CRR3 – Capital Requirements Regulation amendment (Regulation 2024/1623)

Description

CRR3 is Regulation (EU) 2024/1623, an amendment to the EU Capital Requirements Regulation (CRR). It implements the final Basel III banking standards through changes to prudential rules for credit risk, credit valuation adjustment (CVA) risk, operational risk and market risk, and introduces an output floor.

Key dates

1. 9 Jul 2024Entry into force
2. 1 Jan 2025Applies from
3. 1 Jan 2025Main application (credit risk, CVA, operational risk, output floor)
4. 1 Jan 2026Original deferred FRTB date (Delegated Reg. 2024/2795), superseded
5. 1 Jan 2027FRTB market-risk own-funds requirements apply (Delegated Reg. 2025/1496); targeted relief Delegated Reg. 2026/1221 applies
6. 31 Dec 2029End of transitional FRTB relief measures (e.g. PLA test, NMRF) under Delegated Reg. 2026/1221