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Recital 5

Recital 5

(5)Pursuant to Article 22(2), point (b), of Directive 2013/34/EU, the scope of prudential consolidation of an investment firm group is to include cases where investment firm group entities are managed on a unified basis. To determine that such entities are managed on a unified basis, competent authorities should have concrete evidence that there is an effective coordination of the financial and operating policies of such entities.

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