2. Review of the information and documents on the applicant head undertaking and its group

Competent authorities should review the information and documents relating to the applicant head undertaking with a view to checking whether the third-country competent authority(ies) has been properly informed of the plan to set up a TCB in the Member State and whether it has expressed any reservation.

For this purpose, competent authorities should take the necessary steps to gain a full understating of the statement of non-opposition by the third-country competent authority submitted in the application, or to obtain a statement of non-opposition to the establishment of the TCB directly from the third-country competent authority as laid down in Part III. Competent authorities remain free to come to a different conclusion than the declaration of the third-country competent authority, also taking into account the overall assessment of the application.

Competent authorities should be able to access all the necessary information on the applicant, intermediate and ultimate head undertaking from the supervisory authorities of that head undertaking and to effectively coordinate its supervisory activities with those of the third-country supervisory authorities.

In order to assess that the applicant, intermediate and ultimate parent head undertaking, as applicable, does not incur in any of the circumstance set out in Article 48d(1), point (b) of CRD, competent authorities should in particular satisfy themselves that, based on the review of the application:

• (a) t he head undertakings shall be capable to finance the operations of the TCB and maintain a sound financial structure.
• (b) there is no reasonable ground to conclude that the head undertaking is likely to face financial difficulties and breach the applicable prudential requirements within the following 12 months.

Competent authorities should satisfy themselves that there is no legal impediment for the TCB to comply with EU and national legislation, based on the legal opinion submitted as part of the application.