1.Where an emergency situationsituation, arisesincluding withinadverse adevelopments bankingin groupfinancial markets, arises, which potentially jeopardises the market liquidity and the stability of the financial system in any of the Member States where entities of a group have been authorised,authorised or where significant branches as referred to in Article 42a are established, the competentconsolidating authoritysupervisor responsibleshall, forsubject theto exerciseChapter of1, supervisionSection on a consolidated basis shall2, alert as soon as is practicable, subject to Chapter 1, Section 2, the authorities referred to in the fourth subparagraph of Article 49(a)49 and in Article 50.50, Thisand obligationshall communicate all information that is essential for the pursuance of their tasks. Those obligations shall apply to all competent authorities identified under Articles 125 and 126 in relation to a particular group, and to the competent authority identified under Article 129(1). Where possible, the competent authority shall use existing defined channels of communication.
If the authority referred to in the fourth paragraph of Article 49 becomes aware of a situation described in the first subparagraph of this paragraph, it shall alert as soon as is practicable the competent authorities referred to in Articles 125 and 126.
Where possible, the competent authority and the authority referred to in the fourth paragraph of Article 49 shall use existing defined channels of communication.
2.The competent authority responsible for supervision on a consolidated basis shall, when it needs information which has already been given to another competent authority, contact this authority whenever possible in order to prevent duplication of reporting to the various authorities involved in supervision.