Commission publishes proposal to amend CRD | Practical Law

Commission publishes proposal to amend CRD | Practical Law

On 1 October 2008, the European Commission (Commission) published its proposal to amend the Capital Requirements Directives (2006/48/EC and 2006/49/EC) (CRD).

Commission publishes proposal to amend CRD

Practical Law UK Legal Update 5-383-5566 (Approx. 3 pages)

Commission publishes proposal to amend CRD

by PLC Financial Services
Published on 01 Oct 2008 • European Union
On 1 October 2008, the European Commission (Commission) published its proposal to amend the Capital Requirements Directives (2006/48/EC and 2006/49/EC) (CRD).
In drawing up its proposal, the Commission consulted extensively with international partners, Member States and industry (see Legal update, Commission launches consultation on CRD amendments).
The proposed amendments respond to:
  • the roadmap agreed by EU Finance Ministers in October 2007 to address the issues arising from the ongoing financial turmoil; and
  • recommendations made by the G7 Financial Stability Forum in April 2008.
A press release accompanied the Commission's proposal and the following documents have also been published:
The European Parliament and the Council of Ministers will consider the Commission's proposal, with a view to adopting new measures by April 2009.