PART TEN TRANSITIONAL PROVISIONS, REPORTS, REVIEWS AND AMENDMENTS

TITLE I TRANSITIONAL PROVISIONS

CHAPTER 1 Own funds requirements, unrealised gains and losses measured at fair value and deductions

Section 1 Own funds requirements

Article 466 First time application of International Financial Reporting Standards
By way of derogation from Article 24(2), competent authorities shall grant institutions which are required to effect the valuation of assets and off-balance sheet items and the determination of own funds in accordance with the UK-adopted international accounting standards for the first time a lead time of 24 months for the implementation of the necessary internal processes and technical requirements.
Words in Art. 466 substituted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(3), 27(7); 2020 c. 1, Sch. 5 para. 1(1)
Substituted 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).