CP10 (Full Document) - European Banking Authority

· A new approval process shall not be started after a change in
consolidating supervisor. However, cross­border mergers and
acquisitions of institutions may justify modifying the approval
process (see also sections 3.1.1. and 4.3.1.).
· A fully reasoned decision to implement IRB or AMA approaches
shall remain valid even after a change in consolidating supervisor.
· The legal responsibilities and duties of competent authorities laid
down in Article 129 shall not be altered in the event of structural
changes in cross­border groups. Furthermore the Guidelines for
co­operation between home and host supervisors shall be
implemented, even in such a changing environment.
2.2.5. Post­approval process
89. Once the approval process has ended, supervisors have to monitor
the roll­out plan and any terms and conditions to which the approval
was subject. If, after the approval, a new decision (but not
necessarily a new approval process) should become necessary due to
the fulfilment of or changes in the roll­out plan, national authorities
will co­operate in the spirit of Article 129(2). The same holds true for
the monitoring of terms and conditions associated with the approval.
90. After the roll­out period, the fulfilment of terms and conditions
attached to the permission shall be monitored in consultation
between consolidating and host supervisors in line with the
Guidelines for Co­operation between Home and Host Supervisors.
91. A proposal to revoke an Article 129(2) decision can be made by the
consolidating supervisor, a host supervisor, or the institution itself.
The Article 129(2) decision can be revoked by joint agreement of the
consolidating supervisor and the host supervisors, or in the absence
of an agreement, by the consolidating supervisor alone. A host
supervisor cannot revoke an Article 129(2) decision acting on its
own.
2.2.6. Transition period
92. At the date of publication of this paper, the CRD has not yet come
into force. Therefore, formal applications (in the sense that they
refer to a legal basis that has already been implemented in national
legislation) are not yet possible. However, in order to smooth the
application process and to allow substantive early consideration of
applications in order to make it easier for institutions to meet the
requirements to use the IRB approach from 1 January 2007 (in the
interest of both the industry and the supervisory authority), some
countries have introduced arrangements under which preliminary
(also called early or informal) applications can be made, prior to the
CRD being transposed into national legislation. Such preliminary
applications cannot be considered formal applications at any time
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