Recital 12

(12)In order to avoid double reporting for the banking sector, ultimate parent undertakings and standalone undertakings which are subject to Directive 2013/36/EU and which include in their report prepared in accordance with Article 89 of that Directive all of their activities and, where appropriate, all the activities of their affiliated undertakings included in their consolidated financial statements, including activities not subject to the provisions of Part Three, Title I, Chapter 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council ¹⁰ , should be exempted from the reporting requirements set out in this Directive.