(28)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 23/05/2014 — introduced by Directive 2014/51/EU.
137 provisions change.
Later versions: 01/01/2020, 01/07/2025, 10/11/2025.
Recital 28 changes in this version: compare with the current text.