Commission Implementing Regulation (EU) 2023/1119 of 12 January 2023 laying down implementing technical standards for the application of Directive (EU) 2019/2034 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the information sharing between the competent authorities of home and host Member States (Text with EEA relevance)
Commission Implementing Regulation (EU) 2023/1119of 12 January 2023laying down implementing technical standards for the application of Directive (EU) 2019/2034 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the information sharing between the competent authorities of home and host Member States(Text with EEA relevance)THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to 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/EUOJ L 314, 5.12.2019, p. 64., and in particular Article 13(8), second subparagraph, thereof,Whereas:(1)An efficient and timely cooperation between competent authorities of home and host Member States requires, within the respective supervisory competences of those authorities, an adequate two-way information exchange. To support this objective, standard forms, templates and operating procedures, including timelines, should be established for the exchange of information. As the information exchanged should be timely and up-to-date, competent authorities should strive to exchange information as early as practicable, without undue delay, ahead of the expiry of any maximum remittance deadline.(2)To ensure an efficient transmission of information to the relevant contact persons within the competent authorities as well as the confidentiality of the information, the competent authorities should establish, share and regularly update lists of contact persons.(3)In order to ensure the effectiveness of the supervision of investment firms on a cross-border basis, an adequate protection of clients and markets as well as prompt corrective actions, competent authorities of home and host Member States should inform each other without undue delay about any potential situation affecting the financial stability or the functioning of a branch and provide all essential and relevant information regarding that situation.(4)Requirements on the type and nature of the information to be exchanged by competent authorities of home and host Member States are set out in Commission Delegated Regulation (EU) 2023/1117Commission Delegated Regulation (EU) 2023/1117 of 12 January 2023 supplementing Directive (EU) 2019/2034 of the European Parliament and of the Council with regard to regulatory technical standards specifying requirements for the type and nature of the information to be exchanged by competent authorities of home and host Member States (see page 10 of this Official Journal).. The establishment of standard forms, templates and procedures for such information sharing requirements should therefore follow the scope and approach set out by that Delegated Regulation and take account of the standard forms, templates and procedures that are already implemented through other mechanisms such as those set out in accordance with Articles 34 and 35 of Directive 2014/65/EU of the European Parliament and of the CouncilDirective 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349)., thereby avoiding duplication.(5)The framework set out in the Delegated Regulation (EU) 2023/1117 specifies requirements for the type and nature of the information to be exchanged by competent authorities. While the latter provides the key elements that should be subject to an exchange of information between competent authorities, it does not aim to restrict the scope of such exchange of information in the context of promoting a broad cooperation between competent authorities on a cross-border basis.(6)This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Banking Authority (EBA) in consultation with the European Securities Markets Authority (ESMA).(7)The EBA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the CouncilRegulation (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).,HAS ADOPTED THIS REGULATION: