AI Summary of Article 23 Undertakings in third countries
This Chapter outlines the application of consolidated supervision, explicitly extending the definitions of 'investment firm', 'credit institution', 'financial institution', and 'institution' to undertakings established in third countries. If these entities were situated within the Union, they would meet the criteria as defined in Article 4.
Such a broad interpretation underscores the regulatory commitment to maintaining stability and integrity within the financial system, ensuring that foreign entities operating in similar capacities are held to comparable standards as their Union counterparts.
Article 23 Undertakings in third countries
For the purposes of applying supervision on a consolidated basis in accordance with this Chapter, the terms 'investment firm', 'credit institution', financial institution', and 'institution' shall also apply to undertakings established in third countries, which, were they established in the Union, would fulfil the definitions of those terms in Article 4.