1. The Joint Committee may establish sub-committees for the purposes of preparing draft joint positions and common acts for the Joint Committee.

2. Each sub-committee shall be composed of the individuals referred to in Article 55(1), and one high-level representative from the current staff of the relevant competent authority from each Member State.

3. Each sub-committee shall elect a chairperson from among the representatives of the relevant competent authorities, who shall also be an observer in the Joint Committee.

4. For the purposes of Article 56, a sub-committee on financial conglomerates to the Joint Committee shall be established.

5. The Joint Committee shall make public on its website all established sub-committees including their mandates and a list of their members with their respective functions in the sub-committee.