Featured Product

    EBA Revises Technical Standards on Passport Notifications

    June 18, 2020

    EBA published the final draft amending regulatory and implementing technical standards on passport notifications. The two sets of amending technical standards are intended to increase the quality and consistency of information provided by a credit institution notifying its home competent authorities when it intends to open a branch or provide services in another member state as well as of the communication between home and host authorities. These technical standards shall enter into force on the twentieth day following that of their publication in the Official Journal of European Union.

    The final draft paper deals with the review of two sets of technical standards on passport notification, developed by EBA in accordance with a mandate in the revised Capital Requirements Directive (CRD5). The material amendments to the two sets of technical standards relate to both the information requirements set out in Delegated Regulation 1151/2014 and to the forms and templates contained in the Annexes to the Implementing Regulation No 926/2014. The amendments to these standards focus on the quality and clarity of the information to be provided by credit institutions to their home competent authorities in the passport notification as well as to the communication between home and host authorities. In particular, the amendments focus on:

    • Requesting the credit institution to indicate as accurate (as accurately as possible) the intended start date of each activity for which the notification is submitted, rather than just of the core business activities
    • Increasing the granularity of information on the financial plan to be notified in case of establishment of a branch
    • Providing additional information in case of termination of the branch

    Furthermore, to improve the efficiency of communication between the credit institution and its home authority as well as between home and host authorities, certain minor amendments have been made in the forms and templates, including update of legal references, clearer differentiation (applicable to branches only) between first notification and notification of changes, addition of the credit institution’s national reference code as available in the credit institution register maintained by EBA and of the Legal Entity Identifier (LEI) where available, and indication of the competent department and the relevant e-mail address.

     

    Related Links

    Keywords: Europe, EU, Banking, Passporting, Passport Notification, LEI, CRD5, Bank Branches, EBA

    Featured Experts
    Related Articles
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    ESMA Responds to Proposal Related to Sustainability Standards Board

    The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7283