Highlights And Insights: The EBA's Report Under Article 21c (6) CRD VI

On 23 July 2025, the European Banking Authority (the "EBA"), in consultation with the European Securities and Markets Authority ("ESMA") and the European Insurance and Occupational Pensions Authority ("EIOPA") (together the "European Supervisory Authorities" or "ESAs") published a report on the direct provision of banking services from third countries in accordance with its mandate under Article 21c(6) of Directive 2024/1619, amending the Directive 2013/36/EU ("CRD VI") (the "Report"). The EBA's mandate under Article 21c(6) was to assess whether to permit third-country undertakings ("TCUs") to provide deposit taking, lending activities and guarantees ("Core Banking Services") directly not only to EU credit institutions, but to any European Union ("EU") financial sector entities ("FSEs") without establishing a branch in the EU, having regard to financial stability and EU competitiveness considerations.