S.L. 370.49 Art. 6Establishment of the colleges of supervisors by the consolidating supervisor.

(1) Where the competent authority is the group supervisor as determined in regulation 3, it may, if appropriate, establish a college of supervisors to facilitate the tasks under Article

48 of the IFD as transposed in Maltese legislation and to ensure coordination and cooperation with third-country supervisory authorities in particular where this is needed for the purpose of applying Article 23(1)(c) and (2) of the IFR, to exchange and update relevant information on the margin model with the supervisory authorities of qualifying central counterparties (QCCPs).

(1a) The competent authority shall also ensure that the following are members of the college of supervisors:

(a) the competent authorities responsible for the supervision of subsidiaries of an investment firm group headed by an EU investment firm, EU parent investment holding company or EU parent mixed financial holding company;

(b) where appropriate, third-country supervisory authorities, subject to confidentiality requirements that are equivalent in the opinion of all competent authorities to the requirements established in Section 2 of Chapter I of Title IV of the IFD.

(2) Where the competent authority is the consolidating supervisor in terms of these regulations, it shall establish and manage the colleges of supervisors based on written arrangements referred to in regulation 6, determined after consultation with European regulatory authorities and third country regulatory authorities concerned.

(3) Where the competent authority is the group supervisor, as determined in Regulation 3, it shall chair the meetings of the college and adopt decisions. Such decisions shall take into account the relevance of the supervisory activity to be planned or co-ordinated by the authorities as referred to in regulation (1a)(a) and (b), the potential impact on the stability of the financial system in the Member States concerned and, in particular, in emergency situations, based on the information available at the relevant time.

(4) The competent authority, as group supervisor, shall keep all members of the college fully informed, in advance, of the organisation of the meetings of the college, about the main issues to be discussed and the activities to be considered and shall also keep all the members of the college fully informed, in a timely manner, of the actions taken in those meetings or the measures carried out.

(5) In the case of disagreement between the competent authorities on the functioning of the supervisory colleges, the competent authority may refer the matter to the EBA and request its assistance in accordance with Article 19 of Regulation (EU) No 1093/ 2010.