(29)Third, to overcome exceptional situations of persistent inaction by the competent authority concerned, the Authority should be empowered, as a last resort, to adopt decisions addressed to individual financial institutions. That power should be limited to exceptional circumstances in which a competent authority does not comply with the formal opinion addressed to it and in which Union law is directly applicable to financial institutions by virtue of existing or future Union regulations.
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New version applies from 20/03/2014 — introduced by Mortgage Credit Directive.
71 provisions change.
Later versions: 02/07/2014, 19/08/2014, 12/01/2016, 30/03/2019, 01/01/2020, 26/06/2021, 30/12/2024, 10/11/2025, 31/12/2025.
Recital 29 changes in this version: compare with the current text.