Cooperation in relation to the authorisation process I qualifying holdings assessments / assessment of directors The Authorities will notify each other, without delay, of applications for approval to establish cross-border establishments or make acquisitions. Upon request, the Authorities will inform each other whether the applicant is in substantial compliance with applicable laws and regulations and whether it may be expected, in light of its administrative structure and internal controls where relevant, to manage the supervised entity or the cross-border establishment in an orderly manner. The Authorities will also, upon request, assist each other with verifying or supplementing any information submitted by the applicant. Upon request, the Authorities will inform each other about the nature of its supervisory system and the extent to which it will conduct supervision, including consolidated or group wide, over the applicant. Upon request, and where available, the Authorities will supply each other with information on proposed acquirers. To the extent permitted by their respective laws and regulations, the Authorities will share information on the fitness and propriety of prospective directors and managers of a cross border establishment. The communication of such personal data is subjected to the EU data protection law and in particular to its rules on transfers of personal data. Therefore, the communication of such personal data can only be pursued upon signature of the clauses attached to this MoU and under the terms of the said framework.
Cooperation in relation to the authorisation process / qualifying holdings assessments The Authorities will notify each other, as soon as feasible, of applications for approval to establish cross-border establishments or make acquisitions, as well as in cases of the withdrawal of a license of a cross-border establishment operating in either jurisdiction. Upon request, the Authorities will inform each other as to whether the applicant is in substantial compliance with the applicable laws and regulations and whether it may be expected, in light of its administrative structure and internal controls where relevant, that the management of the supervised entity or the cross-border establishment can be performed in an orderly manner. The Authorities will also, upon request, assist each other in verifying or supplementing any information submitted by the applicant. Upon request, the Authorities will inform each other about the nature of their relevant supervisory system and the extent to which it may conduct supervision, including consolidated or group-wide, over the applicant. Upon request, and where available, the Authorities will supply each other with information on proposed acquirers. To the extent reasonable and consistent with the applicable laws, regulations, and requirements the Authorities will also share information on the capability, integrity, or experience of the prospective managers of the cross-border establishment.
