Investment Services Act (Cap. 370), article 17C

17C. (1) Prior to grantin g a licence to an a pplicant which is - (a) a subsidiary of a person holding an investment services licence or equivalent authorisation or of a market operator or of a credit institution authorised in another Member State or EEA State; or (b) a subsidiary of the parent undertaking of a person holding an investment services licence or an equivalent authorisation or of a credit institution authorised in another Member State or EEA State; or 60 CAP. 370.] INVESTMENT SERVICES (c) controlled by the same natural or legal persons which control a holder of an investment services licence or the holder of an equivalent authorisation or a credit institution authorised in another Member State or EEA State, the competent authority shall consult with the relevant Europea n regulatory authorities. (2) Prior to granting a licence to an applicant which is - (a) a subsidiary of a credit institution or insurance undertaking authorised in another Member State or EEA State; or (b) a subsidiary of the parent undertaking of a credit institution or insurance undertaking authorised in another Member State or EEA State; or (c) controlled by the same person, whether natural or legal, who controls a credit institution or insurance undertaking authorised in another Member State or EEA State, the competent authority shall c onsult with the European regulat ory authority responsible for the supervision of credit institution s or insurance undertakings. (3) Consultation between the competent authority and the European regulatory au thorities shall in particular take place when assessing the suitability of the shareholders or members and th e reputation and experience of persons who effectively direct the business involved in the management of another entity of the sa me group. The competent authority shall exchange all information t hat is of relevance to the other E uropean regulatory authorities involved regarding the suitability of shareholders or members a nd the reputation and experience of persons who effectively direct the business, both for the granting of a licence as well as for the ongoing assessment of compliance with operating conditions. Referral to ESMA. Added by: XX. 2013.49.