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2.—(1) This regulation applies where the Authority is the EEA consolidated supervisor.
(2) An application may be made to the Authority—
(a)by an EEA parent credit institution and its subsidiaries;
(b)by an EEA parent investment firm and its subsidiaries; or
(c)jointly by the subsidiaries of an EEA parent financial holding company.
(3) An application must be made in such manner as the Authority may direct.
3.—(1) This regulation applies where the Authority is the EEA consolidated supervisor and has received an application.
(2) The Authority must—
(a)forward the complete application to the relevant competent authorities without delay;
(b)work together, in full consultation with the relevant competent authorities, and do everything in its power to reach a joint decision within six months from the date on which it received the complete application; and
(c)provide the applicants with a document containing the fully reasoned joint decision, if any.
(3) If a joint decision is not made by the Authority and the relevant competent authorities within the period specified in paragraph (2)(b), the Authority must—
(a)make its own decision on the application, taking account of the views and reservations of the relevant competent authorities expressed during that period; and
(b)provide the applicant and the relevant competent authorities with a document containing the fully reasoned decision.
4.—(1) This regulation applies where the Authority is a relevant competent authority and has been forwarded a complete application by the EEA consolidated supervisor.
(2) The Authority must work together, in full consultation with the EEA consolidated supervisor and the other relevant competent authorities, and do everything in its power to reach a joint decision within six months from the date on which the EEA consolidated supervisor received the complete application.
5.—(1) This regulation applies where the Authority is the EEA consolidated supervisor and intends to make a proposal.
(2) The Authority must give written notice to those persons to whom the permission, which is the subject of the intended proposal, applies.
(3) The notice must—
(a)give details of the intended proposal; and
(b)inform the persons to whom the permission applies that they may make representations to the Authority within such period as may be specified in the notice.
(4) If after the period specified in the notice has expired the Authority makes the proposal, it must—
(a)send the proposal and forward any representations received during that period to the relevant competent authorities;
(b)work together, in full consultation with the relevant competent authorities, taking account of such representations and do everything in its power to reach a joint decision within six months from the date on which the proposal was made; and
(c)provide the persons to whom the permission applies with a document containing the fully reasoned joint decision, if any.
(5) If a joint decision is not made by the Authority and the relevant competent authorities within the period specified in paragraph (4)(b), the Authority must—
(a)make its own decision on the proposal, taking account of the views and reservations of the relevant competent authorities expressed during that period and of any representations made by the persons to whom the permission applies;
(b)provide the persons to whom the permission applies and the relevant competent authorities with a document containing the fully reasoned decision.
6. Where the Authority is a relevant competent authority and receives a proposal from the EEA consolidated supervisor, it must work together, in full consultation with the EEA consolidated supervisor and the other relevant competent authorities, and do everything in its power to reach a joint decision within six months from the date on which the proposal was made.
7. The Authority must recognise a decision or a joint decision as determinative and apply it in respect of any authorised person to whom the banking consolidation directive or the capital adequacy directive applies.
8.—(1) The Authority may exercise the powers conferred by section 148 of the Act (modification or waiver of rules) if it appears desirable to do so for the purpose of applying a decision or a joint decision.
(2) In such a case the requirements contained in—
(a)subsections (2) and (9)(b) of section 148 for the Authority’s powers to be exercisable only on the application or with the consent of an authorised person; and
(b)section 148(4),
shall not apply.
9.—(1) Where the Authority proposes to exercise the powers conferred by section 148 of the Act in relation to an authorised person for the purpose of applying a decision or a joint decision, other than on the application or with the consent of that person, it must give him written notice and have regard to any representations received within such period as is specified in the notice.
(2) The notice must—
(a)give details of any proposed direction or variation of a direction;
(b)give details of any proposed conditions;
(c)inform the person that, within such period as may be specified in the notice, he may make representations to the Authority;
(d)inform the person when the proposed direction, variation or condition takes effect.