Article 14 › 5

Where the Executive Board of the Authority finds that the conditions set out in paragraphs 1, 2 and 4 have been fulfilled, it shall adopt a decision addressed to the requesting financial supervisor and to the non-selected obliged entity concerned notifying them of the acceptance of the request. The decision shall specify the date on which the Authority is to assume direct supervision and the duration of such supervision. As of the date on which the Authority is to assume direct supervision, the non-selected obliged entity concerned shall be deemed a selected obliged entity for the purposes of this Regulation. Upon the end of the duration of the direct supervision by the Authority, set out in the decision referred to in the first subparagraph, the tasks and powers related to the direct supervision of the obliged entity concerned shall automatically be transferred back to the financial supervisor, unless the Authority extends the application of that decision following a corresponding request made by the financial supervisor in accordance with paragraphs 1 to 4.

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