(16)It is appropriate to extend mutual recognition to the activities listed in Annex I when they are carried on by financial institutions which are subsidiaries of credit institutions, provided that such subsidiaries are covered by the consolidated supervision of their parent undertakings and meet certain strict conditions.
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New version applies from 01/01/2014 — introduced by Capital Requirements Directive.
257 provisions change.
Recital 16 is deleted from 01/01/2014.