IRELAND: Central Bank Notice on Implementation of Competent Authority Discretions and Options in CRD IV and CRR

Thursday January 2 2014

The Central Bank of Ireland has published a Notice that specifies requirements and guidance in relation to the implementation of competent authority discretions and options arising under the European Union (EU) Capital Requirements Directive IV (CRD IV) and Capital Requirements Regulation (CRR). The Notice is applicable to credit institutions, investment firms and all other entities encompassed by CRD IV and Article 4 of CRR

CRD IV and CRR are applicable from 1 January 2014 and repeal Directives 2006/48/EC3 and 2006/49/EC. CRR is directly applicable and does not necessitate transposition into Irish national law. CRD IV requires national transposition and this is scheduled to occur via the European Union (Capital Requirements) Regulations 2014 (S.I XXX/2014).

Amongst other things, the Notice contains details the Central Bank’s approach in relation to certain transitional provisions arising in S.I. XXX/2014 [CRD IV] and CRR. It also sets out the discharge of certain competent authority discretions in the area of own funds and outlines the Central Bank’s policies with respect to discretions of specific relevance to “MiFID” firms and investment firms defined under point 2 of Article 4(1) of CRR. The Notice also provides information on the impact of certain provisions of CRR/CRD IV on these firms.

Click on the above link for more details.