Many thanks to Frankfurt Main Finance and VIB – Association of International Banks in Germany for the opportunity to contribute to this ๐๐ผ๐ผ๐ฑ ๐ณ๐ผ๐ฟ ๐ง๐ต๐ผ๐๐ด๐ต๐ video session!
It was a great discussion about the impact of CRDย VI and BRUBEG on third-country banks seeking market access to the EU and Germany.
Here are the key takeaways:
- ๐๐ฒ๐๐ฒ๐น ๐ฝ๐น๐ฎ๐๐ถ๐ป๐ด ๐ณ๐ถ๐ฒ๐น๐ฑ: For core banking services, CRD VI harmonises the rules for third-country entities seeking market access in the EEA.
- Review ๐ผ๐ณ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฎ๐ฐ๐ฐ๐ฒ๐๐ ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฒ๐: The harmonisation of third-country rules calls into question the existing country-by-country approaches of non-EEA banking groups.
- ๐๐ ๐ถ๐๐๐ถ๐ป๐ด ๐ฟ๐ฒ๐ด๐ถ๐บ๐ฒ: Germany’s existing regime for third-country entities is already comparatively strict.
- ๐๐ถ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ฎ๐ถ๐๐ฒ๐ฟ๐: Individual exemptions will no longer be possible to the extent they conflict with the CRD VI third-country rules.
- ๐๐ฒ๐ด๐ฎ๐น ๐๐ป๐ฐ๐ฒ๐ฟ๐๐ฎ๐ถ๐ป๐๐ ๐ผ๐ป ๐ฒ๐ ๐ฒ๐บ๐ฝ๐๐ถ๐ผ๐ป๐: Not all CRD VI exemptions have been expressly transposed in the BRUBEG – the government’s explanatory statement and any guidance at the European level (in particular by the European Banking Authority) will be important.
Should you have any questions regarding ๐๐ฅ๐ ๐ฉ๐ ๐ฎ๐ป๐ฑ ๐๐ฅ๐จ๐๐๐, or if you are interested in receiving the slides, please do not hesitate to get in touch.