Subsection 3: Supervision on a consolidated basis by a competent authority of another Member State of the European Union or another State party to the Agreement on the European Economic Area

The provisions of this subsection shall apply to the Autorité de contrôle prudentiel et de résolution when it acts as the authority responsible for supervising a subsidiary of an undertaking which has its head office in another Member State of the European Union or in another State party to the Agreement on the European Economic Area.

Where the Autorité de contrôle prudentiel et de résolution delegates, pursuant to Article L. 613-21-6, its responsibility for the supervision of a subsidiary to the competent authorities that have authorised and supervise the parent undertaking, it shall do so by means of a bilateral agreement in accordance with Article 28 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010. It shall inform…

The Autorité de contrôle prudentiel et de résolution may, in the event of disagreement with a joint decision communicated to it by the authority responsible for supervision on a consolidated basis, ask that authority to consult the European Banking Authority.

For the purposes of Article L. 613-21-4, the decision taken by the Autorité de contrôle prudentiel et de résolution, either individually or on a sub-consolidated basis, shall be duly reasoned. It shall take into account the risk assessment, opinions and reservations, expressed within the time limits mentioned in Article R. 613-1 A, of the other competent authorities of the other Member States of the European Union or parties to the…

Each year, the Autorité de contrôle prudentiel et de résolution updates the decisions taken on an individual basis or on a sub-consolidated basis pursuant to Article L. 613-21-4.

The Autorité de contrôle prudentiel et de résolution may submit to the supervisory authority on a consolidated basis a duly reasoned written request to update the decisions it has taken concerning the level of the parent undertaking’s capital or liquidity requirements referred to in II and VI of Article L. 511-41-3.

The Autorité de contrôle prudentiel et de résolution may request from the authority responsible for supervision on a consolidated basis information concerning the implementation of approaches and methods provided for in Book V of this Code or in Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013.