Recital 4

(4)Pursuant to Article 4(1)(b) of Regulation (EU) No 1024/2013, the ECB is exclusively competent to carry out, for prudential supervisory purposes, the tasks which the competent authority of the home Member State has under the relevant Union law for significant credit institutions established in a participating Member State, which wish to establish a branch or provide cross-border services in a non-participating Member State. In addition, under Article 17(1) of Regulation (EU) No 1024/2013 and under Article 11(1) and (3) of Regulation (EU) No 468/2014 of the European Central Bank (ECB/2014/17) ³ , any significant supervised entity wishing to establish a branch within the territory of another participating Member State must notify the national competent authority of the participating Member State where the significant supervised entity has its head office, of its intention. Under Article 11(3) of Regulation (EU) No 468/2014 (ECB/2014/17), where no decision to the contrary is taken by the ECB within two months of receipt of that notification, the branch may be established and commence its activities.