AI Summary of Article 9a No action letters
The Authority may take the measures referred to in paragraph 2 only in exceptional circumstances where it considers that the application of a legislative act referred to in Article 1(2), or of any delegated or implementing act based on those acts, is liable to raise significant issues for one of the following reasons: (a) the act may directly conflict with another relevant act; (b) where the act is one of the legislative acts referred to in Article 1(2), the absence of delegated or implementing acts that would complement or specify it would raise legitimate doubts about its legal consequences or proper application; or (c) the absence of guidelines and recommendations under Article 16 would create practical difficulties. In those cases the Authority shall send a detailed written account to competent authorities and the Commission; in cases (a) and (b) it shall provide the Commission with an opinion on appropriate action, including proposals for new legislative, delegated or implementing acts and an assessment of urgency, and make that opinion public; in case (c) it shall evaluate promptly the need to adopt guidelines or recommendations under Article 16 and shall act expeditiously to prevent the identified issues.
Where necessary and pending the adoption and application of new measures, the Authority shall issue opinions on specific provisions to further consistent, efficient and effective supervisory and enforcement practices and the common, uniform and consistent application of Union law. Where information, including from competent authorities, indicates that any of the relevant legislative, delegated or implementing acts raises significant exceptional issues affecting market confidence, customer or investor protection, the orderly functioning and integrity of financial or commodity markets, or the stability of the whole or part of the Union financial system, the Authority shall without undue delay send a detailed written account to competent authorities and the Commission, may provide the Commission with an opinion on appropriate action including legislative or delegated/implementing proposals and their urgency, and shall make its opinion public.
Article 9a No action letters
1. The Authority shall take the measures referred to in paragraph 2 of this Article only in exceptional circumstances when it considers that the application of one of the legislative acts referred to in Article 1(2), or of any delegated or implementing acts based on those legislative acts, is liable to raise significant issues, for one of the following reasons:
(a) the Authority considers that provisions contained in such act may directly conflict with another relevant act;
(b) where the act is one of the legislative acts referred to in Article 1(2), the absence of delegated or implementing acts that would complement or specify the act in question would raise legitimate doubts concerning the legal consequences flowing from the legislative act or its proper application;
(c) the absence of guidelines and recommendations as referred to in Article 16 would raise practical difficulties concerning the application of the relevant legislative act.