Exemptions for institutions belonging to a group and institutions belonging to institutional protection schemes

(1) Institutions may apply to the supervisory authority for an exemption under Article 7 of Regulation (EU) No 575/2013, as amended from time to time. The application must be accompanied by suitable documents demonstrating that the conditions for an exemption under Article 7 of Regulation (EU) No 575/2013 are met.
(2) Provided that the conditions for an exemption under Article 7 of Regulation (EU) No 575/2013 are met, the supervisory authority may, on application, exempt institutions from the requirements under section 25a(1), third sentence, points 1, 2, and 3(b) and (c), regarding the risk control function, for the management of risks other than liquidity risk. The application must be accompanied by suitable documents demonstrating that the conditions under the first sentence are met.
(3) Institutions may apply to the supervisory authority for an exemption under Article 8 of Regulation (EU) No 575/2013, as amended from time to time. The application must be accompanied by suitable documents demonstrating that the conditions for an exemption under Article 8 of Regulation (EU) No 575/2013 are met.
(4) Provided that the conditions for an exemption under Article 8 of Regulation (EU) No 575/2013 are met, and an exemption under Article 8 of Regulation (EU) No 575/2013 is granted, the supervisory authority may, on application, exempt institutions from the requirements under section 25a(1), third sentence, points 1, 2, and 3(b) and (c), regarding the risk control function, for the management of liquidity risks. The application must be accompanied by suitable documents demonstrating that the conditions under the first sentence are met.
(5) For institutions and superordinate undertakings that have made use of the rule within the meaning of section 2a(1), (5), or (6), in the version applicable up to 31 December 2013, the exemption under subsection (1) or (2) is deemed granted.
(6) The supervisory authority may, even after an exemption has been granted under subsections (1) to (4), or continues to apply under subsection (5), require the institution or the superordinate undertaking to provide the necessary evidence of compliance with the conditions. It may also require them to take precautions that are suitable and necessary to remedy existing deficiencies, and may set a reasonable period for this. Where the evidence is not provided, or is not provided in time, or where the deficiencies are not remedied, or are not remedied in time, the supervisory authority may revoke the exemption or order that the institution again apply the provisions to which the exemption related.