On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).

The legislation will be published in the Official Journal of the European Union in June 2019, going into effect 20 days thereafter. Most of the provisions in CRR II will start to apply from mid-2021. Member States will have to apply the majority of provisions implementing CRD V 18 months and one day after it goes into effect.

The Council of the EU’s press release is available here, in which links to the text of CRR II and CRD V can be found.