In my experience this is a truism. Licenses almost never are held by the "top" legal entity in a firm, but fall to subsidiaries. The thing is that oversight not

In my experience this is a truism. Licenses almost never are held by the "top" legal entity in a firm, but fall to subsidiaries. The thing is that oversight not always carries over the boundaries of legal entities. Perhaps dividend arrangement do, but if other parts of the firm are in (regulatory) different markets it often ends the oversight of the regulator.