[3M Directions relating to consolidated supervision of groups]
[3M Directions relating to consolidated supervision of groups]

[(1)     This section applies where one of the regulators (“the supervising regulator”), but not the other, is the competent authority for the purpose of consolidated supervision that is required in relation to some or all of the members of a group (“the relevant group”) in pursuance of any of the relevant directives.

(2)     “Consolidated supervision” includes supplementary supervision.

(3)     The “relevant directives” are—

(a)     the [capital requirements directive];

(b)     Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate;

(c)     . . .

(d)     Directive 2009/138/EC of the European Parliament and the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);