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4. Outlook
4.1. Regulation
4.1.1. The SRB in depth
The EBA has a large number of deliverables
under the CRD IV/CRR framework being pre-
pared in 2013. The final delivery date still re-
mains uncertain and dependent on the final
CRD IV/CRR legislation. The EBA is however
working on the assumption of a finalised CRD
IV/CRR in order to minimise the uncertainty
for market participants and ease a consistent
implementation of the CRD IV/CRR frame-
work. In 2013, the EBA expects several man-
dates for regulatory technical standards to be
added to the CRR compared to the EU Com-
mission’s initial proposal. All the technical
standards which were prepared in 2012 will
also be checked against the final text. More­
over some recurrent tasks will start with the
effective implementation of various provisions
of the CRD/CRR. For instance, in the area of
own funds the EBA expects to establish a list
of the instruments qualifying as CET1 in Mem-
ber States. After the entry into force of the
CRR, the EBA will also monitor new issuances
of regulatory own funds.
In December 2012, the EBA adopted a decision
to set up an implementation questions and an-
swers process (Implementation Q & A process),
which will be a key feature in contributing to
the Single Rulebook in banking regulation by
providing regulatory and supervisory guidance
with a view to ensuring consistent and effective
application of the regulatory framework. This
process foresees close and ongoing interaction
between the EBA and the European Commis-
sion to ensure that the responses to the ques-
tions submitted remain fully consistent with
the European legislative texts. The mandate
stems from Article 1(5)(a) of Regulation (EU)
No 1093/2010 that requires the EBA to ensure
consistent and effective application of the Eu-
ropean legislation within its scope. The Single
Rulebook in banking regulation also com-
prises delegated acts (RTS and ITS) adopted
by the European Commission (based on EBA
work) as well as EBA guidelines. Regulations
and related technical standards, albeit directly
applicable to the industry without national im-
plementation, are still expected to give rise to
questions regarding their practical applica-
tion. For directives and guidelines, the room
for implementation questions is obviously
higher. The mandate also calls on the EBA to
address the evolution of supervisory practices
and developments in banking practice and
financial innovation. The process as such is
consistent with Article 29 of Regulation (EU)
No 1093/2010, asking the EBA to ‘develop new
practical instruments and convergence tools
to promote common supervisory approaches
and practices’. It offers a single point of en-
try and procedure for addressing questions
and thereby provides an efficient tool for deal-
ing with issues that can be expected to cut
across various layers of the Single Rulebook,
or concern various areas simultaneously.
Peer review and pressure are expected to play
a driving force in ensuring adherence to and
compliance with the responses provided in
the Q & A process, even though they have no
force in law. With the impending relaunch of
the EBA public website a dedicated tool will
be introduced to allow for questions to be sub-
mitted online by institutions, supervisors or
other stakeholders. Depending on the priority
attributed to a question, the process will take,
in principle, between 6 to 8 weeks before a fi-
nal answer will be published on the EBA web-
site. The number of questions under review
and the complexity of the topics might at times
lead to longer response time. All Q & As will
be collected in a ‘library’, that will be edited
and updated as questions and responses are
finalised. The nature of questions, evolution
of banking operations or of supervisory prac-
tices, may in some cases establish the need
for new or for the review of existing rules or
guidelines. The Q & A process thus will con-
tribute to and supplement the Single Rulebook
and moreover ensure that the latter embodies
a ‘living’ and evolving regulatory framework.
4.1.2 Preparation for a new crisis
management regime
In June 2012, the European Commission pub-
lished a proposal for a directive establishing
a framework for the recovery and resolution
of credit institutions and investment firms —
the recovery and resolution directive (RRD).
This directive introduces a Union-wide crisis
management framework and defines a three-
fold role for the EBA in recovery and resolu-
tion procedures, giving the EBA mandates
to develop binding technical standards and
guidelines forming a Single Rulebook, vesting
the EBA with a mediation role between na-
tional authorities for cross-border groups and