(1) Paragraph (2) applies if a regulator is considering exercising any of the powers conferred on it by section 138A of the Act (modification or waiver of rules) in the course of carrying on supplementary supervision of a financial conglomerate.

(2) Before a regulator exercises such a power in relation to an authorised person who is a member of a financial conglomerate, the regulator must -

(a) consult the relevant competent authorities in relation to the financial conglomerate of which that person is a member; and

(b) [deleted]

(c) consult the financial conglomerate of which that person is a member.