(1) In this Regulation, "counterpart authorities in other Member States" means competent authorities or bodies in other Member States with functions corresponding to those of the Supervisory Authority, the recognised accountancy bodies and the Registrar of Companies with regard to approval, registration, quality assurance, inspection and discipline under these Regulations or Regulation (EU) No 537/2014.
(2) The Supervisory Authority, the recognised accountancy bodies and the Registrar of Companies with functions relating to approval, registration, quality assurance, inspection and discipline under these Regulations or Regulation (EU) No 537/2014, shall cooperate with the counterpart authorities in other Member States and the relevant European Supervisory Authorities whenever necessary for the purpose of those authorities or bodies (or, as the case may be, the counterpart authorities) carrying out their respective functions under these Regulations or Regulation (EU) No 537/2014 or,