College of supervisors

(1) In respect of groups that are not active exclusively domestically, the supervisory authority is a member of a college of supervisors chaired by the group supervisory authority. The members of the college of supervisors are the group supervisory authority, the supervisory authorities of all member states in which subsidiary undertakings have their registered office, and, under Article 21 of Regulation (EU) No 1094/2010, the European Insurance and Occupational Pensions Authority. The supervisory authorities of significant branches and related undertakings may participate in the college of supervisors. Their participation is, however, limited to ensuring an efficient exchange of information.
(2) The task of the college of supervisors is to ensure that the procedures for cooperation, exchange of information, and consultation between the supervisory authorities belonging to the college of supervisors are applied effectively, in order to promote convergence of their measures and decisions.
(3) To ensure the effective functioning of the college of supervisors, it may determine that certain activities are carried out by a reduced number of the members of the college of supervisors.
(4) The establishment and functioning of the college of supervisors are governed by coordination arrangements between the group supervisory authority and the other affected supervisory authorities.
(5) In the event of disagreements over coordination arrangements, the group supervisory authority decides. Every member of the college of supervisors may refer the matter to the European Insurance and Occupational Pensions Authority under Article 19 of Regulation (EU) No 1094/2010 and request its assistance. The group supervisory authority takes its decision in accordance with the decision of the European Insurance and Occupational Pensions Authority. The group supervisory authority transmits its decision to the other competent supervisory authorities.
(6) The coordination arrangements under subsection (4) must lay down procedures for 1. decision-making between the affected supervisory authorities under sections 262 to 264 and sections 279 and 280, and 2. the consultation under subsection (5) and section 284(4).
(7) In addition, the coordination arrangements may lay down procedures for consulting the affected supervisory authorities, in particular under sections 245 to 249, 251 to 253, 258, 273 to 275, 277, 285, 288, and 290, and for cooperation with other supervisory authorities.
(8) The coordination arrangements may confer additional tasks on the group supervisory authority, the other affected supervisory authorities, or the European Insurance and Occupational Pensions Authority, provided this makes the supervision of a group more efficient and does not impair the supervisory activities of the members of the college of supervisors in respect of their individual competences.