CRD VI: How can US lenders and banks continue to access EU corporate borrowers? – New York office Snippet

For many US banks, corporate lending into the European Union has historically been possible on a cross-border basis, without establishing a licensed local presence in each relevant EU Member State. Directive 2024/1619 (CRD VI) changes that position. It introduces a new third-country branch regime for non-EU banks that provide certain “core banking services” in the EU.

The new regime is particularly relevant for US banks and banking groups that provide loans to EU corporate borrowers. In broad terms, where a non-EU bank carries out in-scope activities in the EU, it must either

establish a licensed branch in every relevant Member State;
establish a licensed EU subsidiary with the relevant EU-passport; or
rely on one of the exemptions available under CRD VI.

The exact impact depends on the type of non-EU entity and the activities performed. For lending and guarantees, the branch requirement is aimed at non-EU banks, meaning entities that would qualify as a credit institution if established in the EU. Non-bank lenders are generally not caught by the CRD VI branch requirement for lending, provided they do not also perform deposit-taking.

There are also important, but limited, exemptions. These include services provided on the basis of reverse solicitation, intragroup services, services provided exclusively to EU credit institutions and activities that are ancillary to MiFID II services. In practice, these exemptions require careful analysis and documentation.

CRD VI is subject to national law implementation in each Member State. The Dutch implementation act has been adopted on 20 July 2026. Its entry into force is subject to a separate royal decree, which has not yet been published. Similar implementation legislation applies to Belgium and Luxembourg. The new branch requirement becomes effective throughout the EU on 11 January 2027. Existing loan agreements entered into before 11 July 2026 may benefit from grandfathering. However, certain amendments (including refinancings) require a new assessment as this may result in a loss of the grandfathering regime.

US banks and lenders should review their current and planned EU lending and other core banking activities, identify where corporate clients are located and assess whether their operating model remains viable. Possible routes include relying on limited exemptions, establishing an EU subsidiary or licensed branches, or restructuring their activities to stay outside the CRD VI regime.