100 Women in Finance Milan, in collaboration with Fivers, recently hosted a discussion on the implications of CRD VI for non-EU financial institutions serving clients across the European Union.
As part of the EU’s implementation of Basel III standards, CRD VI introduces a more harmonised framework for how third-country banks can access clients within the EU, with significant implications for market access, operating models and cross-border service provision.
The discussion brought together three complementary perspectives: regulatory, tax and business.
Debora Gobbo, Partner at Fivers, outlined the key innovations introduced by CRD VI, including the interaction with MiFID II, the implementation timeline and the practical challenges surrounding exemptions such as reverse solicitation.
Immacolata Giuliano, Counsel at Fivers, explored the tax implications of different operating models, including permanent establishment risks, people mobility and the practical obligations associated with establishing an Italian branch.
Drawing on her experience as Chief Legal Officer of PKB Private Bank, Chiara Barrile shared an industry perspective on the strategic choices facing non-EU institutions, particularly Swiss banks, when evaluating cross-border models versus establishing an EU presence.
A key takeaway from the discussion was that, while CRD VI focuses on banks, its impact extends to all banking clients — both individuals and corporates. Family offices, wealth advisers and businesses with international banking relationships may all experience changes in client servicing models, market access and organisational structures.
100 Women in Finance thanks Fivers for partnering on this timely discussion and extends its appreciation to Debora Gobbo, Immacolata Giuliano and Chiara Barrile for sharing their expertise.
The session was recorded and is available on demand for members.