translate English to French: Amendment by Piia-Noora Kauppi Amendment 660 Annex VII, part 4, paragraph 24, point (b b) (new) (bb) subject to approval of the competent authorities, for non banking subsidiaries Or. en Justification Exemptions should also be granted for non-banking subsidiaries or for subsidiaries on which legal barriers (bank secrecy or data protection legislation) are imposed hindering free flow of intragroup information In some cases, banks cannot comply with this "one obligor, one rating" principle in view of legal repercussions: - E.g. private clients’ ratings may not be exchanged between Switzerland, Luxembourg and the rest of the world because of the bank secrecy; - For some non-banking subsidiaries statutory or other limitations prevent the exchange of rating information; these normally do not fall under cross default provisions; - There may be Chinese wall considerations that prevent a free flow of rating information between different parts of a banking group. e.g. asset management may not exchange information with the rest of the bank.
mitigation that does not meet the requirements.