S.I. No. 711/2020 - European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020


Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 5th January, 2021.

I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Regulation (EU) No 575/2013 of the European Parliament and Council of 26 June 20131 , as amended by Regulation 2019/876 of the European Parliament and of the Council of 20 May 20192 and Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 20203 , hereby make the following regulations:

Citation and Commencement

1. (1) These Regulations may be cited as the European Union (Capital Requirements) (No. 2) (Amendment) Regulations 2020.

(2) These Regulations come into operation on 28 December 2020.

Definition

2. In these Regulations, “Principal Regulations” means the European Union (Capital Requirements) (No. 2) Regulations 2014 ( S.I. No. 159 of 2014 ).

Amendment of Regulation 2 of Principal Regulations

3. Regulation 2 of the Principal Regulations is amended by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 20144 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 20165 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 20176 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 20177 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 20178 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 20179 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201910 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201911 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201912 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202013 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic.”.

Amendment of Regulation 3 of Principal Regulations

4. Regulation 3 of the Principal Regulations is amended by the insertion of the following paragraphs after paragraph (2):

“(3) The Bank is designated as the authority responsible for the application of Article 124(2) of the Capital Requirements Regulation.

(4) The Bank is designated as the authority responsible for the application of Article 164(6) of the Capital Requirements Regulation.”.

Amendment of Central Bank Act 1942

5. The Central Bank Act 1942 (No. 22 of 1942) is amended—

(a) in section 2—

(i) in subsection (1), by the insertion of the following definition:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201414 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201615 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201716 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201717 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201718 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201719 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201920 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201921 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201922 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202023 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”, and

(ii) in subsection (2A), by the substitution of the following for paragraph (f):

“(f) the Capital Requirements Regulation;”,

(b) in section 33AK—

(i) in subsection (5), by the substitution of the following for paragraph (as):

“(as) for the purposes of contractual or institutional protection schemes as referred to in Article 113(7) of the Capital Requirements Regulation, or”, and

(ii) in subsection (5C), by the substitution of the following for paragraph (k):

“(k) to contractual or institutional protection schemes as referred to in Article 113(7) of the Capital Requirements Regulation,”, and

(c) in section 33ANC—

(ii) in subsection (4), by the substitution of the following paragraph for paragraph (b):

“(b) the Capital Requirements Regulation;”.

Amendment of Central Bank Act 1971

6. The Central Bank Act 1971 (No. 24 of 1971) is amended, in section 2(1), by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201424 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201625 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201726 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201727 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201728 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201729 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201930 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201931 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201932 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202033 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of Taxes Consolidation Act 1997

7. The Taxes Consolidation Act 1997 (No. 39 of 1997) is amended—

(a) in section 110(5A)(a), by the substitution of the following for the definition of “CRR”:

“ ‘CRR’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201434 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201635 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201736 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201737 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201738 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201739 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201940 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201941 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201942 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202043 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”, and

(b) in section 845C(1), by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201444 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201645 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201746 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201747 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201748 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201749 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201950 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201951 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201952 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202053 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

8. The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No. 6 of 2010) is amended, in section 24(1), by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201454 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201655 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201756 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201757 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201758 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201759 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201960 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201961 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201962 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202063 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of Prospectus (Directive 2003/71/EC) Regulations 2005

9. The Prospectus (Directive 2003/71/EC) Regulations 2005 ( S.I. No. 324 of 2005 ) are amended, in Regulation 11(5), by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201464 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201665 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201766 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201767 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201768 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201769 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201970 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201971 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201972 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202073 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of Regulation 3 of European Union (Capital Requirements) Regulations 2014

10. Regulation 3 of the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158 of 2014 ) is amended, in paragraph (1), by the substitution of the following definition for the definition of “Capital Requirements Regulation”:

“ ‘Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201474 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201675 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201776 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201777 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201778 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201779 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201980 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201981 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201982 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202083 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of European Union (Bank Recovery and Resolution) Regulations 2015

11. The European Union (Bank Recovery and Resolution) Regulations 2015 ( S.I. No. 289 of 2015 ) are amended, in Regulation 3(1), by the substitution of the following definition for the definition of “Union Capital Requirements Regulation”:

“ ‘Union Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201484 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201685 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201786 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201787 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201788 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201789 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201990 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201991 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201992 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202093 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of the European Union (Deposit Guarantee Schemes) Regulations 2015

12. The European Union (Deposit Guarantee Schemes) Regulations 2015 ( S.I. No. 516 of 2015 ) are amended, in Regulation 3(1), by the substitution of the following definition for the definition of “Union Capital Requirements Regulation”:

“ ‘Union Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201494 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201695 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201796 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201797 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201798 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201799 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019100 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019101 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019102 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020103 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017

13. The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 (S.I. No. 604 of 2017) are amended in Regulation 2(1), by the substitution of the following definition for the definition of “Capital Requirement Regulation”:

“ ‘Capital Requirement Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 2014104 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016105 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017106 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017107 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017108 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 2017109 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019110 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019111 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019112 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020113 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

Amendment of European Union (Payment Services) Regulations 2018

14. The European Union (Payment Services) Regulations 2018 ( S.I. No. 6 of 2018 ) are amended, in Regulation 2(1), by the substitution of the following definition for the definition of “Regulation (EU) No 575/2013”:

“ ‘Regulation (EU) No 575/2013’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 as amended by—

(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 2014114 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to the leverage ratio,

(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 2016115 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017116 amending Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds,

(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017117 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State,

(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017118 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms,

(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 2017119 correcting certain language versions of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012,

(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019120 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures,

(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019121 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012,

(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019122 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014, and

(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020123 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

/images/ls

GIVEN under my Official Seal,

22 December, 2020.

PASCHAL DONOHOE,

Minister for Finance.

1 OJ No. L. 176, 27.06.2013. p.1.

2 OJ No. L. 150, 7.6.2019, p.1.

3 OJ. No. L. 204, 26.6.2020, p. 4.

4 OJ No. L. 11, 17.1.2015, p. 37.

5 OJ No. L. 171, 29.6.2016, p. 153.

6 OJ No. L. 310, 25.11.2017, p. 1.

7 OJ No. L. 345, 27.12.2017, p. 27.

8 OJ No. L. 347, 28.12.2017, p. 1.

9 OJ No. L. 74, 16.3.2018, p. 3.

10 OJ No. L. 111, 25.4.2019, p. 4.

11 OJ No. L. 150, 7.6.2019, p. 1.

12 OJ No. L. 314, 5.12.2019, p. 1.

13 OJ. No. L. 204, 26.6.2020, p. 4.

14 OJ No. L. 11, 17.1.2015, p. 37.

15 OJ No. L. 171, 29.6.2016, p. 153.

16 OJ No. L. 310, 25.11.2017, p. 1.

17 OJ No. L. 345, 27.12.2017, p. 27.

18 OJ No. L. 347, 28.12.2017, p. 1.

19 OJ No. L. 74, 16.3.2018, p. 3.

20 OJ No. L. 111, 25.4.2019, p. 4.

21 OJ No. L. 150, 7.6.2019, p. 1.

22 OJ No. L. 314, 5.12.2019, p. 1.

23 OJ. No. L. 204, 26.6.2020, p. 4.

24 OJ No. L. 11, 17.1.2015, p. 37.

25 OJ No. L. 171, 29.6.2016, p. 153.

26 OJ No. L. 310, 25.11.2017, p. 1.

27 OJ No. L. 345, 27.12.2017, p. 27.

28 OJ No. L. 347, 28.12.2017, p. 1.

29 OJ No. L. 74, 16.3.2018, p. 3.

30 OJ No. L. 111, 25.4.2019, p. 4.

31 OJ No. L. 150, 7.6.2019, p. 1.

32 OJ No. L. 314, 5.12.2019, p. 1.

33 OJ. No. L. 204, 26.6.2020, p. 4.

34 OJ No. L. 11, 17.1.2015, p. 37.

35 OJ No. L. 171, 29.6.2016, p. 153.

36 OJ No. L. 310, 25.11.2017, p. 1.

37 OJ No. L. 345, 27.12.2017, p. 27.

38 OJ No. L. 347, 28.12.2017, p. 1.

39 OJ No. L. 74, 16.3.2018, p. 3.

40 OJ No. L. 111, 25.4.2019, p. 4.

41 OJ No. L. 150, 7.6.2019, p. 1.

42 OJ No. L. 314, 5.12.2019, p. 1.

43 OJ. No. L. 204, 26.6.2020, p. 4.

44 OJ No. L. 11, 17.1.2015, p. 37.

45 OJ No. L. 171, 29.6.2016, p. 153.

46 OJ No. L. 310, 25.11.2017, p. 1.

47 OJ No. L. 345, 27.12.2017, p. 27.

48 OJ No. L. 347, 28.12.2017, p. 1.

49 OJ No. L. 74, 16.3.2018, p. 3.

50 OJ No. L. 111, 25.4.2019, p. 4.

51 OJ No. L. 150, 7.6.2019, p. 1.

52 OJ No. L. 314, 5.12.2019, p. 1.

53 OJ. No. L. 204, 26.6.2020, p. 4.

54 OJ No. L. 11, 17.1.2015, p. 37.

55 OJ No. L. 171, 29.6.2016, p. 153.

56 OJ No. L. 310, 25.11.2017, p. 1.

57 OJ No. L. 345, 27.12.2017, p. 27.

58 OJ No. L. 347, 28.12.2017, p. 1.

59 OJ No. L. 74, 16.3.2018, p. 3.

60 OJ No. L. 111, 25.4.2019, p. 4.

61 OJ No. L. 150, 7.6.2019, p. 1.

62 OJ No. L. 314, 5.12.2019, p. 1.

63 OJ. No. L. 204, 26.6.2020, p. 4.

64 OJ No. L. 11, 17.1.2015, p. 37.

65 OJ No. L. 171, 29.6.2016, p. 153.

66 OJ No. L. 310, 25.11.2017, p. 1.

67 OJ No. L. 345, 27.12.2017, p. 27.

68 OJ No. L. 347, 28.12.2017, p. 1.

69 OJ No. L. 74, 16.3.2018, p. 3.

70 OJ No. L. 111, 25.4.2019, p. 4.

71 OJ No. L. 150, 7.6.2019, p. 1.

72 OJ No. L. 314, 5.12.2019, p. 1.

73 OJ. No. L. 204, 26.6.2020, p. 4.

74 OJ No. L. 11, 17.1.2015, p. 37.

75 OJ No. L. 171, 29.6.2016, p. 153.

76 OJ No. L. 310, 25.11.2017, p. 1.

77 OJ No. L. 345, 27.12.2017, p. 27.

78 OJ No. L. 347, 28.12.2017, p. 1.

79 OJ No. L. 74, 16.3.2018, p. 3.

80 OJ No. L. 111, 25.4.2019, p. 4.

81 OJ No. L. 150, 7.6.2019, p. 1.

82 OJ No. L. 314, 5.12.2019, p. 1.

83 OJ. No. L. 204, 26.6.2020, p. 4.

84 OJ No. L. 11, 17.1.2015, p. 37.

85 OJ No. L. 171, 29.6.2016, p. 153.

86 OJ No. L. 310, 25.11.2017, p. 1.

87 OJ No. L. 345, 27.12.2017, p. 27.

88 OJ No. L. 347, 28.12.2017, p. 1.

89 OJ No. L. 74, 16.3.2018, p. 3.

90 OJ No. L. 111, 25.4.2019, p. 4.

91 OJ No. L. 150, 7.6.2019, p. 1.

92 OJ No. L. 314, 5.12.2019, p. 1.

93 OJ. No. L. 204, 26.6.2020, p. 4.

94 OJ No. L. 11, 17.1.2015, p. 37.

95 OJ No. L. 171, 29.6.2016, p. 153.

96 OJ No. L. 310, 25.11.2017, p. 1.

97 OJ No. L. 345, 27.12.2017, p. 27.

98 OJ No. L. 347, 28.12.2017, p. 1.

99 OJ No. L. 74, 16.3.2018, p. 3.

100 OJ No. L. 111, 25.4.2019, p. 4.

101 OJ No. L. 150, 7.6.2019, p. 1.

102 OJ No. L. 314, 5.12.2019, p. 1.

103 OJ. No. L. 204, 26.6.2020, p. 4.

104 OJ No. L. 11, 17.1.2015, p. 37.

105 OJ No. L. 171, 29.6.2016, p. 153.

106 OJ No. L. 310, 25.11.2017, p. 1.

107 OJ No. L. 345, 27.12.2017, p. 27.

108 OJ No. L. 347, 28.12.2017, p. 1.

109 OJ No. L. 74, 16.3.2018, p. 3.

110 OJ No. L. 111, 25.4.2019, p. 4.

111 OJ No. L. 150, 7.6.2019, p. 1.

112 OJ No. L. 314, 5.12.2019, p. 1.

113 OJ. No. L. 204, 26.6.2020, p. 4.

114 OJ No. L. 11, 17.1.2015, p. 37.

115 OJ No. L. 171, 29.6.2016, p. 153.

116 OJ No. L. 310, 25.11.2017, p. 1.

117 OJ No. L. 345, 27.12.2017, p. 27.

118 OJ No. L. 347, 28.12.2017, p. 1.

119 OJ No. L. 74, 16.3.2018, p. 3.

120 OJ No. L. 111, 25.4.2019, p. 4.

121 OJ No. L. 150, 7.6.2019, p. 1.

122 OJ No. L. 314, 5.12.2019, p. 1.

123 OJ. No. L. 204, 26.6.2020, p. 4.