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Recital 5

Recital 5

(5)In order to ensure transparency and timely assessment of submitted passport notifications it is necessary to determine without ambiguity the commencement of the three-month period referred to in Article 35(3) of Directive 2013/36/EU so that the competent authorities of home Member States should make a decision on the adequacy of the administrative structure and the financial situation of the credit institution and communicate the passport notification to the competent authority of host Member States. It is also necessary to determine without ambiguity the commencement of the periods referred to in Article 36(3) and Article 39(2) of Directive 2013/36/EU given to competent authorities of home and host Member States to make their respective decisions and to communicate the relevant information to each other or to credit institutions.

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