Article 14 › 4

The Authority shall assess the request referred to in paragraph 1 within two months, or within a timeframe that allows the transfer of tasks and powers by the date proposed in the request, whichever is longer. The Authority shall only agree to the requested transfer of direct supervision where at least one of the following conditions is met: (a) the requesting supervisor can demonstrate the inefficacy of supervisory measures imposed on the non-selected obliged entity in relation to serious, repeated or systematic breaches of applicable requirements; (b) the heightened ML/TF risk or the serious, repeated or systematic breaches of applicable requirements affect several entities within a non-selected obliged entity group, and the relevant financial supervisors agree that coordinated supervisory action at Union level would be more effective to address them; (c) the request concerns a temporary, objective and demonstrable lack of capacity at the level of the financial supervisor to adequately and timely address the ML/TF risk of a non-selected obliged entity.

← 3 · All articles · 5 →

Source: EUR-Lex CELLAR · retrieved 2026-09-04