The EBA consults on passport notifications for mortgage credit intermediaries

The European Banking Authority (EBA) launched today a consultation on the draft Guidelines for passport notifications for mortgage credit intermediaries under the Mortgage Credit Directive (MCD). The Guidelines will ensure that information about credit intermediaries that carry out business in one or more Member States is exchanged consistently between the national authorities of the home and host Member States respectively. This public consultation runs until 4 July 2015.

The Guidelines follow on from the Discussion Paper that the EBA had issued in December 2014 to gather stakeholders' views on a preliminary proposal for formalising passport notifications for mortgage credit intermediaries. In line with the MCD, passport notifications will need to be exchanged between national authorities competent for the registration and/or supervision of mortgage credit intermediaries across the EU Member States. This will ensure that information on the provision of services and the establishment of branches, as well as on the transmission of notifications, the registrations, and the notifications of changes is shared consistently across the EU.

Respondents to the 2014 Discussion Paper broadly supported the draft requirements. The feedback received from respondents has been taken into account in the draft Guidelines for passport notifications that are being launched for public consultation today. These also include template notification forms for exercising the freedom to provide services and freedom of establishment, as foreseen in Article 32 of the MCD.

The EBA expects to be able to deliver the final Guidelines in Q3 2015. They would apply from 21 March 2016, the transposition date of the MCD.

Consultation process

Comments to this Consultation Paper can be sent to the EBA by clicking on the "send your comments" button on the consultation page. Please note that the deadline for the submission of comments is 4 July 2015.

Legal basis

The Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property (Mortgage Credit Directive - MCD) was published in the Official Journal of the Commission on 28 February 2014, with a transposition date of 21 March 2016.