Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervision
3.—(1) This regulation applies if the Authority is considering varying the Part IV permission of any person (“A”) where—
(a)A is a member of a financial conglomerate; and
(b)the Authority is acting in the course of carrying on supplementary supervision for the purposes of any provision (other than Article 11, 12, 16, 17 or 18(3)) of the conglomerates directive.
(2) Section 49(2) of the Act (obligation to consult home state regulators of connected persons) does not apply.
(3) Before varying the Part IV permission of A, the Authority must, where there is a directive requirement to do so—
(a)consult the relevant competent authorities in relation to the financial conglomerate of which A is a member;
(b)obtain the consent of those competent authorities; and
(c)consult the financial conglomerate of which A is a member.