AECC meaning

EU financial services developments EBA shortens timeframe for applications for prior permission to reduce own funds and eligible liabilities instruments The European Banking Authority (EBA) has issued its final draft amendments to the regulatory technical standards (RTS) on own funds and eligible liabilities, trimming the period for competent and resolution authorities to decide on institutions’ applications to reduce own funds and eligible liabilities instruments from four months to three. The EBA finds that authorities now have ample experience with these processes to complete assessments more swiftly. According to the EBA, the focused changes to the Commission Delegated Regulation on own funds and eligible liabilities are intended to deliver immediate gains by cutting unnecessary regulatory burden for institutions. Furthermore, following the exemption set out in Directive (EU) 2024/1174 (the Daisy Chain Act), which removes the need for liquidation entities to obtain prior permission to reduce eligible liabilities instruments, the RTS provisions that had provided a simplified procedure for these entities have been removed. Source: The EBA publishes final...

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