(4)Article 497(3) of Regulation (EU) No 575/2013 empowers the Commission to adopt an implementing act in order to extend the transitional period by 6 months in exceptional circumstances. That extension should also apply in respect of the time limits laid down in Article 89(5a) of Regulation (EU) No 648/2012. Commission Implementing Regulation (EU) No 591/2014 3 , initially, and Commission Implementing Regulation (EU) No 1317/2014 4 , subsequently, have already extended those transitional periods until 15 June 2015.
Recital 4
- 3 Commission Implementing Regulation (EU) No 591/2014 of 3 June 2014 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties in Regulation (EU) No 575/2013 and Regulation (EU) No 648/2012 of the European Parliament and of the Council ( OJ L 165, 4.6.2014, p. 31 ). ↩
- 4 Commission Implementing Regulation (EU) No 1317/2014 of 11 December 2014 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties in Regulations (EU) No 575/2013 and (EU) No 648/2012 of the European Parliament and of the Council ( OJ L 355, 12.12.2014, p. 6 ). ↩