EBA · 2020_5310 Question under review

Definition of a financial institution as regards the application of the Delegated Regulation

Regulation
Directive (EU) 2015/849 (AMLD)
Article
Article 45, para. 4
Topic
Third country policy
Submitted by
Competent authority
Submitted
2020-06-17
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Question

Is an institution, that is a subsidiary of a holding company which, in turn, owns several financial subsidiaries, not considered as a group for the purposes of the Delegated Regulation, since their parent company does not fall within the definition of a financial entity set out in Article 3 of Directive (EU) 2015/849 (AMLD)?

Background

This questions has been raised in a supervisory action focused on the application of the Delegated Regulation. There has been the case of an institution that is a subsidiary of a holding company which, in turn, owns several financial subsidiaries. The institution considers that they are not a group for the purposes of the Delegated Regulation, since their parent company does not fall within the definition of a financial entity set out in Article 3 of Directive (EU) 2015/849 (AMLD).
No answer published yet.

Original source: European Banking Authority, Q&A ID 2020_5310

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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