(4)In accordance with Article 5(1) of Regulation (EU) No 1024/2013 and Article 104 of Regulation (EU) No 468/2014, NCAs or NDAs notify the ECB of their intention to apply macroprudential measures ten working days prior to taking such a decision (notification of ‘intended macroprudential measures’). Upon receipt of the notification, the Secretary of the Supervisory Board transmits the intended macroprudential measures, to the Governing Council and the Supervisory Board without delay. Upon a proposal prepared by the Supervisory Board, based on the intended initiative and taking into account the input of the relevant committee and ECB internal structure, the Governing Council decides within three working days whether or not to raise objections. Where the Governing Council objects to the intended macroprudential measures, it explains its reasons in writing to the NCAs or NDAs within five working days of the notification to the ECB. The NCAs or NDAs consider the ECB’s reasons prior to proceeding with the final decision, as appropriate.