Source: OJ L, 2024/2494, 25.9.2024

Article 8 Cooperation procedures

Summary What does Article 8 of the ITS on supervisory cooperation say?

This article deals with the coordination of cross-border investigations or inspections under the broader framework established by Article 95(5) of Regulation (EU) 2023/1114.

It gives ESMA and EBA the ability to form temporary, ad hoc groups made up of the relevant national competent authorities when such cross-border coordination is needed.

It also places an obligation on ESMA and EBA to maintain regular consultation with each other when participating in these groups.

Important points:

ESMA and EBA may establish temporary ad hoc groups of competent authorities to coordinate investigations or inspections that have a cross-border effect.
The formation of these groups is triggered by a request under Article 95(5) of Regulation (EU) 2023/1114, meaning this article is directly dependent on that provision.
ESMA and EBA are required to consult each other regularly when participating in any such temporary group.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

1. Where ESMA or EBA are requested under Article 95(5) of Regulation (EU) 2023/1114 to coordinate an investigation or inspection with cross-border effect, ESMA or EBA may establish a temporary group on an ad hoc basis to include the competent authorities of the Member States affected by that investigation or inspection.
1. When participating in temporary groups referred to in paragraph 1, ESMA and EBA shall consult each other regularly.

Table of contents

Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.