Competent authorities may, with the consent of the delegate, delegate tasks and responsibilities to the Authority or other competent authorities, subject to the conditions set out in this Article. Member States may set out specific arrangements that must be complied with before their competent authorities enter into such delegation agreements, and may limit the scope of delegation to what is necessary for the effective supervision of cross‑border financial market participants or groups. The Authority shall stimulate and facilitate delegation by identifying tasks and responsibilities that can be delegated or jointly exercised and by promoting best practices.

Delegation of responsibilities shall result in the reallocation of competences laid down in the acts referred to in Article 1(2). The law of the delegate authority shall govern procedure, enforcement and administrative and judicial review relating to the delegated responsibilities. Competent authorities shall inform the Authority of delegation agreements they intend to enter and shall put the agreements into effect no earlier than one month after informing the Authority. The Authority may give an opinion within one month of being informed and shall publish, by appropriate means, any delegation agreement as concluded to ensure that all parties concerned are informed appropriately.