Date: 2023-09-27Category: Not ApplicableState: Union GovernmentCountry: Europe
Commission Implementing Regulation (EU) 2023/2056 of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
Executive Summary:
This Commission Implementing Regulation (EU) 2023/2056 amends Implementing Regulation (EU) No 945/2014 by updating the list of relevant appropriately diversified indices, based on data from 2022, to ensure they meet specific risk requirements as per Regulation (EU) No 575/2013. The updated annex replaces the previous one. The regulation takes effect twenty days after its publication in the Official Journal of the European Union.
Key Points / Main Content:
* **Purpose:** Update the list of relevant appropriately diversified indices.
* **Basis:** Reassessment by the European Banking Authority (EBA) using 2022 data.
* **Amendment:** The annex to Implementing Regulation (EU) No 945/2014 is replaced with an updated list of stock indices.
* **Justification for No Consultation:** Due to the limited scope and impact, no public consultation or cost-benefit analysis was conducted.
* **Entry into Force:** The regulation enters into force twenty days after its publication in the Official Journal of the European Union.
Impact Analysis:
**Credit Institutions:**
* *Impact:* Credit institutions using the list of diversified indices for calculating capital requirements will need to use the updated list.
* *Action Required:* Review and update internal models and risk assessments to reflect the changes in the updated annex.
**European Banking Authority (EBA):**
* *Impact:* The EBA's reassessment of indices formed the basis for this regulation.
* *Action Required:* No further action required, as the reassessment is complete.
**European Commission:**
* *Impact:* Responsible for adopting and publishing the implementing regulation.
* *Action Required:* Ensure the updated regulation is accessible and properly implemented across Member States.
Key Entities Referenced
European Commission: The executive branch of the European Union, responsible for proposing legislation, implementing decisions, and managing the EU's day-to-day operations.
Official Journal of the European Union: The official gazette of record for the European Union (EU). It is used for the publication of EU legislation, including regulations, directives, decisions, recommendations, and opinions.
Regulation EU No 575/2013: A regulation of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation EU No 648/2012.
European Banking Authority: An agency of the European Union headquartered in Paris. Its main task is to contribute to the stability of the European financial system by enhancing the integrity, efficiency, and orderly functioning of the banking sector.
Commission Implementing Regulation EU No 945/2014: A commission regulation laying down implementing technical standards with regard to relevant appropriately diversified indices according to Regulation EU No 575/2013 of the European Parliament and of the Council.
Treaty on the Functioning of the European Union: One of the two primary treaties forming the constitutional basis of the European Union (EU).
Brussels: The capital of Belgium and a major center for European politics, serving as the de facto capital of the European Union. This is where the regulation was adopted.
Ursula VON DER LEYEN: The President of the European Commission.
27.9.2023 EN Official Journal of the European Union L 238/89
COMMISSION IMPLEMENTING REGULATION (EU) 2023/2056
of 26 September 2023
amending the implementing technical standards laid down in Commission Implementing Regulation
(EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in
accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on
prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular
Article 344(1), third subparagraph thereof,
Whereas:
(1) To ensure that the stock indices listed in the Annex to Commission Implementing Regulation (EU) No 945/2014(2)
continue to meet the conditions for their specific risk to be ignored, the European Banking Authority has reassessed
the relevant indices in light of the latest available data, which is the data relative to the year 2022. That reassessment
has shown the need to update the list of relevant appropriately diversified indices.
(2) Implementing Regulation (EU) No 945/2014 should therefore be amended accordingly.
(3) This Regulation is based on the draft implementing technical standards submitted to the Commission by the
European Banking Authority.
(4) The amendments to Implementing Regulation (EU) No 945/2014 do not arise because of changes to the assessment
methodology applied. Hence, for the sole purpose of updating the list of relevant appropriately diversified indices,
the European Banking Authority has neither conducted an open public consultation on the draft implementing
technical standards on which this Regulation is based, nor analysed the potential related costs and benefits
considering that such a consultation or analysis would be highly disproportionate in relation to the scope of the
amendments introduced and impact of the draft implementing technical standards concerned. In fact, only a small
number of indices should be removed from that list as a consequence of the reassessment, and such indices are in
any case outnumbered by the new indices introduced,
HAS ADOPTED THIS REGULATION:
Article 1
The Annex to Implementing Regulation (EU) No 945/2014 is replaced by the text in the Annex to this Regulation.
(1) OJ L 176, 27.6.2013, p. 1.
(2) Commission Implementing Regulation (EU) No 945/2014 of 4 September 2014 laying down implementing technical standards with
regard to relevant appropriately diversified indices according to Regulation (EU) No 575/2013 of the European Parliament and of the
Council (OJ L 265, 5.9.2014, p. 3).L 238/90 EN Official Journal of the European Union 27.9.2023
Article 2
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 26 September 2023.
For the Commission
The President
Ursula VON DER LEYEN27.9.2023 EN Official Journal of the European Union L 238/91
ANNEX
‘ANNEX
Stock indices meeting the requirements of Article 344 of Regulation (EU) No 575/2013
Index Country\Area
1. STOXX Asia/Pacific 600 Asia/Pacific
2. ASX100 Australia
3. ATX Austria
4. ATX Prime Austria
5. BEL20 Belgium
6. SaoPaulo – Bovespa Brazil
7. TSX60 Canada
8. CETOP20 Index Central Europe
9. CSI 100 Index China
10. CSI 300 Index China
11. FTSE China A50 Index China
12. Hang Seng Mainland 100 China China
13. OMX Copenhagen 25 Denmark
14. OMX Copenhagen Benchmark Denmark
15. FTSE RAFI Developed 1000 Developed Markets
16. CECE Composite Index EUR Eastern Europe
17. FTSE RAFI Emerging Markets Emerging Markets
18. MSCI Emerging Markets 50 Emerging Markets
19. Cboe Eurozone 50 Europe
20. DJ Euro STOXX 50 Europe
21. FTSE All World Europe Europe
22. FTSE Euro 100 Europe
23. FTSE Eurofirst 100 Europe
24. FTSE Eurofirst 300 Europe
25. FTSE Eurofirst 80 Europe
26. FTSE Eurotop 100 Europe
27. MSCI Euro Europe
28. MSCI Europe Europe
29. MSCI Pan-Euro Europe
30. NTX New Europe Blue Chip Europe
31. S&P Euro Europe
32. S&P Europe 350 Europe
33. STOXX All Europe 100 EuropeL 238/92 EN Official Journal of the European Union 27.9.2023
Europe
34. STOXX All Europe 800
35. STOXX Europe 50 Europe
36. STOXX Europe 600 Europe
37. STOXX Europe 600 Equal Weight Europe
38. STOXX Europe Lrg 200 Europe
39. STOXX Europe Mid 200 Europe
40. STOXX Europe Small 200 Europe
41. STOXX Select Dividend 30 Europe
42. OMXH25 Finland
43. CAC40 France
44. Cboe France 40 France
45. SBF 120 France
46. Cboe Germany 40 Germany
47. DAX Germany
48. HDAX Germany
49. MDAX Germany
50. SDAX Germany
51. FTSE RAFI All World Global
52. MSCI World Index Global
53. Athens General Greece
54. FT ASE Large Cap Greece
55. Hang Seng Hong Kong
56. Hang Seng China Enterprises Hong Kong
57. NIFTY 50 India
58. S&P BSE 100 India
59. ISEQ 20 Ireland
60. Cboe Italy 40 Italy
61. FTSE MIB Italy
62. Nikkei225 Japan
63. Nikkei300 Japan
64. TOPIX 400 Japan
65. TOPIX Core 30 Japan
66. S&P Latin America 40 Latin America
67. FTSE Bursa Malaysia KLCI Malaysia
68. FTSE Bursa Malaysia Top100 Malaysia
69. MSE Share Index Malta
70. INMEX Index Mexico
71. IPC Index Mexico
72. AEX Netherlands27.9.2023 EN Official Journal of the European Union L 238/93
Netherlands
73. AMX
74. Cboe Netherlands 25 Netherlands
75. NZSE50 New Zealand
76. Cboe Norway 25 Norway
77. OBX Norway
78. OBXP Norway
79. mWIG40 Poland
80. WIG20 Poland
81. MSCI Singapore Free Index Singapore
82. Straits Times Index Singapore
83. FTSE JSE Top 40 South Africa
84. Cboe Spain 35 Spain
85. IBEX35 Spain
86. Cboe Sweden 30 Sweden
87. OMX Stockholm 30 Sweden
88. Cboe Switzerland 20 Switzerland
89. SMI Switzerland
90. SMI MID Switzerland
91. SET 50 Thailand
92. Cboe UK 100 UK
93. FTSE 100 UK
94. FTSE AIM 100 UK
95. FTSE AIM UK 50 UK
96. FTSE Fledgling UK
97. FTSE mid-250 UK
98. FTSE Small Cap UK
99. Dow Jones Ind. Av. USA
100. NASDAQ 100 USA
101. S&P 500 USA’