S.L. 370.47 Art. 4Co-operation within the European system of financial supervision.

In the exercise of its duties, the competent authority shall take into account the convergence in respect of supervisory tools and supervisory practices in the application of the laws, regulations and administrative requirements adopted pursuant to the IFD and the IFR. For that purpose, the competent authority:

(a) shall co-operate with trust and full mutual respect, as party to the ESFS, in particular when ensuring the exchange of appropriate, reliable and exhaustive information between them and other parties to the ESFS;

(b) shall participate in the activities of the EBA and, as appropriate, in the colleges of supervisors referred to in Article 48 of the IFD and in Article 116 of the CRD;

(c) shall make every effort to comply with those guidelines and recommendations issued by the EBA in accordance with Article 16 of Regulation (EU) No 1093/2010 and to respond to the warnings and recommendations issued by the ESRB pursuant to Article 16 of Regulation (EU) No 1092/ 2010;

(d) shall co-operate closely with the ESRB;

(e) shall not be inhibited by other national legislative provisions in the performance of its duties as member of the EBA and the ESRB, or its duties under the IFD and the IFR. INVESTMENT FIRMS DIRECTIVE)