CP10 (Full Document) - European Banking Authority

translated, supervisors will organise this in co­operation with the
institutions.
2.2.1.3. The starting of the six­month period
68. The six­month period for making a determination on an application
shall begin on the date that a complete application is received by the
competent authority referred to in Article 129, Section 1. Specifically,
the clock starts as soon as the supervisor has received an application
that is complete with respect to the signatory, format, content and
minimum requirements set out by its consolidating supervisor, which
will take into account the requirements set out in Section 2.2 of this
paper.
69. The supervisors involved perform a preliminary assessment of the
entire application immediately upon receipt. If the application is
complete in all essential aspects and does not raise any significant
doubt or non­satisfaction in this regard or with respect to the
requirements mentioned above, the clock starts upon receipt. If the
application lacks essential parts or is otherwise deemed incomplete,
the supervisor will communicate this to the institution. Depending on
the seriousness of the deficiencies, the applicant is either allowed to
supplement the application or is asked to provide a new application
at a later date. When the application is complete, the clock is
started.
70. There is no provision under Article 129(2) to stop the clock once a
complete application has been received. However, a pause in the sixmonth
period may be acceptable if the applicant no longer meets the
requirements for a complete application. If during its examination
the supervisor discovers essential deficiencies concerning the
completeness of the application, it may offer to suspend further
examination of the application until the deficiencies of the application
are corrected, as an alternative to rejecting the application.
71. The operation of the clock is the responsibility of the consolidating
supervisor. This includes promptly making any change in the status
of the clock known to all involved parties, including the applicant.
The timetables for the approval process should be planned and
coordinated by the consolidating supervisor and agreed on by all the
supervisors involved. Consolidating and host supervisors should aim
at agreeing on plans which accommodate the needs for flexibility for
all supervisors involved. This holds special importance where an
entity in a host country is significant for the applicant or is
considered of systemic importance by the host supervisor.
2.2.2. Supervisor’s Assessment
72. After the supervisor has confirmed that the application is complete,
the next phase – the supervisor’s assessment of the application –
starts. In this phase, the supervisor has to assess whether or not he
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