Common use of Cooperation in relation to the on-going supervision Clause in Contracts

Cooperation in relation to the on-going supervision. Each Authority will use its best endeavours to provide, upon prior request, or on its own initiative where appropriate, the other Authority with any information that is likely to be of assistance to it in order to promote the safe and sound functioning of supervised entities. Each Authority will provide relevant information to the other in a timely manner, and up to a maximum of 15 working days, following the occurrence of any event that has the potential to have a material adverse impact on the operations of a cross-border credit institution in the other jurisdiction. The information mentioned under this Article will be given insofar as possible and subject to applicable laws and regulations, and in accordance with the principles set out in this Memorandum of Understanding.

Cooperation in relation to the on-going supervision. Each Authority will use its best endeavours to provide, upon prior request, or on its own initiative where appropriate, the other Authority with any information that is likely to be of assistance to it in order to promote the safe and sound functioning of supervised entities. Each Authority will provide relevant information to the other in a timely mannerr:nanner, and up to a maximum of 15 working days, following the occurrence of any event that has the potential to have a material adverse impact on the operations of a cross-border credit institution in the other jurisdiction. The information mentioned under this Article will be given insofar as possible and subject to applicable laws and regulations, and in accordance with the principles set out in this Memorandum of Understanding.