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CRD IV ToolDelegated Regulation 2021/923
Article 1

Article 1 - Delegated Regulation 2021/923

Article 1

Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1)

‘managerial responsibility’ means a situation, in which a staff member:

(a)

heads a business unit or a control function and is directly accountable to the management body as a whole or to a member of the management body or to the senior management;

(b)

heads one of the functions laid down in Article 5(a);

(c)

heads a subordinated business unit, or a subordinated control function in a large institution as defined in Article 4(1), point (146), of Regulation (EU) No 575/2013 and reports to a staff member that has the responsibilities as referred to in point (a);

(2)

‘control function’ means a function that is independent from the business units it controls and that is responsible to provide an objective assessment of institution’s risks, review or report on those, including, but not limited to, the risk management function, the compliance function and the internal audit function;

(3)

‘material business unit’ means a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013 that meets any of the following criteria:

(a)

it has allocated internal capital of at least 2 % of the internal capital of the institution as referred to in Article 73 of Directive 2013/36/EU, or is otherwise assessed by the institution as having a material impact on the institution’s internal capital;

(b)

it is a core business line as defined in Article 2(1), point (36), of Directive 2014/59/EU of the European Parliament and of the Council (6).

(6)  Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a Framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).