Article 22 4

4.   The EEA shall draw up an annual report, compiling and analysing the data on early warning signals gathered in accordance with paragraphs 2 and 3. The first report shall be prepared by 2 July 2027. The EEA shall present that report to the Authorities. Within nine months of the presentation of each annual report, the Authorities shall consider undertaking regulatory, policy or enforcement actions accordingly, and provide a justification if they decide not to proceed with any action.