TITLE IV

COMPETENT AUTHORITIES
CHAPTER II

COOPERATION BETWEEN COMPETENT AUTHORITIES OF DIFFERENT MEMBER STATES

Inter-authority consultation prior to authorisation
Article 60
1
The competent authorities of the other Member State involved shall be consulted prior to granting authorisation to an investment firm which is:
a
a subsidiary of an investment firm or credit institution authorised in another Member State; or
b
a subsidiary of the parent undertaking of an investment firm or credit institution authorised in another Member State; or
c
controlled by the same natural or legal persons as control an investment firm or credit institution authorised in another Member State.
2
The competent authority of the Member State responsible for the supervision of credit institutions or insurance undertakings shall be consulted prior to granting an authorisation to an investment firm which is:
a
a subsidiary of a credit institution or insurance undertaking authorised in the Community; or
b
a subsidiary of the parent undertaking of a credit institution or insurance undertaking authorised in the Community; or
c
controlled by the same person, whether natural or legal, who controls a credit institution or insurance undertaking authorised in the Community.
3
The relevant competent authorities referred to in paragraphs 1 and 2 shall in particular consult each other when assessing the suitability of the shareholders or members and the reputation and experience of persons who effectively direct the business involved in the management of another entity of the same group. They shall exchange all information regarding the suitability of shareholders or members and the reputation and experience of persons who effectively direct the business that is of relevance to the other competent authorities involved, for the granting of an authorisation as well as for the ongoing assessment of compliance with operating conditions.