Article 40 Ongoing oversight

When conducting oversight activities, in particular general investigations or inspections, the Lead Overseermeans the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; shall be assisted by a joint examination team established for each critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31;.

1. the ESAs;

2. the relevant competent authorities supervising the financial entities to which the critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31; provides ICT servicesmeans digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services;;

3. the national competent authority referred to in Article 32(4), point (e), on a voluntary basis;

4. one national competent authority from the Member State where the critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31; is established, on a voluntary basis.

Members of the joint examination team shall have expertise in ICT matters and in operational risk. The joint examination team shall work under the coordination of a designated Lead Overseermeans the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; staff member (the ‘Lead Overseermeans the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; coordinator’).

Within 3 months of the completion of an investigation or inspection, the Lead Overseermeans the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation;, after consulting the Oversight Forum, shall adopt recommendations to be addressed to the critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31; pursuant to the powers referred to in Article 35.

The recommendations referred to in paragraph 3 shall be immediately communicated to the critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31; and to the competent authorities of the financial entities to which it provides ICT servicesmeans digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services;.

For the purposes of fulfilling the oversight activities, the Lead Overseermeans the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; may take into consideration any relevant third-party certifications and ICT third-party internal or external audit reports made available by the critical ICT third-party service providermeans an ICT third-party service provider designated as critical in accordance with Article 31;.