The Capital Requirements Regulations 2006

Applications to the Authority as EEA consolidated supervisor

3.—(1) This regulation applies where the Authority is the EEA consolidated supervisor and has received an application.

(2) The Authority must—

(a) forward the complete application to the relevant competent authorities without delay;

(b) work together, in full consultation with the relevant competent authorities, and do everything in its power to reach a joint decision within six months from the date on which it received the complete application; and

(c) provide the applicants with a document containing the fully reasoned joint decision, if any.

(3) If a joint decision is not made by the Authority and the relevant competent authorities within the period specified in paragraph (2)(b), the Authority must—

(a) make its own decision on the application, taking account of the views and reservations of the relevant competent authorities expressed during that period; and

(b) provide the applicant and the relevant competent authorities with a document containing the fully reasoned decision.