Recital 4

(4)Article 497(3) of Regulation (EU) No 575/2013 empowers the Commission to adopt an implementing act in order to extend the transitional period by six months in exceptional circumstances. That extension should also apply in respect of the time limits laid down in Article 89 (5a) of Regulation (EU) No 648/2012. Commission Implementing Regulation (EU) No 591/2014 ³ has already extended those transitional periods by six months, until 15 December 2014.