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

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 2014

4

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 2016

5

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

6

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 2017

7

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 2017

8

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 2017

9

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 2019

10

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 2019

11

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 2019

12

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 2020

13

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 2014

14

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 2016

15

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

16

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 2017

17

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 2017

18

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 2017

19

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 2019

20

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 2019

21

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 2019

22

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 2020

23

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 2014

24

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 2016

25

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

26

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 2017

27

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 2017

28

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 2017

29

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 2019

30

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 2019

31

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 2019

32

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 2020

33

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 2014

34

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 2016

35

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

36

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 2017

37

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 2017

38

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 2017

39

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 2019

40

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 2019

41

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 2019

42

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 2020

43

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 2014

44

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 2016

45

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

46

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 2017

47

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 2017

48

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 2017

49

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 2019

50

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 2019

51

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 2019

52

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 2020

53

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 2014

54

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 2016

55

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

56

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 2017

57

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 2017

58

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 2017

59

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 2019

60

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 2019

61

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 2019

62

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 2020

63

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 2014

64

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 2016

65

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

66

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 2017

67

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 2017

68

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 2017

69

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 2019

70

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 2019

71

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 2019

72

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 2020

73

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 2014

74

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 2016

75

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

76

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 2017

77

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 2017

78

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 2017

79

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 2019

80

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 2019

81

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 2019

82

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 2020

83

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 2014

84

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 2016

85

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

86

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 2017

87

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 2017

88

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 2017

89

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 2019

90

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 2019

91

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 2019

92

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 2020

93

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 2014

94

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 2016

95

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

96

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 2017

97

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 2017

98

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 2017

99

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 2019

100

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 2019

101

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 2019

102

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 2020

103

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 2014

104

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 2016

105

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

106

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 2017

107

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 2017

108

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 2017

109

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 2019

110

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 2019

111

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 2019

112

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 2020

113

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 2014

114

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 2016

115

amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers,

(

c

) Commission Delegated Regulation (EU) 2017/2188 of 11 August 2017

116

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 2017

117

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 2017

118

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 2017

119

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 2019

120

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 2019

121

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 2019

122

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 2020

123

amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”.

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.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

5

th 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 2013

1

, as amended by Regulation 2019/876 of the European Parliament and of the Council of 20 May 2019

2

and Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020

3

, hereby make the following regulations

Citation and Commencement