(1) Subject to paragraph (2), the Bank is the competent authority in the State -
(a) responsible for the carrying out of the functions of a competent authority referred to in the Securitisation Regulation, and
(b) in respect of its functions and duties under these Regulations to the extent they relate to the functions referred to in the subparagraph (a).
(2) The Pensions Authority is the competent authority in the State –
(a) responsible for carrying out the functions of a competent authority referred to in Article 29.1 of the Securitisation Regulation with respect to the compliance by institutions for occupational retirement provision with the obligations set out in Article 5 of the Securitisation Regulation, and
(b) in respect of its functions and duties under these Regulations to the extent they relate to the functions referred to in subparagraph (a).