Start Date: 11/03/2010 | Deadline: 06/05/2010
The Committee of European Banking Supervisors (CEBS) today publishes its draft implementation guidelines (CP38) on Article 106(2) (c) and (d) of Directive 2006/48/EC as amended by Directive 2009/111/EC. The consultation is open to all interested parties, including supervised institutions and other market participants.
The revised Capital Requirements Directive (CRD II) provides exemptions from large exposures rules for certain short-term exposures arising from the provision of money transmission, correspondent banking, clearing and settlement and custody activities. The amendments have to be transposed into Member States' national law by 31 October 2010 and to be applied from 31 December 2010.
This consultation paper is a response to Article 106(2) of the amended Directive that requires CEBS to elaborate guidelines for the convergence of supervisory practices in applying the exemptions in points (c) and (d) of that Article. Thus, CEBS's guidance on the scope and eligibility conditions of the exemption provisions is called upon in order to safeguard a level playing field for institutions providing money transmission or financial instruments clearing, settlement and custody services to clients.
CEBS's draft guidelines are structured in two main parts, covering Article 106(2) (c) and Article 106(2) (d) respectively. Industry experts have provided technical input to CEBS's work and commented on a draft of the guidelines.
CEBS submits its initial proposals for a public consultation which starts today and runs until 6 May 2010. Comments received will be published on CEBS's website unless respondents request otherwise. Please send your comments to the following email address: email@example.com. CEBS would particularly welcome market participants' views on the questions set out at the end of the paper.
Since the guidelines focus on a few targeted CRD II provisions on the large exposures regime, the consultation period has been limited to two months and does not include a public hearing.