EBA · 2013_358 Final Q&A

Operational risk

Regulation
Regulation (EU) No 575/2013 (CRR)
Article
Art 95, para. (3)
Topic
Operational risk
Submitted by
Investment firm
Submitted
2013-10-08
Answered
2013-11-08
Answer provided by
ESAs (EBA, ESMA, EIOPA)
Browse ECB SSM Register → More Q&As on this regulation →

Question

Article 95 (3) in Regulation (EU) No 575/2013 (CRR) has a reference to Title VII, Chapter 3, Section II, Sub-section 1 of Directive 2013/36/EU. From reviewing Directive 2013/36/EU (CRD) there are no sub-sections of the above mentioned Section II. Section II which starts with Article 119 regards Financial holding companies etc. In light of this the reference to the CRD in Article 95 (3) of the CRR does not seem to be correct, could the EBA please provide guidance?

Background

Trying to understand the requirements for an investment firm referred to in article 95(1) of the CRR.

Answer

Indeed, the reference is not correct. The correct reference in CRR article 95(3) should be to: "Title VII, Chapter 2, Section II, subsection 2 of Directive 2013/36/EU". The correction will be made in the upcoming Corrigendum. DISCLAIMER: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General for Internal Market and Services) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention

Original source: European Banking Authority, Q&A ID 2013_358

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

Similar Q&As

Application of article 95 (2) of Regulation (EU) No 575/2013

Answered 2013-08-27

Reference to Chapter III in Article 96(3)(b)

Answered 2018-03-02

Groups including an investment firm referred to in Article 95(1) of the CRR controlled by a financial holding company or mixed financial holding company

Answered 2014-08-01

Additional Tier 1 and Tier 2

Answered 2014-10-31

Referencing in Article 41

Answered 2015-10-02

More Q&As on this topic

Operational risk – gross loss in tax related events in accordance with REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, Article 318.

Answered 2025-04-11

Operational Risk - Refund of interest and fees

Answered 2023-03-31

Meaning of "the last three twelve-monthly observations" in Articles 315(1) and 317(4) CRR regarding the calculation of operational risk requirements

Answered 2020-11-20

Calculation of operational risk capital requirements under BIA

Answered 2020-07-31

Calculation of 3 year indicator at consolidated level where figures for individual entities are negative

Answered 2018-11-23

📋 Track EU financial regulation continuously

Forseti monitors EU financial regulation and delivers personalised alerts anchored to verified official sources.

Start free trial → Learn more

14-day free trial. No credit card required.