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In this act Article 7 of 13

Article 7 — Reply to a request

Financial servicesLevel 2ITSMARIn forceOfficial source

7(1)

1.If the requested body requires clarification of a request made in accordance with Article 5, it shall seek that clarification from the requesting body, without undue delay, using any means appropriate, either orally or in writing. The requesting body shall provide the clarification without undue delay.

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7(2)

2.In executing a request made in accordance with Article 5, the requested body shall:

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7(2)(a)
(a)use the form set out in Annex III;
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7(2)(b)
(b)take all reasonable steps within its powers to provide the requested cooperation or information; and
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7(2)(c)
(c)act without delay and in a manner which ensures that any necessary regulatory action can proceed expediently taking into account the complexity of the request concerned and whether it is necessary to involve third parties.
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7(3)

3.If the requested body is a competent authority who refuses to act on the request, in full or in part, in one of the exceptional circumstances listed in Article 25(2) of Regulation (EU) No 596/2014, it shall inform the requesting body without delay using any means appropriate, either orally or in writing. It shall subsequently confirm its decision in writing, indicating which of those exceptional circumstances it has relied upon for its refusal.

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