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The European Banking Authority (EBA) published today final draft regulatory technical standards (RTS) and Implementing Technical Standards (ITS) on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms. These draft standards, developed in consultation with the European Securities and Markets Authority (ESMA), provide a solid framework for (i) cooperation in the supervision of investment firm groups through colleges of supervisors and (ii) for information exchange for investment firms operating within the EU through branches or the free provision of services. These draft standards are part of the phase 2 mandates of the EBA roadmap on investment firms, and aim at improving cooperation and information exchanges between the supervisors of investment firms.

The European Banking Authority (EBA) launched today two public consultations on regulatory technical standards (RTS) and Implementing Technical Standards (ITS) on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms. These draft standards provide a solid framework for (i) cooperation in the supervision of investment firm groups though colleges of supervisors and (ii) for information exchange for investment firms operating through branches or the free provision of services. These draft standards are part of the phase 2 mandates of the EBA roadmap on investment firms, and aim at improving cooperation and information exchanges between the supervisors of investment firms. Both consultations run until 23 April 2021.

The European Banking Authority (EBA) added the Albanian banking supervisor to the list of non-EU or third country supervisory authorities participating in EU banking supervisory colleges. The decision was based on the assessment of the confidentiality regime of Bank of Albania, which was deemed equivalent to the EU confidentiality regime, and follows the prescriptions in the Capital Requirements Directive (CRDIV) on participants in EU colleges of banking supervisors.

With this Recommendation, several additional non-EU supervisory authorities were added to the list of non-EU or third country supervisory authorities whose confidentiality regimes can be regarded as equivalent. The EBA Recommendation is designed as a guide for EU authorities in their assessment of the equivalence of confidentiality regimes of third country supervisory authorities to facilitate their participation in supervisory colleges overseeing international banks.

With this Recommendation, the EBA adds the Albanian banking supervisor to the list of non-EU or third country supervisory authorities participating in EU banking supervisory colleges. The decision was based on the assessment of the confidentiality regime of Bank of Albania, which was deemed equivalent to the EU confidentiality regime, and follows the prescriptions in the Capital Requirements Directive (CRDIV) on participants in EU colleges of banking supervisors.

The European Banking Authority (EBA) updated today its Recommendation on the equivalence of confidentiality and professional secrecy regimes by adding three non-EU (third country) supervisory authorities to the current list of third country supervisory authorities whose confidentiality regimes can be regarded as equivalent. The EBA Recommendation is designed as a guide for EU authorities in their assessment of third country equivalence with the aim of facilitating cooperation with third country supervisory authorities and their participation in supervisory colleges overseeing international banks.

The Capital Requirements Directive (CRD) requires that the consolidating supervisor and supervisors of subsidiaries involved in the supervision of an EEA cross-border banking group do everything within their power to reach a joint decision on the application of the Pillar 2 provisions related to the Internal Capital Adequacy Assessment Process (ICAAP) and to the Supervisory Review and Evaluation Process (SREP). These Guidelines provide concrete guidance on how to cooperate in the risk assessment process and on how to apply the CRD provisions regarding ICAAP, SREP and the prudential measures subject to the joint decision process. Their ultimate aim is to ensure closer convergence of supervisory practices with regard to the joint decision process, while providing some necessary flexibility for individual colleges.

These guidelines aim at providing guidance for the operational functioning of colleges. In particular, they provide practical guidance to supervisors involved within a college on the different tasks they are asked to perform, including the process of setting up the college, the organisation of the exchange of information among college members and the communication with the management of the supervised institutions. They also complement the provisions set out in the Capital Requirements Directive (CRD), where necessary, so as to avoid inconsistencies and to promote convergence of practices across colleges.