knowledge 8 July 2026 |

CRD VI – Key Dates Draw Near

Key Dates at a Glance

July 2026 (expected):  the latest (informal) indications from Irish officials are that Irish legislation transposing CRD VI into national law will be enacted in early July.  The transposition deadline for CRD VI was 10 January 2026.

11 July 2026:  This is the cut-off date for the ‘grandfathering’ of existing contracts.  Only contracts entered into before this date will benefit from transitional relief under Article 21c(5) of the Directive.

11 January 2027:  The substantive requirements of CRD VI’s third-country branch requirement come into full effect.  Third-country undertakings carrying on core banking activities in an EU Member State will need to have established a branch and obtained authorisation, unless an exemption applies.

Why This Matters

Article 21c of Directive (EU) 2024/1619 (CRD VI) requires third-country undertakings that provide core banking services in the EU to establish a branch in the relevant Member State and apply for authorisation.  A number of exemptions exist but Article 21c still represents a significant change to the regulatory perimeter for the provision of core banking services in the EU.

While this is primarily a regulatory compliance point for the third-country undertakings (especially international banks) providing those services, sophisticated borrowers will also wish to understand the potential impact on the availability of those services.  Borrowers that expect to obtain (or renew) banking services with selected international banks should consider pro-actively approaching those banks with a view to ensuring that the “reverse solicitation” exemption remains available.

What Firms Should Do Now?

Impact Assessment:  Identify affected existing contracts and future transactions to determine which arrangements may be affected. 

Grandfathering:  Consider the possibility of completing existing transactions before 11 July 2026 so that they can avail of the grandfathering exemption. 

Exemptions:  Where grandfathering of an existing contract will not be available, there are other relevant exemptions (e.g. reverse solicitation) and structuring approaches that should be explored.

Monitor transposition:  For international undertakings with significant business volumes across the EU, monitor the transposition of CRD VI across the EU Member States.  As at the date of writing, the European Commission notes that only eight Member States have fully transposed the Directive (with a further seven having partially transposed it).  We understand there are also differences in how CRD VI has been transposed meaning that expert local-law advice will be important.

Further Detail

For a fuller overview of the CRD VI third-country branch requirement, including the in-scope banking activities and available exemptions, please refer to our earlier briefing:  CRD VI: Third Country Banks – Are you Ready for the New Branch Requirement?

If you have any questions about any of the developments mentioned in this briefing, please get in touch with one of the below key contacts, or your usual contact at McCann FitzGerald LLP.