EBA Consults on Amended Technical Standards on Passport Notification
EBA is consulting on amendments to the regulatory and implementing technical standards on passport notification. The amendments to the two respective regulations are aimed to improve the quality and consistency of information to be provided by a credit institution notifying its home competent authorities when it intends to open a branch or provide services in another member state and to improve the communication between home and host authorities. The consultation runs until February 13, 2020. The revised draft regulatory and implementing standards will be submitted to EC for endorsement, before being published in the Official Journal of the European Union.
The two sets of technical standards on passport notification were originally enacted by EC under the Commission Delegated Regulation (EU) No 1151/2014 and the Commission Implementing Regulation (EU) No 926/2014. The amendments relate to both the information requirements set out in Regulation 1154/2014 and to the forms and templates contained in the Annexes to Regulation 926/2014.
The proposed amendments focus on the quality and clarity of 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. The material changes include the indication of the date of the intended start of each activity for which the passport notification is submitted; the assumptions underpinning the financial forecasts; and the provision of a statement by an external auditor, in case of a planned termination of a branch, that the credit institution no longer holds deposits nor repayable funds from the public through the branch. The amendments are intended to allow the competent authorities a more accurate and complete picture of institutions’ planned activities and the arrangements to carry on these activities. Such information is considered and it enables and allows competent authorities to perform a complete and accurate assessment of the notification.
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 such as update of legal references; clearer differentiation—applicable to branches only—between first notification and notification of changes; addition of a credit institution’s national reference code, as available in the credit institution register maintained by EBA, and of the Legal Entity Identifier, or LEI, where available; indication of the competent department; and the relevant e-mail address.
Related Links
Comment Due Date: February 13, 2019
Keywords: Europe, EU, Banking, Implementing Technical Standards, Regulatory Technical Standards, Passporting Regime, 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
APRA Consults to Standardize Submission Date for Quarterly 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.
