Requirement (MIFID)
Article 60 Inter-authority consultation prior to authorisation
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
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.