Recital 1

(1)Article 36 of Regulation (EU) 2017/2402 requires the competent authorities referred to in Article 29 of Regulation (EU) 2017/2402 (the competent authorities) and the three European Supervisory Authorities (ESAs), namely the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA), to cooperate closely with each other and exchange information in order to carry out their duties under Articles 30 to 34 of that Regulation. It also requires competent authorities who find that an entity has or may have infringed certain requirements of that Regulation to notify the entity’s competent authority of their findings, and, where the infringement concerns an incorrect or misleading notification pursuant to Article 27(1) of that Regulation, to notify the competent authority of the entity that has been designated as the first contact point to inform, in turn, the ESAs.