S.L. 370.49 Art. 8Third country consolidated supervision.

(1) Where an investment firm licensed in terms of the

Act, the parent undertaking of which is an investment firm or a financial holding company or mixed financial holding company, the head office of which is established in a third country, is not subject to consolidated supervision, the competent authority shall assess whether the investment firm is subject to consolidated supervision by a third country regulatory authority which is equivalent to that governed by the principles laid down in this regulation and the requirements of Part One of the IFR.

(2) Where the assessment referred to in sub-regulation (1) concludes that no such equivalent supervision applies, the competent authority shall apply appropriate supervisory techniques which achieve the objectives of supervision in accordance with Articles 7 or 8 of the IFR. Those supervisory techniques shall be decided by the competent authority which would be the group supervisor had the parent undertaking been established in the Union, after consulting the other competent authorities involved. Any measures taken pursuant to this paragraph shall be notified to the other competent authorities involved, to the EBA and to the Commission.

(3) The competent authority which would be the group supervisor had the parent undertaking been established in a Member State may, in particular, require the establishment of an investment holding company or mixed financial holding company in a Member State and apply Articles 7 or 8 of the IFR to that investment holding company or mixed financial holding company.