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EU proposal to regulate third country providers of financial services: Where are we on CRDVI?

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Behrens Alexander
Dr Alexander Behrens

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Niklas Germayer
Niklas Germayer

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Image of Lisa Huber
Lisa Huber

Regulatory Practice Prof.

Frankfurt am Main

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15 November 2022

One year after the European Commission unveiled its Banking Package 2021, the Council has now agreed its position on the amendments to the Capital Requirement Directive, the EU framework regulating the banking sector (CRDVI). The European Commission had proposed a far-reaching prohibition on cross border services and a harmonised framework for third country bank branches.
In this note, we discuss the key changes the Council’s compromise text makes to the Commission’s proposal focusing on the cross border regime and where this leaves non-EU providers of financial services in the EU.