The European Banking Authority (EBA) has published final draft implementing technical standards (ITS) on the procedures, forms and templates that Member State national competent authorities (NCAs) should use when consulting each other on qualifying holdings. The objective of these ITS is to streamline information exchanges and ensure effective communication between concerned NCAs, both on a cross-border basis and across sectors.
The final draft ITS set out requirements for the designation of contact points by NCAs, as well as a timeframe and process for submitting the consultation notice and for providing the response, which is meant to ensure a timely assessment of the proposed acquisition. Furthermore, in the interests of ensuring that the process is as effective as possible, the final draft ITS provide templates for the consultation notice and for the response from the requested authority. Requirements are also included in respect of the language and means of communication, as well as the provision of mutual feedback.
Finally, in the interests of ensuring greater consistency across sectors, certain amendments were made to the ITS published by the EBA for consultation purposes so as to bring them more into line with the ITS prepared by ESMA under Article 10a(8) of MiFID I.
The final draft ITS will be submitted to the European Commission for adoption before being published in the Official Journal of the European Union.
View EBA final draft ITS on information exchanges between authorities regarding qualifying holdings, 22 September 2016