Cap. 371 Art. 13BCo-operation with overseasregulatory authorities in the case of acquisitions.

(1) The competent authority shall work in full consultation with overseas regulatory authorities in other Member States when carrying out the assessment referred to in article 13A(2) if the proposed acquirer is one of the following:

(a) a credit institution, assurance undertaking, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA State or in a sector other than that in which the acquisition is proposed;

(b) the parent undertaking of a credit institution, assurance undertaking, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA State or in a sector other than that in which the acquisition is proposed; or

(c) the person controlling a credit institution, assurance undertaking, insurance undertaking, reinsurance undertaking, investment firm or UCITS management company authorised in another Member State or EEA State or in a sector other than that in which the acquisition is proposed.

(2) The competent authority shall, without undue delay, provide any information which is essential or relevant for the assessment referred to in article 13A(2) to the overseas regulatory authority requesting such information. Upon request, the competent authority shall communicate to the overseas regulatory authority all relevant information and shall communicate on its own initiative all essential information. A decision by the competent authority in terms of article 13A shall indicate any views or reservations expressed by the overseas regulatory authority responsible for the proposed acquirer.

(3) Where the assessment referred to in article 13A takes place concurrently with the approval or exemption, as the case may be, of a financial holding company or mixed financial holding company in terms of article 11B of this Act and, or Article 21a of the CRD, the competent authority shall coordinate, as appropriate, with the overseas regulatory authority acting as the consolidating supervisor and, or with the overseas regulatory authority of the Member State where the financial holding company or mixed financial holding company is established, as the case may be.