Consultation on draft ITS on Passport Notifications

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.