1. The competent authorities of the Member States concerned shall collaborate closely in order to supervise the activities of institutions operating, in particular through a branch, in one or more Member States other than that in which their head offices are situated.

The competent authorities of the Member States concerned shall collaborate closely in order to supervise the activities of credit institutions operating, in particular through a branch, in one or more Member States other than that in which their head offices are situated.

29. Acknowledges that in 2010 the IAS concluded an audit of the ‘management plan system (MPS)/monitoring of activities’ whose objective was to assess and provide assurance on the adequacy of the planning and monitoring of the Agency's activities; notes, in particular, that the IAS made eight recommendations, six of which were rated ‘important’ and two ‘desirable’;

Its tasks should also include promoting supervisory convergence and providing advice to the Union institutions in the areas of banking, payments, e-money regulation and supervision, and related corporate governance, auditing and financial reporting issues.

22. Regrets that financial supervision has not PersonNamekePersonNamept pace with markePersonNamet integraPersonNametion; urges the Commission to come up with a resolution to traPersonNamensform the existing Lamfalussy Level 3 committees into a configuration of EU supervision; recalls once more that the establishment of a European supervisor will be the best way to achieve effective supervision of cross-border firms in the long run; urges the Commission, in particular, to taPersonNameke initiatives to develop a European view on risk exposures and a European structure to allow for PersonNamerapid exchange of information and a clear ass ...[+++]ignment of supervisory responsibilities, which are still lacking;

3. Every Member State shall take all steps necessary to ensure that the competent authorities have the powers and means necessary for the supervision of the business of assurance undertakings with head offices within their territories, including business carried on outside those territories, in accordance with the Council directives governing those activities and for the purpose of seeing that they are implemented.