CEBS advises the Commission on banking and the implementation of banking Directives
Until recently, observers generally thought both directives would begin operation at the same time as the banking directives because the 2BD gives banks (and other credit institutions) the right to do securities business throughout the EC on a single passport basis.
In the 1992 legislation, the Second Coordinating Banking Directive (2BD) is the primary banking directive.
This belief stems partly from the "Reciprocity Clause" in early drafts of the Second Banking Directive.
2] The general structure of the reciprocity clause in the Second Banking Directive is expected to be copied for the other major areas of financial services, including investment services and insurance.
On free movement of services, Hungary won a transitional period until the end of 2007 for full application of the investor compensation scheme (subject to a number of safeguards), and exemption of two specialised financial institutions (Eximbank and Hungary Development Bank) from the scope of the banking Directives.
Closure of services was possible because the earlier Czech request for exclusion of the Consolidation Bank from the scope of the banking directives has become redundant, since the bank will no longer exist upon accession, and similar requests concerning the Czech-Moravian Guarantee and Development Bank and the Czech Export Bank have been dropped; but the chapter still remains linked to free movement of persons and to acquisition of real estate by non-residents.
This approach is consistent with the home country principle that forms the basis for the EU's banking Directives
This approach is consistent with the home country control principle that is the basis for the EU's banking Directives