5. This document contains guidelines issued under Article 16 of the ESMA Regulation [Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC.]. In accordance with Article 16(3) of the ESMA Regulation competent authorities must make every effort to comply with the guidelines.
6. Competent authorities to whom the guidelines apply should comply by incorporating them into their supervisory practices.
Reporting requirements
7. Competent authorities to which these guidelines apply must notify ESMA whether they comply or intend to comply with the guidelines, with reasons for non-compliance, within two months of the date of publication of these guidelines by ESMA. In the absence of a response by this deadline, competent authorities will be considered as non-complia
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