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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
Version date: 1 January 2005 - onwards
Version 2 of 2

Regulation 21 Verification of information requested by the Bank or another competent authority

(1) If, in applying these Regulations, the Bank wishes to verify information relating to a particular entity that is part of a financial conglomerate and the entity is located in another Member State, it can request the competent authority of that State to arrange for the information to be verified either -

(a) by arranging for one of its officers or an auditor or expert to carry out the verification on its behalf, or

(b) by allowing the Bank to carry out the verification itself.

(2) If the Bank receives from a competent authority of another Member State a request to arrange for verification of information relating to an entity that is authorised, established or located, or has its office, within the State, the Bank may act on the request either -

(a) by arranging for one of its officers or an auditor or other expert to carry out the verification on its behalf, or

(b) by allowing the competent authority to carry out the verification itself.

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