Version in force , Modified +13 −1,203§
Amended by Regulation (EU) 2024/1620 32024R1620 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraph 6 no longer refers to "another financial sector operator" alongside financial institutions, and the individual decision the Authority may adopt is now addressed only to a financial institution.
The clause extending that power to matters concerning the prevention and countering of money laundering and terrorist financing has been removed, along with the reference to national law transposing Directives or exercised Member State options in that context.
The former second subparagraph, which let the Authority adopt a decision requiring a competent authority to comply with the formal opinion in money-laundering matters where relevant requirements were not directly applicable to financial sector operators, has been deleted entirely.
Cited: Art. 17, v2 (external, EUR-Lex) · Art. 17, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 10 November 2025 02010R1093-20251110 → this version, in force 31 December 2025 02010R1093-20251231
Article 17
Breach of Union law
1. Where a competent authority has not applied the acts referred to in Article 1(2), or has applied them in a way which appears to be a breach of Union law, including the regulatory technical standards … 578 unchanged words … of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislative acts referred to in Article 1(2) of this Regulation are directly applicable to financial institutions or, in the context of matters relating to the prevention and countering of money laundering and of terrorist financing, to financial sector operators, institutions, adopt an individual decision addressed to a financial institution or another financial sector operator requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.
In matters concerning the prevention of the use of the financial system for the purpose of money laundering or of terrorist financing, where the relevant requirements of the legislative acts referred to in Article 1(2) are not directly applicable to financial sector operators, the Authority may adopt a decision requiring the competent authority to comply with the formal opinion referred to in paragraph 4 of this Article within the period specified therein. If the authority does not comply with that decision, the Authority may also adopt a decision in accordance with the first subparagraph. To that effect, the Authority shall apply all relevant Union law, and, where that Union law is composed of Directives, national law to the extent that it transposes those Directives. Where the relevant Union law is composed of Regulations and where those Regulations explicitly grant options for Member States, the Authority shall apply also national law to the extent that such options have been exercised.
The decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4.
7. Decisions adopted in accordance with paragraph 6 shall prevail over any previous decision adopted by the competent authorities on the same matter.
When taking action in relation to issues which are subject to a formal opinion pursuant to paragraph 4 or to a decision pursuant to paragraph 6, competent authorities shall comply with the formal opinion or the decision, as the case may be.
8. In the report referred to in Article 43(5), the Authority shall set out which competent authorities and financial institutions have not complied with the formal opinions or decisions referred to in paragraphs 4 and 6 of this Article.