Requirement to consult other competent authorities: major sanctions or exceptional measures
9.—(1) Where the appropriate regulator is considering whether to impose a major sanction or exceptional measure on an institution, it must, before making its decision, consult—
(a)the EEA consolidating supervisor; and
(b)where the decision would be of importance to another competent authority’s supervisory tasks, that competent authority.
(2) Paragraph (1) does not apply where the appropriate regulator considers that—
(a)there is an urgent need to act; or
(b)consultation may jeopardise the effectiveness of its decision.
(3) Where paragraph (1) does not apply by virtue of paragraph (2), the appropriate regulator must, without delay, inform the EEA consolidating supervisor and any competent authority falling within paragraph (1)(b) of the action that it has taken.
(4) The reference in paragraph (1) to a major sanction or exceptional measure includes—
(a)the imposition of a specific own funds requirement in accordance with Article 104 of the capital requirements directive;
(b)the imposition of any limitation on the use of the advanced measurement approach for the calculation of own funds requirements under Article 312(2) of the capital requirements regulation.