S.I. No. 638/2011 - European Union (Financial Conglomerates) (European Supervisory Authorities) Regulations 2011.

Item

Provision Amended

Amendment

1

Regulation 3

In paragraph (1)—insert the following definitions after the definition of “entity”: “ ‘European Supervisory Authorities’ means the bodies established by Regulation (EU) No 1093/2010² , Regulation (EU) No 1094/2010³ and Regulation (EU) No 1095/2010⁴ ; ‘European Systemic Risk Board’ means the body established pursuant to Regulation (EU) No. 1092/2010⁵ ;”, andinsert the following definition after the definition of “investment services sector”: “ ‘Joint Committee’ means the Joint Committee of the European Supervisory Authorities (ESA) established by Articles 54 of Regulation (EU) No 1093/20102, of Regulation (EU) No 1094/2010³ and of Regulation (EU) No 1095/2010⁴ ;”.

2

Regulation 5(4)

In subparagraph (c), substitute “the Joint Committee” for “the European Commission”.

3

Regulation 11(2)

(a) in subparagraph (c)(ii), substitute “conglomerates;” for “conglomerates.”, and

(b) insert the following subparagraph after subparagraph (c):

“(d) arrangements are in place to contribute to and develop, if required, adequate recovery and resolution arrangements and plans. Such arrangements shall be updated regularly.”.

4

Regulation 12

Substitute the following paragraph for paragraph (1):

“(1) To ensure an adequate level of supplementary supervision of the regulated entities within a financial conglomerate, the Bank and the competent authorities of the other Member States in which any of those entities are authorised (including the competent authority of the Member State in which the relevant mixed financial holding company has its head office) shall appoint one of them to be the co-ordinator of the conglomerate in accordance with this Regulation.”.

5

Regulation 17(4)

(a) In subparagraph (c), substitute “the European Central Bank;” for “the European Central Bank.”, andinsert the following subparagraph after subparagraph (c):

“(d) the European Systemic Risk Board.”.

6

After Regulation 17, insert: “Cooperation and exchange of information with the Joint Committee.17A. (1) The Bank shall co-operate with the Joint Committee for the purposes of the Financial Conglomerates Directive in accordance with Regulation (EU) No 1093/2010² , Regulation (EU) No 1094/2010³ , and Regulation (EU) No 1095/2010⁴ . (2) The Bank shall without delay provide the Joint Committee with all information necessary to carry out its duties in accordance with Article 35 of Regulation (EU) No 1093/2010² , of Regulation (EU) No 1094/2010³ , and of Regulation (EU) No 1095/2010⁴ respectively.”.

7

Regulation 19

Substitute the following for Regulation 19: “19. Nothing in these Regulations prevents regulated entities within a financial conglomerate, or other persons, that are subject to supplementary supervision by the Bank, or by the competent authority of any other Member State, from—

(a) exchanging among themselves any information that is or would be relevant to that supervision; and

(b) exchanging information in accordance with the Financial Conglomerates Directive and with the European Supervisory Authorities in accordance with Article 35 of Regulation (EU) No 1093/2010² , of Regulation (EU) No 1094/2010³ and of Regulation (EU) No 1095/2010⁴ respectively, where necessary through the Joint Committee.”.

8

Regulation 32

(a) After paragraph (3), insert:

“ (3A) Where the Bank disagrees with the decision taken by the competent authority of another Member State, taken to be the co-ordinator of a financial conglomerate, Article 19 of Regulation (EU) No 1093/2010², of Regulation (EU) No 1094/2010³ and of Regulation (EU) No 1095/2010⁴ respectively shall apply.”, and

(b) Substitute the following paragraph for paragraph (4):

“(4) If the Bank is taken to be the co-ordinator of a financial conglomerate to which this Part applies, it—

(a) shall, before taking action under this Regulation, consult the other relevant competent authorities, and

(b) shall, in taking such action, take into account any applicable guidelines prepared by the Joint Committee in accordance with Articles 16 and 56 of Regulation (EU) No 1093/2010², of Regulation (EU) No 1094/2010³ and of Regulation (EU) No 1095/2010⁴ respectively.”.