On 27 June, our cross border team held a dynamic discussion on CRD 6: Third Country Branches covering an overview of the key changes introduced by the directive.

We discussed the impact of the new authorisation requirements on both existing third country bank branches and third country banks that carry out core banking services on a cross border basis. Some of the current national exemptions will fall away and new exemptions will apply under CRD6 including for reverse solicitation and certain existing contracts. The directive provides for a risk based categorisation of third country branches and introduces a raft of new reporting requirements.