Directive 2014/49/EU allows Member States to recognise an IPS as a DGS if it fulfils the criteria laid down in Article 113(7) of Regulation (EU) No 575/2013 and complies with Directive 2014/49/EU. To take into account the specific business model of those IPSs, in particular the relevance of preventive measures at the core of their mandate, it is appropriate to provide for the possibility of Member States to allow for a longer period for IPSs to adapt to the new rules. That possibility for a longer compliance period takes into account the time that IPSs recognised as DGSs need to build financial means on a separate account for accounting purposes dedicated to granting financial support to a member and in particular to ensure its liquidity and solvency to avoid bankruptcy where necessary.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
