Information exchange between institutions and branches of a third-country group and submissions to competent authorities

For the quarterly assessments and the forward-looking monitoring to be performed, EU parent institutions, including the intermediate EU parent undertakings upon their establishment, stand-alone institutions and third-country branches of a third-country group should exchange between themselves in a timely manner all information required. In particular, third-country branches should submit in a timely manner to the EU parent institutions and to the stand-alone institutions of the relevant third-country group all information necessary for the calculation in accordance with paragraphs 10 and 11 of the total value of their assets. Upon the establishment of the intermediate EU parent undertakings in line with Article 21b(1) or (2) of Directive 2013/36/EU, third-country branches of that third-country group should provide that information to the intermediate EU parent undertakings, but no longer to the stand-alone institutions of the relevant third-country group.

EU parent institutions and stand-alone institutions of a third-country group should coordinate to alert, providing all relevant information and without undue delay, the competent authority that is to be determined as the consolidating supervisor in accordance with paragraphs (3) and (5) of Article 111 of Directive 2013/36/EU under the assumption that all institutions authorised in the Union, having the same parent EU financial holding company, were part of a group subject to consolidated supervision pursuant to that Article (“consolidating supervisor”) or as appropriate, where none of the institutions of a third-country group is a credit institution, the competent authority that is to be determined as the group supervisor in accordance with Article 46 of Directive (EU) 2019/2034 (“ group supervisor ”) , where they expect that their third-country group will reach the threshold within the next three years based on the forward-looking monitoring.

EU parent institutions and stand-alone institutions of a third-country group should coordinate to submit in a timely manner to their respective competent authorities the quarterly assessments along with all accompanying financial information. Upon the establishment of the intermediate EU parent undertakings, the quarterly assessments along with all accompanying financial information should be provided only by the intermediate EU parent undertakings to the consolidating or the group supervisor as appropriate. Third-country branches should submit to their competent authorities the information referred to in paragraph 17.

EU parent institutions of a third-country group, including the intermediate EU parent undertakings upon their establishment, should provide in a timely manner and without undue delay to their subsidiaries their quarterly assessments and forward-looking monitoring along with all relevant accompanying information.

Where the forward-looking monitoring shows that a third-country group will reach the threshold, the EU parent institutions and the stand-alone institutions of that group should apply for all supervisory procedures sufficiently ahead in time and take all necessary steps in order to fulfil all necessary legal requirements for the intermediate EU parent undertaking to be immediately operational once the threshold is reached.