(1) Where a regulator is verifying whether the regulated entities in a third-country financial conglomerate are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of these Regulations, it must, before completing the verification, consult the other relevant competent authorities in relation to the third-country financial conglomerate.

(2) Paragraphs (3) and (4) apply if a regulator exercises its powers to -

(a) vary the Part IV permission of a regulated entity in a third-country financial conglomerate;

(b) disapply from, or apply in a modified form to, such a regulated entity the rules specified in subsection (1) of section 138A of the Act (modification or waiver of rules) in accordance with that section;

(c) impose conditions under section 187 of the Act (approval with conditions) [Section 187 was substituted by S.I. 2009/534 and amended by the Financial Services Act 2012 (c.21).] on a person who is, or proposes to be, a controller of such a regulated entity; or