(1) If the Bank is taken to be the co-ordinator of a financial conglomerate to which this Part applies, it shall take such steps as are necessary to verify -
(a) whether the regulated entities within the conglomerate are subject to supervision by an authority of a third country, and
(b) if it is subject to such supervision, whether the supervision is equivalent to that provided for by these Regulations for a financial conglomerate whose parent undertaking has its head office within a Member State.
(2) The action referred to in paragraph (1) may be taken by the Bank either -
(a) on its own initiative, or
(b) at the request of the parent undertaking of the financial conglomerate concerned or of any regulated entity within that conglomerate that is authorised by a competent authority of a Member State.
(3) If a competent authority of another Member State is taken to be the co-ordinator of a financial conglomerate to which this Part applies, the Bank shall do everything within its capacity
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