2013_131 Large exposures: Definitions of ‘institutions’ for the purpose of the LE reporting

Question ID:

2013_131

Legal Act:

Regulation (EU) No 575/2013 (CRR)

Topic:

Supervisory reporting - Large Exposures

Article:

394

Paragraph:

COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:

Regulation (EU) No 680/2014 - ITS on supervisory reporting of institutions (repealed)

Article/Paragraph:

ANNEX IX, Part 2, paragraph 3

Disclose name of institution / entity:

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 institutions~~Draft 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.