The Committee of European Banking Supervisors (CEBS) today publishes its passporting guidelines following a three month public consultation.
These Guidelines facilitate the efficient and on-going supervision of credit institutions that provide their services or perform their activities, throughout the Community, either through the establishment of a branch or the free provision of services.
They address co-operation and exchange of information between the competent supervisory authorities and call for the harmonisation of documents exchanged. In this respect, CEBS advocates the adaptation of the templates set out in Annexes 1 and 2 so as to ensure that host authorities receive the information needed and additional requests are reduced to the best possible extent.
If the actual cases faced by competent supervisory authorities may prove not to be covered under the provisions of these guidelines, CEBS anticipates supervisors will adapt those provisions on a bilateral basis as the need arises for a specific case, and to extend their co-operation to areas not expressly provided for by Directives 2006/48/EC and 2006/49/EC.
The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors.