EBA欧洲银行-2009-11-Feb-Guidelines-for-passport-notifications_34页_713kb

Summary of Guidelines for Passport Notifications

Core Content

This document outlines the guidelines for passport notifications for credit institutions operating within the European Economic Area (EEA) under the Banking Directive (2006/48/EC) and MiFID (2004/39/EC). It establishes a framework for cooperation between competent authorities, aiming to streamline the notification process and ensure efficient cross-border supervision.

Main Objectives

• To provide a harmonised and efficient process for credit institutions to operate across the EEA.
• To ensure mutual recognition of services and activities under the Banking Directive and MiFID.
• To facilitate cooperation between competent authorities, including sharing information and maintaining confidentiality.
• To support the Single Market by improving administrative coordination and addressing any challenges in the application of MiFID to credit institutions.

Key Provisions

1.1 General Aims

• The single authorisation principle applies, meaning the home Member State's competent authority is solely responsible for issuing authorisation.
• Credit institutions may provide services or activities throughout the EEA, either through branch establishment or free provision of services.
• The mutual recognition of services and activities is based on Annex I of the Banking Directive and MiFID.

1.2 Cooperation between Competent Authorities

• Cooperation is essential for the proper application of EU passporting provisions.
• Each competent authority must designate a contact point for coordination.
• The cooperation should be based on genuine dialogue to ensure effective supervision.

1.3 Harmonisation of Documents

• The use of standardised templates (Annex 1 and 2) is encouraged to ensure clarity and consistency.
• These templates are designed to provide the necessary information to host authorities.

1.4 Mutual Assistance and Confidentiality

• Competent Authorities must provide full mutual assistance in matters covered by this Guideline.
• Confidential information is treated in accordance with TITLE V, CHAPTER 1, Section 2 of the Banking Directive.

1.5 Possible Addition to Provisions for Cooperation

• If the current provisions prove inadequate, they may be adjusted on a bilateral basis.
• Cooperation may also extend to areas not explicitly covered by the Directives, provided they align with the principles of Community law.

1.6 Cooperation with Non-EU EEA States

• The Guideline applies to non-EU Member States that are parties to the EEA Agreement as if they were EU Member States.
• The term "Member State" includes non-EU EEA countries.
• Non-EU authorities may join the Guideline by signing the Joinder Agreement (Annex 7) if it benefits cross-border cooperation.

Notifications for Services and Activities

2.1 Exercise of Activities by Freedom to Provide Services

• The home competent authority must notify the host competent authority of the activities the credit institution intends to provide.
• Notification should include:
  • Name and head office address of the credit institution.
  • Activities listed in Annex I of the Banking Directive.
  • Investment services and ancillary services from Annex I of MiFID (if applicable).
• The notification should be in English or another mutually accepted language.
• The standard notification form (Annex 1) is recommended for this purpose.
• The notification must be sent within one month of receipt.
• Host authorities must acknowledge receipt in a timely manner and update public registers accordingly.

2.1.3 Changes to Initial Notification

• Any changes to the initial notification, including cancellation, termination, or merger, must be communicated between the home and host authorities.
• Changes should be reported at least one month before implementation.
• A schedule attached to Annex 1 may be used for changes in scope.

Notifications for Branch Establishment

2.2.1 Application by the Institution

• Institutions must provide a programme of operations to the home competent authority.
• The programme should include:
  • Business plan: High-level strategy and main functions of the branch.
  • Organisational structure: Legal and functional reporting lines, and branch management details.
  • Systems and controls: Policies and procedures for liquidity, audit arrangements, anti-money laundering, and third-party arrangements.
  • Financial information: Forecast profit and loss and cash flow statements for at least twelve months.
  • Investment activities: Details on safeguarding client money and assets, compliance with obligations, and internal codes of conduct.

2.2.2 Notification from Home to Host Authority

• The home competent authority must transmit the notification to the host competent authority using the standard notification form (Annex 2).
• The programme of operations is not easily captured in a standard format and must be submitted in the home state's language with a translated version for the host.
• Notification must be sent within three months of receipt, unless the home authority has doubts about the institution's financial or administrative structure.
• The host authority must acknowledge receipt within two months and inform the institution of any conditions for activities in its jurisdiction.

2.2.3 Changes to Initial Notification for Branch

• Any changes to the branch establishment must be reported at least one month before implementation.
• The home competent authority must inform the host authority of the change within one month of its decision.
• The method of transmission (post or email) depends on mutual agreement between the competent authorities.

Annexes

• Annex 1: Standard notification form for cross-border services.
• Annex 2: Standard notification form for branch establishment.
• Annex 3: List of competent authorities for passport notifications.
• Annex 4: List of public registers for credit institutions.
• Annex 5: List of bodies for complaints and out-of-court settlements.
• Annex 6: List of compensation schemes.
• Annex 7: Joinder agreement for non-CEBS competent authorities.

Conclusion

These guidelines aim to ensure a consistent, efficient, and transparent process for credit institutions seeking to operate across the EEA. They promote cooperation, information sharing, and mutual recognition between competent authorities, while also addressing the specific regulatory requirements for both cross-border services and branch establishment. The use of standardised forms and the establishment of a clear communication protocol are central to achieving these objectives.