The Spanish draft bill implementing Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 (CRD V), published for public consultation by the Spanish Ministry of Economy in the beginning of August, includes a very relevant change in the regime for authorization of third country banks.
In particular, the draft bill provides that any third country bank authorized by the Spanish authority (the Bank of Spain) for the provision of cross-border services in Spain will not be able to carry out deposit taking activities with Spanish resident clients.
This means that any third country banks wishing to take deposits from Spanish clients will need to request the authorization to establish a branch in Spain, as the cross-border authorization will not allow the deposit taking activity.
The draft bill is expected to enter into force by 28 December 2020, in line with the implementation deadline of CRD V.
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