The Commission may submit recommendations 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 supervising compliance with the group capital test by the following investment firms:
(a)
investment firms the parent undertaking of which has its head office in a third country;
(b)
investment firms located in third countries, the parent undertaking of which has its head office in the Union.