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

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    News

    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

    March 20, 2024 WebPage Regulatory News
    News

    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.

    March 18, 2024 WebPage Regulatory News
    News

    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

    March 18, 2024 WebPage Regulatory News
    News

    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.

    March 07, 2024 WebPage Regulatory News
    News

    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

    March 05, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8962