The European Banking Authority (EBA) launches today a consultation on draft Regulatory Technical Standards (RTS) on Passport Notifications aimed at specifying the information to be notified to the competent authorities. The consultation runs until 21 August 2013.
In particular, the objective of the draft RTS is to specify the information a credit institution shall provide to the competent Authority of the home Member State to notify the establishment of a branch or the exercise of the freedom to provide services within the territory of another Member State. Information on changes in the branch notification, including termination of a branch operation, are also specified under the draft RTS.
The proposed draft RTS have been developed on the basis of the final comprise on the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD) which provides a mandate for the EBA to specify the information to be notified to the competent authorities.
These RTS should be considered in conjunction with the draft Implementing Technical Standards (ITS) that specify the standard forms, templates and procedures for passport notification.
The draft RTS also builds, to a large extent, on the Passporting Guidelines developed by the Committee of European Banking Supervisors (CEBS), the EBA’s predecessor.
The draft RTS will be submitted to the European Commission by 1 January 2014.
Comments to the consultation paper on the draft RTS can be sent to the EBA by e-mail to EBA-CPfirstname.lastname@example.org by 21 August 2013, indicating the reference EBA/CP/2013/12.
All contributions received will be published following the close of the respective consultation, unless requested otherwise.
A joint public hearing covering both the draft RTS and draft ITS on Passport Notifications will take place at the EBA premises on 9 July 2013 from 10:00 to 13:00 UK time. To register for the public hearing, click here.