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EU Parliament Adopts CRD IV

Following the conclusion of trialogue negotiations between the EU Parliament, EU Council and EU Commission in March over the implementation of Basel III in the EU, on 16 April 2013 the Parliament issued a press release announcing the adoption of the legislative package known as CRD IV, which will implement Basel III within the EU.

A planned timetable for implementation was also published on both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) websites on 16 April 2013.  CRD IV is expected to take effect from 1 January 2014 subject to its publication in the Official Journal of the EU by 1 July 2013.  In order to facilitate this, the FCA and PRA will undertake two consultations on elements of the framework.  However, it is not clear whether they intend to consult jointly or separately on implementing the reforms.

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