Cap. 371 Art. 4ASupervisory practices.

(1) In the exercise of its duties, the competent authority shall take into account the convergence in respect of supervisory tools and supervisory practices in the application of this Act and any regulations made and Banking Rules issued thereunder transposing the CRD, of any binding legal instruments issued under the CRD, and of the CRR. For that purpose, the competent authority shall -

(a) as party to the ESFS, cooperate with trust and full mutual respect, in particular when ensuring the flow of appropriate and reliable information between the competent authority and other parties to the ESFS in accordance with the principle of sincere cooperation set out in Article 4(3) of the Treaty on European Union;

(b) participate in the activities of the EBA and, as appropriate, in the colleges of supervisors;

(c) make every effort to comply with those guidelines and recommendations issued by the EBA in accordance with Article 16 of Regulation (EU) No. 1093/2010 and to respond to the warnings and recommendations issued by the ESRB pursuant to Article 16 of Regulation (EU) No. 1092/2010;

(d) cooperate closely with the ESRB.

(2) The competent authority shall not be inhibited by other national legislative provisions in the performance of its duties as member of the EBA and the ESRB, or its duties under the CRD and the CRR.