On December 10, 2015, the EBA published an Opinion and Report on cooperation and information sharing between EU and non-EU national regulators, as required under the Capital Requirements Directive. The EBA identifies areas of improvement and proposes legislative changes to encourage better prudential supervision of international banks and investment firms. The Opinion states that there is a need for more clarity in the equivalence assessment processes of non-EU supervisory and regulatory regimes, confidentiality regimes within and outside supervisory colleges as well as in the supervision of institutions on a consolidated basis. The EBA states that the establishment of clear instructions on equivalence assessments in the CRD and CRR would facilitate coordinated and consistent equivalent assessments. The EBA also proposes, amongst other things, to align the CRD with the Bank Recovery and Resolution Directive so that specific references to the status of “observers” are provided for non-EU national regulators that participate in supervisory colleges.
The Report and Opinion is available at: http://www.eba.europa.eu/documents/10180/983359/EBA-Op-2015- 19+%28Opinion+on+cooperation+with+third+countries+-+Art+161+%287%29%20CRD%29.pdf.