On 13 November 2019, the European Banking Authority (EBA) launched a consultation paper on draft amended regulatory technical standards (RTS) 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 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 deadline for comments to the consultation is 13 February 2020. The EBA will hold a public hearing on this consultation on 21 January 2020.