Publication new banking package CRR3/CRD6

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The final texts of the Capital Requirements Regulation 3 (CRR3) and the Capital Requirements Directive 6 (CRD6) were published on 19 June 2024. With this new banking package, the final Basel 3 reforms are implemented in the European Union.

Published: 05 July 2024

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Negotiation result EU legislators

In October 2021 the European Commission published its proposal for the banking package CRR3/CRD6. This text was based on the final Basel 3 agreement from 2017. Consecutively, the European Commission, the European Parliament and the European Council have entered into negotiations. The published texts are the result of those negotiations and are therewith final.

Implementation and timelines

CRR3 will enter into force on 9 July 2024 and will largely apply directly in all EU Member States from 1 January 2025, with the exception of specific amendments, which will already apply from 9 July 2024. These exceptions mainly concern the update of definitions or the establishment of mandates for the European Banking Authority to develop Level 2 and 3 legislation. Institutions must comply with the new legal requirements as of the application date.

The CRD6 will also enter into force on 9 July 2024, but as a Directive the changes will need to be transposed into national law in each Member State before they become applicable. The Dutch Ministry of Finance has 18 months to implement the new CRD6 into Dutch legislation. The provisions of CRD6 must largely be applied from January 11, 2026.

Market risk framework

The European Commission announced on 18 June 2024 that it intends to make use of the provision under CRR Article 461a, and to postpone the entry into force of the market risk framework by one year until 1 January 2026. The corresponding Commission Delegated Act should be adopted later this year.

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