Commission Delegated Regulation (EU) No 241/2014

Preamble

• amended Preamble

Recitals

Chapter I - GENERAL

• amended Article 1 - Subject matter Chapter I
• inserted Article 1a - Application of this Regulation to entities subject to the minimum requirement for own funds and eligible liabilities, and to eligible liabilities referred to in Directive 2014/59/EU Chapter I

Chapter II - ELEMENTS OF OWN FUNDS AND ELIGIBLE LIABILITIES renamed was “Chapter II - ELEMENTS OF OWN FUNDS”

• renamed Chapter II › Section 1 - Common Equity Tier 1 capital and eligible liabilities items and instruments was “Section 1 - Common Equity Tier 1 capital and instruments”
• amended Article 4 - Type of undertaking recognised under applicable national law as a cooperative society for the purposes of Article 27(1)(a)(ii) of Regulation (EU) No 575/2013 Chapter II › Section 1 › Subsection 2
• amended Article 7a - Multiple distributions constituting a disproportionate drag on own funds Chapter II › Section 1 › Subsection 2
• amended Article 7b - Preferential distributions regarding preferential rights to payments of distributions Chapter II › Section 1 › Subsection 2
• amendedrenamed Article 8 - Indirect funding of capital instruments for the purposes of Article 28(1), point (b), Article 52(1), point (c), and Article 63, point (c), and of liabilities for the purpose of Article 72b(2), point (c), of Regulation (EU) No 575/2013 Chapter II › Section 1 › Subsection 3 was “Article 8 - Indirect funding of capital instruments for the purposes of Article 28(1)(b,) Article 52(1)(c) and Article 63(c) of Regulation (EU) No 575/2013”
• amendedrenamed Article 9 - Applicable forms and nature of indirect funding of capital instruments for the purposes of Article 28(1), point (b), Article 52(1), point (c) and Article 63, point (c), and of liabilities for the purpose of Article 72b(2), point (c), of Regulation (EU) No 575/2013 Chapter II › Section 1 › Subsection 3 was “Article 9 - Applicable forms and nature of indirect funding of capital instruments for the purposes of Article 28(1)(b) and 52(1)(c) and 63(c) of Regulation (EU) No 575/2013”
• amended Article 12 - The concept of gain on sale for the purposes of Article 32(1)(a) of Regulation (EU) No 575/2013 Chapter II › Section 2

Chapter III - ADDITIONAL TIER 1 AND TIER 2 CAPITAL AND ELIGIBLE LIABILITIES renamed was “Chapter III - ADDITIONAL TIER 1 CAPITAL”

• amendedrenamed Article 20 - Form and nature of incentives to redeem for the purposes of Article 52(1), point (g), Article 63, point (h), Article 72b(2), point (g), and Article 72c(3) of Regulation (EU) No 575/2013 Chapter III › Section 1 was “Article 20 - Form and nature of incentives to redeem for the purposes of Article 52(1)(g) and 63(h)of Regulation (EU) No 575/2013”

Chapter IV - GENERAL REQUIREMENTS

• amended Article 25 - Extent of conservatism required in estimates for calculating exposures used as an alternative to the underlying exposures for the purposes of Article 76(2) of Regulation (EU) No 575/2013 Chapter IV › Section 1
• amended Article 26 - Meaning of operationally burdensome in Article 76(3) of Regulation (EU) No 575/2013 Chapter IV › Section 1
• renamed Chapter IV › Section 2 - Permission for reducing own funds and eligible liabilities was “Section 2 - Supervisory permission for reducing own funds”
• inserted Chapter IV › Section 2 › Subsection 1 - Supervisory permission for reducing own funds
• amendedmovedrenamed Article 27 - Meaning of sustainable for the income capacity of the institution for the purposes of Article 78(1), point (a), and Article 78(4), point (d), of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 27 - Meaning of sustainable for the income capacity of the institution for the purposes of Article 78(1)(a) of Regulation (EU) No 575/2013”
• amendedmovedrenamed Article 28 - Process requirements including the limits and procedures for an application by an institution to reduce own funds pursuant to Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 28 - Process and data requirements for an application by an institution to carry out redemptions, reductions and repurchases — for the purposes of Article 77 of Regulation (EU) No 575/2013”
• amendedmovedrenamed Article 29 - Submission by the institution of an application to reduce own funds pursuant to Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 29 - Submission of application by the institution to carry out redemptions, reductions and repurchases for the purposes of Article 77 and Article 78 of Regulation (EU) No 575/2013 and appropriate bases of limitation of redemption for the purposes of paragraph 3 of Article 78 of Regulation (EU) No 575/2013”
• amendedmovedrenamed Article 30 - Content of the application to be submitted by the institution for the purposes of Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 30 - Content of the application to be submitted by the institution for the purposes of Article 77 of Regulation (EU) No 575/2013”
• inserted Article 30a - Additional information to be submitted with an application for a general prior permission for actions listed in Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1
• inserted Article 30b - Information to be submitted with an application for a renewal of a general prior permission for actions listed in Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1
• amendedmovedrenamed Article 31 - Timing of the application to be submitted by the institution and processing of the application by the competent authority for the purposes of Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 31 - Timing of the application to be submitted by the institution and processing of the application by the competent authority for the purposes of Article 77 of Regulation (EU) No 575/2013”
• amendedmovedrenamed Article 32 - Applications for redemptions, reductions and repurchases by mutuals, cooperative societies, savings institutions or similar institutions for the purposes of Article 77(1) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 1 from Chapter IV › Section 2 was “Article 32 - Applications for redemptions, reductions and repurchases by mutuals, cooperative societies, savings institutions or similar institutions for the purposes of Article 77 of Regulation (EU) No 575/2013”
• inserted Chapter IV › Section 2 › Subsection 2 - Permission for reducing eligible liabilities instruments
• inserted Article 32a - Meaning of sustainable for the income capacity of the institution for the purposes of Article 78a(1), point (a), of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32b - Process requirements, including the limits and procedures for an application by an institution to reduce eligible liabilities instruments pursuant to Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32c - Submission by the institution of an application to reduce eligible liabilities instruments pursuant to Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32d - Content of the application to be submitted by the institution for the purposes of Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32e - Additional information to be submitted with the application for a general prior permission for actions listed in Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32f - Information to be submitted with an application for a renewal of a general prior permission for actions listed in Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32g - Timing of the application to be submitted by the institution and processing of the application by the resolution authority for the purposes of Article 77(2) of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• inserted Article 32h - Simplified requirements for institutions for which the resolution authority has set the minimum requirement for own funds and eligible liabilities laid down in Article 45(1) of Directive 2014/59/EU at a level that does not exceed an amount sufficient to absorb losses Chapter IV › Section 2 › Subsection 2
• inserted Article 32i - Process of cooperation between the competent authority and the resolution authority when granting the permission referred to in Article 78a of Regulation (EU) No 575/2013 Chapter IV › Section 2 › Subsection 2
• renamed Chapter IV › Section 3 - Temporary waiver from deduction from own funds and eligible liabilities was “Section 3 - Temporary waiver from deduction from own funds”
• amendedrenamed Article 33 - Temporary waiver from deduction from own funds and eligible liabilities for the purposes of Article 79(1) of Regulation (EU) No 575/2013 Chapter IV › Section 3 was “Article 33 - Temporary waiver from deduction from own funds for the purposes of Article 79(1) of Regulation (EU) No 575/2013”

Chapter V - MINORITY INTEREST AND ADDITIONAL TIER 1 AND TIER 2 INSTRUMENTS ISSUED BY SUBSIDIARIES

Chapter VA - OWN FUNDS BASED ON FIXED OVERHEADS

Chapter VI - SPECIFICATION OF THE TRANSITIONAL PROVISIONS OF REGULATION (EU) No 575/2013 IN RELATION TO OWN FUNDS

• amended Article 37 Chapter VI