AI Summary of Article 48 Prohibition of discrimination
Member States are required to ensure that provisions applicable to third-country branches do not offer any treatment that is more favourable than that granted to branches of institutions whose head offices are located within another Member State. This implies a level playing field between domestic and foreign entities operating within the jurisdiction.
The regulation aims to maintain consistency in the regulatory landscape, preventing potential discrimination or preferential treatment towards third-country branches. By enforcing this principle, the document underscores the importance of ensuring equality in obligations and rights amongst branches, thereby promoting fair competition within the financial services market.
Article 48 Prohibition of discrimination
Member States shall not apply to third-country branches, when those are commencing or continuing to carry out their business, provisions which result in a more favourable treatment than that accorded to branches of institutions having their head office in another Member State.