Article 16a Delegation of tasks and responsibilities

National regulatory authorities may, with the consent of the delegate, delegate tasks and responsibilities to the Agency or to another national regulatory authority subject to the conditions set out in this Article. Member States may set out specific arrangements regarding the delegation of responsibilities that are to be complied with before their national regulatory authorities enter into delegation agreements and may limit the scope of delegation to what is necessary for the effective supervision of market participants or groups.

The delegation of tasks and responsibilities shall result in the reallocation of competences laid down in this Regulation. The law of the Member States where the delegate is located shall govern the procedure, enforcement and administrative and judicial review relating to the delegated responsibilities.

The national regulatory authorities shall notify the Agency of any delegation agreements into which they intend to enter. They shall enter into those agreements at the earliest one month after informing the Agency.

The Agency may issue an opinion on an intended delegation agreement notified pursuant to paragraph 3 within one month of receipt of the notification.

The Agency shall publish, by appropriate means, any delegation agreement concluded by the national regulatory authorities, in order to ensure that all parties concerned are informed appropriately.