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In particular, these European Banking Authority‘s (EBA) draft Implementing Technical Standards (ITS) set out a streamlined process, which consists of a single notice to send an information request and respond to it, when Competent Authorities across the EU consult each other on acquisitions and increases of qualifying holdings in credit institutions.
The same applies to consultations between Authorities in relation to the assessment of shareholders and members with qualifying holdings before granting a licence to a credit institution. When requesting information, while more flexibility is left to the Authorities, a minimum list of information is, however, required.
To make the process as effective as possible, these standards also specify the timeframe for submitting the consultation notice and responding to it and provide a set of templates for this purpose.
Finally, requirements for the designation of contact points within Competent Authorities, as well as requirements for language and means of communication are also included.