Communication of 24 December 2025: Reopening of deadlines for voluntary application of CRR3 provisions to Financial Intermediaries

By communication of 4 December 2024¹ “Voluntary application to Financial Intermediaries of the provisions provided for by Regulation (EU) 2024/1623 (CRR3)”, the Bank of Italy allowed financial intermediaries registered in the register indicated in Article 106 of the TUB (“Intermediaries”) to adopt, already from 1 January 2025, the new rules of Regulation (EU) 2024/1623 (“CRR3”), which amends Regulation (EU) No 2013/575 (“CRR”).

The choice took into account the need of some Intermediaries, mostly belonging to banking groups, to contain costs arising from the application of different rules at individual and consolidated levels.

Given that expressions of interest have been received from other Intermediaries to adopt the rules provided for by CRR3, this communication intends to reopen the deadlines for voluntary adherence to the rules provided for by CRR3 and allow Intermediaries who expressly request it to the Bank of Italy to apply, on a voluntary basis, these rules starting from 1 January 2026, according to the methods indicated in the attachment.

This choice is not reversible and cannot be used selectively: an Intermediary that decides to use this option will apply the CRR3 rules, according to what is specified in the attachment, for all affected risk profiles. Furthermore, the regime provided for in this communication is temporary; once the prudential regulation for Intermediaries is updated (Circular 288/2015), even those who have exercised the option for early application of CRR3 based on this communication must comply with what will be provided for in the aforementioned Circular.

Intermediaries wishing to avail themselves of the option send a specific communication to the Bank of Italy by 23 January 2026 via PEC to the unit competent for supervision and to the Statistical Surveys and Processing Service².

This communication enters into force the day following its publication on the Bank of Italy website.

1 See https://www.bancaditalia.it/compiti/vigilanza/normativa/archivio-norme/comunicazioni/com-20241204/Comunicazione-normativa-04.12.2024.pdf 2 At the address res@pec.bancaditalia.it

Attachment

Recipients
This communication is addressed to financial intermediaries and financial groups subject to the provisions of Circular 288/2015, Title IV respectively on an individual and consolidated basis.
Prudential and reporting regime
The 106 intermediaries who exercise the option for early application of CRR3 under this Communication respect from 1 January 2026 the prudential and reporting regime specified in the regulatory communication of 4 December 2024 - Voluntary application to Financial Intermediaries of the provisions provided for by Regulation (EU) 2024/1623 (CRR3) – Paragraph 2 Sect. A), B) and C).

Regarding the reporting regime (letter B), it is specified that the deadlines for sending the first report are the ordinary ones provided for by Implementing Regulation 2024/3117 (i.e. 31 March 2026).