(a)

paragraph 4 is replaced by the following: ‘4. Member States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS that DGS immediately notifies the designated authority and the competent authority of that credit institution thereof. Member States shall ensure that that competent authority, in cooperation with that designated authority and, where relevant, with that DGS, promptly takes all appropriate measures, including, where necessary, the imposition of penalties, to ensure that the credit institution concerned complies with its obligations as a member of a DGS. For the purposes of the measures referred to in the first subparagraph, Member States shall, where relevant, ensure that competent authorities are able to use the supervisory powers laid down in Title VII, Chapter 1, Section IV, of Directive 2013/36/EU. Member States shall lay down rules on penalties applicable in the event of infringements by credit institutions of the obligations of a DGS member. Such penalties shall be effective, proportionate and dissuasive.’ ;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-08 · Text as adopted (Official Journal); later amendments are not incorporated in this text.