Chapter V, Section II, Article 38 · Commission Delegated Regulation (EU) 2026/255

Contents

Article 38Procedure for the orderly substitution#

1.No later than two working days following the notification of a withdrawal decision, the IIP or RRM whose authorisation has been withdrawn (the ‘withdrawing IIP or RRM’) shall inform its IIP clients or RRM clients, in writing, of the arrangements and procedures to be followed for the transfer of relevant data and the redirection of reporting flows to an alternative IIP or RRM chosen by the IIP client or the RRM client. In the same communication, the withdrawing IIP or RRM shall request the relevant IIP clients or RRM clients whether, for the purpose of ensuring orderly substitution, they intend to arrange the redirection of data flow to another IIP or RRM (the ‘selected IIP or RRM’) themselves or to leave this arrangement to the withdrawing IIP or RRM.

2.In the request referred to in paragraph 1, the withdrawing IIP or RRM shall ask for the following details:

(a)the legal name of the entity of the selected IIP or RRM;

(b)the legal registered address of the selected IIP or RRM;

(c)the contact details of the selected IIP or RRM.

3.The selected IIP or RRM shall start the relevant services for the relevant IIP client or RRM client at the latest the working day following the termination of the period for the orderly substitution, as established by the Agency’s decision, provided that the IIP client or the RRM client has signed the service agreement for the relevant IIP or RRM services.

4.The withdrawing IIP or RRM shall obtain from the relevant IIP client or RRM client the information of the selected IIP or RRM in written form within two months from the notification mentioned in paragraph 1. If the relevant IIP client or RRM client fails to do so, the Agency shall notify the national regulatory authority of the Member State where the IIP client or RRM client is registered. The notified national regulatory authority shall assess the need for possible enforcement action.

5.After the period for the orderly substitution established by the Agency has expired, the withdrawing IIP or RRM shall notify the Agency, without undue delay, of the selection made by each of their IIP clients or RRM clients. That notification shall also indicate the exact date on which the withdrawing IIP or RRM notified the relevant IIP client or RRM client in accordance with paragraph 1, as well as the date on which the information of the selected IIP or RRM was received by the withdrawing IIP or RRM.

6.During the period for the orderly substitution established by the Agency, the selected IIP or RRM shall receive the following:

(a)the details of inside information reports or data records, as applicable, that have been reported or submitted to the Agency after the date of the adoption of the withdrawal decision;

(b)the details of inside information reports or data records, as applicable, submitted to the Agency one year prior to the date of the adoption of the withdrawal decision and any contract related to the submission of inside information reports or data records, as applicable, that is ongoing on the date of the adoption of the withdrawal decision by the Agency;

(c)any other information relevant to the transfer of the withdrawing IIP’s or RRM’s services to the selected IIP or RRM.

The details and information set out in the first subparagraph shall be transferred to the selected IIP or RRM by the withdrawing IIP or RRM, unless their IIP or RRM clients have indicated the intention to arrange the redirection of data flow to the selected IIP or RRM themselves. In such a case, details and information set out in the first subparagraph shall be transferred by the IIP or RRM client.

7.The withdrawing IIP or RRM shall provide its IIP clients or RRM clients, upon their request, with any additional information or clarifications with respect to the transfers referred to in paragraph 1.

8.A withdrawing RRM which is reporting data records on its own behalf shall inform the Agency, in writing and within two months from the receipt of the withdrawal decision, about its selected RRM for the purpose of ensuring orderly substitution. The notification shall include the information referred to in paragraph 2. Paragraphs 3, 5 and 6 of this Article shall apply mutatis mutandis.