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Provision history · CRR

Art. 494a · Grandfathering of issuances through special purpose entities

Capital Requirements Regulation · 32013R0575 · every version of this act · on EUR-Lex

2 changes recorded across 2 versions, newest first.

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Version in force Modified +3 −6

Amended by Regulation (EU) 2021/424 32021R0424 on EUR-Lex

Applies from: no date changed

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Found in the text, but not every source lists it — the text comparison found this change; the EU's own amendment metadata does not list it and the amending act's instructions do not mention it. Only the text comparison found it. All are shown; none is overruled.

Explanation, written by a model and checked against the cited text

In paragraph 2, point (a) now refers to the conditions set out in Article 63 as a whole, rather than to the conditions set out in Article 63(1) as in the earlier text.

Cited: Art. 494a, v1 · Art. 494a, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 28 June 2021 02013R0575-20210629 → this version, in force 30 September 2021 02013R0575-20210930

Article 494a Grandfathering of issuances through special purpose entities 1. By way of derogation from Article 52, capital instruments not issued directly by an institution shall qualify as Additional Tier 1 instruments until 31 December 2021 only where all the following conditions are met: (a) the conditions set out in Article 52(1), except for the condition requiring that the instruments are directly issued by the institution; (b) the instruments are issued through an entity within the consolidation pursuant to Chapter 2 of Title II of Part One; (c) the proceeds are immediately available to the institution without limitation and in a form that satisfies the conditions set out in this paragraph. 2. By way of derogation from Article 63, capital instruments not issued directly by an institution shall qualify as Tier 2 instruments until 31 December 2021 only where all the following conditions are met: (a) the conditions set out in Article 63(1), 63, except for the condition requiring that the instruments are directly issued by the institution; (b) the instruments are issued through an entity within the consolidation pursuant to Chapter 2 of Title II of Part One; (c) the proceeds are immediately available to the institution without limitation and in a form that satisfies the conditions set out in this paragraph.

Version in force Inserted

Amended by Regulation (EU) 2019/876 32019R0876 on EUR-Lex

Applies from: not readable (an inserted provision states its own application date only in prose) why

Explanation, written by a model and checked against the cited text

A new Article 494a is added, setting out conditions under which capital instruments not directly issued by an institution can still qualify as Additional Tier 1 or Tier 2 instruments until 31 December 2021, by way of derogation from Articles 52 and 63 respectively.

For both Additional Tier 1 and Tier 2 treatment, the article requires that the relevant conditions of Article 52(1) or Article 63(1) are met except for the direct-issuance requirement, that the instruments are issued through an entity within the consolidation under Chapter 2 of Title II of Part One, and that the proceeds are immediately available to the institution without limitation in a form satisfying those conditions.

Cited: Art. 494a, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, on this version's page