(5)In accordance with Article 116(1a) of Directive 2013/36/EU, the consolidating supervisor is also to establish colleges of supervisors where all the cross-border subsidiaries of an EU parent institution or of an EU parent financial holding company or an EU parent mixed financial holding company have their head offices in third countries. For colleges of supervisors established under that Article, there is a need to ensure that the consolidating supervisor invites all third-country authorities where subsidiaries of the group exist to become observers in the relevant college of supervisors, as that will be key in determining their importance and in enabling prudent management of risk at the level of the EU parent undertaking. However, in all other colleges of supervisors established under Article 116(1) of Directive 2013/36/EU, only authorities of third countries where a significant presence of the group exists should be invited to become observers of the college of supervisors. To ensure that the professional secrecy requirements set out in Union law are met, in all cases, third-country authorities should only be allowed to become observers of colleges of supervisors if they are subject to confidentiality requirements that are at least equivalent to those applicable in the Union.