Commission Implementing Regulation (EU) 2023/1119 of 12 January 2023 laying down implementing technical standards for the application of Directive (EU) 2019/2034 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the information sharing between the competent authorities of home and host Member States (Text with EEA relevance)

Commission Implementing Regulation (EU) 2023/1119 as regards the forms, templates, and procedures for the exchange of information between competent authorities of home and host member states in relation to the supervision of cross-border investment firms was published in the Official Journal (OJ) of the EU. The regulation supplements Commission Delegated Regulation (EU) 2023/1117 which defines the specific content of the information to be exchanged (please see EventID 21455 in this context for more information).
In detail, the implementing regulation specifies
1. the frequency of information exchange, the key provisions of which state that the home state competent authority shall at least annually, but no later than April 30 of each year, update the host state authority on general information about the investment firm. In case of material changes, the home member state shall inform the host member state without delay. In the event that non-compliance issues have arisen, such exchange must take place within 14 days following the occurrence.
2. operational matters such as
– the establishment and maintenance of adequate contact lists for the exchange;
– the method of communication (in electronic or written form); or
– the method of preliminary communication of any urgent matters, such as non-compliance with rules and regulations or the determination of administrative or penal measures.
3. the steps to be followed by both authorities when sending or receiving an ad hoc request for specific information or when sending a request to describe the services provided by the investment firm in its home state.
4. the template to be used for the annual information exchange.
It shall be noted that points (1) and (2) shall not apply where a supervisory college has been established for the supervision of a group entity which the branch or firm is part of so long as both the home and host competent authority are part of the college.