S.L. 330.6 Art. 24Parent undertakings in a third country.

(1) Without prejudice to the sectoral rules, where the parent undertaking of a regulated entity, which parent undertaking has its head office outside the European Union, is subject to supervision by a third country competent authority, a verification as to whether supplementary supervision is equivalent to that provided for in these regulations shall be carried out in terms of sub-regulation (2).

(2) The verification referred to in sub-regulation (1) shall be carried out by the competent authority which would be the coordinator if the criteria set out in regulation 11(2) were to apply. The verification shall be carried out:

(a) at the request of the parent undertaking;

(b) at the request of the regulated entities authorized in the European Union; or

(c) on such competent authority’s own initiative.

(3) The Authority shall consult with the other relevant competent authorities and shall make every effort to comply with any applicable guidelines prepared through the Joint Committee in accordance with Articles 16 and 56 of Regulation (EU) No 1093/ 2010, of Regulation (EU) No 1094/2010, and of Regulation (EU) No 1095/2010, respectively.

(4) Where the Authority disagrees with the decision taken by another relevant competent authority under sub-regulation (2), Article 19 of Regulation (EU) No 1093/2010, Article 19 of Regulation (EU) No 1094/2010, and Article 19 of Regulation (EU) No 1095/2010, respectively shall apply.

(5) In the absence of equivalent supervision referred to in sub-regulation (1), the provisions concerning the supplementary supervision of regulated entities referred to in regulation 5(2) shall apply by analogy to the regulated entities referred to in sub-regulation (1) or, as an alternative, one of the methods provided in sub-regulation (6).

(6) The Authority may apply other methods which ensure appropriate supplementary supervision of the regulated entities in the financial conglomerate. Those methods shall be agreed by the Authority when acting as coordinator after consulting the other relevant competent authorities. The competent authorities may in particular require the establishment of a mixed financial holding company which has its head office in the European Union and apply this Directive to the regulated entities in the financial conglomerate headed by that holding company. The competent authorities shall ensure that those methods achieve the objective of supplementary supervision under this Directive and shall notify the other competent authorities involved and the Commission thereof.