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European Communities (Financial Conglomerates) Regulations, 2004 [S.I. No. 727 of 2004]Introductory TextPart 1 Preliminary Provisions (regs. 1-3)Regulation 1 Citation and commencementRegulation 2 Object of these RegulationsRegulation 3 DefinitionsRegulation 3APart 2 Identifying Financial Conglomerates (regs. 4-5)Regulation 4 Thresholds for identifying a financial conglomerateRegulation 5 How a financial conglomerate is to be identifiedPart 3 Supplementary Supervision (regs. 6-11)Regulation 6 Scope of supplementary supervision of regulated entitiesRegulation 7 Which bodies have responsibility for exercising supplementary supervision of regulated entitiesRegulation 8 Capital adequacyRegulation 9 Risk concentrationRegulation 10 Intra-group transactionsRegulation 11 Internal control mechanisms and risk management processesPart 4 Measures to Facilitate Supplementary Supervision (regs. 12-21)Regulation 12 Co-ordinator to be appointed in respect of financial conglomerateRegulation 13 Bank required to maintain a register of financial conglomeratesRegulation 14 Powers of Bank when appointed as co-ordinator of a financial conglomerateRegulation 15 Powers of co-ordinator when the Bank is not the co-ordinatorRegulation 16 Tasks to be undertaken by co-ordinator with respect to supplementary supervision of regulated entities within a financial conglomerateRegulation 17 Co-operation and exchange of information between competent authoritiesRegulation 17A Cooperation and exchange of information with the Joint CommitteeRegulation 18 Only suitably qualified persons of good repute and with sufficient experience to manage mixed financial holding companiesRegulation 19 Entities within financial conglomerate entitled to exchange information among themselvesRegulation 20 Bank entitled to access to certain informationRegulation 20A Stress testingRegulation 21 Verification of information requested by the Bank or another competent authorityPart 5 Enforcement of These Regulations (regs. 22-29)Regulation 22 Measures for enforcing these RegulationsRegulation 23 Additional powers of the BankRegulation 24 Special provisions for mixed financial holding companies that have their head offices in the StateRegulation 25 Offence to provide false or misleading information in purported compliance with direction or requirement under these RegulationsRegulation 26 Liability of directors and managers for offences committed by entitiesRegulation 27 Penalties for offences under these RegulationsRegulation 28 Prosecution of offences under these RegulationsRegulation 29 Power of the High Court to make enforcement ordersPart 6 Financial Conglomerates Whose Parent Undertakings are Located in Third Countries (regs. 30-32)Regulation 30 Application of this Part to financial conglomerates whose parent undertakings are located outside the Member StatesRegulation 31 Co-ordinators of financial conglomerates to which this Part appliesRegulation 32 Obligations and powers of the Bank in relation to financial conglomerates to which this Part appliesPart 7 Miscellaneous Provisions (regs. 33-34)Regulation 34 Regulations not to limit application of Sectoral RulesRegulation 33 Financial Conglomerates Committee to be notified of principles applicable to supervision of intra group transactions and risk concentrationSchedule 1 Capital Adequacy RequirementsSchedule 2 Technical Application of the Provisions on Intra-Group Transactions and Risk ConcentrationGiven underExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 19 November 2004

European Communities (Financial Conglomerates) Regulations, 2004 [S.I. No. 727 of 2004]

Introductory Text
Part 1 Preliminary Provisions (regs. 1-3)
Regulation 1 Citation and commencement
Regulation 2 Object of these Regulations
Regulation 3 Definitions
Regulation 3A
Part 2 Identifying Financial Conglomerates (regs. 4-5)
Regulation 4 Thresholds for identifying a financial conglomerate
Regulation 5 How a financial conglomerate is to be identified
Part 3 Supplementary Supervision (regs. 6-11)
Regulation 6 Scope of supplementary supervision of regulated entities
Regulation 7 Which bodies have responsibility for exercising supplementary supervision of regulated entities
Regulation 8 Capital adequacy
Regulation 9 Risk concentration
Regulation 10 Intra-group transactions
Regulation 11 Internal control mechanisms and risk management processes
Part 4 Measures to Facilitate Supplementary Supervision (regs. 12-21)
Regulation 12 Co-ordinator to be appointed in respect of financial conglomerate
Regulation 13 Bank required to maintain a register of financial conglomerates
Regulation 14 Powers of Bank when appointed as co-ordinator of a financial conglomerate
Regulation 15 Powers of co-ordinator when the Bank is not the co-ordinator
Regulation 16 Tasks to be undertaken by co-ordinator with respect to supplementary supervision of regulated entities within a financial conglomerate
Regulation 17 Co-operation and exchange of information between competent authorities
Regulation 17A Cooperation and exchange of information with the Joint Committee
Regulation 18 Only suitably qualified persons of good repute and with sufficient experience to manage mixed financial holding companies
Regulation 19 Entities within financial conglomerate entitled to exchange information among themselves
Regulation 20 Bank entitled to access to certain information
Regulation 20A Stress testing
Regulation 21 Verification of information requested by the Bank or another competent authority
Part 5 Enforcement of These Regulations (regs. 22-29)
Regulation 22 Measures for enforcing these Regulations
Regulation 23 Additional powers of the Bank
Regulation 24 Special provisions for mixed financial holding companies that have their head offices in the State
Regulation 25 Offence to provide false or misleading information in purported compliance with direction or requirement under these Regulations
Regulation 26 Liability of directors and managers for offences committed by entities
Regulation 27 Penalties for offences under these Regulations
Regulation 28 Prosecution of offences under these Regulations
Regulation 29 Power of the High Court to make enforcement orders
Part 6 Financial Conglomerates Whose Parent Undertakings are Located in Third Countries (regs. 30-32)
Regulation 30 Application of this Part to financial conglomerates whose parent undertakings are located outside the Member States
Regulation 31 Co-ordinators of financial conglomerates to which this Part applies
Regulation 32 Obligations and powers of the Bank in relation to financial conglomerates to which this Part applies
Part 7 Miscellaneous Provisions (regs. 33-34)
Regulation 34 Regulations not to limit application of Sectoral Rules
Regulation 33 Financial Conglomerates Committee to be notified of principles applicable to supervision of intra group transactions and risk concentration
Schedule 1 Capital Adequacy Requirements
Schedule 2 Technical Application of the Provisions on Intra-Group Transactions and Risk Concentration
Given under
Explanatory Note
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