EBA consults on when investment firms must become credit institutions

The European Banking Authority (EBA) has put out for consultation draft regulatory technical standards (RTS) on when investment firms (verdipapirføretak) must be reclassified as credit institutionsFinanstilsynet. Finanstilsynet publicised the consultation and sets the response deadline at 25 November 2026Finanstilsynet.

The trigger sits in Article 8a of the Capital Requirements Directive (CRD)Finanstilsynet. Investment firms that deal on own account or that underwrite financial instruments or place them on a firm-commitment basis must apply for authorisation as a credit institution once the firm's total assets exceed EUR 30 billionFinanstilsynet. The rule applies at both firm and group levelFinanstilsynet, so groups must measure the threshold on a consolidated basis as well as per firmFinanstilsynet.

The three draft standards flesh out how that reclassification works in practice. The first specifies how the EUR 30 billion threshold is calculatedFinanstilsynet. The second sets out what information investment firms must report to supervisory authorities so the thresholds can be monitoredFinanstilsynet. The third states what supervisors must weigh when assessing whether a firm can be exempted from the requirement to seek authorisation as a credit institutionFinanstilsynet. For firms hovering near the threshold, the calculation and reporting standards determine how closely they must track their balance-sheet totals, while the exemption criteria shape any case for staying outside the credit-institution regime.

In Norway, CRD Article 8a has been adopted into law through finansforetakslova section 2-8 a as part of the implementation of the Investment Firms Regulation and Directive (IFR/IFD) into Norwegian lawFinanstilsynet. Finanstilsynet notes, however, that the legislative amendment has not yet entered into forceFinanstilsynet. The technical standards are expected in due course to be incorporated into the EEA Agreement and implemented in Norwegian law by incorporation into regulation.

Finanstilsynet asks market participants to inform it of any matters of particular importance for Norwegian interests that it should be aware of in connection with the consultation. As a main rule there will be no new consultation round when the rules are brought into Norwegian lawFinanstilsynet, so firms that want Norwegian concerns reflected should engage now rather than wait for national implementation.

Legal basis: CRD Article 8a, implemented in finansforetakslova § 2-8 a, supplemented by the three draft regulatory technical standards under EBA consultation.