1.   For the purposes of Article 56, a Sub-Committee on Financial Conglomerates to the Joint Committee shall be established.

2.   The Sub-Committee shall be composed of the individuals referred to in Article 55(1), and one high-level representative from the current staff of the relevant competent authority from each Member State.

3.   The Sub-Committee shall elect a Chairperson from among its members, who shall also be a member of the Joint Committee.

4.   The Joint Committee may establish further Sub-Committees.