(1) Without prejudice to the generality of regulation 147 (duty to co-operate and exchange of information), the FCA must co-operate with the host state competent authority or home state competent authority, as the case may be, in relation to the exercise of passport rights by any authorised payment institution or EEA authorised payment institution.
(2) The FCA must, in particular -
(a) notify the host state competent authority whenever it intends to carry out an on-site inspection in the host state competent authority's territory; and
(b) provide the host state competent authority or home state competent authority, as the case may be -
(i) on request, with all relevant information; and
(ii) on its own initiative, with all essential information, including on compliance with the conditions at regulation 6(4) and (5) (conditions for authorisation),
relating to the exercise of passport rights by an authorised payment institution or EEA authorised payment institution, including where t