Specific requirements for authorisation of credit institutions referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
On this provision: 1 technical standard
Amendment details
Member States shall require the undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 which have already obtained an authorisation pursuant to Title II of Directive 2014/65/EU (opens EUR-Lex in a new tab) to submit an application for authorisation in accordance with Article 8, at the latest on the day when either of the following events takes place:
the average of monthly total assets, calculated over a period of 12 consecutive months, is equal to or exceeds EUR 30 billion; or
the average of monthly total assets calculated over a period of 12 consecutive months is less than EUR 30 billion, and the undertaking is part of a group in which the total value of the consolidated assets of all undertakings in the group established in the Union, including any of their branches and subsidiaries established in a third country, that individually have total assets of less than EUR 30 billion and that carry out any of the activities referred to in Annex I, Section A, points (3) and (6), to Directive 2014/65/EU (opens EUR-Lex in a new tab) is equal to or exceeds EUR 30 billion, both calculated as an average over a period of 12 consecutive months.
The undertakings referred to in paragraph 1 of this Article may continue carrying out the activities referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 until they obtain the authorisation referred to in paragraph 1 of this Article.
By way of derogation from paragraph 1 of this Article, the undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 that on 24 December 2019 carry out activities as investment firms authorised under Directive 2014/65/EU (opens EUR-Lex in a new tab) shall apply for authorisation in accordance with Article 8 of this Directive by 27 December 2020.
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 (opens EUR-Lex in a new tab) of Directive 2014/65/EU (opens EUR-Lex in a new tab), the competent authority may, after receiving a request from an undertaking referred to in paragraph 1 of this Article, waive the requirement to obtain an authorisation as a credit institution in accordance with Article 8 of this Directive for that undertaking.
Upon receiving a waiver request, the competent authority shall notify EBA thereof. EBA shall issue an opinion on that waiver request within one month from the notification by the competent authority. The competent authority shall take a decision on the waiver request, taking into account the EBA opinion and at least the following elements:
where the undertaking is part of a group, the organisational structure of the group, the booking practices prevailing within the group and the allocation of assets across the group entities;
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;
the importance of, and systemic risk posed by, the activities carried out by the undertaking in the Member State where it is established and in the Union as a whole.
Where the decision of the competent authority deviates from the opinion provided by EBA, the competent authority shall state the reasons for the deviation in its decision.
The competent authority shall notify its decision to the undertaking concerned and to EBA. EBA shall publish that decision, together with its opinion, on its website.
The competent authority shall reassess its decision every three years.
Where the competent authority, after receiving the information in accordance with Article 95a (opens EUR-Lex in a new tab) of Directive 2014/65/EU (opens EUR-Lex in a new tab), determines that an undertaking is to be authorised as a credit institution in accordance with Article 8 of this Directive, it shall notify the undertaking and the competent authority as defined in point (26) (opens EUR-Lex in a new tab) of Article 4(1) (opens EUR-Lex in a new tab) of Directive 2014/65/EU (opens EUR-Lex in a new tab) and shall take over the authorisation procedure from the date of that notification.
In cases of reauthorisation, the authorising competent authority shall ensure that the process is as streamlined as possible and that information from existing authorisations is taken into account.
EBA shall develop draft regulatory technical standards to specify:
the information to be provided by the undertaking to the competent authorities in the application for the authorisation, including the programme of operations provided for in Article 10;
the methodology for calculating the thresholds referred to in paragraph 1.
Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in points (a) and (b) of the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
EBA shall submit those draft regulatory technical standards to the Commission by 26 December 2020.
EBA shall develop draft regulatory technical standards to further specify the elements that are to be taken into consideration by the competent authority when deciding whether to grant a waiver in accordance with paragraph 3a, taking into account, in particular, the materiality of the counterparty credit risk to which an undertaking is exposed.
EBA shall submit those draft regulatory technical standards to the Commission by 10 January 2026.
Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
By 31 December 2028, EBA shall submit a report to the Commission on the use of the waiver as referred to in paragraph 3a of this Article as well as on the application of Article 4(1), point (1)(b)(iii), of Regulation (EU) No 575/2013.