(32)By way of derogation from the principle of home country authorisation, supervision and enforcement of obligations in respect of the operation of branches, it is appropriate for the competent authority of the host Member State to assume responsibility for enforcing certain obligations specified in this Directive in relation to business conducted through a branch within the territory where the branch is located, since that authority is closest to the branch, and is better placed to detect and intervene in respect of infringements of rules governing the operations of the branch.
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New version applies from 03/01/2018 — introduced by Directive 2014/65/EU (MIFID II).
152 provisions change.
Recital 32 is deleted from 03/01/2018.