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Regulation (EU) No 575/2013 of the European Parliament and of the CouncilDangos y teitl llawn

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Text with EEA relevance)

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Regulation (EU) No 575/2013 of the European Parliament and of the Council, Article 283 is up to date with all changes known to be in force on or before 07 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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  • Pt. 3 Title 1 Ch. 1 SECTION 2 A 95 repeal by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Pt. 3 Title 1 Ch. 1 SECTION 2 repeal by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Pt. 3 Title 1 Ch. 1 SECTION 2 A 98 repeal by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Pt. 3 Title 1 Ch. 1 SECTION 2 A 96 repeal by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Pt. 3 Title 1 Ch. 1 SECTION 2 A 97 repeal by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 4.1(7) words omitted by S.I. 2018/1401 reg. 64(7)(b) (This amendment not applied to legislation.gov.uk. Reg. 64(7) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(i))
  • Art. 4.1(7) words substituted by S.I. 2018/1401 reg. 64(7)(a) (This amendment not applied to legislation.gov.uk. Reg. 64(7) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(i))
  • Art. 4.1(7) words substituted by S.I. 2018/1401 reg. 64(7)(c) (This amendment not applied to legislation.gov.uk. Reg. 64(7) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(i))
  • Art. 4.1(13) words substituted by S.I. 2024/705 Sch. 2 para. 19(a)
  • Art. 4.1(14) words substituted by S.I. 2024/705 Sch. 2 para. 19(b)
  • Art. 4.1(14a) words substituted by S.I. 2024/705 Sch. 2 para. 19(c)
  • Art. 4.1(26) words inserted by S.I. 2018/1401 reg. 64(20)(a) (This amendment not applied to legislation.gov.uk. Reg. 64(20) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(ii))
  • Art. 4.1(26) words substituted by S.I. 2018/1401 reg. 64(20)(d) (This amendment not applied to legislation.gov.uk. Reg. 64(20) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(ii))
  • Art. 4.1(28) words substituted by S.I. 2018/1401 reg. 64(23)(a) (This amendment not applied to legislation.gov.uk. Reg. 64(23) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(iii))
  • Art. 4.1(28) words substituted by S.I. 2018/1401 reg. 64(23)(b) (This amendment not applied to legislation.gov.uk. Reg. 64(23) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(iii))
  • Art. 4.1(28) words substituted by S.I. 2018/1401 reg. 64(23)(c) (This amendment not applied to legislation.gov.uk. Reg. 64(23) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(iii))
  • Art. 4.1(61) words substituted by S.I. 2024/705 Sch. 2 para. 19(d)
  • Art. 4.1(62) words substituted by S.I. 2024/705 Sch. 2 para. 19(e)
  • Art. 4.1(63) words substituted by S.I. 2024/705 Sch. 2 para. 19(f)
  • Art. 4.1(66) words substituted by S.I. 2024/705 Sch. 2 para. 19(g)
  • Art. 4.1(67) words substituted by S.I. 2024/705 Sch. 2 para. 19(h)
  • Art. 4.1(128) word substituted by S.I. 2018/1401 reg. 64(51) (This amendment not applied to legislation.gov.uk. Reg. 64(51) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(c)(iv))
  • Art. 4.1(129) words substituted by S.I. 2024/705 Sch. 2 para. 19(i)
  • Art. 11(6)(a) words substituted by S.I. 2021/1078 reg. 4(5)(c) (This amendment not applied to legislation.gov.uk. Amending provision substituted by S.I. 2021/1376)
  • Art. 18(8)(a) words substituted by S.I. 2020/1385 reg. 74(3)(c) (This amendment not applied to legisaltion.gov.uk. Art. 18(8) substituted (31.12.2020) by S.I. 2019/264, regs. 1, 5(3).)
  • Art. 31(1)(b) words substituted by S.I. 2018/1401 reg. 86(a) (This amendment not applied to legislation.gov.uk. Reg. 86(a) omitted immediately before IP completion day by virtue of S.I. 2020/1470, reg. 1(4), Sch. 2 para. 17)
  • Art. 31(1)(b) words substituted in earlier amending provision S.I. 2018/1401, reg. 86(a) by S.I. 2020/1301 reg. 3 Sch. para. 11(g) (This amendment not applied to legislation.gov.uk. Reg. 86(a) omitted immediately before IP completion day by virtue of S.I. 2020/1470, reg. 1(4), Sch. 2 para. 17)
  • Art. 31(1)(c) words inserted by S.I. 2018/1401 reg. 86(b) (This amendment not applied to legislation.gov.uk. Reg. 86(b) omitted immediately before IP completion day by virtue of S.I. 2020/1470, reg. 1(4), Sch. 2 para. 17)
  • Art. 78(1)(b) words substituted by S.I. 2018/1401 reg. 94(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 94(2) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(h))
  • Art. 78(1)(b) words substituted by S.I. 2018/1401 reg. 94(2)(b) (This amendment not applied to legislation.gov.uk. Reg. 94(2) omitted (6.9.2019) by virtue of S.I. 2019/1232, regs. 1(2), 3(3)(h))
  • Art. 124(4)(b) word substituted by S.I. 2018/1401 reg. 225(1)(2)reg. 225(3)(b) (This amendment not applied to legislation.gov.uk. The words to be substituted in Art. 124(4) are not present following the substitution of Art 124 by Corrigendum to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).)
  • Art. 242(10)(c) and word inserted by S.I. 2024/705 Sch. 2 para. 22(b)(ii)
  • Art. 244(4)(c) words substituted by S.I. 2024/705 Sch. 2 para. 23
  • art. 270a(1A) inserted by S.I. 2024/705 Sch. 2 para. 25(b)
  • Art. 325(3)(a) word omitted by S.I. 2018/1401 reg. 157 (This amendment not applied to elgislation.gov.uk. The words to be omitted are not present in Art. 325(3)(a))
  • Art. 450(1)(d) words substituted by 2021 c. 22 Sch. 1 para. 41 (This amendment not applied to legislation.gov.uk. Pt. 8 omitted (1.1.2022) by virtue of S.I. 2021/1078, regs. 1(1), 10 (as substituted by S.I. 2021/1376, regs. 1(2), 32(4)))
  • Art. 456(1)(h)(i) omitted by S.I. 2021/1078 reg. 11(2)(a)(iv) (This amendment not applied to legislation.gov.uk. Amending provision substituted by S.I. 2021/1376)
  • Art. 459(b) omitted by S.I. 2021/1078 reg. 11(5)(a) (This amendment not applied to legislation.gov.uk. Amending provision substituted by S.I. 2021/1376)
  • Art. 459(c) words substituted by S.I. 2021/1078 reg. 11(5)(b) (This amendment not applied to legislation.gov.uk. Amending provision substituted by S.I. 2021/1376)
[X1 Article 283U.K.Permission to use the Internal Model Method

1.Provided that the competent authorities are satisfied that the requirement in paragraph 2 have been met by an institution, they shall permit that institution to use the Internal Model Method (IMM) to calculate the exposure value for any of the following transactions:

(a)transactions in Article 273(2)(a);

(b)transactions in Article 273(2)(b), (c) and (d);

(c)transactions in Article 273(2)(a) to (d),

Where an institution is permitted to use the IMM to calculate exposure value for any of the transactions mentioned in points (a) to (c) of the first subparagraph, it may also use the IMM for the transactions in Article 273(2)(e).

Notwithstanding the third subparagraph of Article 273(1), an institution may choose not to apply this method to exposures that are immaterial in size and risk. In such case, an institution shall apply one of the methods set out in [F1Sections 3 to 5 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook] to these exposures where the relevant requirements for each approach are met.

2.Competent authorities shall permit institutions to use IMM for the calculations referred to in paragraph 1 only if the institution has demonstrated that it complies with the requirements set out in this Section, and the competent authorities verified that the systems for the management of CCR maintained by the institution are sound and properly implemented.

3.The competent authorities may permit institutions for a limited period to implement the IMM sequentially across different transaction types. During this period of sequential implementation institutions may use the methods set out in [F2Sections 3 to 5 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook] for transaction type for which they do not use the IMM.

4.[F3For all OTC derivative transactions, and for long settlement transactions for which an institution has not received permission under paragraph 1 to use the IMM, the institution shall use the methods set out in [F4Section 3 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook]. Those methods may be used in combination on a permanent basis within a group.]

5.An institution which is permitted in accordance with paragraph 1 to use the IMM shall not revert to the use of the methods set out in [F5Sections 3 to 5 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook] unless it is permitted by the competent authority to do so. Competent authorities shall give such permission if the institution demonstrates good cause.

6.If an institution ceases to comply with the requirements laid down in this Section, it shall notify the competent authority and do one of the following:

(a)present to the competent authority a plan for a timely return to compliance;

(b)demonstrate to the satisfaction of the competent authority that the effect of non-compliance is immaterial. ]

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