LONDON: The European financial landscape saw a milestone event this week, as the EU Parliament passed the Amendment to Regulation (EU) No 575/2013, implementing the Basel III finalization within Europe.

This monumental step forward comes with the adoption of the Capital Requirements Regulation (CRR3) amendments, which are part of a broader legislative package, including amendments to Directive 2013/36/EU, known as the Capital Requirements Directive or CRD.

Jeroen Van Doorsselaere, Vice President of Global Product & Platform Management, Wolters Kluwer FRR, said: “The adoption of the Capital Requirements Regulation (CRR3) amendments represents a landmark change for the banking industry, designed to strengthen the framework for risk-based capital requirements and address ESG risks.

“This is a major overhaul of the capital requirements framework, impacting various aspects, including credit risk, operational risk, market risk, and the capital floor. Whereas other significant jurisdictions, including the U.S., the U.K. and Hong Kong, have deferred timelines, the EEA region is now moving ahead with the Basel III reforms without delay.

“The clock is now ticking for financial institutions in the EEA as the CRR3 regulation is applicable from January 1, 2025. It will be essential that banks and financial institutions act swiftly and harness transformative technologies to ensure compliance and readiness.”

Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) supports financial institutions through innovative technology that enables and empowers clients to stay compliant with ever-changing regulatory requirements, manage uncertainty through financial risk management offerings and drive efficiency.

Wolters Kluwer FRR is part of Wolters Kluwer’s Corporate Performance & ESG (CP & ESG) division, headed by CEO Karen Abramson. The division is the world’s leading provider of integrated software solutions for EHS, Environmental, Social, and Governance (ESG), and Governance, Risk and Compliance (GRC). Through innovative technology and unique expertise, Wolters Kluwer CP & ESG enables business leaders to make informed, strategic decisions that drive transformation, performance, and risk management for a sustainable and resilient world.

For more information about Wolters Kluwer, please visit: www.wolterskluwer.com

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.

Fonte: Business Wire