S.L. 330.9 Art. 20Review of proposed agreement.

(1) Where the Authority is the consolidating supervisor, the Union parent institution shall submit to the Authority an application for authorisation of any proposed group financial support agreement proposed pursuant to regulation 19. The application shall contain the text of the proposed agreement and identify the group entities that propose to be parties.

(2) The Authority, where it is the consolidating supervisor shall forward without delay the application to the European regulatory authorities of each subsidiary that proposes to be a party to the agreement, with a view to reaching a joint decision.

(3) The Authority, where it is the consolidating supervisor shall, in accordance with the procedure set out in sub-regulations

(5) and (6) grant the authorisation if the terms of the proposed agreement are consistent with the conditions for financial support set out in regulation 23.

(4) The Authority, where it is the consolidating supervisor may, in accordance with the procedure set out in sub-regulations (5) and (6), prohibit the conclusion of the proposed agreement if it is considered to be inconsistent with the conditions for financial support set out in regulation 23.

(5) The Authority shall, do everything within its power to reach a joint decision:

(a) where the Authority is the consolidating supervisor, with the European regulatory authorities of subsidiaries; or

(b) where the Authority is responsible for a subsidiary, with the European regulatory authority acting as the consolidating supervisor and the European regulatory authorities of other subsidiaries, if any, taking into account the potential impact, including any fiscal consequences, of the execution of the agreement in Malta and in all the Member States where the group operates, on whether the terms of the proposed agreement are consistent with the conditions for financial support laid down in regulation 23 within four months of the date of receipt of the application by the consolidating supervisor. The joint decision shall be set out in a document containing the fully reasoned decision, which, where the Authority is the consolidating supervisor, shall be provided to the applicant by the Authority:

Provided that, the Authority may request the EBA to assist the authorities mentioned in this sub-regulation in reaching an agreement in accordance with Article 31 of Regulation (EU) No 1093/2010.

(6) Where the Authority is the consolidating supervisor, in the absence of a joint decision between the authorities mentioned in sub-regulation (5) within four months, the Authority shall make its own decision on the application. The decision shall be set out in a document containing the full reasoning and shall take into account the views and reservations of the other European regulatory authorities expressed during the four-month period. The Authority acting as the consolidating supervisor shall notify its decision to the applicant and to the other European regulatory authorities.

(7) The Authority may, within four months of the date of receipt of the application by the consolidating supervisor, refer the matter to the EBA in accordance with Article 19 of Regulation

(EU) No 1093/2010. The four-month period shall be deemed to be the conciliation period within the meaning of that Regulation. The matter shall not be referred to the EBA after the end of the four-month period or after a joint decision has been reached.

(8) Where the Authority is the consolidating supervisor, if, at the end of the four-month period, any of the European regulatory authorities concerned has referred the matter to the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the Authority shall defer its decision and await any decision that the EBA may take in accordance with Article 19(3) of that Regulation, and shall take its decision in accordance with the decision of the EBA. The four-month period shall be deemed to be the conciliation period within the meaning of that Regulation. The matter shall not be referred to the EBA after the end of the four-month period or after a joint decision has been reached.