Article 40 Ongoing oversight

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When conducting oversight activities, in particular general investigations or inspections, the Lead Overseer means 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 provider means an ICT third-party service provider designated as critical in accordance with Article 31;.

1. the ESAsEuropean Supervisory Authority;

2. the relevant competent authoritiesas defined in Article 46 supervising the financial entitiesas defined in Article 2, points (a) to (t) to which the critical ICT third-party service provider means an ICT third-party service provider designated as critical in accordance with Article 31; provides ICT services means 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 authorityas defined in Article 46 referred to in Article 32(4), point (e), on a voluntary basis;

4. one national competent authorityas defined in Article 46 from the Member State where the critical ICT third-party service provider means 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 means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident;. The joint examination team shall work under the coordination of a designated Lead Overseer means the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation; staff member (the ‘Lead Overseer coordinatordefined in-line’).

Within 3 months of the completion of an investigation or inspection, the Lead Overseer means the European Supervisory Authority appointed in accordance with Article 31(1), point (b) of this Regulation;, after consulting the Oversight Foruma sub-committee of the Joint Committee for the purposes of supporting the work of the Joint Committee and of the Lead Overseer in the area of ICT third-party risk across financial sectors, shall adopt recommendations to be addressed to the critical ICT third-party service provider means 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 provider means an ICT third-party service provider designated as critical in accordance with Article 31; and to the competent authoritiesas defined in Article 46 of the financial entitiesas defined in Article 2, points (a) to (t) to which it provides ICT services means 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 Overseer means 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 provider means an ICT third-party service provider designated as critical in accordance with Article 31;.