S.L. 370.46 Art. 12Request for verification of information. 20 [S.L.

(1) The competent authority, in applying the provisions of the Act, and of any regulations or Rules made thereunder transposing the requirements of the CRD, and the CRR, may, in specific cases, request a European regulatory authority to verify information concerning an investment firm, a financial holding company, a mixed financial holding company, a financial institution, an ancillary services undertaking, a mixed-activity holding company, a subsidiary which is an insurance company or other undertaking providing investment services which is subject to authorisation, or a subsidiary of an investment firm, a financial holding company or mixed financial holding company which is not included within the scope of supervision on a consolidated basis, situated in another Member State. The competent authority may carry out the verification itself, or if it so wishes participate in the verification.

(2) Where the competent authority receives a request from a European regulatory authority to verify information referred to in sub-regulation (1), it shall, within the framework of its competence, act upon it by either carrying out the verification itself, by allowing the European regulatory authority making the request to carry out such verification or by allowing an auditor or expert to carry out such (SUPERVISORY CONSOLIDATION) 370.46 (CAPITAL REQUIREMENTS DIRECTIVE) verification. The European regulatory authority making the request may participate in the verification where it does not carry out the verification itself.