This Regulation sets out:

(a) the procedures to be followed for granting and withdrawing supervisory approval to establish special purpose vehicles;

(b) the procedures to be followed for cooperation and exchange of information between the supervisory authority of the Member State in which the special purpose vehicle is established and the supervisory authority of the Member State in which the insurance or reinsurance undertaking transferring risk is established;

(c) the formats and templates to be used for the annual reporting of information by the special purpose vehicle.