S.L. 330.6 Art. 12Functions of the coordinator.

(1) The functions to be carried out by the Authority when acting as coordinator or by another coordinator with regard to supplementary supervision shall include:

(a) coordination of the gathering and dissemination of relevant or essential information in the ordinary exercise of its functions and emergency situations, including the dissemination of information which is of importance for a competent authority’s supervisory task under sectoral rules;

(b) supervisory overview and assessment of the financial situation of a financial conglomerate;

(c) assessment of compliance with the rules on capital adequacy and of risk concentration and intra-group transactions as provided in regulations 6, 7 and 8;

(d) assessment of the financial conglomerate’s structure, organisation and internal control system as provided in regulation 9;

(e) planning and coordination of supervisory activities in the ordinary exercise of its functions as well as in emergency situations, in cooperation with the relevant competent authorities; and

(f) exercising other tasks, measures and decisions assigned to the coordinator by these regulations or deriving from the application of the Financial Conglomerates Directive and these regulations.

(2) The coordinator appointed in terms of regulation 11 in respect of a particular group shall inform the parent undertaking at the head of the group or, in the absence of a parent undertaking, the regulated entity with the largest balance sheet total in the most important financial sector in a group, that the group has been identified as a financial conglomerate and of its appointment as coordinator. The coordinator shall also provide such information to the competent authorities which have regulated entities in the group and the competent authorities of the Member State in which the mixed financial holding company has its head office, and the Joint Committee.

(3) The coordinator may enter into coordination agreements with the other relevant competent authorities and other competent authorities concerned in order to facilitate and establish supplementary supervision. Such coordination agreements may entrust additional tasks to the coordinator and may specify the procedures for the decision-making process among the relevant competent authorities as referred to in these regulations.

(4) The coordinator shall, when it requires information which has already been given to another competent authority in accordance with the sectoral rules, contact such competent authority in order to provide it with this information whenever possible and in order to prevent duplication of reporting to the various authorities involved in supervision.

(5) When the Authority receives a request from a coordinator in terms of sub-regulation (3), the Authority shall make available to the coordinator any information which it has received in accordance with the sectoral rules, subject to its obligations under provisions relating to confidentiality in the Act and the relevant sectoral rules.

(6) Without prejudice to the possibility of delegating specific supervisory competences and responsibilities as provided for by European Union legislative acts, the presence of a coordinator entrusted with specific tasks concerning the supplementary supervision of regulated entities in a financial conglomerate shall not affect the tasks and responsibilities of the competent authorities as provided for by the sectoral rules.

(7) The required cooperation under this regulation and the exercise of the tasks listed in sub-regulations (1) to (6) of this regulation and in regulation 13 and, subject to confidentiality requirements and European Union Law, the appropriate coordination and cooperation with relevant third-country supervisory authorities, where appropriate, shall be fulfilled through colleges, established pursuant to Article 116 of Directive 2013/36/EU or Article 248(2) of Directive 2009/138/EC.

(8) The coordination arrangements referred to in sub-regulation

(2) shall be separately reflected in the written coordination arrangements in place pursuant to Article 115 of Directive 2013/36/ EU or Article 248 of Directive 2009/138/EC. The Authority, when appointed coordinator and Chair of the College established pursuant to Article 116 of Directive 2013/36/EU or Article 248(2) of Directive 2009/138/EC, shall decide which other competent authorities participate in a meeting or in any activity of that college.