(18)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 or investment firm where Union law so provides. 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 or investment firm.
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New version applies from 01/01/2015 — introduced by Bank Recovery and Resolution Directive (BRRD).
137 provisions change.
Later versions: 13/01/2018, 09/07/2018, 29/12/2020, 28/06/2021, 01/01/2022, 09/01/2024, 29/07/2024, 30/12/2024, 17/01/2025, 11/01/2026, 11/07/2026.
Recital 18 changes in this version: compare with the current text.