(1) The Bank shall make every effort to comply with any guidelines and recommendations issued by ESMA following peer reviews it has performed in accordance with Article 38 of the Directive.
(2) Within 2 months after the issuance of a guideline or recommendation referred to in paragraph (1), the Bank shall confirm whether it complies or intends to comply with that guideline or recommendation. In the event that the Bank does not comply or intend to comply, it shall inform ESMA, stating its reasons.