Finance @CEU: Basel III Implementation in the EU
This talk will provides an overview of the Basel III reforms implementation in the EU and their impact on institutions’ capital, risk management and risk measurement practices. The journey of implementation started in 2013 and will last for up to 15 years. The EU framework consists of 3 legislative packages:
- In 2013, the European Union adopted the first set of legislative packages called CRR and CRD IV (Capital Requirements Directive and Regulation) to implement the Basel III agreement in the EU legal framework. The key elements of the package will be further explained.
- The revised Capital Requirements Directive and Regulation, commonly referred to as CRR 2 and CRD 5, adopted over this last summer, refines and continues to implement Basel III in the EU. The key changes introduced by the long-awaited amendment will be highlighted.
- Finally, in October, as part of the implementation process of the final set of Basel III reforms in the EU, the European Commission opened a public consultation. CRR3 and CRD 6 are expected to be adopted by 2022, and the full implementation will take 5 years.
Edina Balogh has 15 years experience in regulatory policy making and financial institutions’ supervision at the EU and national level. Before joining Citi, she worked for the European Securities and Markets Authority (ESMA) and for the French Prudential Supervision and Resolution Authority (ACPR) in Paris. She has been actively involved in Basel III implementation in the EU through CCR2/CRD5 and relevant interpretation issues at Citi’s major financial institutions and broker dealers located in the UK, Ireland and Germany. She is a member of AFME (Association for Financial Markets in Europe), and of the working groups CRR2/CRD5. She speaks fluent English and French.