FIN.

EBA reports on treatment of third country branches

The EBA has published a report on the treatment of incoming third country branches of credit institutions under the national law of Member States. The report sets out 14 high-level policy recommendations for further harmonisation of EU law. The recommendations focus on:

  • EU centralised equivalence assessment
  • effective cooperation supported by the conclusion of MoUs with third country home authorities
  • an appropriately determined scope of authorisation and prudential requirements (notably capital, liquidity, internal governance including booking arrangements)
  • certain AML/CFT aspects
  • a uniform minimum reporting framework
  • satisfactory recovery plans.

Lucy Hadrill