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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2005 - onwards
Version 2 of 2

Regulation 7 Which bodies have responsibility for exercising supplementary supervision of regulated entities

(1) Except as otherwise specifically provided by these Regulations, the relevant competent authorities shall exercise supplementary supervision of regulated entities within a financial conglomerate as provided by Regulation 11, Parts 4 and 5 and Schedules 1 and 2.

(2) The co-ordinator of a financial conglomerate shall, in accordance with Parts 4 and 5, supervise compliance with the requirements of Regulations 8 to 11. However, if the Bank is the co-ordinator, the obligation imposed by this paragraph is subject the Bank's responsibilities under the Sectoral Rules.