Art. 8 Notification of the decision to selected obliged entities | ITS on cooperation for the purposes of direct supervision | AML

This article governs what happens immediately after the selection process concludes, specifically how the Authority communicates the outcome to selected obliged entities.

It builds directly on the selection process established under Article 13 of Regulation (EU) 2024/1620 and sets out both the procedural requirements for notification and the due process rights that must be made available to selected entities.

The article also ensures that financial supervisors and relevant non-AML/CFT authorities are kept informed in parallel, creating a coordinated communication framework around the moment of selection.

Important points:

The Authority is required to notify each selected obliged entity in writing, without undue delay, covering pending supervisory procedures, correction and review timelines, due process rights, and the right to judicial review.
Selected obliged entities have the right to request editorial corrections or a substantive review within set time limits, after which the Authority is not obliged to consider further submissions.
The Authority must inform relevant financial supervisors of any review of the selection outcome before the list of selected obliged entities is published.

1. Following the selection process referred to in Article 13 of Regulation (EU) 2024/1620, and after informing the financial supervisors, the Authority shall, without undue delay, notify each selected obliged entity of the decision resulting from the selection process in respect of that selected obliged entity.
2. The Authority shall concomitantly communicate this outcome to the relevant non-AML/CFT authorities pursuant to Article 13(5) of Regulation (EU) 2024/1620.
1. The notification to the selected obliged entities referred to in paragraph 1 shall:
  1. be provided in writing;
  2. indicate how any pending supervisory procedures or investigations involving the selected obliged entity are to be taken forward;
  3. indicate the contact point and time limit for submitting requests for editorial corrections to the draft decision;
  4. indicate the contact point and time limit for requesting a substantive review, specifying the applicable due process rights of the selected obliged entity, including the form in which the right to be heard may be exercised, the right to legal representation, the choice of language and the right to access the selection file; such due process rights may be specified by way of reference to the framework adopted by the Authority.
    The Authority shall not be obliged to take into account technical observations or requests for substantive review received after the time limit set.
    For the purpose of the right to access, the selection file consists of the data points, the eligibility information, and the final score of the selected obliged entities.
  5. refer to the right to request a judicial review.
1. The Authority shall inform the relevant financial supervisors, without undue delay and before the publication of the list of selected obliged entities, of any review of the outcome of the selection process.

Article 8 Notification of the decision to selected obliged entities

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