(7)

Article 21a is amended as follows: paragraph 1 is replaced by the following: ‘1. Parent financial holding companies in a Member State, parent mixed financial holding companies in a Member State, EU parent financial holding companies and EU parent mixed financial holding companies shall seek approval in accordance with this Article. Other financial holding companies or mixed financial holding companies shall seek approval in accordance with this Article where they are required to comply with this Directive or Regulation (EU) No 575/2013 on a sub-consolidated basis or where they are designated as responsible for ensuring the group’s compliance with prudential requirements on a consolidated basis as referred to in paragraph 4, point (c), of this Article. Competent authorities shall, on a regular basis, and in any event at least annually, review the parent undertakings of an institution in order to verify if that institution, the entity requesting an authorisation pursuant to Article 8, or the entity designated as responsible for ensuring the group’s compliance with prudential requirements on a consolidated basis (the “designated entity”) has correctly identified any undertaking that complies with the criteria to be considered as a parent financial holding company in a Member State, a parent mixed financial holding company in a Member State, an EU parent financial holding company or an EU parent mixed financial holding company. For the purposes of the second subparagraph of this paragraph, where the parent undertakings are located in other Member States than the Member State in which the institution, the entity requesting an authorisation pursuant to Article 8 or the designated entity is established, competent authorities of those Member States shall cooperate closely to conduct the review. Competent authorities shall publish on their websites, and update on an annual basis, a list of financial holding companies and mixed financial holding companies that have been granted approval or exempted from approval in the Member State in accordance with this Article. Where an exemption from approval has been granted, the list shall also indicate the designated entity.’ ; paragraph 2 is amended as follows: in the first subparagraph, point (b) is replaced by the following: ; information regarding the nomination of at least two persons effectively directing the financial holding company or mixed financial holding company and compliance with the criteria and requirements set out in Article 91(1);’ the second subparagraph is replaced by the following: ‘Where the approval or the exemption from approval of a financial holding company or mixed financial holding company referred to in paragraphs 3 and 4 of this Article takes place concurrently with the assessment carried out pursuant to Article 8, 22 or 27a, the competent authority for the purposes of those Articles shall coordinate, as appropriate, with the consolidating supervisor and, where different, the competent authority in the Member State where the financial holding company or mixed financial holding company is established. The assessment period referred to in Article 22(2), second subparagraph, or in Article 27a (6) shall be suspended until the procedure set out in this Article is complete.’ ; in paragraph 3, point (c) is replaced by the following: ; the criteria regarding shareholders and members of credit institutions set out in Article 14 and the requirements laid down in Article 121 are complied with.’ in paragraph 4, the first subparagraph is amended as follows: the introductory wording is replaced by the following: ‘The financial holding company or mixed financial holding company may seek exemption from approval under this Article, which shall be granted where all of the following conditions are met:’ ; point (c) is replaced by the following: ; a subsidiary credit institution or a subsidiary financial holding company or mixed financial holding company that has been granted approval in accordance with this Article is designated as responsible for ensuring the group’s compliance with prudential requirements on a consolidated basis and is given all the necessary means and legal authority to discharge those obligations in an effective manner;’ the following paragraph is inserted: ‘4a. Without prejudice to paragraph 4, the consolidating supervisor may allow, on a case-by-case basis, financial holding companies or mixed financial holding companies which are exempted from approval to be excluded from the perimeter of consolidation, provided that the following conditions are met: ; the exclusion does not affect the effectiveness of the supervision of the subsidiary credit institution or of the group; the financial holding company or mixed financial holding company has no equity exposures other than the equity exposure in the subsidiary credit institution or in the intermediate parent financial holding company or mixed financial holding company controlling the subsidiary credit institution; the financial holding company or mixed financial holding company does not make substantial recourse to leverage and does not have exposures which are not related to its ownership in the subsidiary credit institution or in the intermediate parent financial holding company or mixed financial holding company controlling the subsidiary credit institution.’ paragraph 8 is amended as follows: the first subparagraph is replaced by the following: ‘Where the consolidating supervisor is different from the competent authority in the Member State where the financial holding company or mixed financial holding company is established, the two authorities shall work together in full consultation for the purpose of taking decisions on the approval, exemption from approval and exclusion from the perimeter of consolidation referred to in paragraphs 3, 4 and 4a, and on the supervisory measures referred to in paragraphs 6 and 7. The consolidating supervisor shall prepare an assessment on the matters referred to in paragraphs 3, 4, 4a, 6 and 7, as applicable, and shall forward that assessment to the competent authority in the Member State where the financial holding company or mixed financial holding company is established. The two authorities shall do everything within their powers to reach a joint decision within two months of receipt of that assessment.’ ; the following subparagraph is inserted after the first subparagraph: ‘In the event that a joint decision is reached, where the consolidating supervisor is different from the competent authority in the Member State where the financial holding company or mixed financial holding company is established, the joint decision shall also be implemented or, where permitted under national law, shall directly apply in the Member State where the financial holding company or mixed financial holding company is established.’ ; in paragraph 10, the first subparagraph is replaced by the following: ‘Where approval or exemption from approval of a financial holding company or mixed financial holding company pursuant to this Article is refused, the consolidating supervisor shall notify the applicant of the decision and the reasons therefor within four months of receipt of the application, or where the application is incomplete, within four months of receipt of the complete information required for the decision.’ ;

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.