S.I. No. 637/2011 - European Union (Credit Institutions) (European Supervisory Authorities) Regulations 2011.

Item

Provision Amended

Amendment

1

Section 2(1)

After the definition of “credit institution”, insert: “ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/2010² ;”.

2

Section 12

Substitute the following subsections for subsections (2) and (3):

“(2) The Bank shall as soon as may be after the revocation of a licence, publish notice of the revocation in such manner as it thinks fit. It shall notify any such revocation to the European Commission and to the European Banking Authority.

(3) The Bank shall keep each of the following informed of the names of the holders of licences, that is to say:

(a) the Registrar of the Supreme Court;

(b) the officer for the time being managing the Central Office of the High Court;

(c) every County Registrar;

(d) every District Court Clerk;

(e) the European Banking Authority.”.

Item

Provision Amended

Amendment

1

Section 2(1)

After the definition of “director”, insert:

“ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/2010² ;”

2

Section 10

Insert the following subsection after subsection (7):

“(8) The Bank shall notify the European Banking Authority of the name of each building society issued with a certificate of incorporation under this Act.”.

3

Section 40

Insert the following subsection after subsection (7):

“(8) The Central Bank shall notify a decision of revoking a society’s authorisation to the European Commission and to the European Banking Authority.”.

Item

Provision Amended

Amendment

1

Regulation 2

In paragraph (1)—(a) after the definition of “credit union”, insert: “ ‘European Banking Authority’ means the authority established pursuant to Regulation (EU) No. 1093/2010² ;‘European Banking Committee’ means the committee established pursuant to Commission Decision 2004/10/EC³ ;”,(b) substitute the following definition for the definition of “Recast Credit Institutions Directive”: “ ‘Recast Credit Institutions Directive’ means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006⁴ relating to the taking up and pursuit of the business of credit institutions (recast), as last amended by Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010¹ ;”.

2

Regulation 6(3)

Substitute the following paragraph for paragraph (3):

“(3) The Bank shall notify the Commission and the European Banking Authority of the name of every credit institution authorised by it after the commencement of these Regulations whose minimum initial capital is less than €5,000,000.”.

3

Regulation 9

Substitute the following Regulation:

“9. (1) The Bank shall notify the Commission, the European Banking Authority and the European Banking Committee as soon as is reasonably practicable of any authorisations issued by it after these Regulations come into operation to a subsidiary of any undertaking incorporated in a state that is not a Member State.

(2) The Bank shall notify the Commission, the European Banking Authority and the European Banking Committee as soon as is reasonably practicable after it becomes so aware, of the identity of any credit institution authorised by it which, after these Regulations come into operation, becomes a subsidiary of an undertaking incorporated in a state that is not a Member State.

(3) The Bank shall, when notifying the Commission, the European Banking Authority and the European Banking Committee in accordance with paragraph (1) or (2), provide each with such details in its possession as to the corporate structure of the group of undertakings of which the credit institution concerned is a subsidiary.

(4) The Bank shall inform the Commission, the European Banking Authority and the European Banking Committee of any general difficulties of which it is aware that have been encountered by a credit institution authorised by it in seeking to carry on business in a state that is not a Member State and the Bank shall supply the Minister for Finance with that information.”.

4

Regulation 17

(a) In subparagraphs (c) and (d) of paragraph (1), substitute “the European Banking Authority” for “CEBS”, wherever occurring.

(b) Insert the following paragraph after paragraph (2):

“(3) Where the Bank has requested another competent authority:

(a) to provide assistance, or

(b) to exchange information,and this request has been rejected or has not been acted upon within a reasonable time, the Bank may refer the matter to the European Banking Authority.”.

5

Regulation 26A

Insert the following paragraphs after paragraph (5):

“(6) If, within two months, any of the competent authorities concerned refer a request made by the Bank under paragraph (1) to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010² , the Bank shall defer taking any decision pursuant to paragraph (4) pending the decision of the European Banking Authority.

(7) A decision by the Bank pursuant to paragraph (4) shall be in conformity with a decision of the European Banking Authority in accordance with Article 19(3) of Regulation (EU) No 1093/2010 following a referral in accordance with that Regulation.

(8) The Bank may not refer a request made in accordance with paragraph (1) to the European Banking Authority after the end of the two month period or after a joint decision has been reached in accordance with paragraph (3).”.

6

Regulation 29(4)

Substitute the following paragraph for paragraph (4):

“(4) The Bank shall, as soon as may be, inform the Commission, the European Banking Authority and the competent authorities of the Member State in which the institution is authorised of the measures taken under paragraph (1).”.

7

Regulation 30

Substitute the following Regulation:

“30. The Bank shall notify the Commission and the European Banking Authority as soon as may be thereafter, of each case in which the Bank has refused to transmit a notice in accordance with Regulation 21 (5) or in which the Bank issues a direction under Regulation 27 and shall provide the Commission with such details as the Bank considers necessary for the purposes of complying with this Regulation.”.

Item

Provision Amended

Amendment

1

Regulation 2(1)

After the definition of “EU parent investment firm,” insert: “ ‘European Banking Authority’ means the body established pursuant to Regulation (EU) No. 1093/2010² ;”

2

Regulation 20

Insert the following paragraph after paragraph (1):

“(1A) Where, under paragraph (1), the Bank waives the application of capital requirements on a consolidated basis, it shall notify the Commission and the European Banking Authority.”.

3

Regulation 30

Substitute the following paragraph for paragraph (2):

“(2) The Bank shall notify the European Banking Authority, the Council and the Commission of those procedures.”.

4

Regulation 36

Insert the following paragraphs after paragraph (2):

“(2A) The Bank shall cooperate with the European Banking Authority for the purposes of the recast Directive (IF), in accordance with Regulation (EU) No. 1093/2010² .

(2B) The Bank shall without delay provide the European Banking Authority with all information necessary to carry out its duties under the recast Directive (IF) and under Regulation (EU) No. 1093/20102 in accordance with Article 35 of that Regulation.”.

Item

Provision Amended

Amendment

1

Regulation 2

In paragraph (1)—

(a) delete the definition of “CEBS”,

(b) insert the following definitions after the definition of “credit institution”:

“ ‘European Banking Authority’ means the body established pursuant to Regulation (EU) No. 1093/2010² ; ‘European Systemic Risk Board’ means the body established pursuant to Regulation (EU) No. 1092/2010⁵ ;”.

2

Regulation 8A

In paragraph (4), substitute “developed by the European Banking Authority” for “elaborated by CEBS”.

3

Regulation 18

In paragraph (4), substitute “developed by the European Banking Authority” for “elaborated by CEBS”.

4

Regulation 56

In paragraph (4), substitute “the European Banking Authority” for “CEBS”.

5

Regulation 57

Insert the following paragraph after paragraph (15):

“(16) The Bank shall inform the Commission and the European Banking Authority of any limit applied in accordance with paragraph (14).”.

6

Regulation 67

Insert the following paragraph after paragraph (1A):

“(1B) Where the Bank is—

(a) responsible for the exercise of supervision, on a consolidated basis, of EU parent credit institutions and credit institutions controlled by EU parent financial holding companies, or

(b) responsible for the supervision of subsidiaries of an EU parent credit institution or an EU parent financial holding company,it may, if the other competent authorities concerned do not co-operate in carrying out the tasks set out in paragraph (1), refer the matter to the European Banking Authority.”.

7

Regulation 67

Insert the following paragraphs after paragraph (8): “(8A) If, at the end of the six month period, any of the competent authorities concerned refer an application made in accordance with paragraph (2) to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010² , the Bank shall defer taking any decision pursuant to paragraph (8) pending the decision of the European Banking Authority. (8B) A decision by the Bank pursuant to paragraph (8) shall be in conformity with a decision of the European Banking Authority in accordance with Article 19(3) of Regulation (EU) No 1093/2010² following a referral in accordance with that Regulation. (8C) The Bank may not refer an application made in accordance with paragraph (2) to the European Banking Authority after the end of the six month period or after a joint decision has been reached in accordance with paragraph (4).”.

8

Regulation 67A

(a) In paragraphs (4) and (9), substitute “the European Banking Authority” for “CEBS”, wherever occurring,

(b) Insert the following paragraphs after paragraph (7):

“(7A) If, at the end of the six month period, any of the competent authorities concerned refer a proposal for a joint decision under paragraph (1) to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/20102, the Bank shall defer taking any decision pursuant to paragraph (6) or (7) pending the decision of the European Banking Authority.

(7B) A decision by the Bank pursuant to paragraph (6) or (7) shall be in conformity with a decision of the European Banking Authority in accordance with Article 19(3) of Regulation (EU) No 1093/20102 following a referral in accordance with that Regulation.

(7C) The Bank may not refer a proposal for a joint decision under paragraph (1) to the European Banking Authority after the end of the six month period or after a joint decision has been reached in accordance with paragraph (1).”,

(c) In paragraph (11), substitute the following subparagraph for subparagraph (b):

“(b) ‘4-month period’ were substituted for ‘6-month period’ in paragraphs (7A) and (8).”.

9

Regulation 68

Substitute the following paragraph for paragraph (1):

“(1) Where—

(a) an emergency situation, including a situation as defined in Article 18 of Regulation (EU) No 1093/2010² or a situation of adverse developments in markets, arises, which potentially jeopardises the market liquidity and the stability of the financial system in any of the Member State where entities of a group have been authorised or where significant branches referred to in Article 42a of the Recast Credit Institutions Directive are established, and

(b) the Bank is responsible for the exercise of supervision on a consolidated basis, it shall—

(i) as soon as is practicable, alert the European Banking Authority, the European Systemic Risk Board, the other central banks concerned and the administrative authorities of central governments concerned with financial supervision policy, and

(ii) communicate to them all information that is essential for the performance of their tasks.”.

Item

Provision Amended

Amendment

1

Regulation 3(1)

After the definition of “credit institution”, insert:

“ ‘European Banking Authority’ means the body established pursuant to Regulation (EU) No. 1093/2010² ;”.

2

Regulation 4

Substitute the following paragraph for paragraph (8):

“(8) As soon as practicable after entering into an agreement under paragraph (5), the Bank shall notify the European Commission and the European Banking Authority of the agreement and its contents.”.

3

Regulation 10

(a) Insert the following paragraphs after paragraph (2):

“(2A) The Bank shall cooperate with the European Banking Authority for the purposes of the Recast Credit Institutions Directive, in accordance with Regulation (EU) No 1093/20102.

(2B) The Bank shall provide the European Banking Authority with all information necessary to carry out its duties under the Recast Credit Institutions Directive and under Regulation (EU) No 1093/20102, in accordance with Article 35 of that Regulation.”,

(b) Insert the following paragraph after paragraph 5A:

“(5A) The Bank may refer to the EBA situations where—

(a) a competent authority has not communicated essential information, or

(b) a request for co-operation, in particular to exchange relevant information, has been rejected or has not been acted upon within a reasonable time.”.

4

Regulation 11

Substitute the following paragraphs for paragraphs (3) to (5):

“(3) If—

(a) the Bank is responsible for supervising a credit institution that is a subsidiary of a parent undertaking, and

(b) the competent authority of another Member State authorised and is responsible for supervising that undertaking,the Bank may, in accordance with Article 28 of Regulation (EU) No 1093/2010² , enter into an agreement in writing with that authority, under which that responsibility is delegated to that authority. On the making of such a delegation, that authority becomes responsible for supervising the subsidiary in accordance with the Recast Credit Institutions Directive.

(4) If—

(a) the competent authority of another Member State is responsible for supervising a credit institution that is a subsidiary of a parent undertaking, and

(b) the Bank authorised and is responsible for supervising that undertaking,

the Bank may, in accordance with Article 28 of Regulation (EU) No 1093/20102, enter into an agreement in writing with that authority under which that responsibility is delegated to the Bank. On the making of such a delegation, the Bank becomes responsible for supervising the subsidiary in accordance with the Recast Credit Institutions Directive. (5) As soon as practicable after entering into an agreement under paragraph (3) or (4), the Bank shall inform the European Banking Authority in writing of the existence of the agreement and its contents.”.

5

Regulation 11A

(a) In paragraph (3), substitute the following subparagraph for subparagraph (a):

“(a) exchanging information in accordance with Article 21 of Regulation (EU) No 1093/2010² ;”

(b) Substitute the following for paragraph (4):

“(4) Where the Bank is a participant in a college of supervisors, it shall co-operate closely with the other competent authorities participating in the college and with the European Banking Authority.”

(c) In paragraph (7), substitute the following subparagraphs for subparagraph (d):

“(d) third countries’ competent authorities where appropriate and subject to confidentiality requirements that are equivalent, in the opinion of all participating competent authorities in Member States, to the requirements under Section 2 of Chapter 1 of Title V of the Recast Credit Institutions Directive;

(e) the European Banking Authority.”.

In paragraph (10), substitute “the European Banking Authority” for “CEBS”, wherever occurring.

6

Regulation 16

Substitute the following Regulation:“16. The Bank shall maintain a list of financial holding companies as required by Article 140(3) of the Recast Credit Institutions Directive and shall communicate that list on a regular basis to the European Banking Authority, the European Commission and to the competent authorities within the Member States responsible for the supervision of credit institutions.”.

7

Regulation 18

(a) Substitute the following paragraph for paragraph (4):

“(4) The Bank—

(a) shall consult the European Banking Authority before making a decision under this Regulation, and

(b) in carrying out the verification, shall take into account any guidance given by the European Banking Committee under Article 143 of the Recast Credit Institutions Directive.”

(b) Substitute the following paragraph for paragraph (8):

“(8) As soon as practicable after taking action under this Regulation, the Bank shall notify the action taken to the competent authorities of the other Member State concerned, to the European Banking Authority and to the European Commission.”.