(12)The reference to the supervisory authorities' effective exercise of their supervisory functions covers supervision on a consolidated basis which should be exercised over a credit institution where the provisions of Community law so provide. In such cases, the authorities applied to for authorisation should be able to identify the authorities competent to exercise supervision on a consolidated basis over that credit institution.
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New version applies from 01/01/2014 — introduced by Capital Requirements Directive.
257 provisions change.
Recital 12 is deleted from 01/01/2014.