Cap. 403 Art. 38BCo-operation with European regulatory authorities or overseasregulatory authorities.

(1) The competent authority shall work in full consultation with European regulatory authorities when carrying out the assessment referred to in article 38A if the proposed acquirer is one of the following:

(a) a credit institution, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA

State or in a sector other than that in which the acquisition is proposed;

(b) the parent undertaking of a credit institution, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA State or in a sector other than that in which the acquisition is proposed; or

(c) a person controlling a credit institution, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA State or in a sector other than that in which the acquisition is proposed.

(2) The competent authority shall, without undue delay, provide any information which is essential or relevant for the assessment referred to in article 38A to the European regulatory authority requesting such information. Upon request, the competent authority shall communicate to the European regulatory authority all relevant information and shall communicate on its own initiative all essential information. A decision by the competent authority in terms of article 38A shall indicate any views or reservations expressed by the European regulatory authority responsible for the proposed acquirer.

(3) The procedure set out in sub-articles (1) and (2) shall apply mutatis mutandis where the proposed acquirer is authorised or established in a third country.