On 18 June 2020, the European Banking Authority (EBA) published its final draft amending Regulatory Technical Standards and Implementing Technical Standards on passport notification. The two sets of amending technical standards increase the quality and consistency of information to be provided by a credit institution notifying its home competent authorities when it intends to open a branch or provide services in another Member State, as well as of the communication between home and host authorities.
In particular, the amendments focus on:
- requesting the credit institution to indicate as accurate, as accurately as possible, the intended start date of each activity for which the notification is submitted, rather than just of the core business activities;
- increasing the granularity of the information on the financial plan to be notified in case of establishment of a branch; and
- providing additional information in case of termination of the branch.
