Regulatory Alerts2015-03-19
Added · Updated
Commission Implementing Regulation (EU) 2015/461 on the process to reach a joint decision on group internal models
The European Commission adopted Implementing Regulation (EU) 2015/461 to establish implementing technical standards for the process by which supervisory authorities reach a joint decision on applications to use a group internal model under Directive 2009/138/EC. The regulation mandates that concerned supervisory authorities agree on a process timeline and deliverables, requiring the group supervisor to draft, circulate, and discuss a proposal for a decision with all relevant authorities. It specifies procedures for documenting final decisions, whether consensus is reached or not, and details the mandatory content for notifying applicants of permission or rejection, including specific terms, conditions, and compliance reasons. This regulation entered into force on the day following its publication in the Official Journal of the European Union.