There must be prior consultation with the competent authorities of the other Member State involved on the authorisation of a credit institution which is:
- a subsidiary of a credit institution authorised in another Member State, or
- a subsidiary of the parent undertaking of a credit institution authorised in another Member State, or
- controlled by the same persons, whether natural or legal, as control a credit institution authorised in another Member State.
The competent authority of a Member State involved, responsible for the supervision of insurance undertakings or investment firms, shall be consulted prior to the granting of an authorisation to a credit institution which is:
(a) a subsidiary of an insurance undertaking or investment firm authorised in the Community; or
(b) a subsidiary of the parent undertaking of an insurance undertaking or investment firm authorised in the Community; or
(c) controlled by the same person, whether natural or legal, who controls an insurance