Article 34 › 5

The Authority may, no later than six months from the date of initiating its investigation, address a recommendation to the financial supervisor subject to investigation, setting out the action necessary to comply with Union law. Before issuing such a recommendation, the Authority shall engage with the financial supervisor where it considers that such engagement is appropriate in order to resolve the systematic failures of supervision resulting in the breach of Union law, in an attempt to reach an agreement on the actions necessary for compliance with Union law. The financial supervisor shall, within 10 working days of receipt of the recommendation, inform the Authority of the steps it has taken or intends to take to ensure compliance with Union law.

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