— Amendment to Directive 2009/65/EC
Article 52(4) of Directive 2009/65/EC is amended as follows:
- the first subparagraph is replaced by the following:
- Member States may raise the 5 % limit laid down in the first subparagraph of paragraph 1 to a maximum of 25 % where bonds were issued before 8 July 2022 and met the requirements set out in this paragraph as applicable on the date of their issue, or where bonds fall under the definition of covered bonds in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council(1).
- the third subparagraph is deleted.