EBA Revises Technical Standards on Passport Notifications
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
BDF Updates Information on Controls for AnaCredit ReportingRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.