Changes from plenary report to adopted text

Removed(b) following the end of their employment at the competent authority, being hired by or accepting any kind of contractual agreement for the provision of professional services with any of the following:

Removed(i) institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the ▌preceding year from the date when taking up any new role for members of the governance bodies and the preceding six months for staff;

Removed(ii) firms that provide services to any of the undertakings referred to in point (i) that were directly supervised over at least the ▌preceding year from the date when taking up any new role for members of the governance bodies and the preceding six months for staff, unless they are strictly precluded from taking part in any provision of those services while the prohibition referred to herein remains in force;

Removed(iii) direct competitors of institutions they have directly supervised, including their direct or indirect parent undertakings, subsidiaries or affiliates, over at least the six months from the date when taking up any new role for members of the management bodies and the preceding three months for staff;

Removed(iv) companies conducting lobbying and advocacy vis-à-vis the competent authority on matters for which they were responsible during their employment with the competent authority after the expiry of six months from the date on which their responsibilities for these matters ceased.

RemovedEBA, in close collaboration with the Single Supervisory Mechanism and taking into account the respective ECB rules, shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 by 31 December 2024 on conditions which allow competent authorities to waive, increase or decrease the cooling off periods referred to in points (i) and (ii) for specific members of the management governance bodies and staff.

RemovedMembers of staff and of governance bodies subject to the prohibitions provided for in the third subparagraph, point (b), shall be entitled to an appropriate compensation for the inability to take up a prohibited role.

RemovedMember States shall lay down rules to manage the conflicts of interests that arise for members of staff and of governance bodies between the date of their resignation and the date of joining one of the firms referred to in point (b) of the third subparagraph. These rules shall, in particular, ensure that those members of staff or of management bodies have limited access to confidential or sensitive information in relation to supervised institutions.

RemovedPrior to the appointment of a staff member and members of governancebodies, competent authorities shall assess whether there is a conflict of interests resulting from the candidate’s previous occupational activities, declaration of financial interests or close personal relationship to members of the Management Board of supervised institutions.

RemovedEBA shall issue guidelines addressed to the competent authorities, in accordance with Article 16 of Regulation (EU) No 1093/2010, on the prevention of conflicts of interests in and independence of competent authorities, taking into account international best practices, for a proportionate application of this Article.’;

Removed______

Removed*1 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).

Removed*2 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287,29.10.2013, p. 63).

Removed*3 Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (OJ L 141, 14.5.2014, p. 1).

Removed*4 Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).

Removed(2a) In Article 8a(4), the following subparagraphs are added:

Removed‘By way of derogation from paragraph 1 of this Article, based on the application received in accordance with that paragraph and the information received in accordance with Article 95a of Directive 2014/65/EU, the competent authority may, after receivinga request from the undertaking, decide to waive the requirement to obtain an authorisation as a credit institution in accordance with Article 8 of this Directive for an undertaking referred to in that paragraph. The waiver shall not be applied where the undertaking is identified as a credit institution in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 575/2013.

RemovedWhen deciding whether to apply the waiver referred to in the second subparagraph, the competent authority shall consider an opinion to be delivered by the EBA within one month from the notification by the competent authority of such request and the following elements:

Removed(a) where the undertaking is part of a group, the group structure, the booking practices prevailing within the group and the allocation of assets across the group entities;

Removed(b) the nature, size and complexity of the activities carried out by the undertaking in the Member State where it is established and in the Union as a whole;

Removed(c) the importance of, and systemic risk posed by, the activities performed by the undertaking in the Member State where it is established and in the Union as a whole.

RemovedThe competent authority shall notify its decision to the undertaking and shall publish it, together with the EBA opinion, on the EBA website. Where the decision deviates from the opinion provided by the EBA, the competent authority shall state the reasons for the deviation in its decision. The decision shall be re-assessed every 3 years.’;

Removed(2b) In Article 8a, the following paragraph is added:

Removed‘6a. EBA shall develop draft regulatory technical standards to specify further the elements that need to be considered by a competent authority when deciding to grant a waiver in accordance with paragraph 4 of this Article.

RemovedEBA shall submit those draft regulatory technical standards to the Commission by [12 months from the 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.’;

Removed(3) In Article 18 the following point (g) is added:

Removed‘(g) meets all of the following conditions:

Removed(i) it has been determined to be failing or likely to fail in accordance with Article 32(1), point (a) of Directive 2014/59/EU or in accordance with Article 18(1), point (a), of Regulation (EU) No 806/2014;

Removed(ii) the resolution authority considers that the condition in Article 32(1), point (b) of Directive 2014/59/EU or in Article 18(1), point (b), of Regulation (EU) No 806/2014 is met with respect to that credit institution;

Removed(iii) the resolution authority considers that the condition in Article 32(1), point (c) of Directive 2014/59/EU or in Article 18(1), point (c), of Regulation (EU) No 806/2014 is not met with respect to thats credit institution.’;

Removed(4) Article 21a is amended as follows:

Removed(a) paragraph 1 is replaced by the following:

Removed‘1. Parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU parent mixed financial holding companies shall seek approval in accordance with this Article. Other financial holding companies or mixed financial holding companies shall seek approval in accordance with this Article where they are required to comply with this Directive or Regulation (EU) No 575/2013 on a sub-consolidated basis.

RemovedCompetent authorities shall regularly review ▌the parent undertakings of an institution, or the parent undertakings of an entity requesting an authorisation pursuant to Article 8, in order to verify whether the institution or entity requesting authorisation has correctly identified an undertaking that complies with the criteria to be considered as a parent financial holding company in a Member State, a parent mixed financial holding company in a Member State, an EU parent financial holding company or an EU parent mixed financial holding company.

RemovedFor the purposes of the second sub-paragraph, where the parent undertakings are located in other Member States than the Member State in which the institution, or the entity requesting an authorisation pursuant to Article 8, is established, competent authorities of those two Member States shall cooperate closely to perform the review.

RemovedCompetent authorities shall publish and regularly update a list of all identified and designated financial holding companies and mixed financial holding companies in their Member State that are subject to approval in accordance with the first subparagraph.’;

Removed(b) paragraph 2 is amended as follows:

Removed(-i) in the first subparagraph, the introductory part is replaced by the following:

Removed‘For the purposes of paragraph 1, financial holding companies and mixed financial holding companies referred to therein shall provide the relevant consolidating supervisor and, where different, the competent authority in the Member State where they are established with the following information:’;

Removed(i) in the first subparagraph, point (b) is replaced by the following:

Removed‘(b) information regarding the nomination of at least two persons effectively directing the financial holding company or mixed financial holding company and compliance with the requirements set out in Article 91(1);’;

Removed(ii) the second subparagraph is replaced by the following:

Removed‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 takes place concurrently with the assessment referred to in Article 8, Article 22 or Article 27a, the competent authority for the purposes of that Article shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. The assessment period referred to in Article 22(2), second subparagraph, and Article 27a(3) shall be suspended ▌until the procedure set out in this Article is complete.’;

Removed(ba) in paragraph 3, point (c) is replaced by the following:

Removed‘(c) the criteria regarding shareholders and members of credit institutions set out in Article 14 and the requirements laid down in Article 121 are complied with.’;

Removed(bb) the following paragraph 4a is inserted:

Removed‘4a. Without prejudice to paragraph 4, the consolidating supervisor may allow on a case-by-case basis financial holding companies or mixed financial holding companies which are exempted from approval to be excluded from the perimeter of consolidation provided that the following conditions are met:(i) the exclusion does not affect the effectiveness of the supervision on the subsidiary credit institution, or the group;

Removed(ii) the financial holding company or mixed financial holding company has no equity exposures other than the equity exposure in the subsidiary credit institution or in the intermediate parent financial holding company or mixed financial holding company controlling the subsidiary credit instituition;

Removed(iii) the financial holding company or mixed financial holding company does not make substantial recourse to leverage and does not have exposures which are not related to its ownership in the subsidiary credit institution or in the intermediate parent financial holding company or mixed financial holding company controlling the suvsidiary credit institution.’;

Removed(bc) in paragraph 10, the first subparagraph is replaced by the following:

Removed‘Where approval or exemption from approval of a financial holding company or mixed financial holding company pursuant to this Article is refused, the consolidating supervisor shall notify the applicant of the decision and the reasons therefor within four months of receipt of the application, or where the application is incomplete, within four months of receipt of the complete information.’.

Removed(5) in Article 21b(6), the following second and third subparagraphs are added:

Removed‘EBA shall develop draft implementing technical standards to specify the uniform formats, definitions and the IT solutions to be applied in the Union for the reporting of the information referred to in the first subparagraph.

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

RemovedPower is conferred on the Commission to adopt the implementing technical standards referred to in the second subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.’;

Removed(6) the following new Article 21c is inserted:

RemovedArticle 21c Requirement to establish a branch for the provision of banking services by third country undertakings and exception for the reverse solicitation of services

Removed1. Member States shall require undertakings established in a third country as referred to in Article 47(1) ▌ to establish a branch in their territory and apply for authorisation in accordance with Title VI to commence or continue conducting the activities referred to in paragraph 1 of that Article in the relevant Member State.

Removed2. The requirement laid down in paragraph 1 of this Article shall not apply where the undertaking established in the third country provides the relevant service or activity to a customer or counterparty established or situated in the Union that is: