Article 32 of the Mortgage Credit Directive (MCD) provides that an admitted credit intermediary intending to carry out business for the first time in one or more Member States under the freedom to provide services or when establishing a branch shall inform the competent authorities of its home Member State. Within a period of one month after being informed, those competent authorities shall notify the competent authorities of the host Member States concerned of the intention of the credit intermediary and shall at the same time inform the credit intermediary concerned of that notification.
So that the provisions of the MCD on passport notifications are applied consistently across the EU, the EBA has formalised the passport notifications that are to be made by competent authorities from the transposition date of the MCD (21 March 2016) onwards. To this end the EBA has now published a final report containing guidelines on passport notifications and template notification forms for exercising the freedom to provide services and for exercising the freedom of establishment under the MCD.
View The EBA issues final guidelines on passport notifications for mortgage credit intermediaries, 11 August 2015