(1) Where -

(a) a competent authority in a Member State other than the State needs to verify information about -

(i) an investment firm,

(ii) an investment holding company,

(iii) a mixed financial holding company,

(iv) a financial institution,

(v) an ancillary services undertaking,

(vi) a mixed-activity holding company, or

(vii) a subsidiary that is located in the State, including a subsidiary which is an insurance company, and

(b) makes a request to that effect,

the Bank shall carry out that verification in accordance with paragraph (2).

(2) Where the Bank has received a request referred to in paragraph (1), it shall do one or more of the following:

(a) carry out the verification itself within the framework of its competence;

(b) allow the competent authority who made that request to carry out the verification;

(c) request an auditor or expert to carry out the verification impartially and to report the results promptly.