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  1. #1893710

    Chun arbatráiste rialála a sheachaint agus maoirseacht éifeachtach ar na soláthraithe seirbhísí sluachistiúcháin a áirithiú, ba cheart cosc a chur orthu taiscí nó cistí inaisíoctha eile a ghlacadh ón bpobal, mura mbeidh siad údaraithe freisin mar institiúid chreidmheasa i gcomhréir le hAirteagal 8 i gcomhréir le Treoir 2013/36/AE ó Pharlaimint na hEorpa agus ón gComhairle.

    To avoid regulatory arbitrage and to ensure their effective supervision, crowdfunding service providers should be prohibited from taking deposits or other repayable funds from the public, unless they are also authorised as a credit institution in accordance with Article 8 of Directive 2013/36/EU of the European Parliament and of the Council.

    Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (Text with EEA relevance)

  2. #1893729

    D’fhéadfadh na creataí rialála forluiteacha arna mbunú faoin Rialachán seo agus faoi Rialachán (AE) 2017/1129, i ngeall ar thairseach EUR 5000000, an riosca arbatráiste rialála a mhéadú agus d’fhéadfadh éifeacht shuaiteach a bheith acu ar rochtain ar mhaoiniú agus ar fhorbairt margaí caipitil i mBallstáit áirithe.

    The overlapping regulatory frameworks established under this Regulation and Regulation (EU) 2017/1129, because of a threshold of EUR 5000000, might increase the risk of regulatory arbitrage and have a disruptive effect on access to finance and the development of capital markets in certain Member States.

    Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (Text with EEA relevance)

  3. #1893742

    Is é is aidhm don Rialachán seo infheistíocht dhíreach a éascú agus féachaint chuige nach gcruthófar deiseanna arbatráiste rialála d’idirghabhálaithe airgeadais atá á rialáil faoi gníomhartha dlí eile de chuid an Aontais, gníomhartha dlí de chuid an Aontais lena rialaítear bainisteoirí sócmhainní go háirithe.

    This Regulation aims to facilitate direct investment and to avoid creating regulatory arbitrage opportunities for financial intermediaries regulated under other legal acts of the Union, in particular Union legal acts governing asset managers.

    Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (Text with EEA relevance)

  4. #1925258

    Leis an tréimhse bhreise sin den chéimniú isteach, ba cheart am a sholáthar chun faireachán a dhéanamh ar fhorbairtí rialála i ndlínsí eile agus ba cheart a áirithiú léi go bhfuil ceanglais iomchuí i bhfeidhm san Aontas chun riosca creidmheasa contrapháirtí a mhaolú i leith conarthaí den sórt sin agus raon feidhme arbatráiste rialála á sheachaint ag an am céanna.

    That further phase-in period should provide time for monitoring regulatory developments in other jurisdictions and should ensure that appropriate requirements are in place in the Union to mitigate counterparty credit risk in respect of such contracts whilst avoiding scope for regulatory arbitrage.

    Commission Delegated Regulation (EU) 2021/236 of 21 December 2020 amending technical standards laid down in Delegated Regulation (EU) 2016/2251 as regards to the timing of when certain risk management procedures will start to apply for the purpose of the exchange of collateral (Text with EEA relevance)

  5. #2012016

    Sa chomhthéacs sin, tarlaíonn arbatráiste rialála nuair a sholáthraíonn an institiúid tionscnóra feabhsú creidmheasa do na suíomhanna urrúsúcháin atá ina seilbh ag na soláthraithe cosanta trí mhéideanna áirithe a ainmniú go conarthach chun caillteanais na risíochtaí urrúsaithe a chumhdach i rith shaolré an idirbhirt, agus nuair nach n-ualaítear na méideanna sin ó thaobh priacal de, ar méideanna iad lena gcuirtear eire ar ráiteas ioncaim na hinstitiúide tionscnóra ar bhealach atá comhchosúil le ráthaíocht neamhchistithe.

    In that context, regulatory arbitrage occurs when an originator institution provides credit enhancement to the securitisation positions held by protection providers by contractually designating certain amounts to cover losses of the securitised exposures during the life of the transaction, and such amounts, which encumber the originator institution’s income statement in a manner similar to an unfunded guarantee, are not risk-weighted.

    Regulation (EU) 2021/558 of the European Parliament and of the Council of 31 March 2021 amending Regulation (EU) No 575/2013 as regards adjustments to the securitisation framework to support the economic recovery in response to the COVID-19 crisis (Text with EEA relevance)

  6. #2337287

    Ba cheart feidhm a bheith ag na rialacha ina leagtar amach an mhodheolaíocht mheasúnaithe sin maidir le gach ceann de na cásanna sin, chun a áirithiú go ndéanann na húdaráis inniúla comhchuibhiú ar mhodheolaíochtaí measúnaithe agus chun an riosca a bhaineann le harbatráiste rialála a sheachaint.

    The rules that set out that assessment methodology should therefore apply to all of those cases, in order to ensure harmonisation of assessment methodologies by competent authorities and avoid the risk of regulatory arbitrage.

    Commission Delegated Regulation (EU) 2022/439 of 20 October 2021 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the specification of the assessment methodology competent authorities are to follow when assessing the compliance of credit institutions and investment firms with the requirements to use the Internal Ratings Based Approach (Text with EEA relevance)

  7. #2337408

    Mar thoradh air sin, ba cheart do na húdaráis inniúla a fhíorú go n-áirithítear leis an bpróiseas inmheánach bainistíochta, agus go háirithe leis an bpróiseas inmheánach a bhaineann le hathruithe den sórt sin a fhormheas, nach gcuirtear ach athruithe atá i gcomhréir le Rialachán (AE) Uimh. 575/2013 agus Rialachán Tarmligthe (AE) 529/2014 i bhfeidhm agus, sa chomhthéacs sin, go bhfuil aicmiú na n-athruithe comhsheasmhach chun aon arbatráiste rialála a sheachaint.

    As a result, competent authorities should verify that the internal process of management and in particular the internal process of approving such changes ensure that only changes that are in accordance with Regulation (EU) No 575/2013 and Delegated Regulation (EU) No 529/2014 are implemented and, in that context, that the classification of changes is consistent in order to avoid any regulatory arbitrage.

    Commission Delegated Regulation (EU) 2022/439 of 20 October 2021 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the specification of the assessment methodology competent authorities are to follow when assessing the compliance of credit institutions and investment firms with the requirements to use the Internal Ratings Based Approach (Text with EEA relevance)

  8. #2351207

    Ar an dóigh sin, ba cheart go gcaomhnófaí dreasachtaí chun infheistiú sna líonraí a bhfuil cuairt á tabhairt orthu agus go seachnófaí aon saobhadh ar iomaíocht bhaile sna margaí a bhfuil cuairt á tabhairt orthu, ar saobhadh é a tharlaíonn mar gheall ar arbatráiste rialála ag oibreoirí a úsáideann réitigh i dtaca le rochtain ar fhánaíocht mhórdhíola chun dul san iomaíocht i margaí baile a bhfuil cuairt á tabhairt orthu.

    This should preserve incentives to invest in visited networks and avoid any distortion of domestic competition in the visited markets caused by regulatory arbitrage by operators using wholesale roaming access remedies to compete in domestic visited markets.

    Regulation (EU) 2022/612 of the European Parliament and of the Council of 6 April 2022 on roaming on public mobile communications networks within the Union (recast) (Text with EEA relevance)

  9. #2364265

    Chun go mbeifear in ann criptea-shócmhainní atá incháilithe mar ionstraimí airgeadais a fhorbairt, agus ardleibhéal cosanta infheisteoirí, sláine an mhargaidh, cobhsaíochta airgeadais agus trédhearcachta á gcaomhnú, agus arbatráiste rialála agus lúba ar lár á seachaint, bheadh sé úsáideach córas píolótach a chruthú maidir le bonneagair mhargaidh bunaithe ar theicneolaíocht mórleabhar dáilte chun bonneagair margaidh DLT den sórt sin a thástáil (“an córas píolótach”).

    In order to allow for the development of crypto-assets that qualify as financial instruments and for the development of distributed ledger technology, while preserving a high level of investor protection, market integrity, financial stability and transparency, and avoiding regulatory arbitrage and loopholes, it would be useful to create a pilot regime for market infrastructures based on distributed ledger technology to test such DLT market infrastructures (the ‘pilot regime’).

    Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (Text with EEA relevance)

  10. #2364794

    aon rioscaí maidir le harbatráiste rialála nó saincheisteanna maidir le cothroime iomaíochta idir bonneagair mhargaidh DLT faoin gcóras píolótach dá bhforáiltear sa Rialachán seo agus idir bonneagair mhargaidh DLT agus bonneagair eile mhargaidh ina n-úsáidtear córais leagáide;

    any risks of regulatory arbitrage or issues affecting the level playing field between DLT market infrastructures under the pilot regime provided for in this Regulation and between DLT market infrastructures and other market infrastructures using legacy systems;

    Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU (Text with EEA relevance)

  11. #2486737

    Leis an modheolaíocht, ba cheart cosc a chur ar arbatráiste rialála agus comhsheasmhacht a chur chun cinn agus, san am céanna, dóthain solúbthachta a thabhairt d’údaráis inniúla chun na héagsúlachtaí i measc margaí díorthach tráchtearraí difriúla agus i measc mhargaí na dtráchtearraí foluiteacha a chur san áireamh.

    The methodology should prevent regulatory arbitrage and promote consistency whilst providing competent authorities with sufficient flexibility to take into account the variations among different commodity derivatives markets and the markets in the underlying commodities.

    Commission Delegated Regulation (EU) 2022/1302 of 20 April 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits (Text with EEA relevance)

  12. #2551943

    Chun a áirithiú go mbeidh an oibleagáid maidir le hasbhaint ailínithe le raon feidhme na n-eintiteas a d’fhéadfadh an t-eintiteas réitigh a úsáid le hacmhainní incháilithe i dtaca le ICDI inmheánach a shuibscríobh go hindíreach, agus chun arbatráiste rialála a sheachaint, ba cheart d’eintitis idirmheánacha a sealúchais d’acmhainní incháilithe i dtaca le ICDI inmheánacha arna n-eisiúint ag na heintitis go léir a bhaineann leis an ngrúpa réitigh céanna agus a d’fhéadfadh a bheith faoi réir chomhlíonadh ICDI inmheánach, seachas sealúchais acmhainní arna n-eisiúint ag a bhfochuideachtaí amháin a asbhaint.

    To ensure that the obligation to deduct is aligned with the scope of entities that may be used by the resolution entity for the indirect subscription of internal MREL eligible resources, and to avoid regulatory arbitrage, intermediate entities should deduct their holdings of internal MREL eligible resources issued by all entities belonging to the same resolution group and that may be subject to compliance with internal MREL, and not just the holdings of resources issued by their subsidiaries.

    Regulation (EU) 2022/2036 of the European Parliament and of the Council of 19 October 2022 amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities (Text with EEA relevance)

  13. #2552711

    I bhfianaise na sainiúlachtaí a bhaineann le fachtóirí áirithe riosca, lena n-áirítear iad siúd nach dtagann faoi aon chatagóir fachtóra riosca leathan i dTábla 2 d’Airteagal 325bd de Rialachán (AE) Uimh. 575/2013, d’fhéadfadh torthaí difriúla ar fud na n-institiúidí teacht as an modheolaíocht ghinearálta, i gcás ina gcuirtear i bhfeidhm ar na fachtóirí riosca sin í, rud a mbeadh easpa comhchuibhithe mar thoradh air agus a bhféadfadh arbatráiste rialála a bheith mar thoradh air.

    Given the particularities of certain risk factors, including those not falling under any broad risk factor category of Table 2 of Article 325bd of Regulation (EU) No 575/2013, the general methodology could lead to different outcomes across institutions where applied to those risk factors, leading to a lack of harmonisation and potential regulatory arbitrage.

    Commission Delegated Regulation (EU) 2022/2058 of 28 February 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach, as referred to in Article 325bd(7) (Text with EEA relevance)

  14. #2557165

    Is gá arbatráiste rialála a sheachaint agus é a chur ar a gcumas d’infheisteoirí comparáid a dhéanamh idir feidhmíocht soláthraithe seirbhísí sluachistiúcháin a sholáthraíonn seirbhísí sluachistiúcháin arb é atá i gceist leo deonú iasachtaí a éascú agus, go háirithe, cáilíocht tionscadal a thairgtear ar ardáin sluachistiúcháin.

    It is necessary to avoid regulatory arbitrage and to enable investors to compare the performance of crowdfunding service providers who provide crowdfunding services consisting of the facilitation of granting of loans, and, in particular, the quality of projects offered on crowdfunding platforms.

    Commission Delegated Regulation (EU) 2022/2115 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the methodology for calculating default rates of loans offered on a crowdfunding platform (Text with EEA relevance)

  15. #2836385

    D’fhéadfadh sé freisin, cheal chreat foriomlán an Aontais le haghaidh margaí i gcripteashócmhainní, ilroinnt rialála a bheith mar thoradh air, rud a dhéanfadh iomaíocht sa mhargadh inmheánach a shaobhadh, a d’fhágfadh go mbeadh sé níos deacra do sholáthraithe seirbhísí cripteashócmhainní a gcuid gníomhaíochtaí a mhéadú ar bhonn trasteorann agus a bheadh ina shiocair le harbatráiste rialála.

    The lack of an overall Union framework for markets in crypto-assets could also lead to regulatory fragmentation, which would distort competition in the internal market, make it more difficult for crypto-asset service providers to scale up their activities on a cross-border basis and would give rise to regulatory arbitrage.

    Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance)

  16. #3040287

    Tríd an bhfreagracht eisiach as na hábhair sin a chur ar iontaoibh ESMA ba cheart cothroime iomaíochta a áirithiú ó thaobh ceanglais chlárúcháin agus maoirseacht leanúnach agus deireadh a chur leis an riosca a bhaineann le harbatráiste rialála ar fud na mBallstát.

    Entrusting ESMA with the exclusive responsibility for those matters should ensure a level playing field in terms of registration requirements and ongoing supervision and eliminate the risk of regulatory arbitrage across Member States.

    Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds

  17. #3211965

    Chun cothrom na Féinne a áirithiú i measc institiúidí san Aontas agus chun arbatráiste rialála a íoslaghdú, ba cheart na modheolaíochtaí chun dianchásanna de shuaitheadh amach anseo a fhorbairt le haghaidh fachtóirí priacal neamh-insamhaltaithe a bhunú ar na caighdeáin idirnáisiúnta a chomhaontaigh Coiste Basel um Maoirseacht ar Bhaincéireacht (CBMB) (Creatlach Basel) i mí Eanáir 2019, agus ba cheart a chur san áireamh sna modheolaíochtaí sin ábharthacht na gceanglas cistí dílse le haghaidh fachtóirí priacal neamh-insamhaltaithe.

    To ensure a level playing field among institutions in the Union and to minimise regulatory arbitrage, the methodologies for developing extreme scenarios of future shock for non-modellable risk factors should be based on the international standards agreed in January 2019 by the Basel Committee on Banking Supervision (BCBS) (Basel framework), and should take into account the materiality of the own funds requirements for non-modellable risk factors.

    Commission Delegated Regulation (EU) 2024/397 of 20 October 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards on the calculation of the stress scenario risk measure