The Capital Requirements Regulations 2013

Colleges of supervisors U.K.

33.—(1) This regulation applies where the appropriate regulator is the EEA consolidating supervisor.

(2) Where an institution belongs to a group whose members include at least one other institution which is established in another EEA State, the appropriate regulator must, acting on the basis of agreements entered into pursuant to regulation 22, establish a college of supervisors to–

(a) facilitate its duties as an EEA consolidating supervisor; and

(b) ensure appropriate co-ordination and co-operation with competent authorities outside the EEA where appropriate.

(3) The college of supervisors shall facilitate the carrying out of the following tasks by the EEA consolidating supervisor and the other relevant competent authorities—

(a) exchanging relevant information;

(b) agreeing on the voluntary allocation of tasks and the voluntary delegation of responsibilities where appropriate;

(c) determining supervisory examination programmes based on a risk assessment of the relevant group in accordance with Article 97 of the capital requirements directive;

(d) increasing the efficiency of supervision by removing unnecessary duplication of supervisory requirements;

(e) where appropriate, applying the prudential requirements under the capital requirements directive on a consistent basis to all members of a group;

(f) planning and co-ordination of supervisory activities in preparation for and during emergency situations, including adverse developments in institutions or financial markets, taking into account the work of any other relevant bodies established for such purposes.

(4) The following bodies may participate in the college of supervisors—

(a) the relevant competent authorities;

(b) the competent authorities of a host EEA State in which a significant branch is established;

(c) central banks;

(d) competent authorities situated outside the EEA, provided that, in the opinion of the appropriate regulator and all relevant competent authorities, they are subject to confidentiality requirements equivalent to the requirements of section 2 of Chapter 1 of the capital requirements directive and, where applicable, [F1 Articles 54 and 58 of Directive 2004/39/EC] [F1 Articles 76 and 81 of Directive 2014/65/EU];

(e) competent authorities responsible for the supervision of other regulated entities in the group.

(5) The appropriate regulator must co-operate closely with EBA and other competent authorities participating in the college of supervisors and permit EBA to contribute to promoting and monitoring the efficient, effective and consistent functioning of the college, in accordance with Article 116(1) of the capital requirements directive.

(6) The appropriate regulator must—

(a) inform members in advance about the organisation of and agenda for any meeting of the college of supervisors, including any activities to be considered at that meeting;

(b) decide which competent authorities may attend any meeting or participate in any activity;

(c) chair any meeting;

(d) inform members in a timely manner of the actions taken at any meeting or any activities carried out.

(7) When making a decision under paragraph (6)(b), the appropriate regulator must take into account the relevance to each competent authority of the supervisory activity to be planned or co-ordinated, and in particular—

(a) the potential impact on the stability of the financial system in the EEA State concerned; and

(b) the competent authority's obligations as the competent authority of the home EEA State under Article 51(2) of the capital requirements directive.

(8) Subject to confidentiality requirements under section 2 of Chapter 1 of Title 7 of the capital requirements directive and, where applicable, [F2 Articles 54 and 58 of Directive 2004/39/EC] [F2 Articles 76 and 81 of Directive 2014/65/EU], the appropriate regulator must—

(a) inform EBA of the activities of the college of supervisors, including in emergency situations; and

(b) provide EBA with all information that is of particular relevance for the purposes of supervisory convergence.

Textual Amendments

F1 Words in reg. 33(4)(d) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 5 para. 18(a) (with reg. 7)

F2 Words in reg. 33(8) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 5 para. 18(b) (with reg. 7)