LegalizeS.I. No. 627/2010 - European Communities (Directive 2009/111/EC) Regulations 2010
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
| Item | Provision amended | Amendment |
| 1 | Regulation 3(1), definition of “Member State” | Delete “Communities”, substitute “Union”. |
| 2 | Regulation 3(1), definition of “credit institution” | Substitute:“ ‘CRD Regulations (CI)’ means the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 );‘credit institution’ has the same meaning as in the CRD Regulations (CI);”. |
| 3 | Regulation 3(1), definition of “Recast Credit Institutions Directive” | “ ‘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 );”. |
| 4 | Regulation 10(5)(d)(i) | Substitute:“(i) the imposition of an additional capital charge under Regulation 70 of the CRD Regulations (CI), and”. |
| 5 | Regulation 10(9)(b) | Substitute: “(b) major sanctions or exceptional measures taken by a competent authority, including the imposition of an additional capital charge under Regulation 70 of the CRD Regulations (CI) and the imposition of any limitation on the use of the Advanced Measurement Approaches for the calculation of the own funds requirements under Regulation 51 of those Regulations.”. |
| 6 | After regulation 11, insert:“Bank to establish college of supervisors. 11A.—(1) Where the Bank is responsible for supervision on a consolidated basis it shall establish colleges of supervisors— (a) to facilitate the tasks referred to in Regulations 67 and 68 of the CRD Regulations (CI), and (b) subject to paragraph (2), to ensure coordination and cooperation with relevant third-country competent authorities where appropriate. (2) In carrying out coordination and cooperation with the competent authority of a third country the Bank shall act in compliance with— (a) confidentiality requirements equivalent to those applicable if the competent authority were that of a Member State, (b) any other applicable law of the European Communities or the European Union. (3) The purpose of a college of supervisors is to provide a framework for the Bank, where it is responsible for supervision on a consolidated basis or is otherwise a participant in supervision on a consolidated basis, to carry out the following tasks with other competent authorities concerned: (a) exchanging information; (b) agreeing on voluntary entrusting of tasks and voluntary delegation of responsibilities where appropriate; | |
| (c) determining supervisory examination programmes based on a risk assessment of the group; (d) increasing the efficiency of supervision by removing unnecessary duplication of supervisory requirements, including in relation to information requests referred to in paragraphs (6) and (7) of Regulation 10 of these Regulations and Regulation 68(2) of the CRD Regulations (CI); (e) consistently applying the prudential requirements under the Recast Credit Institutions Directive across all entities within a banking group, subject to the options and discretions available in the law of each Member State concerned (being law that gives effect to the law of the European Union); (f) planning and coordination of supervisory activities in cooperation with the competent authorities involved, and if necessary with central banks, in preparation for and during emergency situations, including adverse developments in credit institutions or in financial markets, taking into account the work of other forums that may be established in this area. (4) Where the Bank is a participant in a college of supervisors, it shall cooperate closely with the other competent authorities participating in the college. (5) The establishment and functioning of a college of supervisors do not affect the powers and responsibilities of the Bank under these Regulations or any other designated enactment or designated statutory instrument (within the respective meanings given by the Central Bank Act 1942 (No. 22 of 1942)). (6) The establishment and functioning of a college of supervisors shall be based on written arrangements of the kind referred to in Regulation 11, determined by the Bank after consultation with the other competent authorities concerned. (7) The following may participate in a college of supervisors established by the Bank: (a) competent authorities responsible for the supervision of subsidiaries of the EU parent credit institution or EU parent financial holding company concerned; (b) the competent authority of each host country where significant branches are established; (c) other central banks as appropriate; (d) third countries’ competent authorities where appropriate and subject to confidentiality requirements that are equivalent, in the opinion of all participating competent authorities in Member States, to the requirements under Section 2 of Chapter 1 of Title V of the Recast Credit Institutions Directive. (8) Where the Bank has established a college of supervisors, it shall chair the meetings of the college and shall decide which competent authorities may participate in a meeting or in an activity of the college. 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. 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. (9) A decision taken by the Bank in its role as a chair of a college of supervisors shall take account of the relevance of the supervisory activity to be planned or coordinated for other competent authorities, and in particular to— (a) the potential impact on the stability of the financial system in the Member States concerned, and (b) the obligations referred to in Article 42a(2) of the Recast Credit Institutions Directive. (10) Where the Bank, is the chair of a college of supervisors, it shall inform CEBS of the activities of the college, including in emergency situations, and shall communicate to CEBS all information that is of particular relevance for the purposes of supervisory convergence.”. |
GIVEN under my Official Seal,
21 December 2010.
BRIAN LENIHAN,
Minister for Finance.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
This Statutory Instrument transposes Directive 2009/111/EC of the European Parliament and of the Council of 16 September 2009 amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements, and crisis management.
The Statutory Instrument amends the following instruments: the Central Bank Act 1942 (No. 22 of 1942); the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 ); the European Communities (Capital Adequacy of Investment Firms) Regulations 2006 ( S.I. No. 660 of 2006 ); the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 ( S.I. No. 661 of 2006 ); and the European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 ( S.I. No. 475 of 2009 ).
The Statutory Instrument also gives further effect to Regulations (EU) No. 1092/2010, No. 1093/2010, No. 1094/2010 and No. 1095/2010 of the European Parliament and of the Council of 24 November 2010. These EU Regulations respectively establish three new European supervisory authorities and the European Systemic Risk Board. The Statutory Instrument amends section 33AK of the Central Bank Act 1942 to enable the Central Bank of Ireland meet its obligations under these Regulations to report relevant information to the new authorities or to the European Systemic Risk Board.
The Statutory Instrument also updates various definitions and references to Directives 2006/48/EC and 2006/49/EC and to the annexes to those Directives contained in the parent Statutory Instruments.
Footnotes
O J No. L302, 17.11.2009, p.97.
O J No. 331, 15.12.2010, p. 1.
O J No. 331, 15.12.2010, p. 12.
O J No. 331, 15.12.2010, p. 48.
O J No. 331, 15.12.2010, p. 120.
OJ No. L 177, 30.6.2006. p. 1.
OJ No. L 302, 17.11.2009, p. 97.
OJ No. L 035, 11.02.2003, p. 1
O J No. L177, 30.6.2006, p. 201
OJ No. L 372, 31.12.1986, p.1
OJ No. L 193, 18.7.1983, p.1
OJ No. L 243, 11.9.2003, p.1]
OJ No. L 302, 17.11.2009, p. 1.
O J No. L 350, 29.12.2009, p. 59.
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