(1)

The information to be provided in an application for authorisation as a credit institution, as referred to in Article 8(1) of Directive 2013/36/EU, should be sufficiently detailed and comprehensive to enable the competent authority to assess whether an applicant credit institution meets the requirements laid down in Articles 10 to 14 of that Directive and in national law.

(2)

The information submitted in an application for authorisation as a credit institution should be true, accurate, complete and up-to-date from the moment of submission of the application until authorisation and the commencement of activities. For that purpose, competent authorities should be informed of any changes to the information provided in the initial application, and competent authorities should be able to enquire whether any changes or updates have occurred before commencement of the activities. To ensure that competent authorities have a complete overview of the applicant credit institution, competent authorities should be permitted to request, where necessary, specific clarifications or additional information regarding an application for authorisation as a credit institution.

(3)

To ensure efficiency and to avoid duplication, competent authorities should be able to waive the requirement to submit information that they already have, or to submit information that concerns activities that the applicant credit institution will not carry out in the event it is authorised.

(4)

An application for authorisation as a credit institution should describe the applicant credit institution and contain information about any previous commercial activities of the applicant credit institution and its subsidiaries, and about any licences, authorisations, registrations or other permissions held, pending for approval, refused or revoked.

(5)

An application for authorisation as a credit institution should contain a programme of activities, describing the activities, including those referred to in Annex I of Directive 2013/36/EU, which will be performed in the event the authorisation is granted.

(6)

To enable competent authorities to assess the overall risk profile of an applicant credit institution, to protect all stakeholders involved, including in particular depositors, and to ensure the stability of the financial markets in which the applicant credit institution will operate, an application for authorisation as a credit institution should contain information about the operational structure, business lines and target markets of the applicant credit institution, including the geographic distribution of the business. Furthermore, applicant credit institutions should provide in the application information about their membership, if any, of a deposit guarantee scheme as defined in Article 2(1), point (1), of Directive 2014/49/EU of the European Parliament and of the Council (2).

(7)

To enable competent authorities to assess the financial soundness of applicant credit institutions, an application for authorisation as a credit institution should contain financial information about the applicant credit institution, including, where appropriate, at individual, consolidated and sub-consolidated levels. For the same reason, competent authorities should be able to determine the quality, origin and composition of an applicant credit institution’s initial capital, as well as the ability of an applicant credit institution to comply with prudential requirements. An application for authorisation as a credit institution should therefore contain information about the amount of capital issued or to be issued and about the composition of own funds, and proof, where relevant, that the initial capital will be paid in full before the commencement of activities. To ensure that competent authorities can assess whether the activity that generated the initial capital is legitimate, an application for authorisation as a credit institution should also contain information about the origin of that initial capital.

(8)

It is necessary to ensure that an applicant credit institution is under sound and prudent management and robust governance from the outset, in accordance with the requirements that a credit institution has to meet as a matter of on-going supervision. The information provided in an application for authorisation as a credit institution should therefore enable competent authorities to assess the reputation, honesty, integrity, independence of mind and time commitment of each member of the management body of an applicant credit institution, as well as the knowledge, skills and experience of the members of the management body, both individually and collectively. The information provided in an application for authorisation as a credit institution should also enable competent authorities to assess, in specified cases where not already having been assessed as members of the management body, the reputation, honesty, integrity, knowledge, skills and experience of the heads of internal control functions and of the chief financial officer. That information should also enable competent authorities to assess the suitability of the heads of internal control functions and the chief financial officer, where those persons are not part of the management body, of credit institutions that are significant as referred to in Article 76(3) of Directive 2013/36/EU where those credit institutions are not part of a group, are part of a group and are the consolidating credit institution, or are part a group and the consolidating credit institution is not a significant credit institution as referred to in Article 76(3) of Directive 2013/36/EU.

(9)

It is necessary to ensure transparency of the shareholding structure of the applicant credit institution and to prevent criminals and their associates from holding, or being the beneficial owners of, qualifying holdings in credit institutions. Applications for authorisation as a credit institution should therefore contain information about the persons or entities that have or will have, in case of authorisation of the applicant credit institution, qualifying holdings in that credit institution. For the same reason, and where no person or other entity has or will have, in case of authorisation of the applicant credit institution, a qualifying holding in the credit institution, applications for authorisation as a credit institution should contain information about the persons who are or will be, in case of authorisation of the applicant credit institution, the twenty largest shareholders or members and about each person who has or will have, in case of authorisation, close links with the credit institution.

(10)

To assess past events related to the applicant credit institution and to assess the suitability of its shareholders and members, and of the members of the management body, the applicant credit institution should provide the competent authorities with all information about past convictions and pending criminal investigations, civil and administrative cases and other adjudicative actions of the applicant credit institution, its shareholders and members, and of the members of the management body.

(11)

Competent authorities should be able to assess whether there are any obstacles that could prevent the effective exercise of their supervisory functions, taking into account all relevant information, circumstances or situations and having regard to features relating to geographic presence, group structure and supervisory arrangements as set out in Directive 2013/36/EU.

(12)

This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority (EBA).

(13)

EBA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council (3).

(14)

This Regulation should apply from XX.XX.XXXX in order to grant the competent authorities and applicant credit institutions sufficient time to comply with the requirements laid down in this Regulation,