EBA consults on amendments to Regulatory Technical Standards and Implementing Technical Standards on passport notification

The European Banking Authority has launched a Consultation Paper on draft amended Regulatory Technical Standards and Implementing Technical Standards (‘ITS’) on Passport Notification.

The Consultation examines two sets of Technical Standards on Passport Notification, developed by the ‘EBA’, in accordance with the mandate set out in Articles 35, 36 and 39 of the Capital Requirequirements Directive (‘CRD’) IV Directive, as subsequently amended, and enacted by the European Commission under Commission Delegated Regulation (EU) 1151/2014 and Commission Implementing Regulation (EU) 926/2014.

The amendments focus on the quality and clarity of the information to be provided by Credit Institutions to their home Member State Competent Authority in the Passport
Notification, as well as to the communication between Home and Host Member State Competent Authorities.

Such 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 most material changes focus on the request to the Credit Institution to indicate in a manner as accurate as possible the intended start date of each activity for which the notification is submitted, rather than just of the core business activities as currently envisaged by the Regulations. Such change applies to both the Branch and Services’ Passport Notification.

The ‘EBA’ will hold a public hearing on this Consultation on 21 January 2020.

Firms are advised to review and respond to the Consultation, with input from Risk and Compliance, Legal and Operations Functions of the business in relation to Passport
Notifications.

Firms should ensure that Senior Management / Executive Teams, Audit and Risk Committees are appraised, ensuring strong governance protocols in place in relation to
Consultation Response Submissions, which are due to the ‘EBA’ before 13 February 2020.

Further information:
To read more, please follow this link:
https://eba.europa.eu/eba-launches-consultation-draft-amended-technical-standards-passport-notification-0

Contact us here


Other articles

EBA Consultation on Comprehensive Pillar 3 Disclosures

EBA Consultation on Comprehensive Pillar 3 Disclosures

EBA Consultation on Guidelines on the Application of the Structural FX Provision

EBA Consultation on Guidelines on the Application of the Structural FX Provision

Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.

EBA consults on amendments to Regulatory Technical Standards and Implementing Technical Standards on passport notification

EBA consults on amendments to Regulatory Technical Standards and Implementing Technical Standards on passport notification

Skip to toolbar