Investment Services Act (Cap. 370), article 33

33. (1) Where two or more European investment firms that are subsidiaries of the same p arent undertaking, the head offic e of which is in a third country, are not subject to effective super vision at group level, the competent author ity shall, together with any o ther European regulatory authority involved, assess whether the Euro pean investment firms are subject to supervision by the third-countr y supervisory authority which is equivalent to the supervision se t out in the IFD as transposed in national la w and in Part One of the IFR. (2) Where the assessment ref erred to in sub-article (1) concludes that no such equivalent supervision applies, the comp etent authority shall adopt appropriate supervisory techniques which achieve the objectives of supervis ion in accordance with Articl e 7 or 8 INVESTMENT SERVICES [CAP. 370. 73 of the IFR . Those supervisory techniques shall be decided by the competent authority where it would have been the group supervis or had the parent undertaking been established in the European Uni on, after consulting the European regulatory authorities involved. Any measures taken pursuant to this paragraph by the competent auth ority shall be notified to the European regulatory authorities involv ed, to EBA and to the Commission of the European Union. (3) Without prejudice to sub-article (2), where the competent authority would have been the group supervisor had the parent undertaking been established in the European Union, it may requ ire the establishment of an investment holding company or mixed financial holding company in the European Union and apply Article 7 or 8 of the IFR to that investment holding company or mixed financial holding company. Supervision of mixed-activity holding company. Added by: LXXII.2021.27.