Article 5 Information sharing with entities established or located outside of the Union

Without prejudice to the measures set out in Section 4 of this Regulation, obliged entities established in or with a head office located in the Union shall be able to share any information as set out in Article 4 with entities or branches of the group that are established in third countries or with their head office located in third countries, subject to any restrictions or prohibitions on such sharing as set out in Union law or any national laws of the Member States.

Without prejudice to the measures set out in Section 4 of this Regulation, obliged entities established or located in the Union shall be able to receive the information as set out in Article 4 from entities of the group that are established in third countries or from their head office outside the Union, subject to any restrictions or prohibitions on the sharing of information under the law of the third country.

In cases of restrictions or prohibitions to information sharing from obliged entities in the Union to a third country under Union law or any national laws of the Member States as provided for in paragraph 1 or from third countries to obliged entities in the Union as provided for in paragraph 2, the parent undertaking and the obliged entities in the Union shall assess the reasons for such restrictions or prohibitions and take appropriate measures to address them. The parent undertaking shall provide such assessment to the relevant obliged entities within the group whenever needed.

The parent undertaking and obliged entities of the group shall notify such assessment and, where appropriate, indicate alternative methods to address the abovementioned restrictions or prohibitions to the appropriate supervisor. Such notification shall be done without undue delay and in any case no later than 28 calendar days after identifying the restrictions or prohibitions. In cases of groups, the parent undertaking shall submit the notification to the supervisor. If a single notification is inappropriate, the parent undertaking may allow obliged entities within the group to submit the relevant notification to their supervisors.

Obliged entities may also decide to have only one notification at the group or obliged entity level submitted to the supervisor, including for cases covered in Section 4 of this Regulation.

The supervisor shall immediately inform all the supervisors of the other obliged entities of the group in the Union of such restrictions or prohibitions. If the supervisor is a self-regulatory body, the self-regulatory body shall also inform the public authority overseeing it.