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Directive 2014/65/EU of the European Parliament and of the CouncilShow full title
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance)
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- Revised 26/03/20201.14 MB
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Changes over time for: Article 84
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Article 84U.K.Consultation prior to authorisation
1.The competent authorities of the other Member State involved shall be consulted prior to granting authorisation to an investment firm which is any of the following:
(a)a subsidiary of an investment firm or market operator or credit institution authorised in another Member State;
(b)a subsidiary of the parent undertaking of an investment firm or credit institution authorised in another Member State;
(c)controlled by the same natural or legal persons who 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 or market operator which is any of the following:
(a)a subsidiary of a credit institution or insurance undertaking authorised in the Union;
(b)a subsidiary of the parent undertaking of a credit institution or insurance undertaking authorised in the Union;
(c)controlled by the same person, whether natural or legal, who controls a credit institution or insurance undertaking authorised in the Union.
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.
4.ESMA shall develop draft implementing technical standards to establish standard forms, templates and procedures for the consultation of other competent authorities prior to granting an authorisation.
ESMA shall submit those draft implementing technical standards to the Commission by 3 January 2016.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
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