Cooperation in relation to emergency situations. The Authorities will inform each other immediately if they become aware of an incipient crisis such as, but not limited to, serious financial difficulties which might have an adverse impact on operations relating to any supervised entity in the respective jurisdictions of the Authorities. To the extent possible, and without prejudice to their involvement in the relevant cross border cooperation fora, the Authorities will endeavour to seek coordinated responses to any crisis emerging in a cross-border establishment operating in their respective jurisdictions, in accordance with their respective applicable legislations.
Cooperation in relation to emergency situations. 1. Each Authority will endeavour to inform the other promptly if it becomes aware of an emerging crisis, emerging risks or issues affecting CCPs or Supervised entities that could have material negative implications on the safety and soundness or on the proper functioning of CCPs.
2. To the extent possible, the Authorities will endeavour to seek coordinated responses to any crisis emerging in relation to a CCP or a Supervised entity, in accordance with the applicable legislation and without prejudice to their respective involvement in the relevant crisis management cooperation fora.
Cooperation in relation to emergency situations. The Authorities will inform each other immediately if they become aware of an incipient crisis such as, but not limited to, serious financial difficulties which might have an adverse impact on operations relating to any supervised entity in the respective jurisdictions of the Authorities. To the extent possible, and without prejudice to their involvement in the relevant cross border cooperation fora, the Authorities will endeavour to seek coordinated responses to any crisis emerging in a cross-border establishment operating in their respective jurisdictions, in accordance with their respective applicable legislations. The information mentioned under this Article will be given insofar as legally and practically feasible and subject to applicable laws and regulations, and in accordance with the principles set out in this Memorandum of Understanding.
