art_25__para_4__para__3 IFD — DIRECTIVE (EU) 2019/2034 OF THE EUROPEAN PARLIAMENT AND OF…

art_25__para_4para3

IFD

DIRECTIVE (EU) 2019/2034 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (Text with EEA relevance) · European Union

By way of derogation from the third subparagraph, this Section shall not apply to subsidiary undertakings included in a consolidated situation that are established in third countries, where the parent undertaking in the Union can demonstrate to the competent authorities that the application of this Section is unlawful under the laws of the third country where those subsidiary undertakings are established.

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Source: EUR-Lex CELLAR · retrieved 2026-09-05 · Text as adopted (Official Journal); later amendments are not incorporated in this text.