4. Where a Member State has entrusted the supervision of a category of obliged entities to more than one supervisor, it shall ensure that those supervisors supervise obliged entities in a consistent and efficient manner across the sector. To that end, the Member State shall appoint a leading supervisor or establish a coordination mechanism among those supervisors.
Where a Member State has entrusted the supervision of all obliged entities to more than one supervisor, it shall establish a coordination mechanism among those supervisors to ensure that obliged entities are effectively supervised to the highest standards. Such a coordination mechanism shall include all supervisors, except where:
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(a)
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supervision is entrusted to a self-regulatory body, in which case the public authority referred to in Article 52 shall participate in the coordination mechanism;
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(b)
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supervision of a category of obliged entities is entrusted to several supervisors, in which case the lead supervisor shall participate in the coordination mechanism; where no lead supervisor has been appointed, supervisors shall designate a representative among them.
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