Official Journal of
The joint decision shall be set out in a document con taining the fully reasoned decision which shall be pro vided to the EU parent credit institution by the consolidating supervisor. In the event of disagreement, the consolidating supervisor shall at the request of any of the other competent authorities concerned consult the Committee of European Banking Supervisors. The consolidating supervisor may consult the Committee of European Banking Supervisors on its own initiative.
In the absence of such a joint decision between the com petent authorities within four months, a decision on the application of Articles 123 and 124 and Article 136(2) shall be taken on a consolidated basis by the consolidat ing supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities.
The decision on the application of Articles 123 and 124 and Article 136(2) shall be taken by the respective com petent authorities responsible for supervision of subsid iaries of an EU parent credit institution or an EU parent financial holding company on an individual or sub- consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor.
The decisions shall be set out in a document containing the fully reasoned decisions and shall take into account the risk assessment, views and reservations of the other competent authorities expressed during the four-month period. The document shall be provided by the consoli dating supervisor to all competent authorities concerned and to the EU parent credit institution.
Where the Committee of European Banking Supervisors has been consulted, all competent authorities shall con sider such advice, and explain any significant deviation therefrom.
The joint decision referred to in the first subparagraph and the decisions taken by the competent authorities in the absence of a joint decision shall be recognised as determinative and shall be applied by the competent authorities in the Member State concerned.
The joint decision referred to in the first subparagraph and any decision taken in the absence of a joint decision in accordance with the fourth and fifth subparagraphs, shall be updated on an annual basis or, in exceptional circumstances, where a competent authority responsible for the supervision of subsidiaries of an EU parent credit institution or, an EU parent financial holding company makes a written and fully reasoned request to the con solidating supervisor to update the decision on the appli cation of Article 136(2). In the latter case, the update may be addressed on a bilateral basis between the con solidating supervisor and the competent authority mak ing the request.
the European Union
The Committee of European Banking Supervisors shall elaborate guidelines for the convergence of supervisory practices with regard to the joint decision process referred to in this paragraph and with regard to the application of Articles 123, 124 and 136(2) with a view to facilitating joint decisions.’;
32. in Article 130, paragraph 1 is replaced by the following:
Where an emergency situation, including adverse
developments in financial markets, arises, which potentially jeopardises the market liquidity and the stability of the finan cial system in any of the Member States where entities of a group have been authorised or where significant branches as referred to in Article 42a are established, the consolidating supervisor shall, subject to Chapter 1, Section 2, alert as soon as is practicable, the authorities referred to in the fourth sub paragraph of Article 49 and in Article 50, and shall commu nicate all information that is essential for the pursuance of their tasks. Those obligations shall apply to all competent authorities under Articles 125 and 126 and to the compe
tent authority identified under Article 129(1).
If the authority referred to in the fourth paragraph of Article 49 becomes aware of a situation described in the first subparagraph of this paragraph, it shall alert as soon as is practicable the competent authorities referred to in Articles 125 and 126.
Where possible, the competent authority and the authority referred to in the fourth paragraph of Article 49 shall use existing defined channels of communication.’;
33. the following Article is inserted:
The consolidating supervisor shall establish colleges of
supervisors to facilitate the exercise of the tasks referred to in Article 129 and Article 130(1) and subject to the confiden tiality requirements of paragraph 2 of this Article and com
coordination and cooperation with relevant third-country competent authorities where appropriate.
Colleges of supervisors shall provide a framework for the consolidating supervisor and the other competent authori ties concerned to carry out the following tasks:
agreeing on voluntary entrustment of tasks and volun
tary delegation of responsibilities where appropriate;
determining supervisory examination programmes based on a risk assessment of the group in accordance with Article 124;
increasing the efficiency of supervision by removing unnecessary duplication of supervisory requirements, including in relation to the information requests referred to in Article 130(2) and Article 132(2);