Finance Act 2022
|
Banking levies modernisation | ||
|
70. (1) The Finance Act 2021 is amended, in section 61— | ||
(a) by the insertion of the following subsection after subsection (1): | ||
“(1A) Notwithstanding the amendments effected by subsection (1)— | ||
(a) paragraph (a) of that subsection shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (2) or (2B) of section 123B not later than 31 January 2023, and | ||
(b) paragraphs (c)(i)(II)(B), (c)(ii)(II)(B) and (c)(iv) of that subsection shall not apply in respect of a statement required to be delivered to the Revenue Commissioners pursuant to subsection (1)(b) or (2)(b) of section 124 not later than 31 January 2024.”, | ||
and | ||
(b) by the substitution of the following subsection for subsection (4): | ||
“(4) This section shall come into operation on 1 January 2023.”. | ||
(2) The Principal Act is amended in section 123B, in subsection (1)— | ||
(a) by the substitution of the following definition for the definition of “credit institution”: | ||
“‘credit institution’ means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;”, | ||
(b) by the substitution of the following definition for the definition of “financial institution”: | ||
“‘financial institution’ has the same meaning as it has in the Capital Requirements Regulation;”, | ||
and | ||
(c) by the insertion of the following definition: | ||
“‘Capital Requirements Regulation’ means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 201333 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by— | ||
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201434 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio, | ||
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201635 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers, | ||
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201736 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds, | ||
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201737 amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State, | ||
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201738 amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms, | ||
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201739 correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, | ||
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201940 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures, | ||
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201941 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012, | ||
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201942 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and | ||
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202043 amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”. | ||
(3) The Principal Act is amended, in section 123D (as inserted by section 61 (1)(b) of the Finance Act 2021 )— | ||
(a) in subsection (1)— | ||
(i) by the substitution of the following definitions for the definitions of ‘credit institution’ and ‘financial institution’: | ||
“‘credit institution’ means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation; | ||
‘financial institution’ has the same meaning as it has in the Capital Requirements Regulation;”, | ||
and | ||
(ii) by the insertion of the following definition: | ||
“‘Capital Requirements Regulation’ means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 201344 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by— | ||
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201445 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio, | ||
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201646 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers, | ||
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201747 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds, | ||
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201748 amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State, | ||
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201749 amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms, | ||
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201750 correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, | ||
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201951 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures, | ||
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201952 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012, | ||
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201953 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and | ||
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202054 amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”, | ||
and | ||
(b) in subsection (2), by the substitution of “commencing with the year 2023” for “commencing with the year 2024”. | ||
(4) The Principal Act is amended in section 124, in paragraph (a) of subsection (1)— | ||
(a) by the substitution of the following definition for the definition of “credit institution”: | ||
“‘credit institution’ means an undertaking which satisfies point (a) of the definition of ‘credit institution’ in Article 4(1) of the Capital Requirements Regulation;”, | ||
(b) by the substitution of the following definition for the definition of “financial institution”: | ||
“‘financial institution’ has the same meaning as it has in the Capital Requirements Regulation;”, | ||
and | ||
(c) by the insertion of the following definition: | ||
“‘Capital Requirements Regulation’ means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 201355 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, as amended by— | ||
(a) Commission Delegated Regulation (EU) 2015/62 of 10 October 201456 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the leverage ratio, | ||
(b) Regulation (EU) 2016/1014 of the European Parliament and of the Council of 8 June 201657 amending Regulation (EU) No. 575/2013 as regards exemptions for commodity dealers, | ||
(c) Commission Delegated Regulation (EU) 2017/2188 of 11 August 201758 amending Regulation (EU) No. 575/2013 of the European Parliament and of the Council as regards the waiver on own funds requirements for certain covered bonds, | ||
(d) Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 201759 amending Regulation (EU) No. 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State, | ||
(e) Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 201760 amending Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms, | ||
(f) Commission Delegated Regulation (EU) 2018/405 of 21 November 201761 correcting certain language versions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012, | ||
(g) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 201962 amending Regulation (EU) No. 575/2013 as regards minimum loss coverage for non-performing exposures, | ||
(h) Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 201963 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012, | ||
(i) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 201964 on the prudential requirements of investment firms and amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014, and | ||
(j) Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 202065 amending Regulations (EU) No. 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic;”. | ||
33 OJ No. L.176, 27.06.2013. p.1. 34 OJ No. L.11, 17.1.2015, p.37. 35 OJ No. L.171, 29.6.2016, p.153. 36 OJ No. L.310, 25.11.2017, p.1. 37 OJ No. L.345, 27.12.2017, p.27. 38 OJ No. L.347, 28.12.2017, p.1. 39 OJ No. L.74, 16.3.2018, p.3. 40 OJ No. L.111, 25.4.2019, p.4. 41 OJ No. L.150, 7.6.2019, p.1. 42 OJ No. L.314, 5.12.2019, p.1. 43 OJ No. L.204, 26.6.2020, p.4. 44 OJ No. L.176, 27.06.2013, p.1. 45 OJ No. L.11, 17.1.2015, p.37. 46 OJ No. L.171, 29.6.2016, p.153. 47 OJ No. L.310, 25.11.2017, p.1. 48 OJ No. L.345, 27.12.2017, p.27. 49 OJ No. L.347, 28.12.2017, p.1. 50 OJ No. L.74, 16.3.2018, p.3. 51 OJ No. L.111, 25.4.2019, p.4. 52 OJ No. L.150, 7.6.2019, p.1. 53 OJ No. L.314, 5.12.2019, p.1. 54 OJ No. L.204, 26.6.2020, p.4. 55 OJ No. L.176, 27.06.2013, p.1. 56 OJ No. L.11, 17.1.2015, p.37. 57 OJ No. L.171, 29.6.2016, p.153. 58 OJ No. L.310, 25.11.2017, p.1. 59 OJ No. L.45, 27.12.2017, p.27. 60 OJ No. L.347, 28.12.2017, p.1. 61 OJ No. L.74, 16.3.2018, p.3. 62 OJ No. L.111, 25.4.2019, p.4. 63 OJ No. L. 150, 7.6.2019, p.1. |