Consulting the competent bodies of another state of the European Economic Area

Where a licence to conduct banking business under section 1(1), second sentence, points 1, 2, 4, or 10, or to provide financial services under section 1(1a), second sentence, points 1 to 4, is to be granted to an undertaking that 1. is a subsidiary or sister undertaking of a CRR credit institution, an exchange operator, or a direct insurance undertaking whose parent undertaking is authorised in another state of the European Economic Area, or 2. is controlled by the same natural persons or undertakings that control a CRR credit institution, an exchange operator, or a direct insurance undertaking with its registered office in another state of the European Economic Area, the supervisory authority must, before granting the licence, consult the competent bodies of the home member state. The consultation extends in particular to the particulars necessary to assess the reliability and professional qualification of the persons named in section 1(2), first sentence, and to assess the reliability of the holders of a significant holding in undertakings of the same group with their registered office in the state of the European Economic Area concerned.