Article 32 › 9

After having consulted the financial supervisor concerned, the Authority may submit to the Commission a request to extend the application of the decision authorising the transfer of tasks and powers. That request shall be submitted at least two months before the expiry of the initial period. The request referred to in the first subparagraph shall be accompanied by the following: (a) a description of the measures that the Authority has taken in relation to the obliged entity concerned and of the further measures it intends to take; (b) a justification as to why those remaining measures address breaches that still fall within the scope of competence of the Authority, pursuant to paragraph 2; (c) a proposed length of time of a maximum of three years for the continued exercise of the tasks referred to in Article 5(2) and the powers referred to in Article 6(1) and Articles 17 to 23 in relation to the obliged entity; (d) any relevant communication between the Authority and the financial supervisor concerned. The Commission shall adopt a decision whether to grant the extension within the time limit indicated in paragraph 7. Any extension granted pursuant to this paragraph may be granted only once.

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