Commission Delegated Regulation 2020/1816 of 17 July 2020 supplementing Regulation 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published. (OJ 3/12) Commission Delegated Regulation 2020/1817 and 2020/1818, supplementing Regulation 2016/1011 (OJ 3/12), on the benchmark methodology of the reference indices and on the minimum standards.
It is recognized that the” reform implements in the Union the international Total Loss-Absorbing Capacity (TLAC) standard for global systemically important banks”.
In this Notice, however, it is recalled that it “enhances the application of the minimum requirement for own funds and eligible liabilities (MREL) for all banks”.
By reading it, it is easy to deduce the importance of “experimentation clauses as legal provisions which enable the authorities tasked with implementing and enforcing the legislation to exercise on a case-by-case basis a degree of flexibility”.
Juan Antonio Ureña Salcedo Jean Monnet Chair Universitat de València
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