Art. 11 Pending supervisory procedures or investigations | ITS on cooperation for the purposes of direct supervision | AML

1. The authority transferring supervision shall inform the authority assuming supervision of any supervisory procedure or investigation formally initiated before the change in supervisory competence pursuant to Article 13(4) or (6) of Regulation (EU) 2024/1620 that require adoption of a supervisory decision. The authority transferring supervision shall provide this information without undue delay after being informed about the selection of an obliged entity and no later than the publication of the list referred to in Article 13(4) of Regulation (EU) 2024/1620. Where a supervisory procedure or investigation is formally initiated in the six-month period after the publication of the list referred to in Article 13(4) of Regulation (EU) 2024/1620, the authority transferring supervision shall update this information in a timely manner and shall liaise with the authority assuming supervision without undue delay.
2. The list of pending supervisory procedures or investigations shall be included in the inventory referred to in Article 10.
1. The authority transferring supervision shall make every effort to complete any pending supervisory procedure or investigation requiring adoption of a supervisory decision prior to the transfer of the supervisory competence.
1. In the case of supervisory procedures or investigations requiring adoption of a supervisory decision that cannot be completed prior to the transfer of the supervisory competence, the authority assuming supervision shall, after consultation between the two authorities, inform the authority transferring supervision on the working arrangements to be adopted in relation to such procedures or investigations, taking into account the need to ensure continuity and legally enforceable outcome of the supervisory processes, as well as the stage of the pending supervisory procedure or investigation, the complexity of its subject matter, and the efficient allocation of resources. Such working arrangements should include in particular:
  1. the specification of the stage of the pending supervisory procedure or investigation that is to be completed by the authority transferring supervision before the transfer of the supervisory competence, or, alternatively, the indication that the authority transferring supervision should complete the pending supervisory procedure or investigation with the adoption of a supervisory decision in accordance with the applicable law, and inform the authority assuming supervision accordingly;
  2. the modalities for the secure transfer of the case file, ensuring the protection of personal and business-sensitive data;
  3. the information to be provided to the obliged entity and other relevant participants to the pending supervisory procedure or investigation, concerning the transfer of the supervisory competence.

Article 11 Pending supervisory procedures or investigations

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