General principles for cooperation between the supervisory authorities

(1) The supervisory authority cooperates closely with the European Commission and the supervisory authorities of the member or contracting states, in order to facilitate supervision at Community level.
(2) Where the supervisory authority of another member or contracting state requests cooperation in exercising supervision, the Federal Institute takes the appropriate measures, applying sections 298, 305, 306 to 306b, and 309, and informs the requesting authority of this.
(3) Where the supervisory authority of the home state imposes restrictions on the disposal of assets on an undertaking under Article 137 or Article 138(5), Article 139(3), or Article 144(2), second subparagraph, of Directive 2009/138/EC, the Federal Institute takes the same measures, on the request of that authority, in respect of the undertaking's assets located domestically and named in the request, to the extent specified in the request.
(4) The Federal Institute cooperates with the supervisory authorities of the home member state whenever this is necessary to exercise its tasks under Directive 2014/17/EU. For this purpose, the Federal Institute may transfer tasks and competences to the supervisory authority of the home member state, and take over tasks and competences of the supervisory authority of the home member state that concern services within the meaning of this Directive provided domestically. In the event of disagreements between the supervisory authorities in the cooperation under the first sentence, Article 19 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12), as last amended by Directive 2014/17/EU (OJ L 60, 28.2.2014, p. 34), applies correspondingly.
(5) The supervisory authority of the home state informs the European Insurance and Occupational Pensions Authority, and the supervisory authorities of the member or contracting states concerned, where it identifies a deterioration in the financial position, or other emerging risks, arising from an insurance undertaking that does not fall within the scope of Directive (EU) 2016/2341, and that carries on activities under the freedom to provide services or the freedom of establishment that may have cross-border effects. Supervisory authorities may inform the European Insurance and Occupational Pensions Authority of serious and well-founded concerns regarding consumer protection, in the case of a cross-border activity of an insurance undertaking, and request its assistance where no bilateral solution can be found. The notification must be sufficiently detailed to enable a proper assessment.