(3)Article 7(3) of Regulation (EU) 2019/2033 requires that Union parent investment firms, Union parent investment holding companies and Union parent mixed financial holding companies comply with the liquidity requirements set out in Part Five of that Regulation at consolidated level. A Union parent investment firm, Union parent investment holding company and Union parent mixed financial holding company may be exposed, in a consolidated situation, to liquidity risk or elements of liquidity risk that are material and are not covered or not sufficiently covered by those liquidity requirements. Similarly, a Union parent investment firm, Union parent investment holding company and Union parent mixed financial holding company may not meet, in a consolidated situation, the requirements set out in Articles 24 and 26 of Directive (EU) 2019/2034, while other administrative measures are unlikely to sufficiently improve the arrangements, processes, mechanisms, and strategies referred to in Article 42(1), point (b), of Directive (EU) 2019/2034 within an appropriate timeframe. Competent authorities should therefore, for such Union parent investment firms, Union parent investment holding companies and Union parent mixed financial holding companies, measure on a consolidated basis whether the exposure of those firms and companies to liquidity risk is material and not covered by the liquidity requirements laid down in Part Five of Regulation (EU) 2019/2033.