New EU capital requirements for credit institutions also apply in the Faroe Islands
Official title (in Danish): Lov om ændring af lov for Færøerne om kapitalkrav og tilsynsmæssige krav for kreditinstitutter og investeringsselskaber (Gennemførelse for Færøerne af ændringsforordning til forordning (EU) nr. 575/2013 om tilsynsmæssige krav til kreditinstitutter og investeringsselskaber)
In short
Reading time: 1 min- What changes:
- The act puts EU Regulation 2024/1623 into force for the Faroe Islands.
- The regulation covers requirements for credit institutions on credit risk, market risk and the output floor.
- The text of the regulation becomes annex 5 to the Faroese act.
- Who: The rules apply to the actors in the area, including the financial institutions in the Faroe Islands. It is technical regulation aimed at professional actors.
- When: The Act entered into force on 1 January 2026.
Written by AI from verbatim quotes from the source and checked by code and AI. Dates, tables and the fact box are calculated by fixed rules. Unofficial translation. Always read the original.
Sources and original
Read the official text (in Danish) →
The case at the Danish Parliament (ft.dk)
Source: Retsinformation.dk
Translated from Danish · The Danish version and the original source apply.
Summary by the Danish Parliament (in Danish)
Forslaget gennemfører reglerne i EU-forordning 2024/1623 af 31. maj 2024 om krav vedrørende kreditrisiko, kreditværdijusteringsrisiko, operationel risiko, markedsrisiko og outputgulvet (CRR III) for Færøerne. Formålet med lovforslaget er at sikre, at færøske kreditinstitutter har samme regulering som danske institutter, og at styrke kreditinstitutternes robusthed og øge den finansielle stabilitet. Forslaget blev vedtaget i Lagtinget ved 3. behandling den 17. marts 2025.
Source: Folketinget (ft.dk). Reproduced unchanged.
Timeline
How to read the timeline
- Filled dot: this has happened. The date and the source are shown below the point.
- Empty dot: an upcoming step. The date may be known or not known yet.
- Square: the case ended here, e.g. because the bill was rejected or withdrawn.
- "The date is in the source, but entry into force has not been confirmed yet" (or just "not confirmed yet") means the date has passed, but the source does not yet show that the law or rule has entered into force. We only change the status when the source confirms it.
- Introduced · 9 April 2025Status in the Danish Parliament: Fremsat
- Passed · 3 June 2025Status in the Danish Parliament: 3.beh./Vedtaget
- Stadfæstet · 20 June 2025Status in the Danish Parliament: Stadfæstet
- Date to be set later · 21 June 2025Status in the Danish Parliament: Stadfæstet
- In force · 1 January 2026Status in the Danish Parliament: Stadfæstet