4.—(1) Paragraph (2) applies if the Authority is considering exercising any of the powers conferred on it by section 148 of the Act (modification or waiver of rules) in the course of carrying on supplementary supervision of a financial conglomerate for the purposes of any provision (other than Article 11, 12, 16, 17 or 18(3)) of the conglomerates directive.
(2) Before the Authority exercises such a power in relation to an authorised person who is a member of a financial conglomerate, 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 that person is a member;
(b)obtain the consent of those competent authorities; and
(c)consult the financial conglomerate of which that person is a member.