Article 49
Cooperation requirements
1.
Member States shall ensure that the group supervisor and the competent authorities referred to in Article 48(5) shall provide each other with all relevant information as required, including the following:
(a)
identification of the investment firm group’s legal and governance structure, including its organisational structure, covering all regulated and 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 an investment firm group, and the procedures for the verification of that information;
(c)
any adverse developments in investment firms or in other entities of an investment firm group, which could seriously affect those investment firms;
(d)
any significant sanctions and exceptional measures taken by competent authorities in accordance with national provisions transposing this Directive;
(e)
the imposition of a specific own funds requirement under Article 39 of this Directive.
2.
Competent authorities and the group supervisor may refer to EBA, in accordance with Article 19(1) of Regulation (EU) No 1093/2010, where relevant information has not been communicated pursuant to paragraph 1 without undue delay or where a request for cooperation, in particular to exchange relevant information, has been rejected or has not been acted upon within a reasonable period of time.
EBA may, in accordance with the second subparagraph of Article 19(1) of Regulation (EU) No 1093/2010 and on its own initiative assist competent authorities in developing consistent cooperation practices.
3.
Member States shall ensure that competent authorities, before adopting a decision that may be important for other competent authorities’ supervisory tasks, consult each other on the following:
(a)
changes in the shareholder, organisational or management structure of investment firms in the investment firm group, which require the approval or authorisation of competent authorities;
(b)
significant sanctions imposed on investment firms by competent authorities or any other exceptional measures taken by those authorities; and
(c)
specific own funds requirements imposed in accordance with Article 39.
4.
The group supervisor shall be consulted where significant sanctions are to be imposed or any other exceptional measures are to be taken by competent authorities as referred to in point (b) of paragraph 3.
5.
By way of derogation from paragraph 3, a competent authority is not obliged to consult other competent authorities in cases of urgency or where such consultation could jeopardise the effectiveness of its decision, in which case the competent authority shall inform the other competent authorities concerned of that decision not to consult without delay.