The fast-tracked risk-reduction measures, which make certain amendments to the Capital Requirements Regulation (CRR) and Bank Recovery and Resolution Directive (BRRD), have been published in the Official Journal.
Regulation (EU) 2017/2395 amends the CRR as regards transitional arrangements to phase in the regulatory capital impact of the IFRS 9 international accounting standard. It entered into force on 28 December 2017 and applied from 1 January 2018.
Directive (EU) 2017/2399 amends the BRRD as regards the ranking of unsecured debt instruments in insolvency hierarchy. It entered into force on 28 December 2017 and has a deadline for transposition into the national law of Member States by 29 December 2018.