Article 7, Paragraph 5. · ECB/2022/31

Contents

1. Following the provision of a warning of an alleged infring…
10. Competent NCBs and the ECB shall notify each other of any…
11. Where a remedial plan is endorsed and implemented pursuant…
12. Where a reporting agent fails to comply with a deadline as…
13. Notwithstanding paragraphs 1 to 12, competent Eurosystem c…
2. Within 60 calendar days of the notification referred to in…
3. This Article shall not apply in either of the following ca…
4. A remedial plan shall be prepared by the reporting agent a…
5. The competent Eurosystem central bank shall assess a remed…
6. Where a revised remedial plan is submitted within the dead…
7. A competent NCB shall submit any remedial plan or any revi…
8. Where a competent Eurosystem central bank endorses a remed…
9. A competent Eurosystem central bank may extend the deadlin…

5.The competent Eurosystem central bank shall assess a remedial plan submitted pursuant to paragraph 4 without delay and in any case within 12 calendar days from the date of such submission, and, where applicable, having due regard to any comments provided by the ECB in accordance with paragraph 7, it shall either:

(a)endorse the plan and set a final deadline of not more than 60 calendar days for the overall implementation of that plan from the date of its endorsement; or

(b)where the plan is not sufficient to remedy the alleged infringement, request that the reporting agent prepares and submits a revised remedial plan within 10 calendar days from the date of such request.