SPAIN. The purpose of this study is to examine whether Spain has fulfilled its obligations under Directive 2006/48/EC and Directive 2006/49/EC.

Transcription

1 SPAIN I. Purpose of the study The purpose of this study is to examine whether Spain has fulfilled its obligations under Directive 2006/48/EC and Directive 2006/49/EC. There are two annexes to this report, a transposition table of the Directive 2006/48/EC (Annex I) and the responses to the open questions raised by the European Commission (Annex II). The Directives 2006/48/EC (CRD) and 2006/49/EC (CAD) have been almost completely transposed into Spanish law. Both Directives were transposed into national law by means of the laws Ley 13/1985, 25 May, de Coeficientes de Inversion, Recursos Propios y Obligaciones de Informacion de Intermediarios Financieros, which is the Law that actually transposes the CRD 2006/48/EC; and Circular 12/2008, from 30 December, de la Comision Nacional del Mercado de Valores, sobre solvencia de las entidades de servicios de inversion y sus grupos consolidables, which transposes CRD 2006/49/EC. This Regulation was published in the Spanish Official Bulletin (Boletin Oficial del Estado BOE) on 4 February 2009 and will enter into force on 30 June In addition to these main laws, you will find hereafter additional laws by which the two Directives were implemented. II. General comments We have followed the methodology proposed in the provided terms of reference ( TOR ). Furthermore, we have taken into account the specific guidelines and instructions from the European Commission on the content and format of the transposition tables and the questionnaires to be used. We have identified all relevant Spanish laws, regulations, circular letters, guidelines and other administrative provisions that implement Directive 2006/48/EC and Directive 2006/49/EC into Spanish Law. All documents were examined in their original language, i.e. Spanish. We have examined the quality of the transposition of Directive 2006/48/EC into Spanish law and have indicated any differences, contradictions or shortcomings in regard to the original text of these Directives. Circular 12/2008, which transposes CRD 2006/49/EC, will enter into force on 30 June We present our transposition table for Directive 2006/48/EC in a table form with three columns (lefthand side directive provisions; centre relevant laws, regulations and administrative acts under Spanish law; left-hand side our comments). Due to the recent publication of Regulation 12/2008 (4 February 2009), and due to the fact that when this was published the deadline of this assignment was over, we have not been able to carry out a complete analysis of the implementation of Directive 2006/49/EC into Spanish legislation. However, we have determined the laws implementing this Directive into Spanish law, which you will find below.

2 III. Executive summary for Spain 1. Spanish implementation measures Directive 2006/48/EC and Directive 2006/49/EC have been implemented into Spanish law by the following documents: Law 26/1988, 29 July, on Credit Institutions (Ley 26/1988, de 29 de Julio sobre Disciplina e Intervención de las Entidades de Crédito) ( Credit Institutions Law ) Law 13/1985, 25 May, on Investment Ratios, Own Funds and Information Obligations from Financial Intermediates (Ley 13/1985, de 25 de mayo, de Coeficientes de Inversion, Recursos Propios y Obligaciones de Información de los Intermediarios Financieros). ( Law 13/1985 ). Royal Decree 216/2008 of February 15 on the Equity Capital of Financial Institutions (Real Decreto 216/2008 de 15 febrero, de recursos propios de las entidades financieras). ( R. D. ) Circular of the Bank of Spain 3/2008 of may 22 on Calculation and Supervision of Minimum Equity Capital Requirements (Circular 3/2008, de 22 de mayo, del Banco de España, a entidades de crédito, sobre determinación y control de los recursos propios mínimos). ( the Regulation ). Royal Decree 1298/1986, 28 de junio, on the adaptation of the Credit Institutions Law to the European Law (Real Decreto Legislativo 1298/1986, de 28 de junio, sobre Adaptación del Derecho vigente en materia de Entidades de Crédito al de las Comunidades Europeas). Regulation 2/2004, 22 December (Circular 4/2004, de 22 de diciembre, a entidades de crédito, sobre normas de información financiera pública y reservada y modelos de estados financieros). Circular 2/2008, 25 January, amending Circular 5/1993, 26 March, on the determination and control of the Minimal Equity Capital of Credit Institutions (Circular 2/2008, de 25 de enero, por la que se modifica la relación de bancos multilaterales de desarrollo contenida en la Circular 5/1993, de 26 de marzo, sobre determinación y control de los recursos propios mínimos de las entidades de crédito). Circular 12/2008, 30 December, on the Solvency of the Investment Services Institutions and its consolidated groups (Circular 12/2008, de la Comision Nacional del Mercado de Valores, sobre la solvencia de las entidades de servicios de inversion y sus grupos consolidables). Spanish Securities Market Act (Ley 24/1988 de 28 julio del Mercado de Valores). 2. General perception of Directive 2006/48/EC and Directive 2006/49/EC by the sector in Spain Centralized banking groups are confronted with as many substantially different implementations of Directive 2006/48/EC and Directive 2006/49/EC as countries where they are active. From a centralized banking group perspective, it is impossible to follow-up all the different legislations and

3 interpretations. Moreover, reporting is not centralized and is substantially different from one country to another. This means that centralized banking groups are being pushed to a more decentralized model in order to avoid competitive disadvantages. Banking groups usually use Directive 2006/48/EC and Directive 2006/49/EC as the principal reference text, whereas national supervisors refer to national implementation measures. This means that banking groups have continuous discussions with national supervisors regarding the correct transposition and interpretation of Directive 2006/48/EC and Directive 2006/49/EC in a particular EEA member state. Overall, Spanish industry compliance with the national implementation measures is highly satisfactory. 100 per cent of the credit institutions comply with the implementation measures. 3. Goldplating The more relevant national provisions that goldplate the Directive are: - With regard to the waiver provided for in Art. 69, paragraph 3 - exemption for parent credit institutions on a stand-alone basis -, BOS 1 retains the competence to limit the waiver application only to some of the requirements. - The conditions that subordinated debt must comply to be eligible for Tier II under BOS rules are stricter than those in the Directive. (See BOS Circular 3/2008, article 8, 1, j). - BOS imposes an additional limit to the capital instruments eligible to the consolidated regulatory capital (both to Tier I and Tier II) issued by foreign subsidiaries. This limit doesn t consider if these instruments are eligible under local regulation or if were issued to meet solvency ratios recommended by local regulator (see BOS Circular 3/2008, article 8, 5, f, iii). - BOS imposes an additional limit to the amount of minority interest that could be eligible to the consolidated regulatory capital (see BOS Circular 3/2008, article 11.1, b). - In the calculation of the capital requirements for foreign currency risk, BOS adds an additional provision that considers the 3 months average requirement (see BOS Circular 3/2008, article 81.2). - The Directive allows using a 3 year observation in the first application of the AMA for Operational Risk. This possibility is not contemplated in BOS Circular 3/ BOS imposes a limit of 30% to preference shares included in Tier I (and a 15% limit if these securities have incentives to redeem). This limit doesn t exist in the current Directive. - In relation to the securitization framework, BOS established quantitative conditions to determine when significant credit risk shall be considered to have been transferred. - Under BOS rules, some amounts of mortgage loans (those that exceed the value of the guarantee) must be classified in the regulatory high-risk categories, receiving a 150% risk weight. 4. No implementation or partial implementation 1 The Bank of Spain

4 Several provisions of Directive 2006/48/EC have not or only partially been implemented into Spanish Law, for various reasons. Concerning article 4, the Spanish Treasury clarified that it is not a tradition of Spanish legislative technique to include any articles in our norms specifically dedicated to definitions. Nevertheless, that does not mean that the definitions needed to specify the scope of the regulation are not included in the article or articles that regulate such issues, sometimes in the same law, as is the case of Operational risk (article 4(22)) which is implemented in article 58.2 of Royal Decree 216/2008, and sometimes in the form of references to other norms of our legislation. That is the case of the definition of control (article 4(9)) which is defined in our Code of Commerce. Moreover, there are some definitions such as competent authorities (article 4(4)) that do not need to be implemented in a national law for, as the CRD reads they are the one empowered by law to supervise credit institutions. The following articles of Directive 2006/48/EC has not been transposed: 4(2) to 4(8), 4(10) to 4(13), 4(18), 4(20), 4(21), 4(23) to 4(35), 4(42), 4(45) to 4(47), article 89(1), in fine; article 110(2), first paragraph; article 119; article 152; article 154(5); article 155; Annex III, Part I, 24 and 25; Annex X, Part I, 2.2.(9). For more detailed information, please see our comments in the implementation table for Directive 2006/48/EC (Annex I). The Directive 2006/49/EC has been transposed into Spanish national Law by means of the Circular (Regulation) 12/2008, 30 December, de la Comision Nacional del Mercado de Valores, sobre solvencia de las entidades de servicions de inversion y sus grupos consolidables, which transposes CRD 2006/49/EC and which will enter into force on 30 June National options and discretions The Spanish legislator/bos decided not to exercise the following options and discretions available under Directive 2006/48/EC: 61, first paragraph; 73(1); Annex VII, Part. 1, paragraphs 13-15; Annex VII, Part 2, paragraphs 8 and 12; Annex VII, Part 4, paragraphs 66, 71, 86 and 95; Annex VIII, Part 3, paragraph 72. The Spanish legislator has decided to exercise the following discretions: article 57, second paragraph; article 70; article 83(2); article 84 (2) first subparagraph (a), (b), (c), (d), (e), in fine; article 102(4); article 104(3); article 105(4); article 111(2); article 154(2) and (3); Annex III, Part 6, paragraph 7 and 12; Annex VI, Part 1, paragraph 6, 11, 15, 17, 22, 49, 53, 57, 64, 66, 67; Annex VI, Part 3, 17; Annex VII, Part 1, paragraph 6,13,18; Annex VII, Part 2, paragraph 5, 7, 13, 20; Annex VII, Part 4, paragraph 56; Annex VIII, Part 1, paragraph 16, 20, 21, 26, 28; Annex VIII, Part 2, paragraph 9a (ii); Annex VIII, Part 3, paragraph 12, 19, 43, 89; Annex IX, Part 4, paragraph 30, 53; Annex X, Part 2, paragraph 3, 5. The Spanish legislator has decided to exercise the following national options available under Directive 2006/48/EC: article 57, first paragraph (f) and (g); article 63 (2) and (3); article 64 (1), (2); article 110 (2), second subparagraph, (3); article 112; article 113 (1), (2), (3), first subparagraph (i), (j), (k), (l), (n), (o), (q), (i)-(ii), (s), and fifth subparagraph; article 114; article 117; article 127 (2), (3); article 131, third paragraph; article 148 (2); article 153, first and second paragraph; article 154 (1), first and second paragraph, (4), (6), (7). For more detailed information, please see our comments in the implementation table for Directive 2006/48/EC (Annex I). 6. Open questions

5 Spanish answers to the pre-approved open questions raised by the European Commission in point 4.5 of the TOR are attached to this report in Annex II. These questions were answered by sending the questionnaire to the Spanish Treasury within the Spanish Ministry of Economy. We complemented the answers received with our comments. IV. Conclusion Most provisions of Directive 2006/48/EC were successfully implemented into Spanish Law by using two main pieces of regulation; R.D. 216/2008 for general matters which covers most of the Directive except for he Annexes and BOS Circular 3/2008 for specific matters included in the Annexes. R.D. 216/2008 has also implemented part of the Directive 2006/49/EC. The transposition of CRD 2006/49/EC is made by means of the Circular 12/2008, from 30 December, de la Comision Nacional del Mercado de Valores, sobre solvencia de las entidades de servicios de inversion y sus grupos consolidables, which will enter into force on 30 June The quality of the transposition into Spanish law of Directive 2006/48/EC and Directive 2006/49/EC is generally speaking very good. * * * Annex I: Annex II: transposition table for Directive 2006/48/EC Our answers to the Commission s open questions

6 Implementation table Directive 2006/48/EC Annex I Directive provisions SPAIN Relevant provisions of the national law, regulation or administrative acts Credit Institutions Law means Law 26/1988 of July 29 on the Disciplina e Intervención de Entidades de Crédito Law 13/1985 means Law on Investment Ratios, Own Funds and Information obligations from Financial Intermediates. R. D. means Royal Decree 216/2008 of February 15 on the Equity Capital of Financial Institutions. Regulation means the Circular of the Bank of Spain 3/2008 of may 22 on Calculation and Supervision of Minimum Equity Capital Requirements Comments from Team on implementing measures Title I Subject matter, scope and definitions It is not a tradition of Spanish legislative technique to include any articles in our norms specifically dedicated to definitions. Nevertheless, that does not mean that the definitions needed to specify the scope of the regulation are not included in the article or articles that regulate such issues, some times in the same law, as is the case of Operational risk (article 4 (22)) which is implemented in article 58.2 of R.D. 216/2008, and sometimes in the form of references to other norms of our legislation. That is the case of the definition of control (article 4 (9)) which is defined in our DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 1

7 Code of Commerce, to name but a few examples. Second, there are some definitions such as competent authorities (article 4 (4)) that obviously do not need to be implemented in a national law for, as the CRD reads they are the ones empowered by law to supervise credit institutions. Article 4 Article 4(1) Article 28 of the Credit Institutions Law Article 4(2) Not implemented Article 4(3) Not implemented Article 4(4) Not implemented Article 4(5) Not implemented Article 4(6) Not implemented Article 4(7) Not implemented Article 4(8) Not implemented Article 4(9) Not implemented Article 4(10) Not implemented Article 4(11) Not implemented Article 4(12) Not implemented Article 4(13) Not implemented Article 4(14) Article 1.a) of the R.D. Article 4(15) Article 1.d) of the R.D. Article 4(16) Article 1.b) of the R.D. Article 4(17) Article 1.e) of the R.D. Article 4(18) Not implemented Article 4(19) Article 1.c) of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 2

8 Article 4(20) Not implemented Article 4(21) Not implemented Article 4(22) Article 58.2 of the R.D. Article 4(23) Not implemented Article 4(24) Not implemented Article 4(25) Not implemented Article 4(26) Not implemented Article 4(27) Not implemented Article 4(28) Not implemented Article 4(29) Not implemented Article 4(30) Not implemented Article 4(31) Not implemented Article 4(32) Not implemented Article 4(33) Not implemented Article 4(34) Not implemented Article 4(35) Not implemented Article 4(36) Article of the Regulation Article 4(37) Article of the Regulation Article 4(38) Article of the Regulation Article 4(39) Article of the Regulation Article 4(40) Article of the Regulation Article 4(41) Article 53.5 of the Regulation Article 4(42) Not implemented Article 4(43) Article of the Regulation Article 4(44) Article of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 3

9 Article 4(45) Not implemented Article 4(46) Not implemented Article 4(47) Not implemented Title II Requirements for access to the taking up and pursuit of the business of credit institutions Article 22 Article 22(1) Article and 66.5 of the R.D. Article 22(2) Article 66.4 of the R.D. Title V Principles and technical instruments for prudential supervision and disclosure Article 57 Article 57, first paragraph (a) Article 12.1.a) of the R.D. Article 57, first paragraph (b) Article 12.1.b) of the R.D. Article 57, first paragraph (c) Article 12.1.d) of the R.D. Article 57, first paragraph (d) Article 12.1.c) of the R.D. Article 57, first paragraph (e) Article 12.1.c) of the R.D. Article 57, first paragraph (f) Not implemented. National option. Article 57, first paragraph (g) Not implemented. National option. Article 57, first paragraph (h) Article 12.1.g), h), i), j) of the R.D. Article 57, first paragraph (i) Article 13.1.b) of the R.D. Article 57, first paragraph (j) Article 13.1.a) of the R.D. Article 57, first paragraph (k) Article 13.1.a) of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 4

10 Article 57, first paragraph (l) Article 13.1.c) of the R.D. Article 57, first paragraph (m) Article 13.1.d) of the R.D. Article 57, first paragraph (n) Article 13.1.e) of the R.D. Article 57, first paragraph (o), (i)-(iii) Article 13.1.f) of the R.D. Article 57, first paragraph (p), (i)-(ii) Article 13.1.g) of the R.D. Article 57, first paragraph (q) Article 13.1.h) of the R.D. Article 57, first paragraph (r) Article 13.1.i) of the R.D. Article 57, second paragraph Article 8.1 of the Regulation Discretion has been exercised Article 57, third paragraph Article 13.1.j) of the R.D. Article 61 Article 61, first paragraph This discretion has not been executed Article 61, second paragraph Article 14.3 of the R.D. Article 62 Article 62 Article 62 mentions that the member states may report to the Commission on the progress achieved in convergence with a view to a common definition of own funds. Article 63 Article 63(1), (a)-(c) Article 14.3 of the R.D. This option has been executed Article 63(2), (a)-(e) Not implemented. National option. Article 63(2), in fine Not implemented. National option. Article 63(3) Not implemented. National option. Article 64 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 5

11 Article 64(1), first subparagraph Not implemented. Not necessary to be implemented. National option. Article 64(1), second subparagraph Not implemented. Not necessary to be implemented. National option. Article 64(1), third subparagraph Not implemented. Not necessary to be implemented. National option. Article 64(2) Not implemented. Not necessary to be implemented. National option. Article 64(3), first subparagraph Article 14.3 and 4 of the R.D. This option regarding the list of own funds has been executed Article 64(3), first subparagraph, (a)-(d) Article 14.3 and 4 of the R.D. Article 64(3), second subparagraph Article 14.3 and 4 of the R.D. Article 64(4) Article 66 Article 66(1), (a)-(b) Article 15.1,2,3 and 4 of the R.D. and article 11 of the Regulation. Article 66(2) Article 15.1,2,3 and 4 of the R.D. and article 11 of the Regulation. Article 66(3) Article 15.1,2,3 and 4 of the R.D. and article 11 of the Regulation. Article 66(4) Article 15.5 of the R.D. Article 68 Article 68(1) Article 2.1 of the R.D. Article 68(2) Articles 3 and 4 of the R.D. Article 68(3) Articles 73 and 74 of the R.D. Article 69 Article 69(1), (a)-(d) Article 2.2 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 6

12 Article 69(2) Article 2.3 of the R.D. Article 69(3), (a)-(b) Article 2.4 of the R.D. Article 69(3), in fine Article 9 of the R.D. Article 69(4), (a)-(c) Article 9 of the R.D. Article 70 Article 70(1) Article 2.5 of the R.D. This discretion has been exercised Article 70(2) Article 2.5 of the R.D. This discretion has been exercised Article 70(3) Article 10 of the R.D. This discretion has been exercised Article 70(4), (a)-(c) Article 10 of the R.D. This discretion has been exercised Article 71 Article 71(1) Article 5 of the R.D. Article 71(2), first subparagraph Article 3 of the R.D. Article 71(2), second subparagraph Article 8 of Law 13/1985 Article 72 Article 72(1), first subparagraph Article 10. ter of Law 13/1985 Article 72(1), second subparagraph Article 10. ter of Law 13/1985 Article 72(2), first subparagraph Article 10. ter of Law 13/1985 Article 72(2), second subparagraph Article 10. ter of Law 13/1985 Article 72(3) Article 10. ter of Law 13/1985 Article 73 Article 73(1), (a)-(c) This discretion has not been exercised Article 73(2) Article 6 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 7

13 Article 73(3) Article 66 of the R.D. Article 74 Article 74(1) Articles 3, 17.1, 121 and 122 of the Regulation Article 74(2), first subparagraph Articles 3, 17.1, 121 and 122 of the Regulation Article 74(2), second subparagraph Articles 3, 17.1, 121 and 122 of the Regulation Article 75 Article 75, (a)-(d) Articles 17, 48 and 58 of the R.D. Article 76 Article 76 Article 18 of the R.D. Article 77 Article 77 Article 19 of the R.D. Article 78 Article 78(1) Article 20.1 of the R.D. Article 78(2) Article 20.2 of the R.D. Article 78(3) Article 20.3 of the R.D. Article 78(4) Articles 20.2 and 64.3 of the R.D. Article 79 Article 79(1), (a) Article 21 of the R.D. Article 79(1), (b) Article 21 of the R.D. Article 79(1), (c) Article 21 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 8

14 Article 79(1), (d) Article 21 of the R.D. Article 79(1), (e) Article 21 of the R.D. Article 79(1), (f) Article 21 of the R.D. Article 79(1), (g) Article 21 of the R.D. Article 79(1), (h) Article 21 of the R.D. Article 79(1), (i) Article 21 of the R.D. Article 79(1), (j) Article 21 of the R.D. Article 79(1), (k) Article 21 of the R.D. Article 79(1), (l) Article 21 of the R.D. Article 79(1), (m) Article 21 of the R.D. Article 79(1), (n) Article 21 of the R.D. Article 79(1), (o) Article 21 of the R.D. Article 79(1), (p) Article 21 of the R.D. Article 79(2), (a)-(c) Article 25 of the R.D. Article 79(3) Article 25, last paragraph of the R.D. Article 80 Article 80(1) Article 26.1 of the R.D. Article 80(2) Article 26.2 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 9

15 Article 80(3) Article 26.3 of the R.D.. The Bank of Spain has chosen to apply the method based on the credit quality of the State. Article 80(4) Article 26.4 of the R.D. Article 80(5) Article 26.5 of the R.D. Article 80(6) Article 15.3 of the Regulation Article 80(7), (a)-(e) Article 26.6 of the R.D. Article 80(7), in fine Article 26.6 of the R.D. Article 80(8), (a) Article 26.7 of the R.D. Article 80(8), (b) Article 26.7 of the R.D. Article 80(8), (c) Article 26.7 of the R.D. Article 80(8), (d) Article 26.7 of the R.D. Article 80(8), (e) Article 26.7 of the R.D. Article 80(8), (f) Article 26.7 of the R.D. Article 80(8), (g) Article 26.7 of the R.D. Article 80(8), (h) Article 26.7 of the R.D. Article 80(8), (i) Article 26.7 of the R.D. Article 80(8), (j) Article 26.7 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 10

16 Article 80(8), in fine Article 26.7 of the R.D. Article 81 Article 81(1) Article 27.1 of the R.D. Article 81(2) Article 27.1 of the R.D. Article 81(3) Article 27.2 of the R.D. Article 81(4) Article 27.3 of the R.D. Article 82 Article 82(1) Article 28.1 of the R.D. Article 82(2) Article 28.2 of the R.D. Article 83 Article 83(1) Article 29.1 of the R.D. Article 83(2) Article 29.2 of the R.D. This discretion has been exercised Article 84 Article 84(1) Article 31.1 of the R.D. Article 84(2), first subparagraph, (a) Article 31.2 of the R.D. This discretion has been exercised Article 84(2), first subparagraph, (b) Article 31.2 of the R.D. This discretion has been exercised Article 84(2), first subparagraph, (c) Article 31.2 of the R.D. This discretion has been exercised Article 84(2), first subparagraph, (d) Article 31.2 of the R.D. This discretion has been exercised Article 84(2), first subparagraph, (e) Article 31.2 of the R.D. This discretion has been exercised Article 84(2), first subparagraph, in fine Article 31.2 of the R.D. This discretion has been exercised Article 84 (3) Article 31.3 of the R.D. Article 84 (4) Article 31.4 of the R.D. Article 84 (5) Article 31.5 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 11

17 Article 84 (6) Article 31.6 of the R.D. Article 85 Article 85(1), first subparagraph Article 32.1 of the R.D. Article 85(1), second subparagraph Article 32.1 of the R.D. Article 85(1), third subparagraph Article 32.1 of the R.D. Article 85(2) Article 32.2 of the R.D. Article 85(3) Article 32.3 of the R.D. Article 85(4) Article 32.4 of the R.D. Article 85(5) Article 32.5 of the R.D. Article 86 Article 86(1), (a) Article 33.1 of the R.D. Article 86(1), (b) Article 33.1 of the R.D. Article 86(1), (c) Article 33.1 of the R.D. Article 86(1), (d) Article 33.1 of the R.D. Article 86(1), (e) Article 33.1 of the R.D. Article 86(1), (f) Article 33.1 of the R.D. Article 86(1), (g) Article 33.1 of the R.D. Article 86(2), (a) Article 33.2 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 12

18 Article 86(2), (b) Article 33.2 of the R.D. Article 86(3), (a) Article 33.3 of the R.D. Article 86(3), (b) Article 33.3 of the R.D. Article 86(3), (c) Article 33.3 of the R.D. Article 86(4), (a) Article 33.4 of the R.D. Article 86(4), (b) Article 33.4 of the R.D. Article 86(4), (c) Article 33.4 of the R.D. Article 86(4), (d) Article 33.4 of the R.D. Article 86(5), (a) Article 33.5 of the R.D. Article 86(5), (b) Article 33.5 of the R.D. Article 86(6), (a) Article 33.6 of the R.D. Article 86(6), (b) Article 33.6 of the R.D. Article 86(6), (c) Article 33.6 of the R.D. Article 86(7) Article 23.7, last paragraph of the Regulation Article 86(8) Article of the Regulation Article 86(9) Article 33.7 of the R.D. Article 87 Article 87(1) Article 34.1 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 13

19 . Article 87(2) Articles 29.1 and 2 of the Regulation Article 87(3) Articles 29.3 and 4 of the Regulation Article 87(4) Article 34.6 of the R.D. Article 87(5) Article 34.6 of the R.D. Article 87(6) Article 34.3 of the R.D. Article 87(7) Article 34.3 of the R.D. Article 87(8) Article 34.4 of the R.D. Article 87(9) Article 34.5 of the R.D. Article 87(10) Article 34.7 of the R.D. Article 87(11), first subparagraph Article 34.1 of the R.D. Article 87(11), second subparagraph, (a)-(b) Article of the Regulation Article 87(12), first subparagraph Articles and 30 of the Regulation Article 87(12), second subparagraph, (a)-(b) Articles and 30 of the Regulation Article 88 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 14

20 Article 88(1) Article 88(2) Article 88(3) Article 88(4) Article 88(5) Article 88(6) Article 35 of the R.D. and article 26 of the Regulation Article 35 of the R.D. and article 26 of the Regulation Article 35 of the R.D. and article 26 of the Regulation Article 35 of the R.D. and article 26 of the Regulation Article 35 of the R.D. and article 26 of the Regulation Article 35 of the R.D. and article 26 of the Regulation Article 89 Article 89(1), (a) Article 36 of the R.D. Article 89(1), (b) Article 36 of the R.D. Article 89(1), (c) Article 36 of the R.D. Article 89(1), (d), (i)-(ii) Article 36 of the R.D. Article 89(1), (e) Article 36 of the R.D. Article 89(1), (f) Article 36 of the R.D. Article 89(1), (g) Article 36 of the R.D. Article 89(1), (h) Article 36 of the R.D. Article 89(1), (i) Article 36 of the R.D. Article 89(1), in fine Not implemented Article 89(2) Article 36 of the R.D. Article 90 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 15

21 Article 90 Article 37 of the R.D. Article 91 Article 91 Article 38 of the R.D. Article 92 Article 92(1) Article 39.1 of the R.D. Article 92(2) Article 39.2 of the R.D. Article 92(3) Article 39.3 of the R.D. Article 92(4) Article 39.4 of the R.D. Article 92(5) Article 39.5 of the R.D. Article 92(6) Article 39.6 of the R.D. Article 93 Article 93(1) Article 40.1 of the R.D. Article 93(2) Article 40.2 of the R.D. Article 93(3) Article 40.3 of the R.D. Article 94 Article 94, first paragraph Article 41.1 of the R.D. Article 94, second paragraph Article 41.1 of the R.D. Article 95 Article 95(1), (a) Article 42 of the R.D. Article 95(1), (b) Article 42 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 16

22 Article 95(2), first subparagraph Article 42 of the R.D. Article 95(1), second subparagraph Article 42 of the R.D. Article 96 Article 96(1) Article 43.1 of the R.D. Article 96(2) Article 43.2 of the R.D. Article 96(3) Article 43.3 of the R.D. Article 96(4) Article 43.4 of the R.D. Article 97 Article 97(1) Article 44.1 of the R.D. Article 97(2) Article 44.2 of the R.D. Article 97(3) Article 44.3 of the R.D. Article 97(4) Article 44.4 of the R.D. Article 97(5) Article 44.5 of the R.D. Article 98 Article 98(1) Article 45.1 of the R.D. Article 98(2) Article 45.2 of the R.D. Article 99 Article 99 Article 44.6 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 17

23 Article 100 Article 100(1) Article 63 of the Regulation Article 100(2) Article 63 of the Regulation Article 101 Article 101(1) Article 42.2 of the R.D. Article 101(2) Article 41.3 of the R.D. Article 102 Article 102(1) Article 58.1 of the R.D. Article 102(2) Article 58.5 of the R.D. Article 102(3) Article 58.6 of the R.D. Article 102(4) Article 58.7 of the R.D. The discretion has been exercised. Article 103 Article 103 Article 59 of the R.D. Article 104 Article 104(1) Article 60.1 of the R.D. Article 104(2) Article 60.2 of the R.D. Article 104(3) Article 61.1 of the R.D. The discretion has been exercised Article 104(4) Article 60.2 of the R.D. Article 104(5) Article 60.4 of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 18

24 Article 104(6) Article 60.4 of the R.D. Article 105 Article 105(1) Article 62.1 of the R.D. Article 105(2) Article 62.2 of the R.D. Article 105(3) Article 62.4 of the R.D. Article 105(4) Article 62.5 of the R.D. The discretion has been exercised Article 106 Article 106(1), first subparagraph Articles and 2 of the Regulation Article 106(1), second subparagraph Articles and 2 of the Regulation Article 106(1), third subparagraph Articles and 2 of the Regulation Article 106(2), (a)-(b) Articles and 2 of the Regulation Article 108 Article 108 Article 63.1 of the R. D. Article 110 Article 110 Article 122 of the Regulation Article 110(1), first subparagraph Article 122 of the Regulation Article 110(1), second subparagraph, (a)-(b) Article 122 of the Regulation Article 110(2), first subparagraph Not implemented Article 110(2), second subparagraph Not implemented. National option. Article 110(3) Not implemented. National option. Article 111 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 19

25 Article 111(1) Article 63.2 of the R. D. Article 111(2) Article 63.2 of the R. D. The discretion has been exercised. Article 111(3) Article 63.3 of the R. D. Article 111(4) Article 75.2 of the R.D. Article 112 Article 112(1) Not implemented. National option. Article 112(2) Not implemented. National option. Article 112(3) Not implemented. National option. Article 113 Article 113(1) Not implemented. National option. Article 113(2) Not implemented. National option. Article 113(3), first subparagraph, (a) Article 64.1.a) of the R. D. Article 113(3), first subparagraph, (b) Article 64.1.a) of the R. D. Article 113(3), first subparagraph, (c) Article 64.1.b) of the R. D. Article 113(3), first subparagraph, (d) Articles 64.1.a), b) and c) of the R. D. Article 113(3), first subparagraph, (e) Article 64.1.h) of the R. D. Article 113(3), first subparagraph, (f) Article 64.1.b) of the R. D. Article 113(3), first subparagraph, (g) Article 64.1.d) of the R. D. Article 113(3), first subparagraph, (h) Article 64.1.d) of the R. D. Article 113(3), first subparagraph, (i) Not implemented. National option. Article 113(3), first subparagraph, (j) Not implemented. National option. Article 113(3), first subparagraph, (k) Not implemented. National option. Article 113(3), first subparagraph, (l) Not implemented. National option. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 20

26 Article 113(3), first subparagraph, (m) Article 64.1.f) of the R. D. Article 113(3), first subparagraph, (n) Not implemented. National option. Article 113(3), first subparagraph, (o) Not implemented. National option. Article 113(3), first subparagraph, (p) Article 64.1.g) of the R. D. Article 113(3), first subparagraph, (q), (i)-(ii) Article 64.1.g) of the R. D. Not implemented. National option. Article 113(3), first subparagraph, (r) Article 64.1.i) of the R. D. Article 113(3), first subparagraph, (s) Not implemented. National option. Article 113(3), first subparagraph, (t) Article 64.1.i) of the R. D. Article 113(3), second subparagraph Article j) of the Regulation Article 113(3), third subparagraph Article of the Regulation Article 113(3), fourth subparagraph Article m) of the Regulation Article 113(3), fifth subparagraph Not implemented. National option. Article 114 Article 114(1), first subparagraph Not implemented. National option. Article 114(1), second subparagraph Not implemented. National option. Article 114(1), third subparagraph Not implemented. National option. Article 114(2), first subparagraph Not implemented. National option. Article 114(2), second subparagraph Not implemented. National option. Article 114(2), third subparagraph Not implemented. National option. Article 114(2), fourth subparagraph Not implemented. National option. Article 114(3), first subparagraph Not implemented. National option. Article 114(3), second subparagraph Not implemented. National option. Article 114(3), third subparagraph Not implemented. National option. Article 114(3), fourth subparagraph Not implemented. National option. Article 114(3), fifth subparagraph, (a)-(c) Not implemented. National option. Article 114(4) Not implemented. National option. Article 115 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 21

27 Article 115 Articles 64.1,a) and c) of the R.D. Article 117 Article 117(1), (a)-(b) Not implemented. National option. Article 117(2), (a)-(c) Not implemented. National option. Article 118 Article 118 Articles 5.2 and 5.6 of the Regulation Article 119 Article 119 Not implemented. Not necessary Article 123 Article 123, first paragraph Article 68.1 of the R.D. Article 123, second paragraph Article 68.1 of the R.D. Article 124 Article 124(1) Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of november 16 Article 124(2) Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of november 16 Article 124(3) Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of november 16 Article 124(4) Article 10 bis of Law 13/1985 of May 25 as Article 124(5) drafted by law 36/2007 of November 16 Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 125 Article 125(1) Article 10.bis (1) of Law 13/1985 and article 108 of the R.D. Article 125(2) Article 10.bis (1) of Law 13/1985 and article 108 of the R.D. Article 126 Article 126(1), first subparagraph Chapter I of the R.D. and Articles 1.2, 2.5, 2.6 and 11 of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 22

28 Article 126(1), second subparagraph Article 126(2) Article 126(3) Article 126(4) Chapter I of the R.D. and Articles 1.2, 2.5, 2.6 and 11 of the Regulation Chapter I of the R.D. and Articles 1.2, 2.5, 2.6 and 11 of the Regulation Chapter I of the R.D. and Articles 1.2, 2.5, 2.6 and 11 of the Regulation Chapter I of the R.D. and Articles 1.2, 2.5, 2.6 and 11 of the Regulation Article 127 Article 127(1) Article 82 of the R.D. Article 127(2) Not implemented. National option. Article 127(3) Not implemented. National option. Article 129 Article 129(1), (a)-(b) Article 129(2), first subparagraph Article 129(2), second subparagraph Article 129(2), third subparagraph Article 129(2), fourth subparagraph Article 129(2), fifth subparagraph Article 129(2), sixth subparagraph Article 129(2), seventh subparagraph Article 130 Article 130(1) Article 130(2) Article 10 bis of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis (2), c) of Law 13/1985 and Article 120 of the Regulation Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 23

29 Article 131 Article 131, first paragraph Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 131, second paragraph Article 10 bis of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 131, third paragraph Not implemented. National option. Article 132 Article 132(1), first subparagraph Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(1), second subparagraph Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(1), third subparagraph Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(1), fourth subparagraph, (a)-(d) Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(2) Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(3), first subparagraph, (a)-(b) Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(3), second subparagraph Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 132(3), third subparagraph Article 10. bis (2), c) of Law 13/1985 and Article 6 of the R.D. Article 133(1), first subparagraph Article 133(1), second subparagraph Article 2.9 of the Regulation Article 133(1), third subparagraph Article 2.9 of the Regulation Article 133(2) Article 2.9 of the Regulation Article 133(3) Article 2.9 of the Regulation Article 136 Article 136(1), first subparagraph Article 11 of Law 13/1985 of May 25 as drafted by DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 24

30 Article 136(1), second subparagraph, (a) Article 136(1), second subparagraph, (b) Article 136(1), second subparagraph, (c) Article 136(1), second subparagraph, (d) Article 136(1), second subparagraph, (e) Article 136(2) law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 11 of Law 13/1985 of May 25 as drafted by law 36/2007 of November 16 Article 144 Article 144, first paragraph, (a) Not implemented. Not necessary. Article 144, first paragraph, (b) Not implemented. Not necessary. Article 144, first paragraph, (c) Not implemented. Not necessary. Article 144, first paragraph, (d) Not implemented. Not necessary. Article 144, second paragraph Not implemented. Not necessary. Article 145 Article 145(1) Article 145(2) Article 145(3) Article 145(4) Article 10. ter of Law 13/1985 and Article 106 of the Regulation Article 10. ter of Law 13/1985 and Article 106 of the Regulation Article 10. ter of Law 13/1985 and Article 106 of the Regulation Article 73.3 of the R.D. Article 10. ter of Law 13/1985 and Article 106 of the Regulation Article 146 Article 146(1) Article 74.1.a) of the R.D. Article 146(2) Article 74.1.b) of the R.D. Article 146(3) Article 74.1.c) of the R.D. DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 25

31 Article 147 Article 147(1) Article 73.1 of the R.D. Article 147(2) Article 73.1 of the R.D. Article 148 Article 148(1) Article 73.2 of the R.D. Article 148(2) Not implemented. National option. Article 149 Article 149, first subparagraph Not implemented. Not necessary. Article 149, second subparagraph Not implemented. Not necessary. Article 149, third subparagraph Not implemented. Not necessary. Article 149, fourth subparagraph Not implemented. Not necessary. Title VII Transitional and final provisions Article 152 Article 152(1) Not implemented Article 152(2) Not implemented Article 152(3) Not implemented Article 152(4) Not implemented Article 152(5) Not implemented Article 152(6) Not implemented Article 152(7) Not implemented Article 152(8) Not implemented Article 152(9), (a) Not implemented Article 152(9), (b) Not implemented Article 152(9), (c) Not implemented Article 152(9), (d) Not implemented Article 152(9), (e) Not implemented Article 152(10), (a) Not implemented Article 152(10), (b) Not implemented Article 152(11) Not implemented Article 152(12) Not implemented DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 26

32 Article 152(13) Not implemented Article 152(14) Not implemented Article 153 Article 153, first paragraph Not implemented. National option. Article 153, second paragraph Not implemented. National option. Article 153, third paragraph 2 nd Transitional Article of the R.D. Article 154 Article 154(1), first subparagraph Not implemented. National option. Article 154(1), second subparagraph Not implemented. National option. Article 154(2) 1st Transitional Article of the R.D. This discretion has been executed Article 154(3) 1st Transitional Article of the R.D. This discretion has been executed Article 154(4) Not implemented. National option. Article 154(5) Not implemented Article 154(6), first subparagraph Not implemented. National option. Article 154(6), second subparagraph Not implemented. National option. Article 154(6), third subparagraph Not implemented. National option. Article 154(6), fourth subparagraph Not implemented. National option. Article 154(7) Not implemented. National option. Article 155 Article 155 Not implemented Annex II Classification of off-balance-sheet items Full risk Article 17 of the Regulation Medium risk Article 17 of the Regulation Medium / Low risk Article 17 of the Regulation Low risk Article 17 of the Regulation Annex III The treatment of counterparty credit risk of derivate instruments, repurchase transactions, securities, or commodities lending or borrowing transactions, long settlement DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 27

33 transactions and margin lending transactions Part 1 1. Article 68.1 of the Regulation 2. Article 68.2 of the Regulation 3. Article 68.3 of the Regulation 4. Article 68.4 of the Regulation 5. Article 68.5 of the Regulation 6. Article 68.6 of the Regulation 7. Article 68.7 of the Regulation 8. Article 68.8 of the Regulation 9. Article 68.9 of the Regulation 10. Article of the Regulation 11. Article of the Regulation 12. Article of the Regulation 13. Article of the Regulation 14. Article of the Regulation 15. Article of the Regulation 16. Article of the Regulation 17. Article of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 28

34 18. Article of the Regulation 19. Article of the Regulation 20. Article of the Regulation 21. Article of the Regulation 22. Article of the Regulation 23. Article of the Regulation 24. Not implemented 25. Not implemented 26. Article of the Regulation 27. Article of the Regulation 28. Article of the Regulation Part Articles 71.1 and 72.2 of the Regulation 2. Article 71.4 of the Regulation 3. Article 69.2.d) of the Regulation 4. Article 69.2.b) of the Regulation 5. Article 71.5 of the Regulation 6. Article 69.2.c) of the Regulation 7. Article 71.1 of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 29

35 8. Article 71.2 of the Regulation Part 3. Step (a) Article 73 of the Regulation Step (b) Article 73 of the Regulation. The Bank of Spain has chosen to execute the option under (b). Step (c) Article 73 of the Regulation Part 4. Step (a) Article 72 of the Regulation Step (b) Article 72 of the Regulation Part Article 74.1 of the Regulation 2. Article 74.2 of the Regulation 3. Article 74.3 of the Regulation 4. Article 74.4 of the Regulation 5. Article 74.5 of the Regulation 6. Article 74.6 of the Regulation 7. Article 74.7 of the Regulation 8. Article 74.8 of the Regulation 9. Article 74.9 of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 30

36 10. Article of the Regulation 11. Article of the Regulation 12. Article of the Regulation 13. Article of the Regulation. 14. Article of the Regulation 15. Article of the Regulation 16. Article of the Regulation 17. Article of the Regulation 18. Article of the Regulation 19. Article of the Regulation 20. Article of the Regulation 21. Article of the Regulation Part Article 75.1 and 2 of the Regulation 2. Article 75.2 of the Regulation 3. Article 75.2 of the Regulation 4. Article 75.2 of the Regulation 5. Article 75.4 of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 31

37 6. Article 75.5 of the Regulation 7. Article 75.6 of the Regulation Discretion exercised. 8. Article 75.6 of the Regulation 9. Article 75.6 of the Regulation 10. Article 75.6 of the Regulation 11. Article 75.7 of the Regulation 12. Article 75.8 of the Regulation Discretion exercised. 13. Article 75.9 of the Regulation 14. Article of the Regulation 15. Article of the Regulation 16. Article of the Regulation 17. Article of the Regulation 18. Article of the Regulation 19. Article of the Regulation 20. Article of the Regulation 21. Article of the Regulation 22. Article of the Regulation 23. Article of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 32

38 24. Article of the Regulation 25. Article of the Regulation 26. Article of the Regulation 27. Article of the Regulation 28. Article of the Regulation 29. Article of the Regulation 30. Article of the Regulation 31. Article of the Regulation 32. Article of the Regulation 33. Article of the Regulation 34. Article of the Regulation 35. Article of the Regulation 36. Article of the Regulation 37. Article of the Regulation 38. Article of the Regulation 39, (a) Article a) of the Regulation 39, (b) Article b) of the Regulation 39, (c) Article c) of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 33

39 40. Article of the Regulation 41. Article of the Regulation 42, (a) Article a) of the Regulation 42, (b) Article b) of the Regulation 42, (c) Article c) of the Regulation 42, (d) Article d) of the Regulation 42, (e) Article e) of the Regulation 42, (f) Article f) of the Regulation Part 7. (a), first paragraph Article 76 of the Regulation (a), first paragraph, (i)-(iii) Article 76 of the Regulation (a), first paragraph, (i)-(iii) Article 76 of the Regulation (b), first paragraph, (i) Article 76 of the Regulation (b), first paragraph, (ii) Article 77 of the Regulation (b), first paragraph, (iii) Article 77 of the Regulation (b), first paragraph, (iv) Article 77 of the Regulation (b), first paragraph, (v) Article 77 of the Regulation (b), first paragraph, (vi) Article 77 of the Regulation DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 34

40 (b), second paragraph Article 77 of the Regulation (b), third paragraph Article 77 of the Regulation (b), fourth paragraph Article 77 of the Regulation (b), fifth paragraph, (a) Article 77 of the Regulation (b), fifth paragraph, (b) Article 77 of the Regulation (b), fifth paragraph, (c) Article 77 of the Regulation (b), fifth paragraph, (d) Article 77 of the Regulation (c), (i) Articles 72.4 and of the Regulation (c), (ii) Article 72.3 and 73.9 of the Regulation Annex V technical criteria concerning the organization and treatment of risks 1.. Not specifically transposed but included in the Regulation. 2.. Not specifically transposed but included in the Regulation. 3.. Not specifically transposed but included in the Regulation. 4.. Not specifically transposed but included in the Regulation. 5.. Not specifically transposed but DLA Piper Spain, S.L - Implementation study - Directive 2006/48/EC and 2006/49/EC 35