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In particular, the objective of the draft RTS is to specify the information a credit institution shall provide to the competent Authority of the home Member State to notify the establishment of a branch or the exercise of the freedom to provide services within the territory of another Member State. Information on changes in the branch notification, including termination of a branch operation, are also specified under the draft RTS
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 RTS and 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.
The draft RTS and ITS also build, to a large extent, on the Passporting Guidelines developed by the Committee of European Banking Supervisors (CEBS), the EBA’s predecessor.
Both Regulatory and Implementing Technical Standards will be submitted to the European Commission by 1 January, 2014.
Both consultations run until 21 August, 2013.