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EUROPE Official translations of the Guidelines for complaints-handling in the securities (ESMA) and banking (EBA) sectors Background On 13 June 2014, the European Securities and Mar- kets Authority (ESMA) and the European Banking Authority (EBA) published their Joint Committee Final Report on guidelines for handling consumer complaints in the securities and banking sectors. The document aims to increase market confi- dence and ensure a harmonised approach to han- dling complaints for all 28 EU Member States and across all financial services sectors. What’s in there? On 25 August 2014, the Joint Committee pub- lished official translations of these guidelines. They are now available in the following languages:

Commission issues CRD IV Level 2 measures on passport notification Background Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (here- inafter: "CRD IV") was released on 26 June 2013. In accordance with Article 35 CRD IV, a credit in- stitution wishing to establish a branch within the territory of another Member State shall notify the competent authorities of its home Member State. Before the branch of a credit institution commenc- es its activities, the competent authorities of the host Member State shall, within two months of receiving the information referred to in Article 35 CRD IV, prepare for the supervision of the credit institution and, if necessary, indicate the condi- tions under which, in the interests of the general good, those activities shall be carried out in the host Member State. Besides, in accordance with Article 39 CRD IV, any credit institution wishing to exercise the freedom to provide services by carrying out its activities within the territory of another Member State for the first time shall notify the competent authorities of the home Member State of the activities which it intends to carry out. What’s in there? On 28 August 2014, the Commission Implement- ing Regulation (EU) no. 926/2014 dated 27 August 2014 was published in the OJEU (the "Regula- tion"). The Regulation lays down standards forms, tem- plates and procedures for the CRD IV notifications relating to the exercise of the right of establish- ment and the freedom to provide services and in particular:

« A form for the submission of a branch passport notification or a change in a branch particulars notification (Annex I of the Regulation); « A form for the communication of branch pass- port notification (Annex II of the Regulation); « A form for the communication of the amount and composition of own funds and own funds requirements (Annex III of the Regulation); « A form for the submission of a change in branch particulars notification which concerns a planned termination of the operation of a branch (Annex IV of the Regulation); « A form for the submission of services passport notification (Annex V of the Regulation); and « A form for the communication of services pass- port notification (Annex VI of the Regulation). The Regulation entered into force on 17 Septem- ber 2014 and is binding in its entirety and directly applicable in all Member States. What’s next?

THE REGULATION IS AVAILABLE HERE.

Entry into force of CSDR Background

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The Commission adopted a proposal for a Reg- ulation on improving securities settlement and on Central Securities Depositories (CSDs) with- in the EU and amending Directive 98/26/EC on 7 March 2012.

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The guidelines will be applicable two months after the date of publication of the official translations.

THE OFFICIAL TRANSLATIONS OF THE JOINT COMMITTEE FINAL REPORT ARE AVAILABLE HERE.

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