EBA publishes draft technical standards on authorisation of credit institutions

The EBA has published a final report setting out draft RTS and implementing technical standards (ITS) on information requirements for the authorisation of credit institutions under the Capital Requirements Directive (CRD 4). The EBA encourages the Commission to adopt the RTS and ITS at the earliest possible opportunity to support the consistent, efficient and rigorous assessment of any applications for authorisation submitted by entities seeking to relocate in the context of Brexit.

The draft RTS include:

• a comprehensive list of information to be provided in an application by undertakings seeking to obtain the authorisation referred to in Article 8(1) of CRD 4;
• requirements applicable to the proposed shareholders and members with qualifying holdings of the applicant credit institution; and
• details of obstacles that could prevent the effective exercise of supervisory functions, including examples.

The draft ITS set out a form to be used by undertakings seeking to obtain authorisation, as well as relevant procedures and requirements relating to the submission of such applications and the approach to be taken in respect of incomplete applications.