Supervisory colleges

(1) Where the Federal Institute is responsible for supervision on a consolidated basis of an institutional group, financial holding group, or mixed financial holding group, it establishes supervisory colleges. The purpose of establishing supervisory colleges is to facilitate the performance of the tasks under section 8(7), section 8a, and the provisions of the statutory instrument under section 10(1), first sentence, point 3, and to ensure appropriate cooperation with the competent authorities in the European Economic Area, which also include the European Banking Authority, and with the competent authorities in third countries. Supervisory colleges serve
1. the exchange of information,
2. where appropriate, agreement on the voluntary transfer of tasks and responsibilities,
3. determining supervisory examination programmes on the basis of the risk assessment of an institutional group, a financial holding group, or a mixed financial holding group,
4. eliminating unnecessary duplicate supervisory requirements,
5. the uniform application of existing supervisory requirements to all undertakings of the group, having regard to existing margins of discretion and options, and
6. planning and coordinating supervisory activities in preparation for, and during, crisis situations, having regard to the work of other forums established in this area.
(2) The Federal Institute sets out, in writing and in consultation with the competent authorities, the establishment and functioning of the respective supervisory college; section 8a(2) applies correspondingly. The Federal Institute chairs the meetings of the supervisory college and decides which competent authorities, besides the Federal Institute and the Deutsche Bundesbank, take part in a meeting or in the activities of the supervisory college. In addition to the authorities responsible for supervising subsidiary undertakings of the group, the competent authority in the state in which a financial holding company or mixed financial holding company of the group authorised under section 2f(3) has its registered office, and the competent authorities of the host Member State of a significant branch, the Federal Institute may also decide on the participation of competent authorities from third countries in the supervisory college, insofar as they are subject to confidentiality provisions that, in the view of all authorities participating in the college, are equivalent to the provisions of Title VII, Chapter I, Section II, of Directive 2013/36/EU.
(3) The Federal Institute keeps all members of the supervisory college informed, in advance, on an ongoing and comprehensive basis, of the organisation of meetings, the material issues to be discussed, and the activities under consideration, and, in good time, of the approach decided at the meetings and the measures carried out.
(4) In making its decisions under subsection (2), the Federal Institute takes into account the significance of the supervisory activities to be planned or coordinated for the competent authorities, in particular the possible effects on the stability of the financial system in the states concerned.
(5) The Federal Institute informs the European Banking Authority of the activities of the supervisory college, in particular in crisis situations, and transmits to it all information of particular relevance for the purposes of harmonising supervision at European level. Staff of the European Banking Authority may participate in the activities of the supervisory colleges under Article 21 of Regulation (EU) No 1093/2010, including participation in examinations under section 44(1) and (2), where these are carried out by the Federal Institute together with at least one other competent authority in the European Economic Area.
(6) In cases where the Federal Institute is not responsible for supervision on a consolidated basis of an institutional group, financial holding group, or mixed financial holding group, but supervises CRR credit institutions with significant branches in other states of the European Economic Area, it establishes a supervisory college to facilitate cooperation with the competent authorities of the host Member State under section 8(3) and in crisis situations. Subsection (2), first and second sentences, and subsections (3) and (4), apply correspondingly.
(7) In performing the tasks under subsections (1) to (6), the Federal Institute and the Deutsche Bundesbank cooperate.