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Article 34 Action in cases of systematic failures of supervision

1. Where a financial supervisor has not applied measures laid down in Directive (EU) …/…[OJ: Please insert the number of the Directive contained in document PE-CONS 37/24 (2021/0250(COD)).], or the provisions of national law transposing that Directive, or has applied measures in a way that appears to be a breach of Union law leading to systematic failures in its supervision which affect multiple obliged entities and undermine the effectiveness of the AML/CFT supervisory system, the Authority shall act in accordance with the powers set out in paragraphs 2, 3 and 4.

2. The Authority may initiate an investigation of a potential breach of Union law referred to in paragraph 1 on its own initiative where it has an indication of such a breach based on well-substantiated information collected by the Authority when carrying out its tasks pursuant to this Regulation.

The Authority may also investigate an alleged breach or non-application of Union law upon a well-substantiated request from on

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