Skip to main content

AFB Practice Roundtable: The impact of CRD VI on conducting cross-border business into the EU

AFB is delighted to partner with Allen & Overy for an in-person roundtable discussion on the prohibition of cross-border business into the EU, enacted by Article 21c of the Capital Requirements Directive VI (CRD VI), which is anticipated to apply in autumn 2026.

Kirsty Taylor (Knowledge Counsel) and Bob Penn (Partner), from Allen and Overy, will provide facilitation and direction to attendees on the impact of conducting business into the EU, the exemptions available and how banks can prepare for implementation.

This roundtable is intended for AFB members representing non-EU banks.

The European Council and European Parliament published the final texts for CRD VI in December 2023 (here), and the rules are expected to be published in the Official Journal this spring. The new rules, under Article 21c, prohibit non-EU banks from undertaking certain banking services in the EU, unless they establish an authorised branch in the relevant member state. Further, if a branch of a non-EU bank is authorised for certain activities in one member state, they will only be permitted to offer/conduct those activities in that jurisdiction, and not to other member states on a cross-border basis. The exemptions to the above will be discussed during the session together with the likely affected business lines and possible options to comply with the restrictions.

AFB will circulate an agenda and a series of questions to those registered to attend in advance which will be used to aid the discussion.

There will be refreshments and networking from 08:30, before the discussion starts at 09:00.

Note that capacity for the roundtable will be limited to 25 members, one person per member bank, so please book early to avoid disappointment.

Who should attend?

This session is primarily aimed at non-EU banks that currently / plan to conduct business into the EU on a cross-border basis.

We recommend attendees from the following business areas join the session:

  • Legal
  • Regulatory change
  • Compliance

What will members gain?

  • An understanding of the final CRD VI rules, in relation to cross-border business into the EU
  • The opportunity to discuss how banks will be impacted by Article 21c
  • An understanding of how banks can begin to prepare for implementation
  • An opportunity to discuss the challenges faced when adapting businesses to meet the new rules

Facilitators

Bob Penn – Partner – Allen & Overy

Bob advises banks, asset managers, market infrastructure providers and other financial institutions on a wide range of national and international regulations. He has led Allen & Overy’s substantial work on the European financial services reform agenda, including advising on revisions to capital requirements, the introduction of recovery and resolution plans and retail ring-fencing for banks and on changes to derivatives markets.

Bob is the author of two chapters in the Oxford University Press publication on Financial Markets and Exchanges Law, covering UK recognised investment exchanges and clearing houses and alternative trading systems respectively. Bob gave evidence to the UK Parliamentary Commission on Banking Standards in relation to proposals for the ring-fencing of retail banking activities in the UK. He sits on the IIF Special Committee on Effective Regulation.

Bob is recognised as a leading individual for regulatory advice by Legal 500, Chambers & Partners and IFLR 1000 and is regularly quoted in the press on regulatory matters.

Kirsty Taylor – Knowledge Counsel – Allen & Overy

Kirsty maintains a wide-ranging practice of core regulatory advice across banking and investment bank businesses.

She has particular experience of advising on and managing significant regulatory change initiatives and frequently works with industry bodies and trade associations to help respond to regulatory and legislative proposals.

Logistics

The easiest way to book your place is through the AFB’s automated events booking system on the website.  Please note your username is your bank e-mail address and if you cannot recall your password, or have not yet set one up, you can click the ‘Recover your login details’ option on the login page and follow the instructions.

Cost:        Included in AFB membership (no fee)

Location:  Allen & Overy LLP, One Bishops Square, London, E1 6AD

Date:        Thursday 18 April 2024

Time:        09:00 – 10:30 (Arrival from 08:30)

There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the session to address, please send them to the AFB at secretariat@foreignbanks.org.uk as soon as practicable. You will receive details on how to join the session one week before the event.