New Article 21c of CRD VI prohibits cross-border provision of “core banking services” into the EU absent an authorized local presence, subject to limited exemptions. Partner Sebastian Barling, counsel Wilf Odgers and associate Harry Ferris discuss what U.S. banks should consider in light of the new restriction, including reviewing current operations, assessing exemptions for EU client relationships, monitoring member state transposition and evaluating branches or EU-authorized subsidiaries.
Skadden Discusses New EU Rules for Cross-Border Banking
The CLS Blue Sky Blog