CRD VI: Quick guide to Member State activity
On 27 October 2021, the European Commission adopted a Banking Package which set out proposed amendments to EU banking rules contained in the Capital Requirements Regulation and the Capital Requirements Directive IV. The main purpose of the amendments was to implement the outstanding elements of the Basel III reforms in the EU, while taking account of EU specificities. However, the reforms also introduce important new changes to the rules for third country bank branches operating in the EU (third country branches). This includes the requirement in certain instances to establish a subsidiary. Further information can be found in our briefing note CRD VI: Third country branches and subsidiaries.
In the table below we set out the latest communications from certain Member State regulators regarding their implementation of the CRD VI together with any recent updates from the European Commission and European Supervisory Authorities. We also set out the latest communications from the UK as regards its implementation of the Basel III reforms.
The table will be updated from time to time.
| Latest developments on domestic implementation | NRF contact (unless otherwise stated) | |
| EU Institutions | ||
| European Commission and European Supervisory Authorities | The European Commission (Commission) issued a press release stating it is taking action against several EU Member States that have failed to notify it of measures they have adopted to transpose EU Directives into their national laws. The Commission decided to open infringement procedures by sending a letter of formal notice to certain Member States for failing to fully transpose the CRD VI as regards supervisory powers, sanctions, third-country branches and environmental, social and governance risks. The deadline to transpose the Directive into national law was 10 January 2026. To date, the Commission notes that 22 Member States have failed to communicate their full transposition of the Directive. The Commission has sent a letter of formal notice to Belgium, Bulgaria, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovakia, Finland and Sweden. Last update: 27 March 2026 | Flupke van den Bogart |
| Member States | ||
| Germany | The German act transposing Directive 2024/1619 (CRD VI) into national law was published. The act is entitled Banking Directive Implementation and Bureaucracy Relief Act (Bankenrichtlinienumsetzungs- und Bürokratieentlastungsgesetz – BRUBEG). BRUBEG is a comprehensive reform that covers the implementation of the European rules set out in CRD VI but also includes additional national elements. In line with CRD VI, BRUBEG concerns, in particular new rules on the market access for credit institutions from third countries in the European Economic Area (EEA), new notification and approval requirements in connection with certain M&A transaction of credit institutions or certain governance requirements. As described in our blog post, the new third-country rules set out in CRD VI will affect the possibility to grant exemptions from the licensing requirement pursuant to Sec. 2(5) of the German Banking Act (Kreditwesengesetz – KWG). The German regulator, the Federal Financial Supervisory Authority (BaFin) may only grant an exemption from the licensing requirement to the extent that such exemption does not conflict with the third-country rules for core banking services under CRD VI. Further, BaFin must partially revoke existing exemptions insofar as they conflict with these CRD rules. CRD third country branches will be subject to a new supervisory regime in Sec. 53c to 53cq KWG. Key provisions of BRUBEG will already enter into force on 1 April 2026. However, the new supervisory regime for CRD third-country branches will not be applicable until 11 January 2027. Last update: 30 March 2026 | Michael Born Jochen Vester |
| Luxembourg | On 6 May 2026, the Law of 5 May 2026, which, inter alia, amends the Law of 5 April 1993 and transposes the CRD VI was published in the Journal Officiel du Grand-Duché de Luxembourg (Memorial A n° 227). The CSSF has also issued a communiqué drawing the attention of CRR institutions and third-country branches to the internal governance, notably with regard to the fit and proper procedure and the status of Circular CSSF 12/552 (as amended) on the central administration, internal governance and risk management. Last update: 13 May 2026 | Dorothee Ciolino |
| France | The Ordinance No. 2026-255 of 8 April 2026 implementing the CRD VI into French law was published on 9 April (Ordonnance n° 2026-255 du 8 avril 2026 relative à la transposition de la directive (UE) 2024/1619 du Parlement européen et du Conseil du 31 mai 2024 modifiant la directive 2013/36/UE en ce qui concerne les pouvoirs de surveillance, les sanctions, les succursales de pays tiers et les risques environnementaux, sociaux et de gouvernance – Légifrance). While French law already provided for a national framework governing the establishment of branches of credit institutions located in third countries to carry out banking activities in France (Article L. 511-10 of the French Monetary and Financial Code), CRD VI and its implementing measures further clarify the requirement to establish such a branch. In addition, existing branches must submit to the ACPR, no later than 10 November 2026, a file demonstrating compliance with the new CRD VI requirements. Specific provisions have also been introduced regarding: – new European exemptions (banking services provided at the client’s own initiative, transactions carried out for the benefit of an entity within the same group, interbank transactions); – a “grandfathering” clause for certain agreements entered into before 11 July 2026; – governance, including the composition of administrative and supervisory bodies; – the acquisition of qualifying holdings and significant transfers of assets and liabilities, as well as mergers and demergers; and – the management of environmental, social and governance (ESG) risks. Some of these measures will only apply from 11 January 2027. Last update: 13 April 2026 | Sébastien Praicheux Aurélie Pelisson |
| Poland | Work on the implementation of CRD VI in Poland is at the final stage of the governmental legislative process, and the draft act amending the Banking Law has already been prepared and is being processed within the government. According to information published on official government websites, the planned introduction of the new provisions is scheduled for the first quarter of 2026. Link: Projekt ustawy o zmianie ustawy – Prawo bankowe oraz niektórych innych ustaw – Kancelaria Prezesa Rady Ministrów – Portal Gov.pl Last update: 4 March 2026 | Agnieszka Braciszewska |
| Italy | It has now been four months since Legislative Decree No. 208 of 31 December 2025 (the “Decree“) was published in the Official Gazette, and a number of questions on material aspects remain unanswered. By way of background, the Decree took effect the day after its publication – that is, 9 January 2026. It represents the (semi) final step towards Italy’s implementation of the CRD6 (Directive 2024/1619) and the CRR3 (Regulation 2024/1623) (the “Reform”). We say “semi” final because, for the Reform to be fully operational, the Decree provides that certain secondary measures need to be adopted by the Bank of Italy – for example to specify the distinctive criteria of the two classes of third country branches). In any case, the Decree introduces several changes to Legislative Decree No. 385 of 1 September 1993 (the “Consolidated Banking Act”) and to Legislative Decree No. 58 of 24 February 1998 (the “Consolidated Financial Act”) as well as to the legislation governing the administrative functions of the supervisory authorities (Consob and the Bank of Italy).Under the Consolidated Banking Act, the Reform’s regime for third country banks is based on few key pillars. The most significant one relates to the perimeter of core banking services. The mechanism provides that third country banks willing to pursue core banking services in Italy are subject to an establishment requirement (i.e. they need to set up a branch). The ‘core banking services’ captured by the Decree mirror those set out under points 1, 2 and 6 of Annex I to the CRD6 (i.e. taking deposits and other repayable funds, lending and guarantees and commitments). One practical point worth flagging concerns savings’ collection business. The issuance of bonds by a third country bank would be treated as savings’ collection and would trigger the establishment requirement. The exemption regarding the collection of repayable funds from entities subject to prudential supervision operating in the banking, financial, securities, insurance, and pension sectors is only available to companies other than banks (i.e. companies whose main business does not correspond to savings’ collection and lending). Another material element of the Reform relates to exemptions from the establishment requirement. The Decree provides that the establishment requirement does not apply where a retail client, qualified counterparty, or professional client approaches the third-country bank at their own exclusive initiative. However, this mechanism cannot realistically serve as a long-term business strategy — it is better understood as an option for one-off transactions. Crucially, even where the client’s initiative is genuine, any promotion or marketing activity would undermine the unsolicited nature of the request and disqualify reliance on this exemption. Third country banks are also exempt from the establishment requirement for services provided to EU credit institutions and intra-group entities. That said, despite the absence of an authorisation process, the Bank of Italy must be notified in advance and retains the power to block the business initiative. It is understood that such power is not discretionary, and additional measures are expected from the Bank of Italy to specify the requirements for relying on this exemption). A further exemption applies where a third-country bank provides MiFID services exclusively to professional clients (by operation of law, excluding those classified as professional upon request) and eligible counterparties. In such cases, the bank may operate on a cross-border basis for MiFID services and, by extension, for ancillary banking services such as custody and lending. We would expect some degree of coordination between the relevant authorities to give full effect to this exemption. The establishment requirement will apply as of 11 January 2027. The transitional arrangements work as follows: – Third country banks that submit an authorisation application to the Bank of Italy for the establishment of a branch by 11 January 2027 may continue to provide services until the Bank of Italy reaches a final decision (which must be made within 6 months from the presentation of a complete application). – Third country banks that do not intend to make an authorisation application for a branch may continue to manage existing contracts entered into before 11 July 2026 — which effectively serves as the cut-off date for new business — provided there is no novation or material change to the agreed terms. In all cases, the business must be either transferred or ceased by 10 January 2028. Finally, none of the above prevents a client from continuing the relationship at their own exclusive initiative. This is, in essence, the application of the reverse solicitation mechanism within the transitional regime. Last update: 10 January 2026 | Maria Beatrice Gilesi |
| Netherlands | On 14 October 2025, the Dutch Ministry of Finance submitted a revised draft of the Implementation Act Capital Requirements 2026 (Implementatiewet kapitaalvereisten 2026, the CRD VI Implementation Act) to the Council of State (Raad van State). This latest version introduces a key addition not included in the consultation draft (which was published in April 2025) being the implementation of Article 21c(5) CRD VI on existing contracts of third-country firms. In the explanatory memorandum, the legislator confirms that the Netherlands will apply a phasing-out regime rather than a grandfathering regime. On 19 January 2026, the CRD VI Implementation Act was submitted to the Dutch Parliament (Tweede Kamer) and is currently still under consideration. Last update: 4 March 2026 | Floortje Nagelkerke |
| Finland | In Finland, the implementation of Directive 2024/1619 (CRD VI) is ongoing. On 26 May 2025, the working group of the Finnish Ministry of Finance, tasked with preparing a proposal for the implementation of CRD VI, submitted its report (containing a draft government bill) for public consultation. Amendments based on CRD VI that address certain organizational issues of supervisory authorities and matters of civil service law were excluded from the working group’s mandate and will instead be prepared separately by the Ministry of Finance as part of official work. The consultation round for the proposed amendments concluded on 16 July 2025, with the final government proposal currently expected to be presented to the Finnish Parliament later this year (week 9). Last update: 29 January 2026 | Helena Viita Miia-Mari Kasi Roschier Kasarmikatu 21 A FI-00130 Helsinki |
| Austria | On 20 May 2026, the Austrian Federal Ministry of Finance submitted a proposal for a draft government bill amending mainly the Austrian Banking Act (“Bankwesengesetz”). In line with CRD VI, the amendment contains inter alia new governance provisions (fit & proper rules) for credit institutions, new notification and approval requirements in connection with certain M&A transactions, mergers and spin-offs, and new rules for branches of third country credit institutions established in Austria. The explanatory notes to the draft bill stress that branches of third country credit institutions currently already need a full banking license in Austria. Hence the draft bill does not explicitly provide for exemptions to the establishment requirement for third country credit institutions. Last update: 02 June 2026 | Stefan Geppert – Geppert & Maderbacher Rechtsanwält |
| EEA States | ||
| Norway | On 20 March 2026, the Norwegian Ministry of Finance (Finansdepartementet – MoF) published the final law proposal to implement CRD VI into Norwegian national law: Prop. 39 L: Endringer i finansforetaksloven (gjennomføring av endringer i kapitalkravsdirektivet, taushetsplikt, overtredelsesgebyr mv.). On 26 May 2026, the Standing Committee on Finance and Economic Affairs (Finanskomiteen) unanimously recommended to the Parliament to pass the proposed bill: Innstilling fra finanskomiteen om Endringer i finansforetaksloven mv. (gjennomføring av endringer i kapitalkravsdirektivet, taushetsplikt, overtredelsesgebyr mv.). The law proposal presents some gold-plating provisions compared to CRD VI: – Extending the provisions on notification and approval of acquisitions of material holdings to financing companies (finansieringsforetak – not an authorisation category under EU law, but from Norwegian law tradition) and holding companies in financial groups where banks, credit institutions or financing companies are involved. – For portfolio and business transfers, extending coverage to financing companies, e-money institutions and payment institutions, as well as holding companies in financial groups generally, including holding companies not covered by the CRD definitions. – Continuing the current requirement that notification requirements for fitness and propriety assessments apply to all financial institutions regardless of size. New rules on mergers and divisions should apply to all types of financial institutions. – Extended scope of administrative sanctions(large exposures, liquidity, reporting, publication of information, conduct of business rules and capital management). The rules on penalty fees are also extended to apply to all financial undertakings irrespective of whether these are undertakings regulated by CRD. The bill will likely be passed on 4 June 2026 when the Parliament is scheduled to vote on it. Entry into force as of 1 July 2026 is therefore possible. CRD VI (including Article 21c) is applicable in Norway upon incorporation into the EEA Agreement and subsequent implementation into Norwegian law. Last update: 29 May 2026 | Advokatfirmaet Schjødt AS Klaus Henrik Wiese-Hansen, Partner and Attorney admitted to the Supreme Court Ingrid Austjore Valseth, Attorney |
| Non-Member State | ||
| United Kingdom | Since our last update: On 30 July 2025, the Prudential Regulation Authority (PRA) updated its webpage on Consultation Paper 12/25 – Pillar 2A review – Phase 1 (CP12/25). The update provides that the PRA has extended the deadline for responses to CP12/25 from 5 September 2025 to 30 September 2025. It has also extended the implementation date for the changes to pension obligation risk and market risk and counterparty credit risk from 2 March 2026 to 1 July 2026. The implementation date for the remaining proposals in CP12/25 concerning credit risk (Chapter 2) and operational risk (Chapter 3) continue to be aligned with the date of the PRA’s implementation of the Basel 3.1 standards (1 January 2027), as initially proposed. See our blog here. On 30 July 2025, the PRA published Consultation Paper 19/25 – CRR Definitions: restatement in PRA Rulebook (CP19/25). Articles 4, 4a, 4b, and 5 of the UK Capital Requirements Regulation (UK CRR) set out the definitions for key terms used in the UK CRR relating to the requirements which apply to credit institutions and designated investment firms. In CP19/25 the PRA sets out proposed PRA Rulebook Glossary definitions that would replace definitions in Articles 4, 4A, 4B, and 5 of the UK CRR. The deadline for comments on CP19/25 is 30 October 2025. The PRA proposes that changes resulting from CP19/25 would become effective alongside the Basel 3.1 package, expected to be 1 January 2027. See our blog here. On 15 July 2025, HMT published a 2025 Policy Update to the September 2024 Policy Paper ‘Applying the FSMA 2000 model of regulation to the Capital Requirements Regulation’. The document provides an update on HM Treasury’s plans to commence the revocation of certain provisions of the UK CRR, as well as making the necessary restatements of the UK CRR in UK legislation where required by the FSMA model. It also explains how the PRA will replace UK CRR provisions with regulator rules, supervisory statements, and statements of policy. See our blog here. On 15 July 2025, the PRA published Consultation Paper 17/25 – Basel 3.1: Adjustments to the market risk framework (CP17/25). The Basel 3.1 standards introduce a comprehensive set of amendments to the market risk framework, known as the Fundamental Review of the Trading Book (FRTB). In CP17/25 the PRA proposes to delay the implementation of the new FRTB internal model approach (FRTB-IMA) for another year, until 1 January 2028. See our blog here. On 3 July 2025, the PRA published Policy Statement 8/25 – Updates to the UK policy framework for capital buffers (PS8/25). See our blog here. Last update: 1 August 2025 | Jonathan Herbst |