AI Summary of Article 10 Waiver for credit institutions permanently affiliated to a central body
The Regulation permits competent authorities to partially or fully waive specific requirements contained in Parts Two to Eight for credit institutions linked to a central body within the same Member State. This waiver is applicable when certain conditions are met, including joint and several liabilities among institutions and consolidated monitoring of solvency and liquidity.
Additionally, if the affiliated institutions entirely guarantee the central body's commitments, authorities may individually waive the application of these parts for the central body. Member States can also rely on existing national legislation regarding this waiver, provided it aligns with the overarching Regulation and Directive 2013/36/EU.
Article 10 Waiver for credit institutions permanently affiliated to a central body
1. Competent authorities may, in accordance with national law, partially or fully waive the application of the requirements set out in Parts Two to Eight of this Regulation and Chapter 2 of Regulation (EU) 2017/2402 to one or more credit institutions situated in the same Member State and which are permanently affiliated to a central body which supervises them and which is established in the same Member State, if the following conditions are met:
(a) the commitments of the central body and affiliated institutions are joint and several liabilities or the commitments of its affiliated institutions are entirely guaranteed by the central body;
(b) the solvency and liquidity of the central body and of all the affiliated institutions are monitored as a whole on the basis of consolidated accounts of these institutions;
(c) the management of the central body is empowered to issue instructions to the management of the affiliated institutions.
Member States may maintain and make use of existing national legislation regarding the application of the waiver referred to in the first subparagraph as long as it does not conflict with this Regulation or Directive 2013/36/EU.