1. A competent authority shall determine the consolidation of two or more institutions or financial institutions that are placed under single management other than pursuant to a contract, clauses of their memoranda or articles of association for the purposes of Article 18(6), point (b), of Regulation (EU) No 575/2013, where the following conditions are met:
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(a)
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the competent authority has carried out an assessment aimed at verifying that the institutions’ or financial institutions’ financial and operating policies are effectively coordinated; and
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(b)
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the institutions or financial institutions concerned are not related within the meaning of Article 22(1), (2) and Article 22(7), point (b), of Directive 2013/34/EU.
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