(1) If -

(a) a institution having its head office outside the European Union has a branch in the State,

(b) an administrative or judicial authority of the State has imposed reorganisation measures in respect of the branch, and

(c) the institution has established listed branches in one or more other Member States,

the authority shall, without delay, notify the decision to the Bank. The decision must be communicated by any available means and, if possible before it takes effect, but if not, then immediately afterwards. The decision must be accompanied by a statement setting out the practical effects that the decision may have.

(2) As soon as practicable after receiving the notification, the Bank shall communicate it by any available means to the competent authority of each of the other Member States in which the institution has established a branch.