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Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (IFD) (Text with EEA relevance)RecitalsTitle I Subject matter, scope and definitions (arts. 1-3)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsTitle II Competent authorities (arts. 4-8)Article 4 Designation and powers of the competent authoritiesArticle 5 Discretion of competent authorities to subject certain investment firms to the requirements of Regulation (EU) No 575/2013Article 6 Cooperation within a Member StateArticle 7 Cooperation within the European System of Financial SupervisionArticle 8 Union dimension of supervisionTitle III Initial capital (arts. 9-11)Article 9 Initial capitalArticle 10 References to initial capital in Directive 2013/36/EUArticle 11 Composition of initial capitalTitle IV Prudential supervision (arts. 12-56)Chapter 1 Principles of prudential supervision (arts. 12-24)Section 1 Competences and duties of home and host Member States (arts. 12-14)Article 12 Competence of the competent authorities of the home and host Member StateArticle 13 Cooperation between competent authorities of different Member StatesArticle 14 On-the-spot checking and inspection of branches established in another Member StateSection 2 Professional secrecy and duty to report (arts. 15-17)Article 15 Professional secrecy and exchange of confidential informationArticle 16 Cooperation arrangements with third countries for the exchange of informationArticle 17 Duties of persons responsible for the control of annual and consolidated accountsSection 3 Sanctions, investigatory powers and right of appeal (arts. 18-23)Article 18 Administrative sanctions and other administrative measuresArticle 19 Investigatory powersArticle 20 Publication of administrative sanctions and other administrative measuresArticle 21 Reporting sanctions to EBAArticle 22 Reporting of breachesArticle 23 Right of appealChapter 2 Review process (arts. 24-45)Section 1 Internal capital adequacy assessment process and internal risk-assessment process (art. 24)Article 24 Internal capital and liquid assetsSection 2 Internal governance, transparency, treatment of risks and remuneration (arts. 25-35)Article 25 Scope of application of this SectionArticle 26 Internal governanceArticle 27 Country-by-country reportingArticle 28 Role of the management body in risk managementArticle 29 Treatment of risksArticle 30 Remuneration policiesArticle 31 Investment firms that benefit from extraordinary public financial supportArticle 32 Variable remunerationArticle 33 Remuneration committeeArticle 34 Oversight of remuneration policiesArticle 35 EBA report on environmental, social, and governance risksSection 3 Supervisory review and evaluation process (arts. 36-37)Article 36 Supervisory review and evaluationArticle 37 Ongoing review of the permission to use internal modelsSection 4 Supervisory measures and powers (arts. 38-45)Article 38 Supervisory measuresArticle 39 Supervisory powersArticle 40 Additional own funds requirementArticle 41 Guidance on additional own fundsArticle 42 Specific liquidity requirementsArticle 43 Cooperation with resolution authoritiesArticle 44 Publication requirementsArticle 44a Accessibility of information on the European single access pointArticle 45 Obligation to inform EBAChapter 3 Supervision of investment firm groups (arts. 46-56)Section 1 Supervision of investment firm groups on a consolidated basis and supervision of compliance with the group capital test (arts. 46-50)Article 46 Determination of the group supervisorArticle 47 Information requirements in emergency situationsArticle 48 Colleges of supervisorsArticle 49 Cooperation requirementsArticle 50 Verification of information concerning entities located in other Member StatesSection 2 Investment holding companies, mixed financial holding companies and mixed-activity holding companies (arts. 51-56)Article 51 Inclusion of holding companies in supervision of compliance with the group capital testArticle 52 Qualifications of directorsArticle 53 Mixed-activity holding companiesArticle 54 SanctionsArticle 55 Assessment of third-country supervision and other supervisory techniquesArticle 56 Cooperation with third-country supervisory authoritiesTitle V Publication by competent authorities (art. 57)Article 57 Publication requirementsTitle VI Delegated acts (art. 58)Article 58 Exercise of the delegationTitle VII Amendments to other Directives (arts. 59-64)Article 59 Amendment to Directive 2002/87/ECArticle 60 Amendment to Directive 2009/65/ECArticle 61 Amendment to Directive 2011/61/EUArticle 62 Amendments to Directive 2013/36/EUArticle 63 Amendments to Directive 2014/59/EUArticle 64 Amendments to Directive 2014/65/EUTitle VIII Final Provisions (arts. 65-69)Article 65 References to Directive 2013/36/EU in other Union legal actsArticle 66 ReviewArticle 67 TranspositionArticle 68 Entry into forceArticle 69 AddresseesDone at
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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 25 December 2019 - onwards
Version 2 of 2

Article 51 Inclusion of holding companies in supervision of compliance with the group capital test

Member States shall ensure that investment holding companies and mixed financial holding companies are included in the supervision of compliance with the group capital test.

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