CRD VI enforces new rules for third-country banks in the EU

Directive (EU) 2024/1619, known as CRD VI, entered into force on July 9, 2024. It will prevent third-country banks from rendering core banking services, such as deposit, lending and guarantee business, on a cross-border basis into the EU. Those services may then only be rendered through EU branches or EU subsidiaries.

Certain exemptions apply, e. g. for ancillary services, intrabank transactions and pre-existing customer relationships. The German regulator (BaFin) asked foreign banks to comment on the impact of upcoming restrictions on their business models.

Further details can be found in the guest article by our partner Prof. Dr. Bernd Geier in the Boersen-Zeitung of September 6, 2024.

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