Clarification regarding the legal opinion mentioned in Article 305 of Regulation (EU) No 575/2013 (CRR)

While the legal opinion has to conclude what is explicitly required under Article 305(2)(c) of Regulation (EU) No. 575/2013, the focus should indeed be on the segregation and portability arrangements entered into by the client (i.e. that the conditions in points (a) and (b) of Article 305(2) are fulfilled), including the effectiveness/enforceability of those arrangements. DISCLAIMER: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General for Internal Market and Services) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.