|Full consolidation criteria according to EMIR|
|Saturday, 28 July 2012 10:28|
Counterparties are considered to be included in the same consolidation at least where they are both included in a consolidation in accordance with Directive 83/349/EEC or International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/20022 or, in relation to a group the parent undertaking of which has its head office in a third country, in accordance with Generally Accepted Accounting Principles of a third country determined to be equivalent to IFRS adopted pursuant to Regulation (EC) No 1606/2002 in accordance with Commission Regulation (EC) No 1569/20073 (or accounting standards of a third country the use of which is permitted in accordance with Article 4 of that Regulation),
where they are both covered by the same consolidated supervision in accordance with Directive 2006/48/EC or with Directive 2006/49/EC or, in relation to a group the parent undertaking of which has its head office in a third country, the same consolidated supervision by a third country competent authority verified as equivalent to that governed by the principles laid down in Article 143 of Directive 2006/48/EC or in Article 2 of Directive 2006/49/EC.
Article 3(3) of EMIR