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Recital 8

Recital 8

(8)As a result of the exceptional designation of a branch as a SIPS operator, the applicable requirements of this Regulation regarding the composition, roles, skills and responsibilities of the management of a legal entity identified as a SIPS operator should likewise apply to the management of a branch that is identified as a SIPS operator, and the managing directors who constitute the branch management should also be members of the management as defined in Article 9(11)(b). Further, where a branch is identified as a SIPS operator, the relevant competent authority, when assessing the compliance of the SIPS with the requirements of this Regulation, may take into account, where necessary, any actions and frameworks established at the level of the legal entity and related to the SIPS and/or the SIPS operator.

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