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Commission Implementing Regulation (EU) No 945/2014Show full title
Commission Implementing Regulation (EU) No 945/2014 of 4 September 2014 laying down implementing technical standards with regard to relevant appropriately diversified indices according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance)
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Commission Implementing Regulation (EU) No 945/2014 is up to date with all changes known to be in force on or before 08 August 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.
EUR 2014 No. 945 may be subject to amendment by EU Exit Instruments made by both the Prudential Regulation Authority and the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 4. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Commission Implementing Regulation (EU) No 945/2014
of 4 September 2014
laying down implementing technical standards with regard to relevant appropriately diversified indices according to Regulation (EU) No 575/2013 of the European Parliament and of the Council
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard 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(1) and in particular the third subparagraph of Article 344(1) thereof,
Whereas:
(1) Pursuant to Article 344(4) of Regulation (EU) No 575/2013, the specific risk of a stock-index future which would be treated as an individual equity in accordance with that Article can be ignored where the relevant stock-index is exchange traded and represents a relevant appropriately diversified index.
(2) Where an exchange traded stock-index future is appropriately diversified, it can be assumed that such stock-index represents no specific risk. This is considered to be the case where the index contains at least 20 equities, no single entity contained within them represents more than 25 % of the total index and 10 % of the largest equities (rounding up the number of equities to the superior natural number) represent less than 60 % of the total index. In addition, the index must encompass equities from at least a national market, and they must comprise equities from at least four industries amongst oil and gas, basic materials, industrials, consumer goods, health care, consumer services, telecommunications, utilities, financials and technology.
(3) Given that Article 344(4) of Regulation (EU) No 575/2013 refers to ‘relevant’ eligible indices, only those stock indices which are relevant for financial institutions in the Union have been assessed against the criteria for identifying eligible stock indices.
(4) This Regulation is based on the draft implementing technical standards submitted by the European Banking Authority to the Commission.
(5) The European Banking Authority has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
HAS ADOPTED THIS REGULATION:
Modifications etc. (not altering text)
C1The “appropriate regulator” has power to make such provision as they consider appropriate by means of an instrument in writing to prevent, remedy or mitigate any failure of the provisions of this Regulation to operate effectively or any other deficiency arising from the withdrawal of the United Kingdom from the EU, see The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 4 (with saving on IP completion day by S.I. 2019/680, regs. 1(2), 11; 2020 c. 1, Sch. 5 para. 1(1))
C2Regulation: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pts. 1, 3; S.I. 2023/779, reg. 2(d)
Article 1U.K.Stock indices for the purposes of Article 344 of Regulation (EU) No 575/2013
The list of stock indices, for which the treatments set out in the second sentence of Article 344(4) of Regulation (EU) No 575/2013 is available, are provided in the Annex.
Article 2U.K.Entry into Force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
[F1ANNEX U.K. Stock indices meeting the requirements of Article 344 of Regulation (EU) No 575/2013
Textual Amendments
F1 Substituted by Commission Implementing Regulation (EU) 2020/125 of 29 January 2020 amending Implementing Regulation (EU) No 945/2014 laying down implementing technical standards with regard to relevant appropriately diversified indices in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (Text with EEA relevance).
| Index | Country\Area |
|---|---|
| 1. STOXX Asia/Pacific 600 | Asia/Pacific |
| 2. ASX100 | Australia |
| 3. ASX200 | Australia |
| 4. S&P All Ords | Australia |
| 5. ATX | Austria |
| 6. ATX Prime | Austria |
| 7. BEL20 | Belgium |
| 8. SaoPaulo – Bovespa | Brazil |
| 9. TSX60 | Canada |
| 10. CETOP20 Index | Central Europe |
| 11. CSI 100 Index | China |
| 12. CSI 300 Index | China |
| 13. FTSE China A50 Index | China |
| 14. Hang Seng Mainland 100 China | China |
| 15. PX Global Prague | Czech Republic |
| 16. OMX Copenhagen 20 CAP | Denmark |
| 17. OMX Copenhagen 25 | Denmark |
| 18. OMX Copenhagen Benchmark | Denmark |
| 19. FTSE RAFI Developed 1000 | Developed Markets |
| 20. CECE Composite Index EUR | Eastern Europe |
| 21. FTSE RAFI Emerging Markets | Emerging Markets |
| 22. MSCI Emerging Markets 50 | Emerging Markets |
| 23. Bloomberg European 500 | Europe |
| 24. DJ Euro STOXX 50 | Europe |
| 25. FTSE Euro 100 | Europe |
| 26. FTSE Eurofirst 100 | Europe |
| 27. FTSE Eurofirst 300 | Europe |
| 28. FTSE Eurofirst 80 | Europe |
| 29. FTSE EuroMid | Europe |
| 30. FTSE Eurotop 100 | Europe |
| 31. MSCI Euro | Europe |
| 32. MSCI Europe | Europe |
| 33. MSCI Pan-Euro | Europe |
| 34. NTX New Europe Blue Chip | Europe |
| 35. S&P Euro | Europe |
| 36. S&P Europe 350 | Europe |
| 37. STOXX All Europe 100 | Europe |
| 38. STOXX All Europe 800 | Europe |
| 39. STOXX Europe 50 | Europe |
| 40. STOXX Europe 600 | Europe |
| 41. STOXX Europe 600 Equal Weight | Europe |
| 42. STOXX Europe Enlarged TMI | Europe |
| 43. STOXX Europe Lrg 200 | Europe |
| 44. STOXX Europe Mid 200 | Europe |
| 45. STOXX Europe Small 200 | Europe |
| 46. STOXX Select Dividend 30 | Europe |
| 47. OMXH25 | Finland |
| 48. CAC40 | France |
| 49. SBF 120 | France |
| 50. DAX | Germany |
| 51. HDAX | Germany |
| 52. MDAX | Germany |
| 53. SDAX | Germany |
| 54. FTSE RAFI All World | Global |
| 55. MSCI World Index | Global |
| 56. Athens General | Greece |
| 57. FT ASE Large Cap | Greece |
| 58. Hang Seng | Hong Kong |
| 59. Hang Seng China Enterprises | Hong Kong |
| 60. NIFTY 50 | India |
| 61. ISEQ 20 | Ireland |
| 62. FTSE MIB | Italy |
| 63. Nikkei225 | Japan |
| 64. Nikkei300 | Japan |
| 65. TOPIX 400 | Japan |
| 66. TOPIX Core 30 | Japan |
| 67. S&P Latin America 40 | Latin America |
| 68. FTSE Bursa Malaysia KLCI | Malaysia |
| 69. FTSE Bursa Malaysia Top100 | Malaysia |
| 70. MSE Share Index | Malta |
| 71. INMEX Index | Mexico |
| 72. IPC Index | Mexico |
| 73. AMX | Netherlands |
| 74. AEX | Netherlands |
| 75. NZSE50 | New Zealand |
| 76. OBX | Norway |
| 77. OBXP | Norway |
| 78. mWIG40 | Poland |
| 79. WIG20 | Poland |
| 80. MOEX | Russia |
| 81. MSCI Russia Index | Russia |
| 82. MSCI Singapore Free Index | Singapore |
| 83. Straits Times Index | Singapore |
| 84. FTSE JSE Top 40 | South Africa |
| 85. IBEX35 | Spain |
| 86. OMX Stockholm 30 | Sweden |
| 87. SMI | Switzerland |
| 88. SMI MID | Switzerland |
| 89. FTSE NASDAQ Dubai 20 | UAE |
| 90. FTSE 100 | UK |
| 91. FTSE AIM 100 | UK |
| 92. FTSE AIM UK 50 | UK |
| 93. FTSE Fledgling | UK |
| 94. FTSE mid-250 | UK |
| 95. FTSE Small Cap | UK |
| 96. Dow Jones Ind. Av. | USA |
| 97. NASDAQ 100 | USA |
| 98. S&P 500 | USA] |
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