S.L. 403.24 Art. 3Main objective of supervision and supervisory convergence.

(1) Without prejudice to article 4(1) of the Act, the competent authority shall, in the exercise of its general duties, duly consider the potential impact of its decisions on the stability of the financial system in the European Union, in particular, in emergency situations, based on the information available at the relevant time: Provided that, in times of exceptional movements in the financial markets, the competent authority shall take into account the potential pro-cyclical effects of its actions.

(2) In exercising its functions and duties under the Act, the competent authority shall also take into account a European Union dimension.