Passporting

Credit Servicers Passporting Process

According to Regulation 14(1) of the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (S.I. 644 of 2023) (“2023 Regulations”), a credit servicer, who is currently authorised by a competent authority in an EU Member State, as defined by Regulation 3(1) of the of the 2023 Regulations, may provide its credit servicing activities, that are covered by that authorisation, in another EU Member State on a passporting basis. This is subject to the credit servicer complying with the relevant national laws giving effect to the Directive in the host Member State(s) which the credit servicer intends to passport its credit servicing activities.

Regulation 14(2) of the 2023 Regulations sets out the information the notifying credit servicer (“the firm”) must provide to the Central Bank of Ireland (“Central Bank”) when advising of its intention to passport its credit servicing activities to a host Member State. The categories of information sought are listed in this Notification Form. This Notification form must be completed by in typed format and submitted by email to [email protected].

Branch Manager (if establishing a Branch)

The role of a Branch Manager of a branch established in other Member States is listed as a Pre-Approval Controlled Function (PCF-16) under Schedule 2, Part 1 of the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations, 2011 (as amended). Therefore, if a firm intends to establish a branch in another EU Member State, and the business arising from that branch amounts to 5% or more of (as applicable) the assets or revenues of the firm, an Individual Questionnaire (“IQ”) must be submitted, as part of this notification, in respect of the proposed Branch Manager (PCF-16), via the Central Bank’s Online Portal.

View further information in regards to the PCF-16 role,