Art. 9 Working arrangements | ITS on cooperation for the purposes of direct supervision | AML

This article governs the practical mechanics of transferring supervisory competence between the Authority and financial supervisors when a change in responsibility occurs following the selection process outlined in Article 13 of Regulation (EU) 2024/1620.

It establishes a structured handover process, requiring both the outgoing and incoming supervisory authorities to coordinate without undue delay on the transfer of supervisory tasks, powers, and all relevant information held on the obliged entity in question.

The article sets clear expectations around the scope and documentation of that information transfer, including minimum timeframes for historical data, and assigns the Authority responsibility for providing a standardised inventory template to support the process.

Important points:

The authority whose competence ends is required to establish and maintain a comprehensive written inventory of all information transferred, covering at minimum the three years prior to the published list of selected obliged entities.
Both the outgoing and incoming authorities are jointly responsible for identifying and resolving discrepancies or issues in the inventory, with the authority whose competence ends obliged to resolve them without undue delay.
The Authority must develop and make available a standardised template for use in the inventory process.

1. If a change in competence between the Authority and financial supervisors is to take place pursuant to Article 13(4) or (6) of Regulation (EU) 2024/1620, the Authority and financial supervisors shall, upon the publication of the list referred to in Article 13(4) of that Regulation, liaise without undue delay for the purpose of organising the transfer of supervisory tasks and powers and of setting up or disbanding the joint supervisory team. The Authority and the financial supervisors shall agree on the timeline for initiating the inventory and the secure transfer, by the authority whose competence is to end (‘authority whose competence ends’), of the relevant information it possesses, to the authority which is to become competent (‘authority assuming supervision’) and which are necessary for the carrying out of the supervisory tasks and powers conferred on that authority by Regulation (EU) 2024/1620 or Directive (EU) 2024/1640 and other applicable Union law.
2. The information to be transferred shall cover a minimum period of three years prior to the publication of the list referred to in Article 13(4) of Regulation (EU) 2024/1620, and may be extended to include information on the relevant obliged entity covering a longer period, if deemed necessary for the purpose of supervision by the authority whose competence ends or the authority assuming supervision. To that end, the authority assuming supervision and the authority whose competence ends shall collaborate with one another and proactively provide the other party with relevant information enabling the identification of cases where information covering longer periods of time shall be transferred.
3. By way of derogation from the previous subparagraph, where the obliged entity subject to a change of supervisory competence has been operating or where the authority whose competence ends has been the financial supervisor for a shorter timeframe, the information to be transferred shall cover the entire period.
1. The authority whose competence ends and the authority assuming supervision shall cooperate and provide mutual support during the transfer period to facilitate a seamless transition and ensure effective supervision of the obliged entity on a continuous basis.
1. The authority whose competence ends shall establish and, over the course and up to the completion of the transfer of supervisory tasks and powers, maintain the inventory of the relevant information referred to in paragraph 1, second subparagraph. That inventory shall be comprehensive, in writing, and may include descriptions of each item transferred, including the nature, scope, format of the information transferred, the date of transfer and the means by which the transfer is executed.
1. The Authority and financial supervisors shall be responsible for identifying discrepancies or issues identified in the inventory referred to in paragraph 1, second subparagraph to safeguard the integrity and completeness of the information necessary for effective supervision.
2. Whenever discrepancies or issues are identified, the authority whose competence ends shall resolve them without undue delay.
1. The Authority shall develop and make available a standardised template to be utilised for the inventory referred to in paragraph 1, second subparagraph.