Third Capital Requirements Regulation and Sixth Capital Requirements Directive Published

The EU has published the final legislation implementing revisions to the EU Capital Requirements Regulation and Capital Requirements Directive (commonly referred to as the EU banking package) in the Official Journal of the European Union, namely:

• a Regulation amending the EU Capital Requirements Regulation regarding requirements for credit risk, credit valuation adjustment risk, operational risk, market risk, and the output floor ((EU) 2024/1623) (CRR III). The Regulation enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. CRR III will apply from January 1, 2025, with the exception of certain specified points of Article 1, which will apply from July 9, 2024; and
• a Directive amending the EU Capital Requirements Directive regarding supervisory powers, sanctions, third-country branches, and environmental, social and governance risks ((EU) 2024/1619) (CRD VI). The Directive enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. Member states are required to adopt and publish the laws, regulations, and administrative provisions necessary to comply with CRD VI by January 10, 2026, and to apply those measures from January 11, 2026, with the exception of Article 1(9) and (13), which shall apply from January 11, 2027. A further exception provides for measures necessary to comply with the amendments set out in Article 1(13) regarding Article 48k and 48l of CRD, which shall apply from January 11, 2026, and Article 1(9) regarding Article 21c(5) of CRD, which shall apply from July 11, 2026.

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