Article 48

Path:
Capital Requirements Directive 4 (CRD4) > TITLE VI > Article 48
Title:
Article 48
Description:
Cooperation with supervisory authorities of third countries regarding supervision on a consolidated basis
Main content:
1. The Commission may submit proposals to the Council, either at the request of a Member State or on its own initiative, for the negotiation of agreements with one or more third countries regarding the means of exercising supervision on a consolidated basis over the following:
 
(a) institutions the parent undertakings of which have their head offices in a third country;
 
(b) institutions situated in third countries the parent undertakings of which, whether institutions, financial holding companies or mixed financial holding companies, have their head offices in the Union.
 
2. The agreements referred to in paragraph 1 shall, in particular, seek to ensure that:
 
(a) the competent authorities of the Member States are able to obtain the information necessary for the supervision, on the basis of their consolidated financial situations, of institutions, financial holding companies and mixed financialholding companies situated in the Union which have as subsidiaries institutions or financial institutions situated in a third country, or holding participation therein;
 
(b) the supervisory authorities of third countries are able to obtain the information necessary for the supervision of parent undertakings the head offices of which are situated within their territories and which have as subsidiaries institutions or financial institutions situated in one or more Member States or holding participation therein; and
 
(c) EBA is able to obtain from the competent authorities of the Member States the information received from national authorities of third countries in accordance with Article 35 of Regulation (EU) No 1093/2010.
 
3. Without prejudice to Article 218 TFEU, the Commission shall, with the assistance of the European Banking Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation.
 
4. EBA shall assist the Commission for the purposes of this Article in accordance with Article 33 of Regulation (EU) No 1093/2010.