Jurisdiction(s):
European Union

EU/EEA passporting for mortgage credit intermediaries (MCD): freedom of services/establishment, notification, host/home supervision, and enforcement; limits for non-credit institution creditors and appointed representatives

Published by a LexisNexis EU Law expert

Practice notes

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This Practice Note outlines passporting entitlements and related notification obligations for credit intermediaries under the Mortgage Credit Directive (Directive 2014/17/EU) (MCD) in the setting of cross-border activity across the EU/EEA. It explains the MCD framework governing the freedom to provide services and the freedom of establishment, alongside the connected notification, supervisory and enforcement arrangements. References to ‘Member State’ are to EU Member States and, where appropriate, EEA States that have implemented the MCD.

Key points are as follows:

The MCD (Directive 2014/17/EU) creates an EU/EEA regime for regulating and supervising creditors and credit intermediaries in respect of certain consumer mortgage credit agreements, covering authorisation, conduct of business and consumer information duties.
Subject to exceptions, the MCD applies to credit agreements (i) secured by a mortgage (or equivalent security) on residential immovable property (or a related right) and (ii) concluded for the purpose of acquiring or retaining property rights in land or in an existing or projected building.
The MCD confers passporting rights on EEA-authorised credit intermediaries (including independently authorised intermediaries and certain tied credit intermediaries) to operate in other Member States under freedom of establishment (branch) and freedom to provide services...

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Rachpal Thind

Sidley Austin

Rachpal's clients turn to her for advice on complex UK and EU regulatory and compliance matters, in particular those relating to cross-border issues. She has for many years counseled overseas banks, investment management firms, insurance companies and consumer credit firms on UK authorization and licensing requirements, as well as on EU/UK anti-money laundering and financial sanctions compliance matters. When clients interact with regulatory agencies, Rachpal provides technical and strategic support on regulatory investigations and breaches.Rachpal also has extensive experience of advising arrangers, issuers, originators, investment managers and investors on the regulatory aspects of structured finance and capital market transactions covering the Securitization Regulation, regulatory capital requirements, marketing and listing requirements, and market conduct issues within the context of the Market Abuse Regulation.Recent representative matters include advising:The lenders on Sotheby's art loans structured facility. The transaction was named "Structured Finance and...

Web page updated on 21/05/2026

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