1.   Where an emergency situation occurs, the group supervisor shall coordinate the assessment of the emergency situation in cooperation with the members of the college of supervisors and shall consult the observers in the college as appropriate. This assessment shall cover in particular the following:

(a)	the nature and severity of the emergency situation;

(b)	the impact or potential impact of the emergency situation on the entities or branches of the investment firm group and on the group as a whole, as well as on its clients and on markets;

(c)	the risk of cross-border contagion, in particular considering the potential systemic consequences in any of the Member States where the entities of the investment firm group are authorised or established.

2.   The group supervisor shall, on the basis of the assessment referred to in paragraph 1, coordinate the development of a supervisory response to the emergency situation in cooperation with the members of the college of supervisors and shall consult with the observers in the college of supervisors as appropriate.

3.   The coordinated supervisory response shall specify the supervisory actions needed, their scope, and the timetable for their implementation.

4.   The group supervisor and the members of the college of supervisors responsible for the supervision of the entities or branches of the investment firm group that are affected or likely to be affected by the emergency situation shall monitor and exchange information on how the coordinated supervisory response is to be implemented.