(1) A Union parent institution authorised in the State shall submit to the competent authority an application for authorisation of any group financial support agreement proposed pursuant to Regulation 31.
(2) The application referred to in paragraph (1) shall contain the text of the proposed agreement and identify the group entities that it is proposed will be parties and the competent authority shall forward without delay the application to the Union competent authorities of each subsidiary that proposes to be a party to the agreement, with a view to reaching a joint decision on the authorisation of the agreement.
(3) The competent authority, whether in its role as consolidating supervisor or as the supervisor of a subsidiary, shall endeavour to reach a joint decision on whether to authorise the group financial support agreement with the Union competent authorities of the other parties to the proposed agreement within 4 months of the date of receipt of the application by the consolida
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