(1) Where two or more investment firms that are subsidiaries of the same parent undertaking, the head office of which is in a third country, are not subject to effective supervision at group level, the Bank shall assess whether the investment firms are subject to supervision by the third-country supervisory authority which is equivalent to the supervision set out in these Regulations and in Part One of Regulation (EU) 2019/2033.

(2) Where the assessment referred to in paragraph (1) concludes that no such equivalent supervision applies, the Bank shall take appropriate measures to achieve the objectives of supervision in accordance with Article 7 or 8 of Regulation (EU) 2019/2033.

(3) Where the Bank would have been the group supervisor had the parent undertaking been established in the European Union, the measures referred to in paragraph (2) shall be decided by the Bank, after consulting the other competent authorities involved.

(4) Where the Bank takes any measures under paragraph (2), it shall notify -

(a) the other competent authorities involved,

(b) the EBA, and

(c) the European Commission.