This peer review aimed to assess how effectively and efficiently competent authorities managed the passporting process and how they dealt with mandatory information received from credit institutions. In this regard, the peer review focused on the quality assurance process and paid great attention to how timely competent authorities handled credit institutions' information and assessed completeness and granularity of this information.
Overall, the peer review revealed that competent authorities applied the provisions of the RTS correctly thanks to consistent and robust procedures they have developed to comply with the RTS requirements and to deal with passport notifications within the required timeframe. Nevertheless, the level of sophistication of these processes varies among competent authorities, in particular with regard to the automation of the treatment of notifications.
The peer review also identified some inconsistencies with respect to the cooperation between the home and host competent authorities when dealing with branch or services passport notifications. The exchange of information, its timelessness as well as the granularity of transmitted information, was not always considered as consistent among competent authorities. In the context of Brexit and for the sake of convergence of practices in the single market, it may be worth establishing better cooperation channels as well as developing more meaningful interactions between competent authorities.
The peer review also observed different practices and, somehow, a lack of consideration for proportionate procedures, possibly due to the nature of the technical standards on passport notifications, which require full harmonisation. In this regard, the Report suggested some best practices with a view to introducing proportionality into the operational arrangements for the analysis of notifications.
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