The New Definition Of Default - Finance and Banking
Introduction This alert looks at the new definition of default for prudential purposes which came into force on the 1 st January 2021 and is applicable to all European financial intermediaries. New European rules on default The regulatory framework 1 on prudential requirements for credit institutions and investment firms ( CRR) introduced specific provisions on debtors' default in article 178 and entrusted the European Banking Authority ( EBA) with the issuance of guidelines on the application of the default definition and to the European Commission the adoption of a delegated regulation rela...
Source: mondaq.com