목차

구주의회, 금융기관 M & A 승인절차 개선지침(안) 동의 1

EXPLANATORY MEMORANDUM 3

1. CONTEXT OF THE PROPOSAL 3

1.1. Grounds for and objectives of the proposal 3

1.2. General context 3

1.3. Existing provisions in Community legislation 3

1.4. The proposal 4

2. RESULTS OF CONSULTATIONS WITH INTERESTED PARTIES 4

2.1. Consultations 4

2.2. Collection and use of expertise 4

3. IMPACT ASSESSMENT 5

4. PROVISIONS FOR REGULATED MARKETS 5

5. LEGAL ELEMENTS OF THE PROPOSAL 6

6. BUDGETARY IMPLICATION 6

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 7

Article 1. Amendments to Directive 92/49/EEC 9

Article 2. Amendments to Directive 2002/83/EC 13

Article 3. Amendments to Directive 2004/39/EC 16

Article 4. Amendments to Directive 2005/68/EC 20

Article 5. Amendment to Directive 2006/48/EC 24

Article 6. Transposition 28

Official Journal of the European Union 29

DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 29

TITLE I. SUBJECT MATTER, SCOPE AND DEFINITIONS 40

TITLE II. REQUIREMENTS FOR ACCESS TO THE TAKING UP AND PURSUIT OF THE BUSINESS OF CREDIT INSTITUTIONS 44

TITLE III. PROVISIONS CONCERNING THE FREEDOM OF ESTABLISHMENT AND THE FREEDOM TO PROVIDE SERVICES 47

Section 1. Credit institutions 47

Section 2. Financial institutions 47

Section 3. Exercise of the right of establishment 48

Section 4. Exercise of the freedom to provide services 49

Section 5. Powers of the competent authorities of the host Member State 49

TITLE IV. RELATIONS WITH THIRD COUNTRIES 50

Section 1. Notification in relation to third countries' undertakings and conditions of access to the markets of these countries 50

Section 2. Cooperation with third countries' competent authorities regarding supervision on a consolid atedbasis 50

TITLE V. PRINCIPLES AND TECHNICAL INSTRUMENTS FOR PRUDENTIAL SUPERVISION AND DISCLOSURE 50

CHAPTER 1. PRINCIPLES OF PRUDENTIAL SUPERVISION 50

Section 1. Competence of home and host Member State 50

Section 2. Exchange of information and professional secrecy 51

Section 3. Duty of persons responsible for the legal control of annual and consolidated accounts 53

Section 4. Power of sanction and right to apply to the courts 53

CHAPTER 2. TECHNICAL INSTRUMENTS OF PRUDENTIAL SUPERVISION 54

Section 1. Own funds 54

Section 2. Provision against risks 57

Subsection 1. Level of application 57

Subsection 2. Calculation of requirements 60

Subsection 3. Minimum Level of Own Funds 60

Section 3. Minimum own funds requirements for credit risk 60

Subsection 1. Standardised Approach 60

Subsection 2. Internal Ratings based Approach 63

Subsection 3. Credit risk mitigation 67

Subsection 4. Securitisation 68

Section 4. Minimum own funds requirements for operational risk 69

Section 5. Large exposures 70

Section 6. Qualifying holdings outside the financial sector 74

CHAPTER 3. CREDIT INSTITUTIONS' ASSESSMENT PROCESS 74

CHAPTER 4. SUPERVISION AND DISCLOSURE BY COMPETENT AUTHORITIES 75

Section 1. Supervision 75

Section 2. Disclosure by competent authorities 80

CHAPTER 5. DISCLOSURE BY CREDIT INSTITUTIONS 80

TITLE VI. POWERS OF EXECUTION 81

TITLE VII. TRANSITIONAL AND FINAL PROVISIONS 82

CHAPTER 1. TRANSITIONAL PROVISIONS 82

CHAPTER 2. FINAL PROVISIONS 84

ANNEX I. LIST OF ACTIVITIES SUBJECT TO MUTUAL RECOGNITION 85

ANNEX II. CLASSIFICATION OF OFF-BALANCE-SHEET ITEMS 86

ANNEX III. THE TREATMENT OF COUNTERPARTY CREDIT RISK OF DERIVATIVE INSTRUMENTS, REPURCHASE TRANSACTIONS, SECURITIES OR COMMODITIES LENDING OR BORROWING TRANSACTIONS, LONG SETTLEMENT TRANSACTIONS AND MARGIN LENDING TRANSACTIONS 88

Part 1. Definitions 88

Part 2. Choice of the Method 90

Part 3. Mark-to-Market Method 91

Part 4. Original Exposure Method 92

Part 5. Standardised Method 92

Part 6. Internal Model Method 96

Part 7. Contractual netting 102

ANNEX IV. TYPES OF DERIVATIVES 106

ANNEX V. TECHNICAL CRITERIA CONCERNING THE ORGANISATION AND TREATMENT OF RISKS 107

ANNEX VI. STANDARDISED APPROACH 109

Part 1. Risk weights 109

Part 2. Recognition of ECAIs and mapping of their credit assessments 120

Part 3. Use of ECAIs' credit assessments for the determination of risk weights 122

ANNEX VII. INTERNAL RATINGS BASED APPROACH 124

Part 1. Risk weighted exposure amounts and expected loss amounts 124

Part 2. PD, LGD, and Maturity 130

Part 3. Exposure value 134

Part 4. Minimum Requirements for IRB Approach 136

ANNEX VIII. CREDIT RISK MITIGATION 153

Part 1. Eligibility 153

Part 2. Minimum Requirements 159

Part 3. Calculating the effects of credit risk mitigation 167

Part 4. Maturity mismatches 183

Part 5. Combinations of credit risk mitigation in the Standardised Approach 184

Part 6. Basket CRM techniques 184

ANNEX IX. SECURITISATION 186

Part 1. Definitions for the purposes of Annex IX 186

Part 2. Minimum requirements for recognition of significant credit risk transfer and calculation of riskweightedexposure amounts and expected loss amounts for securitised exposures 186

Part 3. External credit assessments 189

Part 4. Calculation 190

ANNEX X. OPERATIONAL RISK 204

Part 1. Basic Indicator Approach 204

Part 2. Standardised Approach 205

Part 3. Advanced Measurement Approaches 208

Part 4. Combined use of different methodologies 211

Part 5. Loss event type classification 212

ANNEX XI. TECHNICAL CRITERIA ON REVIEW AND EVALUATION BY THE COMPETENT AUTHORITIES 213

ANNEX XII. TECHNICAL CRITERIA ON DISCLOSURE 214

Part 1. General criteria 214

Part 2. General requirements 214

Part 3. Qualifying requirements for the use of particular instruments or methodologies 219

ANNEX XIII. Part A - REPEALED DIRECTIVES, TOGETHER WITH THEIR SUCCESSIVE AMENDMENTS (referred to in Article 158) 222

ANNEX XIII. Part B - DEADLINES FOR IMPLEMENTATION (referred to in Article 158) 222

ANNEX XIV. CORRELATION TABLE 223

Official Journal of the European Communities 229

DIRECTIVE 2002/83/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 5 November 2002 229

TITLE I. DEFINITIONS AND SCOPE 238

Article 1. Definitions 238

Article 2. Scope 239

Article 3. Activities and bodies excluded 239

TITLE II. THE TAKING-UP OF THE BUSINESS OF LIFE ASSURANCE 240

Article 4. Principle of authorisation 240

Article 5. Scope of authorisation 240

Article 6. Conditions for obtaining authorisation 240

Article 7. Scheme of operations 241

Article 8. Shareholders and members with qualifying holdings 242

Article 9. Refusal of authorisation 242

TITLE III. CONDITIONS GOVERNING THE BUSINESS OF ASSURANCE 242

Chapter 1. Principles and methods of financial supervision 242

Article 10. Competent authorities and object of supervision 242

Article 11. Supervision of branches established in another Member State 242

Article 12. Prohibition on compulsory ceding of part of underwriting 242

Article 13. Accounting, prudential and statistical information: supervisory powers 242

Article 14. Transfer of portfolio 243

Article 15. Qualifying holdings 243

Article 16. Professional secrecy 244

Article 17. Duties of auditors 246

Article 18. Pursuit of life assurance and non-life insurance activities 246

Article 19. Separation of life assurance and non-life insurance management 247

Chapter 2. Rules relating to technical provisions and their representation 247

Article 20. Establishment of technical provisions 247

Article 21. Premiums for new business 249

Article 22. Assets covering technical provisions 249

Article 23. Categories of authorised assets 249

Article 24. Rules for investment diversification 250

Article 25. Contracts linked to UCITS or share index 251

Article 26. Matching rules 252

Chapter 3. Rules relating to the solvency margin and to the guarantee fund 252

Article 27. Available solvency margin 252

Article 28. Required solvency margin 253

Article 29. Guarantee fund 254

Article 30. Review of the amount of the guarantee fund 254

Article 31. Assets not used to cover technical provisions 254

Chapter 4. Contract law and conditions of assurance 255

Article 32. Law applicable 255

Article 33. General good 255

Article 34. Rules relating to conditions of assurance and scales of premiums 255

Article 35. Cancellation period 255

Article 36. Information for policy holders 255

Chapter 5. Assurance undertakings in difficulty or in an irregular situation . 256

Article 37. Assurance undertakings in difficulty 256

Article 38. Financial recovery plan 256

Article 39. Withdrawal of authorisation 257

TITLE IV. PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES 257

Article 40. Conditions for branch establishment 257

Article 41. Freedom to provide services: prior notification to the home Member State 258

Article 42. Freedom to provide services: notification by the home Member State 258

Article 43. Freedom to provide services: changes in the nature of commitments 258

Article 44. Language 258

Article 45. Rules relating to conditions of assurance and scales of premiums 258

Article 46. Assurance undertakings not complying with the legal provisions 258

Article 47. Advertising 259

Article 48. Winding up 259

Article 49. Statistical information on cross-border activities 259

Article 50. Taxes on premiums 259

TITLE V. RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGING TO UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY 260

Article 51. Principles and conditions of authorisation 260

Article 52. Rules applicable to branches of third country undertakings 260

Article 53. Transfer of portfolio 261

Article 54. Technical provisions 261

Article 55. Solvency margin and guarantee fund 261

Article 56. Advantages to undertakings authorised in more than one Member State 262

Article 57. Agreements with third countries 262

TITLE VI. RULES APPLICABLE TO SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND TO THE ACQUISITIONS OF HOLDINGS BY SUCHPARENT UNDERTAKINGS 262

Article 58. Information from Member States to the Commission 262

Article 59. Third-country treatment of Community assurance undertakings 262

TITLE VII. TRANSITIONAL AND OTHER PROVISIONS 263

Article 60. Derogations and abolition of restrictive measures 263

Article 61. Proof of good repute 263

TITLE VIII. FINAL PROVISIONS 264

Article 62. Cooperation between the Member States and the Commission 264

Article 63. Reports on the development of the market under the freedom to provide services 264

Article 64. Technical adjustment 264

Article 65. Committee procedure 264

Article 66. Rights acquired by existing branches and assurance undertakings 264

Article 67. Right to apply to the courts 265

Article 68. Review of amounts expressed in euro 265

Article 69. Implementation of new provisions 265

Article 70. Information to the Commission 265

Article 71. Transitional period for Articles 3(6), 27, 28, 29, 30 and 38 265

Article 72. Repealed directives and their correlation with this Directive 265

Article 73. Entry into force 266

Article 74. Addressees 266

Annex I. Classes of assurance 267

Annex II. Matching rules 267

Annex III. Information for policy holders 268

Annex IV 269

Annex V 273

Part A. Repealed directives together with their successive amendments (referred to in Article 72) 273

Part B. Deadlines for implementation (referred to in Article 72) 273

Annex VI. Correlation table 274