and the CRDIV
, which together constitute the CRD IV Package were published in the Official Journal (OJ) of the European Union on 27 June 2013.
The CRD IV Package sets out the legal framework for the prudential regulation and supervision of credit institutions. Member States are required to adopt and publish the laws, regulations and administrative provisions necessary to comply with CRDIV. In this respect, the Banking Act is in the process of being amended to reflect changes arising from the transposition of CRDIV. Furthermore, the requisite requirements arising from the ‘European Passport Rights for Credit Institutions Regulations’ and 'Penalties for Offences Regulations’ shall be repealed once the new 'European Passport Rights for Credit Institutions Regulations’ and ‘Administrative Penalties, Measures and Investigatory Powers Regulations’ are published. While the ‘Banking Act (Capital Adequacy) Regulations’ shall be repealed, new ‘Banking Act (Supervisory Review) Regulations’ shall be published. The latter shall include both provisions currently found in the Banking Act as well as provisions previously found in Banking Rule BR/12.
Credit institutions may wish to refer to the 'Supervisory Consolidation Regulations
' which have been published (but have as yet not officially come into force). The latter shall replace both provisions in the Banking Act as well as in Banking Rule BR/10. A new regulation on Implementing and Transitional Provisions under the CRR is also in the process of being issued.
The above regulations shall come into force on such date as the Minister responsible for finance may by notice in the Gazette establish.
Notwithstanding the above, credit institutions shall refer to the provisions in CRDIV which shall apply until such time local legislation transposing the latter comes into force.
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