Article 1, Point (44) · Directive (EU) 2024/1619

Contents

(44)Article 131 is amended as follows:

(a)in paragraph 5a, the second subparagraph is replaced by the following:‘Within six weeks of receipt of the notification referred to in paragraph 7 of this Article, the ESRB shall provide the Commission with an opinion as to whether the O-SII buffer is deemed appropriate. EBA may also provide the Commission with its opinion on the buffer in accordance with Article 16a(1) of Regulation (EU) No 1093/2010.’;

(b)in paragraph 6, the following point is added:

(c)where an O-SII becomes bound by the output floor, its competent authority or designated authority shall review, by a date no later than the date of the annual review referred to in point (b), the institution’s O-SII buffer requirement in order to ensure that its calibration remains appropriate.’

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(c)in paragraph 15, the second subparagraph is replaced by the following:‘Where the sum of the systemic risk buffer rate as calculated for the purposes of Article 133(10), (11) or (12) and the O-SII buffer rate or the G-SII buffer rate to which the same institution is subject to would be higher than 5 %, the procedure set out in paragraph 5a of this Article shall apply. For the purposes of this paragraph, where the decision to set a systemic risk buffer, O-SII buffer or G-SII buffer results in a decrease or no change from any of the previously set rates, the procedure set out in paragraph 5a of this Article shall not apply.’;