Adopted and published on the Official Journal
The objective of these Technical Standards on passport notifications is to specify the information that has to be notified to competent authorities, as well as to develop standard forms, templates and procedures for submitting passport notifications.
The European Banking Authority (EBA) published today final draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on passport notifications. These RTS and ITS aim to specify the information that needs to be notified to competent authorities, as well as forms, templates and procedures underlying the submission of passport notifications.
Following the conclusion of the consultation process in August 2013, the EBA finalised the draft RTS and ITS on passport notifications. Where possible, comments received during the public consultation were considered. The draft RTS and ITS also build to a large extent on the Passporting Guidelines developed by the Committee of European Banking Supervisors (CEBS), the EBA's predecessor.
The draft final RTS specify the information that a credit institution shall provide to competent authorities of its home Member State for the purpose of notifying the exercise of the right of establishment or of the freedom to provide services within the territory of another Member State. The draft RTS also specify the information needed in relation to changes in the branch notification, including termination of a branch operation.
The draft final ITS set common and harmonised templates and procedures, so as to ensure that both home and host competent authorities receive appropriate and consistent information in order to perform their respective tasks and meet their responsibilities. In particular, the draft ITS address issues of language and means of transmission of passport notifications, and also include provisions for improving the content of the passport notifications and ensuring clarity on the date of receipt of submitted (or forwarded) notifications.
These final draft RTS and ITS have been developed pursuant to Article 35, 36 and 39 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (colloquially known as Capital Requirements Directive or CRD).
The final standards have been sent today to the European Commission for their adoption as EU Regulations that will be directly applicable throughout the EU.
In particular, the objective of the draft RTS is to specify the information a credit institution shall provide to the competent Authority of the home Member State to notify the establishment of a branch or the exercise of the freedom to provide services within the territory of another Member State. Information on changes in the branch notification, including termination of a branch operation, are also specified under the draft RTS.
The proposed draft RTS have been developed on the basis of the final comprise on the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD) which provides a mandate for the EBA to specify the information to be notified to the competent authorities.
These RTS should be considered in conjunction with the draft Implementing Technical Standards (ITS) that specify the standard forms, templates and procedures for passport notification.
The draft RTS also builds, to a large extent, on the Passporting Guidelines developed by the Committee of European Banking Supervisors (CEBS), the EBA’s predecessor.
The draft RTS will be submitted to the European Commission by 1 January 2014.
Consultation process
Comments to the consultation paper on the draft RTS can be sent to the EBA by e-mail to EBA-CP-2013-12@eba.europa.eu by 21 August 2013, indicating the reference EBA/CP/2013/12.
All contributions received will be published following the close of the respective consultation, unless requested otherwise.
A joint public hearing covering both the draft RTS and draft ITS on Passport Notifications will take place at the EBA premises on 9 July 2013 from 10:00 to 13:00 UK time. To register for the public hearing, click here.
The European Banking Authority (EBA) launches today a consultation on draft Implementing Technical Standards (ITS) on Passport Notifications aimed at specifying the standard forms, templates and procedures underlying the submission of passport notifications. The consultation runs until 21 August 2013.
The objective of the draft ITS is to harmonise passport notifications through the adoption of common templates and procedures so as to ensure that both home and host competent authorities receive appropriate information. In order to ensure an efficient process of passport notifications is in place, the draft ITS also include provisions on the assessment of completeness of the notification provided by the credit institution.
The proposed draft ITS have been developed on the basis of the final comprise on the Capital Requirements Regulation and Capital Requirements Directive (CRR/CRD) which provides a mandate for the EBA to establish standard forms, templates and procedures for passport notification.
These ITS should be considered in conjunction with the draft Regulatory Technical Standards that specify the information to be provided for the purposes of these notifications.
The draft ITS also build, to a large extent, on the Passporting Guidelines developed by the Committee of European Banking Supervisors (CEBS), the EBA’s predecessor.
The draft Implementing Technical Standards will be submitted to the European Commission by 1 January 2014.
Consultation process
Comments to the consultation paper on the draft ITS can be sent to the EBA by e-mail to EBA-CP-2013-13@eba.europa.eu by 21 August 2013, indicating the reference EBA/CP/2013/13.
All contributions received will be published following the close of the respective consultation, unless requested otherwise.
A joint public hearing covering both the draft RTS and draft ITS will take place at the EBA premises on 9 July 2013 from 10:00 to 13:00 UK time. To register for the public hearing, click here.