Information gathering, planning and co-ordination dutiesU.K.
8.—(1) The appropriate regulator must co-operate closely with other relevant competent authorities in the EEA and (where appropriate) the EEA consolidating supervisor and provide them with all information which is essential for, or relevant to, the exercise of their supervisory tasks.
(2) For the purposes of this regulation, information shall be regarded as essential if it could materially influence the assessment of the financial soundness of an institution or financial institution in another EEA State and, in particular, includes—
(a)the legal structure, governance and organisational structure of the group, including all regulated entities, non-regulated subsidiaries and significant branches M1 belonging to the group, and the parent undertakings;
(b)identification of the relevant competent authorities and the competent authorities responsible for the supervision of regulated entities in the group;
(c)procedures for the collection and verification of information from institutions which are members of a group;
(d)adverse developments in institutions or other members of the group, which could seriously affect other institutions which are members of the group;
(e)major sanctions and exceptional measures taken by the EEA consolidating supervisor or any of the relevant competent authorities under the capital requirements directive.
(3) The appropriate regulator may, in accordance with Article 19 of the EBA Regulation, request EBA to act in relation to any of the following matters—
(a)where a competent authority has not communicated essential information; or
(b)where a request for co-operation, in particular to exchange relevant information, has been rejected by a competent authority or has not been acted upon within a reasonable time.
(4) Where an appropriate regulator has authorised the subsidiary of an EEA parent institution, and needs information regarding the implementation of the approaches and methodologies set out in the capital requirements directive, which may already be available to the EEA consolidating supervisor, it must, wherever possible, obtain that information by requesting its disclosure from the EEA consolidating supervisor.
Marginal Citations
M1For the meaning of “significant branch” see Article 51 of the capital requirements directive and see regulation 15.