Powers of MiCAR authority to obtain the information needed to assess recovery and redemption plans and possible mechanism for exchange of information with the prudential authority

In cases where the MiCAR authority differs from the prudential authority under CRD, respectively the competent authority for recovery plans under BRRD, does the Regulation ensure that the MiCAR authority is provided with the powers to gather from the supervised entities (in the course of the ongoing supervision) all information that is necessary in order to duly assess the recovery and redemption plans of banks and investment firms? If there is a risk of insufficiency of information at the disposal of the MiCAR authority, what will be the mechanisms ensuring proper access of information by the MiCAR authority to the information available within the prudential authority on the financial indicators and other key metrics for the purposes of assessment of the recovery and redemption plans, as well as whether Member States are expected to implement special measures to ensure the protection of sensitive information? How the flow of information towards the CRD competent authority from the MICAR supervisors should be assured in order for CRD authority to be able to perform on their tasks?

The MiCAR separates in principle the development and maintenance of recovery and redemption plans with regard to ART, EMT and CASP from the general recovery plans under the BRRD. In the cases of banks and investment firms issuing ART, EMT or playing the role of CASP, it is highly likely that the national competent authorities under MICAR, CRD and BRRD differ - i.e. they are not one and the same authority. The prudential authority (the one under CRD) has access to a very detailed information about the general situation of the issuer - such as most recent key financial and risk indicators, internal control framework, overall risk management function, the relevant ICT functions, material changes affecting the business or financial profile, etc. Thus, the prudential authority possesses information, which could be relevant and applicable to the assessment of the recovery and redemption plans under MiCAR.