S.L. 370.49 Art. 7Co-operation with other authorities. 

(1) The competent authority shall co-operate closely with the competent authorities listed in regulation 6(1) and shall communicate on request all relevant information and shall communicate on its own initiative all relevant information.

(2) For the purpose of sub-regulation (1) relevant information shall include, in particular, the following items:

(a) identification of the investment group’s legal structure and the governance structure including organisational structure, covering all regulated entities, non-regulated entities, non-regulated subsidiaries, and the parent undertakings, and of the competent authorities of the regulated entities in the investment firm group;

(b) procedures for the collection of information from the investment firms in a group and the verification of that information;

(c) any adverse developments in investment firms or in other entities of a group, which could seriously affect the investment firms;

(d) significant penalties and exceptional measures taken by the competent authority in accordance with the IFD; and

(e) the imposition of a specific own funds requirement under Article 39 of the IFD.

(3) The competent authority shall consult with European regulatory authorities concerned before taking a decision that may be important for other competent authorities’ supervisory tasks:

(a) changes in the shareholder, organisational or (INVESTMENT FIRMS DIRECTIVE) management structure of investment firms in the group, which require the approval or authorisation of the competent authority; and

(b) significant penalties or exceptional measures taken by the competent authority, including the imposition of a specific own funds requirement under the Investment Services

Act (Supervisory Review) Regulations, and specific own funds requirements imposed in accordance with Article 39 of the IFD:

Provided that the competent authority shall always consult the group supervisor for the purposes of paragraph (b) and may decide not to consult European regulatory authorities in cases of urgency or where such consultation could jeopardise the effectiveness of its decision. In such cases, the competent authority shall, without delay, inform the European regulatory authorities after taking its decision.

(4) The competent authority and the group supervisor may refer to the EBA, in accordance with Article 19(1) of Regulation (EU) No 1093/2010, in any of the following situations:

(a) where a European regulatory authority has not communicated essential information in accordance with sub-regulation (1) and (2), without undue delay;

(b) where a request for co-operation, in particular to exchange relevant information, has been rejected or has not been acted upon within a reasonable time.