77. In accordance with Article 25 of Directive (EU) 2019/2034 and Article 7 of Regulation (EU) …

In accordance with Article 25 of Directive (EU) 2019/2034 and Article 7 of Regulation (EU) 2019/2033, and unless Article 8 of Regulation (EU) 2019/2033 is applied by competent authorities, Union parent undertakings and their subsidiaries subject to Directive (EU) 2019/2034 should ensure that governance arrangements, processes and mechanisms are consistent and well integrated on a consolidated basis. To this end, undertakings and subsidiaries within the scope of prudential consolidation should implement such arrangements, processes and mechanisms in their subsidiaries not subject to Directive (EU) 2019/2034, including those established in third countries including in offshore financial centres – to ensure robust governance arrangements on a consolidated basis. Competent functions within the Union parent undertaking and its subsidiaries should interact and exchange data and information as appropriate. The governance arrangements, processes and mechanisms should ensure that the Union parent undertaking has sufficient data and information and is able to assess the group-wide risk profile as detailed in Section 6.2.

1. Overview

1.1 References

• Article 25 Scope of application of this Section
• Article 7 Prudential consolidation
• Article 8 The group capital test

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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