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Directive 2002/87/EC of the European Parliament and of the CouncilShow full title
Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council
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- Revised 01/01/20140.43 MB
- Revised 17/07/20130.37 MB
- Revised 09/12/20110.37 MB
- Revised 04/01/20110.35 MB
- Revised 21/03/20080.16 MB
- Revised 13/04/20050.16 MB
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Changes over time for: Article 27
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Article 27U.K.Amendments to Directive 93/22/EEC
Directive 93/22/EEC is amended as follows:
1.
in Article 6 the following paragraphs shall be added:
‘The competent authority of a Member State involved, responsible for the supervision of credit institutions or insurance undertakings, shall be consulted prior to the granting of 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.
The relevant competent authorities referred to in the first and second paragraphs shall in particular consult each other when assessing the suitability of the shareholders and the reputation and experience of directors involved in the management of another entity of the same group. They shall inform each other of any information regarding the suitability of shareholders and the reputation and experience of directors which 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.’
2.
Article 9(2) shall be replaced by the following:
‘2.If the acquirer of the holding referred to in paragraph 1 is an investment firm, a credit institution or an insurance undertaking authorised in another Member State, or the parent undertaking of an investment firm, credit institution or insurance undertaking authorised in another Member State, or a natural or legal person controlling an investment firm, credit institution or insurance undertaking authorised in another Member State, and if, as a result of that acquisition, the undertaking in which the acquirer proposes to acquire a holding would become the acquirer's subsidiary or come under his control, the assessment of the acquisition must be subject to the prior consultation provided for in Article 6.’
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