Cap. 330 ст. 20CFinancial conglomerates.

(1) The Minister may, acting on the advice of the

Authority, make regulations for the transposition of Directive 2002/ 87/EC of the European Parliament and of the Council of 16

December 2002 and to provide for the supplementary supervision of credit institutions, financial institutions, insurance undertakings and investment firms in a financial conglomerate, and to otherwise regulate the supervision of financial conglomerates and financial groups with crosssectoral financial activities.

(2) Regulations made by the Minister in virtue of sub-article

(1) shall, in particular and without prejudice to the authority vested in the Minister by the said sub-article -

(a) provide for the appointment of a co-ordinator responsible for coordination and examination of supplementary supervision, for the assessment of the financial situation of a group, including solvency requirements, risk concentration and intra-group transactions, and the means for obtaining from the entities within a financial group and from other overseas regulatory authorities, the information necessary for the performance of this supplementary supervision and may provide for consultation and the sharing and exchange of information with overseas regulatory authorities, as may be necessary;

(b) provide for the establishment and imposition of administrative penalties or other measures for the contravention of any of the regulations, and to provide for appeals therefrom to the Financial Services Tribunal.