S.L. 330.6 Art. 20Necessary measures.

(1) If the regulated entities in a financial conglomerate do not comply with any of the requirements referred to in regulations 6 to 9, or where the requirements are met but solvency may nevertheless be jeopardized, or where the intra-group transactions or the risk concentrations are a threat to the financial position of such regulated entities, the necessary measures shall be taken under these regulations or the relevant sectoral rules in order to rectify the situation as soon as possible. Such measures shall be taken by the following persons:

(a) by the coordinator in respect of a mixed financial holding company with its head office in Malta;

(b) by the Authority, upon receiving information from the coordinator, in respect of the regulated entities authorised in Malta; and

(c) where the coordinator is the Authority, by the Authority in respect of a mixed financial holding company with its head office in a Member State other than in Malta: Provided that where the Authority is appointed as coordinator in terms of regulation 11, it shall inform the relevant competent authorities of any findings in terms of this sub-regulation.

(2) Without prejudice to the sectoral rules:

(a) the Authority, where acting as coordinator, may take a decision in respect of a mixed financial holding company with its head office in Malta in relation to any matter covered by these regulations and shall notify the mixed financial holding company in writing of such decision; and

(b) the Authority, where acting as a coordinator, may take a decision in respect of a mixed financial holding company with its head office in a Member State other than in Malta in relation to any matter covered by these regulations and shall notify the relevant competent authorities and the mixed financial holding company, in writing, of such a decision.

(3) The Authority, where acting as a coordinator, shall, where appropriate, coordinate its supervisory actions with the other relevant competent authorities.

(4) Where the Authority takes a decision in respect of a mixed financial holding company directing it to comply with any requirement resulting from these regulations or the Financial Conglomerates Directive, that mixed financial holding company shall comply with such decision.

(5) If a mixed financial holding company fails to comply with a decision of the Authority or the coordinator given under this regulation, the Authority or coordinator may notify the other relevant competent authorities and, with their agreement, may decide on the measures to be taken.