S.L. 370.49 Art. 4Functions of the competent authority with respect to supervision on a consolidated basis.

(1) In addition to the obligations imposed by the provisions of the Act and any regulations or Rules made thereunder transposing the requirements of the IFD, and by the IFR, the college of supervisors shall provide a framework to the competent authority, as consolidating supervisor to carry out the following tasks:

(a) those referred to in regulation 5;

(b) the co-ordination of information requests where this is necessary for facilitating supervision on a consolidated basis, in accordance with Article 7 of the IFR;

(c) the co-ordination of information requests, in cases where several competent authorities of investment firms that are part of the same group need to request either from the competent authority of a clearing member’s home Member State or from the competent authority of the qualifying central counterparties information relating to the margin model and parameters used for the calculation of the margin requirement of the relevant investment firms;

(d) the exchange of information between all competent authorities and with the EBA in accordance with Article 21 of Regulation (EU) No 1093/2010 and with the ESMA in accordance with Article 21 of Regulation (EU) No 1095/2010;

(e) reaching an agreement on the voluntary delegation between competent authorities of tasks and responsibilities, where appropriate;

(f) increasing the efficiency of supervision by seeking to avoid the unnecessary duplication of supervisory requirements. (INVESTMENT FIRMS DIRECTIVE)