art_32__para_6

6. A request from the Authority to the Commission pursuant to paragraph 5 shall contain the following: a description of the serious, repeated or systematic breaches of the directly applicable requirements by the non-selected obliged entity and an explanation of why such breaches fall within the scope of competence of the Authority, pursuant to paragraphs 2 and 3; an explanation of why the request to the financial supervisor referred to in paragraph 2 did not result in any action being taken within the time limit set in paragraph 4, including, where relevant, the information that no reply was submitted by the financial supervisor; a proposed length of time of a maximum of three years, during which the Authority will exercise the relevant tasks and powers in relation to the non-selected obliged entity concerned; a description of the measures that the Authority intends to take in relation to the non-selected obliged entity concerned upon the transfer of the relevant tasks and powers to address the serious, repeated or systematic breaches referred to in paragraph 2; any relevant communication between the Authority and the financial supervisor concerned.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.