CEBS Guidelines on passport notifications(CP22)

Start Date: 11/02/2009 | Deadline: 11/05/2009

The Committee of European Banking Supervisors (CEBS) today opens a public consultation on its guidelines on passport notifications (Guideline).

With the implementation of the Directive 2004/39/EC on Markets in Financial Instruments (MiFID), questions arose with respect to the coverage of investment services, activities and financial instruments of notifications based on the Directive 2006/48/EC relating to the Taking up and Pursuit of the Business of Credit Institutions (recast), hereinafter called "Banking Directive", the possible need to adapt existing passport notification forms under Art. 25 and 28 of the Banking Directive to comply with the Banking Directive and MiFID, and the possible need to define certain terms used in the notification forms.

The Guideline provides principles and practicalities for cooperation between EEA supervisory authorities in respect to the new notifications of services and activities provided by credit institutions. In its annexes the Guideline contains uniform forms for the notifications for cross-border services and establishment of branches, list of supervisory authorities to be notified in case of the establishment of a branch or provision of cross-border services, list of public register of credit institutions in various member states, list of competent bodies for receipt of complaints and out-of-court settlements of complaints, list of compensation schemes and a template for a joinder agreement.

The Guideline is primarily directed towards supervisory authorities but credit institutions may find the Guidelines useful as well, as the Guidelines contain practical and useful information for credit institutions.

The work performed by CEBS takes into due consideration the work already done by Committee of European Securities Regulators with regard to MiFID notifications for investment firms in order to avoid duplication of work and, as far as possible, secure the same treatment for credit institutions and investment firms with regard to the notification of MiFID investment services and activities and financial instruments.

CEBS submits its views for a public consultation which start today and runs until 11 May 2009. The consultation is open to all interested parties, including supervised institutions and other market participants. Please send your comments to the following e-mail address:

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