S.L. 371.22 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 made or Rules issued thereunder transposing the requirements of the CRD, by any binding legal instrument issued under the CRD and by the CRR, the competent authority, acting as consolidating supervisor, shall carry out the following tasks:

(a) co-ordination of the gathering and dissemination of relevant or essential information in going concern and emergency situations; and

(b) planning and coordination of supervisory activities in going concern situations, including in relation to the activities relating to supervision on a consolidated basis in cooperation with the European regulatory authorities; and

(c) planning and co-ordination of supervisory activities in cooperation with the European regulatory authorities involved, and if necessary with ESCB central banks, in preparation for and during emergency situations, including adverse developments in institutions or in financial markets using, where possible, existing channels of communication for facilitating crisis management. These include exceptional measures referred to in regulation 9(3)(e), the preparation of joint assessments, the implementation of contingency plans and communication to the public.

(2) Where European regulatory authorities do not co-operate with the competent authority, to the extent required in carrying out the tasks in sub-regulation (1), the competent authority may refer the matter to the EBA and request its assistance under Article 19 of Regulation (EU) No 1093/2010.

(3) Where the competent authority is not the consolidating supervisor and either the consolidating supervisor fails to carry out the tasks referred to in Article 112(1) of the CRD or any European regulatory authority does not cooperate with the consolidating supervisor to the extent required in carrying out the tasks in Article 112(1) of the CRD, it may refer the matter to the EBA and request its assistance under Article 19 of Regulation (EU) No 1093/2010.