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    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.

     

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

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