On 30 March 2026, the German act transposing Directive 2024/1619 (CRD VI) into national law was published. The act is entitled Banking Directive Implementation and Bureaucracy Relief Act (Bankenrichtlinienumsetzungs- und Bürokratieentlastungsgesetz – BRUBEG).
BRUBEG is a comprehensive reform that covers the implementation of the European rules set out in CRD VI, but also includes additional national elements. In line with CRD VI, BRUBEG concerns, in particular new rules on the market access for credit institutions from third countries in the European Economic Area (EEA), new notification and approval requirements in connection with certain M&A transaction of credit institutions or certain governance requirements.
As described in our blog post, the new third-country rules set out in CRD VI will affect the possibility to grant exemptions from the licensing requirement pursuant to Sec. 2(5) of the German Banking Act (Kreditwesengesetz – KWG). The German regulator, the Federal Financial Supervisory Authority (BaFin) may only grant an exemption from the licensing requirement to the extent that such exemption does not conflict with the third-country rules for core banking services under CRD VI. Further, BaFin must partially revoke existing exemptions insofar as they conflict with these CRD rules.
CRD third country branches will be subject to a new supervisory regime in Sec. 53c to 53cq KWG.
Key provisions of BRUBEG will already enter into force on 1 April 2026. However, the new supervisory regime for CRD third-country branches will not be applicable until 11 January 2027.