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 [F1UK-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.]
Textual Amendments
F1Words 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)