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10.—(1) This regulation applies where—
(a)an entity belonging to a group has been authorised, or a significant branch is established, in the United Kingdom; and
(b)an emergency situation, including a situation as defined in Article 18 of the EBA Regulation or a situation of adverse developments in financial markets, arises in the United Kingdom, which potentially jeopardises the market liquidity and the stability of the financial system in any other EEA State where an entity belonging to a group has been authorised or where a significant branch is established.
(2) The appropriate regulator must notify the following entities as soon as practicable that an emergency situation has occurred—
(a)the European Central Bank;
(b)EBA;
(c)ESRB;
(d)the central bank of the other EEA State referred to in paragraph (1)(b); and
(e)the central government departments of that other EEA State which are responsible for legislation concerning the supervision of institutions, financial institutions and insurance undertakings.
(3) The appropriate regulator must, when providing notification in accordance with paragraph (2), provide all information that is essential for the purpose of that body's tasks, unless it is prevented from disclosing that information by section 348 of FSMA (restrictions on disclosure of confidential information by FCA, PRA etc) M1.
Marginal Citations
M1Section 348 was amended by the Financial Services Act 2010 (c.28), section 24 and Schedule 2 paragraphs 1 and 26, the Financial Services Act 2012 (c.21), section 41 and Schedule 20 paragraph 9.
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