There must be prior consultation with the competent authorities of the other Member State involved on the authorisation of a credit institution which is:
a subsidiary of a credit institution authorised in another Member State, or
a subsidiary of the parent undertaking of a credit institution authorised in another Member State, or
controlled by the same persons, whether natural or legal, as control a credit institution authorised in another Member State.
The competent authority of a Member State involved, responsible for the supervision of insurance undertakings or investment firms, shall be consulted prior to the granting of an authorisation to a credit institution which is:
a subsidiary of an insurance undertaking or investment firm authorised in the Community; or
a subsidiary of the parent undertaking of an insurance undertaking or investment firm authorised in the Community; or
controlled by the same person, whether natural or legal, who controls an insurance undertaking or investment firm authorised in the Community.
The relevant competent authorities referred to in the first and second paragraphs shall in particular consult each other when assessing the suitability of the shareholders and the reputation and experience of directors involved in the management of another entity of the same group. They shall inform each other of any information regarding the suitability of shareholders and the reputation and experience of directors which is of relevance to the other competent authorities involved for the granting of an authorisation as well as for the ongoing assessment of compliance with operating conditions.