1. EBA shall monitor the quality of own funds and eligible liabilities instruments issued by institutions across the Union and shall notify the Commission immediately where there is significant evidence that those instruments do not meet the respective eligibility criteria set out in this Regulation.
Competent authorities shall, without delay and upon request by EBA, forward all information to EBA that EBA considers relevant concerning new capital instruments or new types of liabilities issued in order to enable EBA to monitor the quality of own funds and eligible liabilities instruments issued by institutions across the Union.
2. A notification shall include the following:
(a) a detailed explanation of the nature and extent of the shortfall identified;
(b) technical advice on the action by the Commission that EBA considers to be necessary;
3. EBA shall provide technical advice to th…