Article 5 Time limits for the initial notification, and for the intermediate and final reports

1. for the initial report: as early as possible, but in any case, within four hours from the classification of the ICT-related incidentmeans a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity; as a major ICT-related incidentmeans an ICT-related incident that has a high adverse impact on the network and information systems that support critical or important functions of the financial entity; and no later than 24 hours from the moment the financial entity has become aware of the ICT-related incidentmeans a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity;;

2. for the intermediate report: at the latest within 72 hours from the submission of the initial notification, even where the status or the handling of the incident have not changed as referred to in Article 19(4), point (b), of Regulation (EU) 2022/2554. Financial entities shall submit an updated intermediate report without undue delay, and in any case when the regular activities have been recovered;

3. for the final report: no later than one month after either the submission of the intermediate report, or, where applicable, after the latest updated intermediate report.

Where the financial entity has not classified an ICT-related incidentmeans a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity; as major within 24 hours from the moment the financial entity has become aware of the ITC-related incident but classifies that ICT-related incidentmeans a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity; as major at a later stage, the financial entity shall submit the initial notification within four hours from the classification of the ICT-related incidentmeans a single event or a series of linked events unplanned by the financial entity that compromises the security of the network and information systems, and have an adverse impact on the availability, authenticity, integrity or confidentiality of data, or on the services provided by the financial entity; as a major incident.

Financial entities that are unable to submit the initial notification, intermediate report, or final report within the time limits set out in paragraph 1, shall inform the competent authority thereof without undue delay, but no later than the respective time limits for the submission of the notification or report, and shall explain the reasons for the delay.

Where the time limit for the submission of an initial notification, intermediate report, or a final report falls on a weekend day or a bank holiday in the Member State of the reporting financial entity, the financial entity may submit the initial notification, intermediate or final reports by noon of the next working day.

Paragraph 4 shall not apply for the submission of an initial notification or an intermediate report by credit institutionsmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council(^32^);Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1)., central counterpartiesmeans a central counterparty as defined in Article 2, point (1), of Regulation (EU) No 648/2012;, operators of trading venuesmeans a trading venue as defined in Article 4(1), point (24), of Directive 2014/65/EU;, and other financial entities identified as essential or important entities pursuant to Article 3 of Directive (EU) 2022/2555.

Competent authorities may decide that paragraph 4 shall not apply for the submission of an initial notification or an intermediate report by financial entities, other than those referred to in paragraph 5, which are significant or have a systemic character for the financial sector at national or Union level. Competent authorities shall notify their decision to the identified financial entities. The decision of the competent authority shall only apply in respect of incidents reported after the date of notification of the decision by the competent authority to the identified financial entities.