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Unless otherwise specified, terms used and defined in Regulation (EU) No 575/2013 and Directive 2013/36/EU have the same meaning in the guidelines. In addition, for the purposes of these guidelines, the following definitions apply: | Credit intermediation activities | Bank-like transformation, credit These following Directive Exposures pursuant No into | risk transfer activities 2013/36/EU: 575/2013 account | activities to to with the | liquidity include points individual Part effect | involving maturity transformation, leverage, or similar activities. at least those listed in the of Annex 1 of points 1 to 3, 6 to 8, and 10. shadow banking entities Four of Regulation (EU) an exposure value, after taking of the credit risk mitigation | | Exposures to shadow banking entities | in exemptions 493(3) 0.25% in Article Undertakings | accordance of that of the 4(1)(71) | in institution’s that | with accordance Regulation, of | Articles 399 to 403 and with Articles 400 and equal to or in excess of eligible capital as defined Regulation (EU) No 575/2013. carry out one or more credit | | Shadow banking entities | intermediation undertakings. (1) supervision situation | undertakings | on of | activities the an | and that are not excluded included in consolidated basis of the consolidated institution as defined in | | Excluded undertakings | Article (2) consolidated authority which requirements applied (3) points | 4(1)(47) undertakings pursuant applies in the undertakings (1) and (a) credit (c) third country requirements least equivalent (d) recognised (e) entities authorised authorities authorities requirements institutions institution’s concerned institution Regulation (f) entities Article 2(5) (g) entities Directive (h) insurance undertakings, third country country supervisory concerned (i) undertakings Directive Article 4 (j) institutions provision Article 6 prudential comparable within Directive (k) undertakings except assets two years distinct returns preserving market (l) central point No 648/2012 country Article 25 (m) electronic point Directive (n) payment of Article (o) entities carry out their parent or for undertakings; (p) resolution vehicles points Directive partially authorities 2016 for some or one or restore institution | basis that Union. (2) institutions;(b) country applies 2013/36/EU; reinsurance is 2009/138/EC of within of the 2003/41/EC (i) within Directive (ii) they provide supervision equivalent Directive (iii) 4(1)(a) the (iv) long-term accordance 2015/760 (v) (1)(b) (‘qualifying funds’); (vi) Regulation venture undertakings with or in funds); counterparties (1) CCPs of (3) 2009/110/EC 4 other and (18), 2014/59/EU owned the all more the or | of Regulation which but to third which and or and comparable in exposure(s) is treated pursuant (EU) referred of Directive referred insurance regime deemed that Directive and to meaning established are within exception - - which within of within a residual (short-term cumulative line the of 36 recognised that institutions of Directive the credit undertakings, bridge (56) established purpose of the institutions viability, to | (EU) No 575/2013. which are supervised on a by a third country competent to the law of a third country prudential and supervisory are at least equivalent to those are not within the scope of which are: investment firms; credit institutions if the third prudential and supervisory that institution that are at to those applied in the Union; country investment firms; are financial institutions supervised by the competent third country competent subject to prudential to those applied to terms of robustness where the to the entity as an exposure to an to Article 119(5) of No 575/2013; to in points (2) to (23) of 2013/36/EU; to in Article 9(2) of holding companies, insurance reinsurance undertakings and undertakings and third-undertakings where the of the third country equivalent; excluded from the scope of 28 in accordance with Directive; for occupational retirement the meaning of point (a) of 2003/41/EC29 or subject to supervisory requirements those applied to institutions of point (a) of Article 6 of in terms of robustness; for collective investment: the meaning of Article 1 of 2009/65/EC30 ; in third countries where authorised under laws which that they are subject to considered to be to that laid down in 2009/65/EC; the meaning of Article of Directive 2011/61/EU31 with of: undertakings employing leverage on a substantial basis according to Article 111(1) of Commission Delegated Regulation (EU) 231/201332 and/or undertakings which are allowed to originate loans or purchase third party lending exposures onto their balance-sheet pursuant to the relevant fund rules or instruments of incorporation; are authorised as ‘European investment funds’ in with Regulation (EU) 33 ; the meaning of Article 3 Regulation (EU) 346/201334 social entrepreneurship the meaning of Article 3(b) of (EU) 345/201335 (‘qualifying capital funds’). that invest in financial maturity not exceeding assets) and have as objectives offering with money market rates or value of the investment (money (CCPs) as defined in Article 2 of Regulation (EU) established in the EU and third by ESMA pursuant to Regulation; money issuers as defined in of Article 2 of 37 ; as defined in point (4) 2007/64/EC38 ; principal activity of which is to intermediation activities for for their subsidiaries subsidiaries of their parent authorities, asset management institutions as defined in and (59) of Article 2(1) of 39 and entities wholly or by one or more public prior to the 1 January of receiving and holding assets, rights and liabilities of in order to preserve or liquidity or solvency of an stabilise the financial market. |
28 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (recast) (OJ L 335, 17.12.2009, p. 1). 29 Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10). 30 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (OJ L 302, 17.11.2009, p. 32). 31 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1). 32 Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (OJ L 83, 22.3.2013, p. 1). 33 Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (OJ L 123, 19.5.2015, p. 98). 34 Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ L 115, 25.4.2013, p. 18). 35 Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ L 115, 25.4.2013, p. 1). 36 Regulation (EU) 648/2012 of European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1). 37 Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7). 38 Directive 2007/64/EC of the European Parliament and of the Council of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ L 319, 5.12.2007, p. 1). 39 Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU and Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and of the Council (OJ L 173, 12.6.2014, p.190).
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