The Commission has published a Working Document for consultation closely based on the draft directive proposal as so far developed for the implementation of a new capital requirements regime for credit institutions and investment firms in the European Union.
The consultation paper maps out how the proposed new capital charge for operational risk might be modified so as to fit the situation of certain lower risk categories of investment firms. The objectives of the new framework include broad 'capital neutrality', and provide appropriate incentives for institutions to move to the more advanced ways of assessing capital requirements.
The format of the Working Document follows that of the likely Directive proposal. The first part consists of articles that contain the principles and central rules governing the issue in question. The annexes contain the more detailed technical implementation and elaboration of the principles and rules contained in the articles.
Interested parties are asked to send their comments – preferably in both paper and electronic forms – to the address indicated to be received by 22 October 2003.
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