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In this act Article 4 of 7

Article 4 — Reply to a request for consultation

Financial servicesLevel 2ITSMiFID IIIn forceOfficial source

4(1)

1.The competent authority receiving the request shall reply to a request for consultation in paper form, or by electronic means. It shall be addressed to the contact point of requesting competent authority unless otherwise specified by that authority.

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4(2)

2.The competent authority receiving the request shall inform the requesting competent authority of any clarification it requires in relation to the information requested.

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4(3)

3.The competent authority receiving the request shall provide the requesting competent authority as soon as possible by filling in the form set out in Annex III, and within 60 working days of receipt of the request for consultation at the latest with the following information:

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4(3)(a)
(a)the information requested in the request for consultation and any views or reservations in relation to the granting of the authorisation;
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4(3)(b)
(b)any other essential information that could influence the granting of the authorisation.
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4(4)

4.Where the competent authority receiving the request considers it likely not to be able to meet the time-limit set out in paragraph 3, it shall promptly inform the requesting competent authority thereof, indicating the reasons for the delay and an estimated date of response. It shall also provide information regularly on the progress of preparation of its reply.

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4(5)

5.Where the competent authority receiving the request is not able to meet the time-limit set out in paragraph 3 of this Article, it shall provide the information in a manner which ensures that any necessary action may proceed expeditiously, whilst complying with the time-limit set out in Article 7(3) of Directive 2014/65/EU.

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