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2 0 1 2 a n n u a l r e p o r t
3. Achievements in 2012
3.1. Regulation
3.1.1. The expansion of the Single
Rulebook in light of the adoption of the
CRD IV package
a. Active preparation of the Single Rulebook
and the status of final deliveries
In 2012, the EBA devoted its resources to the
preparation of the regulatory standards and
guidelines in anticipation of the mandates laid
down in the proposed legislation for the capi-
tal requirements directive (CRD IV) and the
capital requirements regulation (CRR), which
together form the CRD IV package. While fol-
lowing the CRD IV trialogue negotiations and
its related regulatory mandates, the EBA is-
sued consultation papers for a number of
highly prioritised areas. These were mainly
related to the areas of own funds and report-
ing requirements — the latter in order to allow
banks to prepare for the adaptation of their
systems. All the draft technical standards on
which the EBA publicly consulted in 2012 will
be reviewed to reflect any changes to the final
CRR text.
Based on the EU Commission’s draft CRR pro-
posal, three consultation papers related to the
field of regulatory own funds were issued, re-
spectively on 4 April 2012 about features linked
to capital instruments and reserves, on 7 June
about the disclosure of own funds, and on 9
November about the recognition of undertak-
ings as a mutual, cooperative society, savings
institution or similar institution. These consul-
tations gave the opportunity to the public and
stakeholders to express their comments and
a public hearing was organised on 14 June.
Twenty-seven bodies responded to the con-
sultation on the regulatory standards and 17
to the consultation on the disclosure of draft
requirements. Following the end of the con-
sultation period, the EBA took into account the
comments of stakeholders. The resulting draft
technical standards have been preliminarily
endorsed by the Board of Supervisors of the
EBA and are pending the final text of the CRR.
Single Rulebook
A single set of harmonised prudential rules for banks which
are binding in their entirety and directly applicable throughout
the EU. The Single Rulebook will ensure uniform application of
Basel III in all Member States, closing regulatory loopholes and
thus contributing to a more effective functioning of the internal
market. The new rules remove a large number of national
options and discretions from the CRD, and allow Member States
to apply stricter requirements only where these are justified by
national circumstances.
The Single Rulebook stems from the new legislative framework
proposed by the European Commission, referred to as ‘the CRD
IV package’ and made up of two distinct legislative instruments:
a directive and a regulation.
The Single Rulebook consists of binding technical standards
(BTS) which supplement the legislative instruments to which
they relate.