While it is the case that the introductory sentence of Article 98(1) of Regulation (EU) No. 575/2013 (CRR) only refers to a parent investment firm, it is also true that point (b) of the same paragraph contains clear references to a financial holding company and a mixed financial holding company. In view of this, it can be concluded that Article 98(1) of the CRR is also applicable to situations where the parent company is a financial holding company or a mixed financial holding company.

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This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (Directorate General for Internal Market and Services) has prepared the answer, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.