What changed between the draft committee report and the plenary report

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

Removed:Directive 2013/36/EU

Added:‘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:Article 1 – paragraph 1 – point 20, Article 91a – paragraph 2 – subparagraph 2: However, where it is strictly necessary to replace a member of the management body immediately, the entities may conduct a lighter suitability assessment of such replacement members before they have taken up their positions. A complete assessment shall be carried out as soon as possible after the replacement members have taken up their positions. EBA shall issue guidelines specifying the conditions for conducting a lighter assessment, including guidance on the cases that might be considered urgent. The entities shall be able to duly justify such immediate replacement.

Added:(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:Directive 2013/36/EU

Added:(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:Article 1 – paragraph 1 – point 20, Article 91b – paragraph 4: 4. Competent authorities that request additional information or documentation from the entities or other authorities or which conduct interviews or hearings, may extend the assessment period for a maximum of 40 working days. However, the assessment period shall not exceed 120 working days. Request for additional information or documentation shall be made in writing and shall be specific. The entities shall acknowledge receipt of request for additional information or documentation within two working days and provide the requested additional information or documentation within 10 working days as of the date of the written acknowledgement of the request from competent authorities. Failure by the entities to provide the requested information within this deadline shall result in the procedure being closed without any further assessment by the competent authority. The closure of the procedure shall be without prejudice to the possibility for the entity to submit a new application.

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

Removed:Directive 2013/36/EU

Added:‘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:Article 1 – paragraph 1 – point 20, Article 91d – paragraph 4: 4. Competent authorities that request additional information or documentation from the entities or other authorities or which conduct interviews or hearings, may extend the assessment period for a maximum of 40 working days. However, the assessment period shall not exceed 120 working days. Request for additional information or documentation shall be made in writing and shall be specific. The entities shall acknowledge receipt of request for additional information or documentation within two working days and provide the requested additional information or documentation within 10 working days as of the date of the written acknowledgement of the request from competent authorities. Failure by the entities to provide the requested information within that deadline shall result in the procedure being closed without any further assessment by the competent authority. The closure of the procedure shall be without prejudice to the possibility for the entity to submit a new application.

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

Removed:Directive 2013/36/EU

Added:‘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.

Removed:Article 1 – paragraph 1 – point 24, Article 100 – paragraph 4: 4. EBA, EIOPA and ESMA shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, develop guidelines to ensure that consistency, long-term considerations and common standards for assessment methodologies are integrated into the stress testing of environmental, social and governance risks. The Joint Committee shall publish those guidelines by ... [12 months from the date of entry into force of this amending Directive]. EBA, EIOPA and ESMA shall, through the Joint Committee referred to in Article 54 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010, explore how social and governance related risks can be integrated into stress testing.;

Added:EBA 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].

Removed:Directive 2013/36/EU

Added:Power 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:Article 1 – paragraph 1 – point 26 – point b, Article 104a – paragraph 6: deleted / (deleted) / (deleted) / (deleted)

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

Removed:Directive 2013/36/EU

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

Removed:Article 1 – paragraph 1 – point 27, Article 106 – paragraph 1 – point a: (a) to publish information referred to in Part Eight of Regulation (EU) No 575/2013 more than once per year;

Added:1. 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.

Removed:Directive 2013/36/EU

Added:2. 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:

Removed:Article 1 – paragraph 1 – point 27, Article 106 – paragragh 1 – point a a (new): (aa) to set deadlines for the submission of disclosure information by institutions other than small and non-complex to EBA for its publication on a centralised EBA website;

Added:(a) a retail client, an eligible counterparty or a professional client within the meaning of Sections I and II of Annex II to Directive 2014/65/EU established or situated in the Union, provided that such client or counterparty approaches an undertaking established in a third country at its own exclusive initiative for the provision of any service or activity referred to in Article 47(1);

Removed:Directive 2013/36/EU

Added:(b) a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;

Removed:Article 1 – paragraph 1 – point 27 a (new), Article 106 – paragraph 1 – subparagraph 1 a (new): (27a) in Article 106(1), the following subparagraph is added: / ‘EBA shall, taking into consideration the provisions included in Part Eight of Regulation (EU) No 575/2013, issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010, to specify the requirements set out in paragraph 1 of this Article. The EBA shall issue those guidelines by ... [12 months from the date of entry into force of this amending Directive].’

Added:(c) an undertaking of the same group as that of the undertaking established in the third country.

Removed:Directive 2013/36/EU

Added:Without prejudice to point (c), where a third-country undertaking solicits a client or counterparty, or a potential client or counterparty, referred to in point (a) directly or indirectly through an entity acting on its own behalf or having close links with such third country undertaking or through any other person acting on behalf of such undertaking, ▌it shall not be deemed as a service provided at the own exclusive initiative of the client or counterparty, or of the potential client or counterparty.

Removed:Article 1 – paragraph 1 – point 30 – point a, Article 131 – paragraph 5 – subparagraph 1 a (new): deleted / (deleted)

Added:3. An initiative by a client or counterparty as referred to in paragraph 2 shall not entitle the third-country undertaking to market other categories of products, activities or services than those that the client or counterparty had solicited, other than through a third country branch established in a Member State and with the exception of any services, activities or products strictly necessary for the provision of the service, product or activity solicited by the client or counterparty.’;

Removed:Directive 2013/36/EU

Added:(6a) in Article 22(2), the following subparagraph is inserted after the first subparagraph:

Removed:Article 1 – paragraph 1 – point 30 – point c, Article 131 – paragraph 15 – subparagraph 1: deleted / (deleted)

Added:‘By way of derogation from the first subparagraph, when the proposed acquisition referred to in paragraph 1 is deemed complex by the competent authorities, acknowledgment of the receipt of the notification or of any further information shall be done promptly and in any event within ten working days following the receipt of that notification or of the additional information.’;

Removed:Directive 2013/36/EU

Added:(6b) in Article 23(1), the following subparagraphs are added:

Removed:Article 1 – paragraph 1 – point 31 – point b, Article 133 – paragraph 2a: deleted / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted) / (deleted)

Added:‘For the purposes of assessing the criterion laid down in paragraph 1, point (e) of this Article, competent authorities shall consult, in the context of their verifications, the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849.

Removed:Directive 2013/36/EU

Added:Competent authorities may object to the acquisition when the proposed acquirer is located in a country on the Union list of third-countries with strategic deficiencies or compliance weaknesses in their AML/CFT regime or in a country subject to Union restrictive measures and it is assessed by the competent authority that it affects the capacity of the proposed acquirer to have in place the needed practices and processes to comply with the requirements of the AML/CFT regime.’;

Removed:Article 1 – paragraph 1 – point 31 – point c, Article 133 – paragraph 8 – point c: deleted / (deleted) / (deleted) / (deleted)

Added:(6c) in Article 23(2), the following subparagraph is added:

Removed:Directive 2013/36/EU

Added:‘For the purpose of this paragraph and with regard to the criterion laid down in paragraph 1, point (e) of this Article, a negative opinion in writing by the authorities competent for the supervision of the undertakings in line with Directive (EU) 2015/849 received by the competent authorities within 30 days of the initial request shall be duly considered by the competent authority when assessing the proposed acquisition and may constitute a reasonable ground for opposition.’;

Removed:Article 1 – paragraph 1 – point 31 – point d, Article 133 – paragraph 9 – point g: deleted / (deleted)

Added:(6d) in Article 23, the following paragraph is added:

Added:‘6. EBA shall develop draft implementing technical standards specifying the minimum list of information to be provided to the competent authorities at the time of the notification referred to in paragraph 1.

Added:For the purpose of the first subparagraph of this paragraph, EBA shall take into consideration Directive (EU) 2017/1132.

Added:EBA shall submit those draft implementing technical standards to the Commission by ... [18 months from the date of entry into force of this amending Directive].

Added:Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.’;

Added:(7) In Title III, the following Chapters 3, 4 and 5 are added:

Added:‘CHAPTER 3

Added:Acquisition or divesture of a material holding