2.—(1) Where the Authority has become the co-ordinator for a financial conglomerate, it must notify—
(a)the relevant member of that financial conglomerate;
(b)any competent authority which has given EEA authorisation to a regulated entity which is a member of that financial conglomerate;
(c)the competent authorities of the EEA State in which the parent undertaking of that financial conglomerate has its head office, unless that parent undertaking is a regulated entity; and
(d)the Commission,
that the group has been identified as a financial conglomerate for the purposes of Article 4 of the conglomerates directive and that the Authority is the co-ordinator for that financial conglomerate.
(2) Paragraph (3) applies if—
(a)the Authority is a relevant competent authority in relation to a financial conglomerate, and
(b)the Authority, in conjunction with the other relevant competent authorities, proposes to waive the criteria specified in Article 10(2) of the conglomerates directive (selection of the co-ordinator) and appoint a different competent authority as co-ordinator.
(3) Before the Authority, in conjunction with the other relevant competent authorities, waives the criteria specified in Article 10(2) of the conglomerates directive and appoints a different competent authority as co-ordinator, the Authority must, where there is a directive requirement to do so, give the financial conglomerate an opportunity to make representations.
(4) In this regulation, “the relevant member” of a financial conglomerate is—
(a)the parent undertaking at the head of the financial conglomerate; or
(b)where there is no parent undertaking at the head of the financial conglomerate, the regulated entity which—
(i)is in the most important financial sector (within the meaning given by Article 3(2) of the conglomerates directive); and
(ii)has the largest balance-sheet total in that sector.