(v)

point (20) is replaced by the following: ; “financial holding company” means an undertaking that meets all of the following conditions: The competent authority may decide that an entity does not qualify as a financial holding company even if one of the indicators referred to in the first paragraph, points (i) to (iv), is met, where the competent authority considers that the relevant indicator does not convey a fair and true view of the main activities and risks of the group. Before making such decision, the competent authority shall consult EBA and provide a substantiated and detailed qualitative and quantitative justification. The competent authority shall have due regard to EBA’s opinion and, where it decides to deviate from it, shall within three months of the date of receipt of EBA’s opinion, provide to EBA the rationale for deviating from the relevant opinion;’ it is a financial institution; it is not a mixed financial holding company; it has at least one subsidiary that is an institution; more than 50 % of any of the following indicators are associated, on a steady basis, with subsidiaries that are institutions or financial institutions, and with activities carried out by the undertaking itself that are not related to the acquisition or owning of holdings in subsidiaries when those activities are of the same nature as the ones carried out by institutions or financial institutions: the undertaking’s equity based on its consolidated situation; the undertaking’s assets based on its consolidated situation; the undertaking’s revenues based on its consolidated situation; the undertaking’s personnel based on its consolidated situation; other indicators considered relevant by the competent authority.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.