Recital 1

(1)Regulation (EU) 2024/1623 of the European Parliament and of the Council ² replaced Title III of Part Three of Regulation (EU) No 575/2013, which had as a consequence the replacement of all existing approaches for estimating the own funds requirements for operational risk of institutions, including the Advanced Measurement Approach, with a single non-model-based method, namely the new standardised approach for operational risk.