Article 6
Article 19(1)(h) of Directive 85/611/EEC
Establishment which is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down by Community law
The reference in the third indent of Article 19(1)(h) of Directive 85/611/EEC to an establishment which is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down by Community law shall be understood as a reference to an issuer which is subject to and complies with prudential rules and fulfils one of the following criteria:
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1. |
it is located in the European Economic Area; |
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2. |
it is located in the OECD countries belonging to the Group of Ten; |
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3. |
it has at least investment grade rating; |
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4. |
it can be demonstrated on the basis of an in-depth analysis of the issuer that the prudential rules applicable to that issuer are at least as stringent as those laid down by Community law. |