(2)Regulation (EU) 2017/1538 enables the European Central Bank (ECB) to decide, at the request of an NCA, to apply that Regulation to less significant supervised entities which are subject to a national accounting framework based on Council Directive 86/635/EEC 5 and established in the Member State of that NCA from 1 January 2019 if the national accounting framework is not compatible with International Financial Reporting Standards.
Recital 2
- 5 Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions ( OJ L 372, 31.12.1986, p. 1 ). ↩