The EU Banking Package
On 6 December 2023, the EU Member States approved the final version of the CRR 3 and CRD 6, which will apply from 1 January 2025. The upcoming banking package brings extensive changes, making it important to start preparations to ensure compliance with the new rules well in advance of their entry into force. For more information on the major changes in CRR 3 and CRD 6, you can read our previous article here: CRR III and CRD VI Coming into Force Soon – How Will Your Business Be Affected?.
Updates
The number of changes being introduced is illustrated below. In addition to the major changes, a number of definitions are being amended, which may have a major impact on some organisations and a minor impact on others. Therefore, it is important to analyse all changes on your own in order to assess the impact on your specific activities.
| Number of articles, paragraphs and subparagraphs that change | CRR 3 | CRD 6, |
|---|---|---|
| - of which: replaced | 503 | 62 |
| - of which: introduced | 227 | 336 |
| - of which: deleted | 50 | 4 |
| Total | 780 | 402 |
Gap Analysis Tool
NFC has developed a tool that can be used to identify the potential gaps that the organisation has against the new rules, identify actions, responsible for actions and deadline for execution. The tool includes all the changes that will come into force, from the final versions of CRR 3 and CRD 6.
Next Steps
It is critical not to underestimate the time needed for implementation. If preparations have not already started, now is the time to start adapting to the upcoming changes. NFC has extensive experience of working with both the CRR and the CRD and can offer assistance in dealing with the challenges posed by CRR 3 and CRD 6 in a structured and efficient manner.
Read more about our regulatory advice services or contact us if you are interested in a review of the changes in CRR 3 and CRD 6 and if you are interested in learning more about our gap analysis tool.
