New regulatory requirements for credit institutions in 2021

Regulation no. 11/2020 amending and supplementing Regulation no. 5/2013 on prudential requirements for credit institutions and Regulation no. 12/2020 on authorization of the credit institutions and the changes in their situation, both issued by the National Bank of Romania, entered into forced on 24 December 2020, being applicable since then.

Both Regulations aim to align the local banking regulatory legislation with the EU requirements issued by the EU competent authorities in this field. Read more about new prudential requirements for credit institutions regarding governance, suitability assessment, ICAAP and ILAAP framework, ECL calculation and stress testing, as well as updated requirements for credit institutions’s acquisition and authorization. This alert also dives in onto the next steps in the implementation of the rules laid out by the two regulations.