The European Banking Authority (EBA) has launched a consultation on new rules covering investment firms whose assets exceed €30 billion, setting out how the threshold should be calculated and when firms may be allowed to continue operating without a banking licence.

The consultation concerns three draft regulatory technical standards designed to clarify how investment firms should calculate their total assets, report the figures to regulators and qualify for a possible waiver from the requirement to obtain a credit institution authorisation.

The proposals follow changes made to the Capital Requirements Directive (CRD) in 2024 and are intended to make the regulatory framework for investment firms more proportionate and risk-based.

Under the CRD, investment firms whose total assets exceed €30 billion must obtain authorisation as a credit institution rather than continuing to operate solely under an investment firm authorisation issued under the Markets in Financial Instruments Directive (MiFID).

The revised rules clarify which entities and assets should be included when determining whether a firm has crossed the €30 billion threshold.

The EBA said the changes were necessary following the 2024 amendments to the CRD, which provided greater clarity on the entities that must be taken into account when calculating total assets.

The authority has therefore revised its draft rules covering the calculation of the threshold, as well as the related reporting requirements for investment firms.

The consultation also introduces a new set of draft rules covering waivers from the banking authorisation requirement.

For the first time, the EBA is consulting on the factors that national regulators should consider when deciding whether an investment firm can be granted such a waiver.

If a waiver is granted, the firm would be able to continue operating under its existing investment firm authorisation rather than having to obtain authorisation as a credit institution.

The EBA said the revised framework would contribute to a more proportionate approach to regulation while maintaining a focus on the risks posed by larger investment firms.

The consultation will remain open until November 25, 2026, giving interested parties until then to submit their views on the proposals.

The EBA will also hold a virtual public hearing on September 30, 2026, from 10am Central European Summer Time.

Interested stakeholders must register for the hearing by September 25, 2026, at 4pm CEST.

Dial-in details will be provided to those who register for the meeting.

Comments on the consultation paper can be submitted through the EBA’s consultation page using its online submission facility.

The authority said all comments received would be published after the consultation closes unless respondents specifically request that their submissions remain unpublished.

The consultation comes as European regulators continue to refine the rules governing investment firms whose size and activities can bring them closer to the banking sector in terms of their potential impact on financial stability.

The €30 billion threshold is therefore a key dividing line, with firms above it generally required to meet the regulatory requirements applicable to credit institutions unless they qualify for a waiver.

The new rules are intended to provide greater clarity for both firms and regulators over how that dividing line is applied.