Article 15 Deduction of Defined Benefit Pension Fund Assets for the Purposes of Article 36(1)(E) of the CRR and Article 41(1)(B) of the CRR
1.
For the purposes of an application for permission under point (b) of Article 41(1) of the CRR, the unrestricted ability to use the respective defined benefit pension fund assets entails immediate and unfettered access to the assets such as when the use of the assets is not barred by a restriction of any kind and there are no claims of any kind from third parties on these assets.
- 01/01/2022
2.
Unfettered access to the assets is likely to exist when the institution is not required to request and receive specific approval from the manager of the pension funds or the pension beneficiaries each time it would access excess funds in the plan.
[Note: This rule corresponds to Article 15 of Part 2 of Regulation (EU) No 241/2014 as it applied immediately before revocation by the Treasury.]
- 01/01/2022