Question ID:
2013_131
Legal Act:
Regulation (EU) No 575/2013 (CRR)
Topic:
Supervisory reporting - Large Exposures
Article:
394
Paragraph:
4
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Regulation (EU) No 680/2014 - ITS on supervisory reporting of institutions (as amended)
Article/Paragraph:
ANNEX IX, Part 2, paragraph 3
Disclose name of institution / entity:
No
Type of submitter:
Credit institution
Subject Matter:
Large exposures: Definitions of ‘institutions’ for the purpose of the LE reporting
Question:

‘Investment funds’ is not a defined term within Article 4 of Regulation (EU) No 575/2013.

Background on the question:

Paragraph 3 (13) - ANNEX IX - REPORTING ON LARGE EXPOSURES of EBA's Draft ITS on Supervisory Reporting states: ‘Institutions’ shall include credit institutions and investment funds according to Article 4 of Regulation (EU) No 575/2013 and, for the purposes of this reporting, shall mean any private or public undertaking, including its branches, which has been authorised in a third country that applies prudential supervisory and regulatory requirements at least equivalent to those applied in the European Union.

Date of submission:
07/08/2013
Published as Final Q&A:
14/02/2014
Final Answer:

The expression "investment funds " in Annex IX. Part 2, paragraph 13 of the Regulation (EU) No 680/2014 13 ITS on supervisory reporting of institutionsDraft ITS on Supervisory reporting is a misprint. Taking into account Article 4.1(3) of the Regulation (EU) No 575/2013, the correct wording shall be:

18Institutions 19 shall include credit institutions and investment firms according to Article 4 of Regulation (EU) No 575/2013 and, for the purposes of this reporting, shall mean any private or public undertaking, including its branches, which has been authorised in a third country that applies prudential supervisory and regulatory requirements at least equivalent to those applied in the European Union.

A correction will be published at the next opportunity.

 

*As of 1/8/2014 the content of this answer was modified to reflect the publication of the final ITS on supervisory reporting of institutions in the Official Journal of the European Union. As a result, the references to the ITS were updated and the disclaimer deleted. For reasons of transparency, revisions are highlighted in track changes.

Status:
Final Q&A
Answer prepared by:
Answer prepared by the EBA.
Image CAPTCHA