Changes from plenary report to adopted text

RemovedRegulatory technical standards on cooperation with authorities responsible for supervision of anti-money laundering

RemovedEBA shall, after consulting the European Data Protection Board, issue regulatory technical standards on the mechanisms for cooperation and information exchange between competent authorities and:

Removed(a) the authorities responsible for supervision of anti-money laundering in the Member State in accordance with Directive (EU) 2015/849 in the context of the application of Articles 27b (2), 48c (4) and 48d (4);

Removed(b) the authorities referred to in paragraph 5 of Article 48o, in the context of identifying serious breaches of anti-money laundering rules.

RemovedThe EBA shall issue those regulatory technical standards by [OP please insert the date = 12 months from date of entry into force of this amending Directive].

RemovedPower is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

Removed1. Competent authorities shall require third country branches to take the necessary measures at an early stage in order to:

Removed(a) ensure that the third country branches comply with the requirements that apply to them under this Directive and under national law or to restore compliance with those requirements; and

Removed(b) to ensure that the material risks that the third country branches are exposed to are covered and managed in a sound and sufficient manner and that those branches remain viable.

Removed2. Competent authorities’ powers for the purposes of paragraph 1 shall include, at least, the power to require third country branches to:

Removed(a) hold an amount of capital endowment in excess of the minimum requirements laid down in Article 48e or to comply with other additional capital requirements. Any additional capital endowment amount to be held by the third country branch in accordance with this point shall comply with the requirement laid down in Article 48e;

Removed(b) meet other specific liquidity requirements in addition to the requirement laid down in Article 48f. Any additional liquid assets to be held by the third country branch in accordance with this point shall comply with the requirements laid down in Article 48f;

Removed(c) reinforce their governance, risk control or booking arrangements;

Removed(d) restrict or limit the scope of their business or of the activities they conduct, as well as the counterparties to those activities;

Removed(e) reduce the risk inherent in their activities, products and systems, including outsourced activities, and stop engaging or offering such activities or products;

Removed(f) comply with additional reporting requirements in accordance with Article 48l(3) or increase the frequency of the regular reporting;

Removed(g) make public disclosures;

Removed(ga) suspend the authorisation granted in accordance with Article 48c and prohibit engaging in new business.

Removed1. Competent authorities supervising third country branches and subsidiary institutions of the same third-country group shall cooperate closely and share information with each other. The competent authorities shall have written coordination and cooperation arrangements in place in accordance with article 115.

Removed2. For the purposes of paragraph 1, class 1 third country branches shall be subject to the comprehensive supervision of a college of supervisors in accordance with Article 116, subject to the following requirements:

Removed(a) where a college of supervisors has been established in relation to the subsidiary institutions of a third country group, the class 1 third country branches of the same group shall be included within the scope of that college of supervisors;

Removed(b) where the third country group has class 1 third country branches in more than one Member State but no subsidiary institutions in the Union subject to Article 116, a college of supervisors shall be established in relation to those class 1 third country branches;

Removed(c) where the third country group has class 1 third country branches in more than one Member State or at least one class 1 third country branch, and one or more subsidiary institution in the Union that are not subject to Article 116, a college of supervisors shall be established in relation to those third country branches and subsidiary institutions.

Removed3. For the purposes of paragraph 2, points (b) and (c), there shall be a lead competent authority that performs the same role as the consolidating supervisor in accordance with Article 116. The lead competent authority shall be that of the Member State with the largest third country branch in terms of total value of booked assets.

Removed4. In addition to the tasks set out in Article 116, the colleges of supervisors shall:

Removed(a) prepare a report on the structure and activities of the third country group in the Union and update this report on an annual basis;

Removed(b) exchange information on the results of the supervisory review and evaluation process referred to in Article 48o;

Removed(c) endeavour to align the application of the supervisory measures and powers referred to in Article 48p.

Removed5. The college of supervisors shall ensure appropriate coordination and cooperation with relevant third country supervisory authorities where appropriate.

Removed6. EBA shall contribute to promoting and monitoring the efficient, effective and consistent functioning of the colleges of supervisors referred to in this Article in accordance with Article 21 of Regulation (EU) No 1093/2010.

Removed7. EBA shall develop draft regulatory technical standards to specify:

Removed(a) the mechanisms of cooperation and the draft model agreements between competent authorities for the purposes of paragraph 1 of this Article; and

Removed(b) the conditions for the functioning of colleges of supervisors for the purposes of Articles 2 to 6 of this Article.

RemovedEBA shall submit those draft technical standards to the Commission by [OP please insert the date = 12 months from the date of entry into force of this amending Directive].

RemovedPower is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

RemovedCompetent authorities shall notify EBA the following:

Removed(a) all the authorisations granted to third country branches and any subsequent changes to such authorisations;

Removed(b) total assets and liabilities booked by the authorised third country branches, as periodically reported;

Removed(c) the name of the third country group to which an authorised third country branch belongs.

RemovedEBA shall publish on its website a list of all third country branches authorised to operate in the Union in accordance with this Title, indicating the Member State in which they are authorised to operate.

RemovedRelations with third countries

RemovedArticle 48s Cooperation with supervisory authorities of third countries regarding supervision on a consolidated basis

Removed1. The Union may conclude agreements with one or more third countries regarding the means of exercising supervision on a consolidated basis over the following:

Removed(a) institutions the parent undertakings of which have their head offices in a third country;

Removed(b) institutions situated in third countries the parent undertakings of which, whether institutions, financial holding companies or mixed financial holding companies, have their head offices in the Union.

Removed2. The agreements referred to in paragraph 1 shall, in particular, seek to ensure that:

Removed(a) the competent authorities of Member States are able to obtain the information necessary for the supervision, on the basis of their consolidated financial situations, of institutions, financial holding companies and mixed financial holding companies situated in the Union which have as subsidiaries institutions or financial institutions situated in a third country, or holding participation therein;

Removed(b) the supervisory authorities of third countries are able to obtain the information necessary for the supervision of parent undertakings the head offices of which are situated within their territories and which have as subsidiaries institutions or financial institutions situated in one or more Member States or holding participation therein; and

Removed(c) the EBA is able to obtain from the competent authorities of the Member States the information received from national authorities of third countries in accordance with Article 35 of Regulation (EU) No 1093/2010.

Removed3. Without prejudice to Article 218 TFEU, the Commission shall, with the assistance of the European Banking Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation.

Removed4. EBA shall assist the Commission for the purposes of this Article in accordance with Article 33 of Regulation (EU) No 1093/2010.;

Removed(8a) in Article 53(1), the second subparagraph is replaced by the following:

Removed‘Confidential information which such persons, auditors or experts receive in the course of their duties may be disclosed only in summary or aggregate form, such that individual credit institutions cannot be identified, without prejudice to cases covered by criminal or taxation law.’;

Removed(8b) in Article 53, paragraph 2 is replaced by the following:

Removed‘2. Paragraph 1 shall not prevent the competent authorities from exchanging information with each other or transmitting information to the ESRB, EBA, or the European Supervisory Authority (European Securities and Markets Authority) (‘ESMA’) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council1 in accordance with this Directive, with Regulation (EU) No 575/2013, with Regulation (EU) 2019/2033 of the European Parliament and of the Council2, with Article 15 of Regulation (EU) No 1092/2010, with Articles 31, 35 and 36 of Regulation (EU) No 1093/2010 and with Articles 31 and 36 of Regulation (EU) No 1095/2010, with Directive (EU) 2019/2034 of the European Parliament and of the Council3 and with other directives applicable to credit institutions. Competent authorities shall not be prevented from exchanging information with national taxation authorities, including where this information originates in another Member State. That information shall be subject to paragraph 1.

Removed________________

Removed1 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).

Removed2 Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).

Removed3 Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).’;

Removed(8c) in Article 56, the following subparagraph is added: