S.L. 330.6 Art. 13Cooperation and exchange of information betweencompetent authorities.

(1) The Authority shall cooperate closely with the coordinator and with the other competent authorities responsible for the supervision of regulated entities in that financial conglomerate in performing its functions in terms of these regulations.

(2) The Authority shall, without prejudice to its responsibilities under the Act and the sectoral rules, provide the coordinator and, or the other competent authorities responsible for the supervision of regulated entities in a financial conglomerate with any information which is essential or relevant for the exercise of the other authorities’ supervisory tasks under the sectoral rules and the Financial Conglomerates Directive:

Provided that, upon a request by such entities, the Authority shall provide the said entities with all relevant information:

Provided further that the Authority shall provide all essential information on its own initiative.

(3) The cooperation referred to in this regulation shall, as a minimum, provide for the gathering and the exchange of information with regard to the following:

(a) identification of the group’s legal structure and the governance and organisational structure, including all regulated entities, non-regulated subsidiaries and significant branches belonging to the financial conglomerate, the holders of qualifying holdings at the ultimate parent level, as well as of the competent authorities of the regulated entities in the group;

(b) the financial conglomerate’s strategic policies;

(c) the financial situation of the financial conglomerate, in particular on capital adequacy, intra-group transactions, risk concentration and profitability;

(d) the financial conglomerate’s major shareholders and management;

(e) the organisation, risk management and internal control systems at financial conglomerate level;

(f) procedures for the collection of information from the entities in a financial conglomerate, and the verification of that information;

(g) adverse developments in regulated entities or in other entities of the financial conglomerate which could seriously affect the regulated entities; and

(h) major sanctions and exceptional measures taken by any competent authority in accordance with sectoral rules or these regulations.

(4) The Authority may exchange such information as may be needed for the performance of their respective tasks regarding regulated entities in a financial conglomerate, in line with the provisions laid down in the sectoral rules, with central banks, the European System of Central Banks and the European Central Bank and the European Systemic Risk Board in accordance with Article 15 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board.

(5) Without prejudice to its responsibilities as defined in the Act and under sectoral rules, the Authority shall, prior to taking a decision, consult the other competent authorities concerned with regard to the following matters where these decisions are of importance for the competent authorities’ supervisory functions:

(a) changes in the shareholder, organisational or management structure of regulated entities in a financial conglomerate which require the approval or authorisation of the Authority; and

(b) major sanctions or exceptional measures taken by the Authority.

(6) The Authority may decide not to consult the other competent authorities concerned in cases of urgency or where such consultation may jeopardise the effectiveness of the decisions and in such cases the Authority shall inform the other competent authorities concerned without delay.

(7) Where the Authority does not exercise the supplementary supervision pursuant to regulation 11 in respect of a parent undertaking having its head office in Malta, the Authority shall, upon a request by the coordinator, ask the parent undertaking for any information which would be relevant for the exercise of the coordinator’s coordination functions in terms of regulation 12 and shall transmit that information, once obtained, to the coordinator.

(8) Where the Authority exercises the supplementary supervision pursuant to regulation 11, it may request the competent authority of the Member State in which a parent undertaking has its head office to obtain information from the parent undertaking which would be relevant for the exercise of its function as coordinator as laid down in regulation 12 and to transmit that information, once obtained, to the Authority.

(9) Where the information referred to in regulation 18(2) and

(3) has already been provided to the Authority in accordance with the sectoral rules, the Authority shall, at the request of the competent authorities responsible for exercising supplementary supervision, transmit that information to them.

(10) The Authority shall have the power to exchange information with other competent authorities and other authorities as referred to in this regulation: Provided that the collection or possession of information by the Authority with regard to an entity within a financial conglomerate which is not a regulated entity shall not in any way imply that the Authority is required to play a supervisory role in relation to such entity on a stand-alone basis.

(11) Any information received by the Authority under these regulations shall be subject to the provisions of professional secrecy and confidentiality as laid down in the Act and the sectoral rules.