Recital 2

(2)Commission Implementing Regulation (EU) 2016/99 ² lays down rules on the operational functioning of colleges of supervisors to be established in accordance with Article 51(3) and Article 116 of Directive 2013/36/EU. As the prudential requirements relevant for supervisory colleges set out in Directive 2013/36/EU have been amended, several provisions of Implementing Regulation (EU) 2016/99 need to be updated. In addition, to enhance a smooth and timely exchange of information between the members and observers of the colleges of supervisors and with the colleges established in accordance with other sectorial legislation, clear and predictable processes need to be established in a clearly described operational framework following specific templates. To address this need for amelioration of the information exchange of the colleges of supervisors, the relevant templates need to be updated accordingly. Given the number of changes to that Implementing Regulation that would be necessary to reflect the amendments to Directive 2013/36/EU, and for reasons of clarity and legal certainty, Implementing Regulation (EU) 2016/99 should be repealed and replaced.