECU”, substitute “ €5,000,000”.
16 Regulation 6(3) Delete “5,000,000 ECU”, substitute “€5,000,000”.
17 Regulation 11(1) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
18 Regulation 11(2) Delete “the Directive,”, substitute “the Recast Credit Institutions Directive”.
19 Regulation 13(3) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
20 Regulation 14B(9)(a) Delete “the Community”, substitute “the European Union”.
21 Regulation 15(5) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
22 Regulation 17 Substitute:“Exercise of certain functions by Bank.17.—(1) In exercising a function assigned to it by these Regulations or by a supervisory enactment, the Bank shall— (a) where necessary, collaborate, to the extent that the Bank considers reasonable, with the competent authority in each other Member State exercising, in that State, similar functions to those of the Bank under these Regulations or the supervisory enactments, (b) duly consider the potential impact of its decisions on the stability of the financial system in every other Member State concerned (particularly in an emergency), based on information available at the time, (c) participate in the activities of CEBS, and (d) follow the guidelines, recommendations, standards and other measures agreed by CEBS, setting out, where relevant, the reasons for not following measures agreed by CEBS. (2) Nothing in these Regulations affects the responsibility of the Bank under the Central Bank Acts 1942 to 2010, or under any other enactment, in respect of— (a) the supervision, in co-operation with the relevant competent authorities in another Member State, of the liquidity of branches in the State of credit institutions not authorised by the Bank, or (b) the implementation of monetary policies by the Bank.”.
23 Regulation 18(2) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
24 Regulation 20(3)(g) Substitute: “(g) the financial institution is supervised on a consolidated basis by the competent authority in the Member State in which the parent undertaking or parent undertakings are authorised as a credit institution or credit institutions, as the case may be, and such supervision is carried out in that Member State in accordance with provisions giving effect to the Recast Credit Institutions Directive and any other relevant law of the European Union;”.
25 Regulation 20(6) Substitute: “(6) For the purposes of these Regulations and for the purpose of the mutual recognition of the provision of banking services in the European Union, the Bank may give a certificate, in such form and containing such particulars as the Bank decides, to the competent authority in another Member State that a credit institution authorised by the Bank, or a financial institution to which paragraph (3) applies, carries on one or more of the activities set out in the Schedule.”.
26 After Regulation 26, insert:“Designation of branch of credit institution in State as significant.26A.—(1) Where a credit institution that is not authorised in the State has a branch in the State, the Bank may request— (a) the competent authority of the Member State in which the credit institution is authorised, or (b) a competent authority that is a consolidating supervisor in relation to the credit institution,to designate the branch in the State as significant. (2) A request by the Bank under paragraph (1) shall include reasons for considering the branch in the State as significant, with particular regard to— (a) whether the market share, in terms of deposits, of the branch in the State exceeds 2 per cent, (b) the likely effect of a suspension or closure of the operations of the credit institution on market liquidity and the payment and clearing and settlement systems in the State, and (c) the size and the importance of the branch in terms of number of clients within the context of the banking or financial system of the State. (3) The Bank shall do everything within its power to reach a joint decision with the competent authority to which the relevant request was made on the designation of a branch as being significant. (4) If a joint decision has not been reached within 2 months, the Bank may, within a further period of 2 months, determine that the branch is significant. The Bank shall take into account any views and reservations of the competent authority to which the relevant request was made. (5) A decision taken pursuant to paragraph (3) or (4) shall be set out in a document that shall also contain the reasons for the decision. This document shall be communicated to the competent authorities referred to in paragraph (1).Designation of branch of credit institution in another Member State as significant.26B.—(1) If— (a) the Bank is responsible for the supervision of a credit institution controlled by one or more EU parent financial holding companies or is the consolidating supervisor, (b) the credit institution or EU parent credit institution has a branch in another Member State (in this Regulation called the ‘host Member State’), and (c) the Bank receives a request from a competent authority of the host Member State to designate the branch as significant,the Bank shall do everything in its power to reach a joint decision on the designation of the branch as significant with that competent authority. (2) In endeavouring to reach a joint decision in accordance with paragraph (1), the Bank may request the competent authority that made the request referred to in paragraph (1)(c) to provide any information that the Bank considers necessary, in particular with regard to: (a) whether the market share, in terms of deposits, of the branch concerned in the host Member State exceeds 2 per cent,
(b) the likely impact of a suspension or closure of the operations of the credit institution on market liquidity and the payment and clearing and settlement systems in the host Member State, and (c) the size and the importance of the branch in terms of number of clients within the context of the banking or financial system of the host Member State. (3) A joint decision taken pursuant to paragraph (1) shall be set out in a document that shall also contain the reasons for the decision. This document shall be communicated to the competent authority referred to in that paragraph. (4) Nothing in this Regulation affects the rights and responsibilities of the Bank under the Central Bank Acts 1942 to 2010, or under any other designated enactment or designated statutory instrument. (5) In paragraph (4) ‘designated enactment’ and ‘designated statutory instrument’ have the same respective meanings as in the Central Bank Act 1942 (No. 22 of 1942). (6) If— (a) the Bank is responsible for the supervision of a credit institution or the consolidated supervision of an EU parent credit institution and credit institutions controlled by an EU parent financial holding company, and (b) a branch in another Member State of the credit institution, EU parent credit institution or credit institution controlled by an EU parent financial holding company has been designated as significant,the Bank shall provide the competent authority of the host Member State with the following information: (i) any information that the Bank has on any adverse developments in those credit institutions or in other entities of the group which could seriously affect the credit institutions; (ii) any information that the Bank has on any major sanctions and exceptional measures taken by a competent authority in accordance with a law giving effect to the Recast Credit Institutions Directive, including— (I) any imposition of an additional capital charge under a law giving effect to Article 136 of that Directive, and (II) any imposition of a limitation on the use of the Advanced Measurement Approach for the calculation of the own funds requirements under a law giving effect to Article 105 of that Directive. (7) The Bank is responsible for the planning and coordination of supervisory activities in cooperation with the competent authorities, and if necessary with central banks, in preparation for and during emergency situations (including adverse developments in credit institutions or in financial markets) using, where possible, existing defined channels of communication.” (8) Where— (a) an emergency (including adverse developments in financial markets) arises which potentially jeopardises the market liquidity and the stability of the financial system in a Member State where entities of a group have been authorised or where significant branches are established, and (b) the Bank is responsible for the supervision of a credit institution or is responsible for the exercise of supervision on a consolidated basis,it shall— (i) as soon as is practicable, alert the other central banks concerned and the administrative authorities of central governments concerned with financial supervision policy, and (ii) communicate to them all information that is essential for the performance of their tasks.
Bank to establish college of supervisors for significant branches.26C.—(1) Where— (a) Regulation 11A of the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 ( S.I. No. 475 of 2009 ) does not apply, and (b) the Bank is responsible for the supervision of a credit institution with significant branches in other Member States,it shall establish and chair a college of supervisors to facilitate cooperation with the competent authorities of those other Member States. The establishment and functioning of the college shall be based on written arrangements determined, after consultation with those competent authorities, by the Bank. (2) The Bank shall decide which competent authorities participate in a meeting or in an activity of the college. (3) The decision of the Bank shall take account of the relevance of the supervisory activity to be planned or coordinated for those authorities, in particular the potential impact on the stability of the financial system in the Member States concerned, and the obligations referred to in Regulation 26B(6) of these Regulations and in Regulation 68(1) of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 ). (4) The Bank shall keep all the members of the college fully informed, in advance, of the organisation of such meetings, the main issues to be discussed and the activities to be considered. (5) The Bank shall also keep all the members of the college fully informed, in a timely manner, of the actions taken in those meetings or the measures carried out every year starting from 1 January 2011.”.
27 Regulation 28 Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.
28 Regulation 29(5) Delete “the Directive”, substitute “the Recast Credit Institutions Directive”.

6 OJ No. L 177, 30.6.2006. p. 1.

7 OJ No. L 302, 17.11.2009, p. 97.

Regulation 3(3)

SCHEDULE 3 Amendments of the European Communities (Capital Adequacy of Investment Firms) Regulations 2006
Item Provision amended Amendment
1 Regulation 2(1), definition of “credit institutions” Substitute:“ ‘credit institution’ has the same meaning as in the CRD Regulations (CI);”.
2 Regulation 2(1), definition of “Directive 2006/48/EC” Delete.
3 Regulation 2(1), definition of “original own funds” Substitute:“ ‘original own funds’ means the sum of the items referred to in subparagraphs (a), (b) and (ba) of Regulation 3(1) of the CRD Regulations (CI), less the sum of the items referred to in subparagraphs (a), (b) and (c) of Regulation 3(2) of those Regulations;”.
4 Regulation 2(1), definitions of “over-the-counter (OTC) derivative instruments” and “own funds” Substitute:“ ‘own funds’ means own funds as defined in the Recast Credit Institutions Directive;”.
5 Regulation 2 After the definition of “parent investment firm in a Member State”, insert:“ ‘Recast Credit Institutions Directive’ has the same meaning as in the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 );”.
6 Regulation 2(1), definition of “recognized third country investment firms”, paragraph (a) Delete “the Community”, substitute “the European Union”.
7 Paragraphs (4), (5) and (6) of Regulation 2 Substitute: “(4) In these Regulations—‘asset management company’, ‘financial institution’, ‘parent undertaking’ and ‘subsidiary undertaking’ have the respective meanings given by Article 4 of the Recast Credit Institutions Directive;‘ancillary services undertaking’, ‘EU parent financial holding company’, ‘financial holding company’ and ‘parent financial holding company in a Member State’ have the respective meanings given by Article 4 of the Recast Credit Institutions Directive, except that a reference to a credit institution in a definition of any of those terms in that Article shall be read as a reference to, or as including, an investment firm. (5) For the purposes of applying the CRD Regulations (CI) to groups to which paragraphs (1) to (5) of Regulation 3 apply but which do not include a credit institution—‘financial holding company’ means a financial institution— (a) the subsidiary undertakings of which are exclusively or mainly investment firms or other financial institutions, at least one of which is an investment firm, and (b) which is not a mixed financial holding company within the meaning of Directive 2002/87/EC of 16 December 20028 ;
‘mixed-activity holding company’ means a parent undertaking (other than a financial holding company or an investment firm or a mixed financial holding company within the meaning of Directive 2002/87/EC 8) the subsidiaries of which include at least one investment firm.”.
8 Paragraph 3(6) Substitute: “(6) Subject to Regulations 22(1) and 23(1), where a group covered by paragraphs (1) to (5) does not include a credit institution, the CRD Regulations (CI) apply, subject to the following modifications: (a) references to credit institutions shall be construed as references to investment firms; (b) Article 140(1) of the Recast Credit Institutions Directive shall have effect as if its first sentence were as follows: ‘Where an investment firm, a financial holding company or a mixed-activity holding company controls one or more subsidiaries which are insurance companies, the competent authorities and the authorities entrusted with the public task of supervising insurance undertakings shall cooperate closely.’.”.
9 Paragraphs (a) and (b) of Regulation 6 Substitute: “(a) initial capital of €50,000; (b) professional indemnity insurance covering the whole territory of the European Union, or some other comparable guarantee against liability arising from professional negligence, representing at least €1,000,000 applying to each claim and in aggregate €1,500,000 per year for all claims;”.
10 Paragraphs (a) and (b) of Regulation 7 Substitute: “(a) initial capital of €25,000; (b) professional indemnity insurance covering the whole territory of the European Union, or some other comparable guarantee against liability arising from professional negligence, representing at least €500,000 applying to each claim and in aggregate €750,000 per year for all claims;”.
11 Regulation 11(1) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
12 Regulation 11(5)(a) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
13 Regulation 15(1) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
14 Regulation 17(2) Delete each occurrence of “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
15 Regulation 18(4) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
16 Regulation 24(4)(a) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
17 Regulation 26(1) Substitute:“26.—(1) Subject to paragraph (2), an institution, except an investment firm that satisfies the criteria set out in paragraphs (2) and (3) of Regulation 18, shall monitor and control its large exposures in accordance with Part 6 of the CRD Regulations (CI).”.
18 Regulation 28(1)(b)(ii) Substitute: “(ii) paragraphs (7) to (13) of Regulation 57:”.
19 Regulation 28(6) Substitute: “(6) The Bank may allow assets constituting claims and other exposures on— (a) recognised third-country investment firms, and (b) recognised clearing houses and exchanges,to be treated in the same way as claims on institutions specified in the following provisions of the CRD Regulations (CI): (i) paragraphs (1) to (3) of Regulation 57; (ii) subparagraph (c) of the definition of ‘exposure’ in Regulation 52.”.
20 Regulation 29 Substitute:“Circumstances in which limits set out in Regulations 57 to 60A of CRD Regulations (CI) may be exceeded.29.—(1) The Bank may authorise an institution to exceed the limits specified in Regulations 57 to 60A of the CRD Regulations (CI), but only subject to the following conditions: (a) the exposure on the non-trading book to the client or group of clients concerned shall not exceed the applicable limit set out in paragraphs (1) to (3) of Regulation 57 of the CRD Regulations (CI) (the limit being calculated with reference to own funds as specified in the Recast Credit Institutions Directive, so that the excess arises entirely on the trading book); (b) the institution shall meet an additional capital requirement on the excess in respect of the limits specified in paragraphs (1) to (3) of Regulation 57 of the CRD Regulations (CI) (calculated in accordance with Annex VI to Directive 2006/49/EC9 ); (c) where no more than 10 days has elapsed since the excess occurred, the trading-book exposure to the client or group of connected clients in question shall not exceed 500 per cent of the institution’s own funds; (d) any excesses that have persisted for more than 10 days do not, in aggregate, exceed 600 per cent of the institution’s own funds; (e) the institution shall report to the Bank, after the end of each period of 3 months, all cases where a limit set out in any of paragraphs (1) to (3) of Regulation 57 of the CRD Regulations (CI) has been exceeded during that period. (2) For the purposes of paragraph (1)(e), on each occasion on which the institution exceeds the limit, it shall report the amount of the excess and the name of the client concerned.”.
21 Regulation 30(1) Substitute:“30.—(1) The Bank shall establish procedures to prevent an institution from deliberately avoiding the additional capital requirements that it would otherwise incur on an exposure exceeding a limit set out in paragraphs (1) to (3) of Regulation 57 of the CRD Regulations (CI) once the exposure has been maintained for more than 10 days by means of either or both of the following: (a) temporarily transferring the exposure in question to another company, whether within the same group or not; (b) undertaking artificial transactions to close out the exposure during the 10-day period and create a new exposure.”.
22 Regulation 30(4) Delete “own funds as defined in Directive 2006/48/EC.”, substitute “own funds.”.
23 Regulation 33 Insert after paragraph (6): “(7) An investment firm shall comply with the requirements referred to in paragraphs (3) and (4) of Regulation 18 of the CRD Regulations (CI) in relation to uniform formats, frequencies and dates of reporting.”.
24 Regulation 35(1)(a) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
25 Regulation 35(1)(c) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
26 Regulation 36(3)(c) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
27 Regulation 36 Insert after paragraph (3): “(4) Regulations 26A, 26B and 26C of the European Communities (Licensing and Supervision) Regulations 1992 ( S.I. No. 395 of 1992 ) (except paragraph (2)(a) of either Regulation) applies (with any necessary changes) to the supervision of an investment firm except an investment firm that meets the criteria set out in— (a) paragraphs (2) and (3) of Regulation 18, or (b) Regulation 41.”.
28 Regulation 38 Substitute:“Exposures to third-country investment firms, etc. to be treated as exposures to institutions.38.—For the purposes of the calculation of minimum capital requirements for counterparty risk under these Regulations, and for credit risk under the CRD Regulations (CI), and without prejudice to point 6 of Part 2 of Annex III to that Directive, exposures to recognised third-country investment firms and exposures incurred to recognised clearing houses and exchanges shall be treated as exposures to institutions.”.
29 Regulation 40(3) Delete.
30 Regulation 40(4)(c) Delete “Directive 2006/48/EC”, substitute “the Recast Credit Institutions Directive”.
31 Regulation 40 Insert after paragraph (5): “(6) This regulation ceases to have effect on 31 December 2014.”.
32 Regulation 42 Substitute:“Transitional provisions—specific risk model recognition before 1 January 2007.42.—(1) In the case of an institution that was granted specific risk model recognition before 1 January 2007 in accordance with point 1 of Annex V to the recast Directive (IF), points 4 and 8 of Annex VIII of Directive 93/6/EEC have effect as those points stood immediately before 1 January 2007. (2) The Bank may direct that paragraph (1) shall cease to apply to a particular institution. (3) This regulation ceases to have effect on 31 December 2010.”.
33 Regulation 43(2) Substitute: “(2) The exemption under paragraph (1) ceases to have effect— (a) on 31 December 2014, or (b) if before that date any modification pursuant to points 2 and 3 of Article 48 of the recast Directive (IF) comes into operation, on the coming into operation of the modification.”.
34 Regulation 44(2) Substitute: “(2) Subject to paragraph (3), paragraphs (8) to (14) of Regulation 82 of the CRD Regulations (CI) apply with any necessary changes for the purposes of these Regulations. (3) Where the discretion referred to in Regulation 82(8) of the CRD Regulations (CI) is exercised— (a) references in point 7 of Annex II to the recast Directive (IF) to the Recast Credit Institutions Directive shall be read as references to Directive 2000/12/EC as that Directive stood immediately before 1 January 2007, and (b) point 4 of Annex II to the recast Directive (IF) applies as it stood immediately before 1 January 2007.”.

8 OJ No. L 035, 11.02.2003, p. 1

9 O J No. L177, 30.6.2006, p. 201

Regulation 4(1)

SCHEDULE 4 Amendments of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006

Part 1 General amendments

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