A competent authority of the host Member State that has clear and demonstrable grounds for believing that irregularities have been committed by an issuer of a European Green Bond or that such an issuer has infringed this Regulation shall transmit those findings to the competent authority of the home Member State and to ESMA.

Where, despite the measures taken by the competent authority of the home Member State, an issuer of a European Green Bond persisted in infringing this Regulation, the competent authority of the host Member State, after informing the competent authority of the home Member State and ESMA, shall take all appropriate measures to protect investors and shall inform the Commission and ESMA thereof without undue delay.

A competent authority that disagrees with any of the measures taken by another competent authority pursuant to paragraph 2 may bring the matter to the attention of ESMA. ESMA may act in accordance with the powers conferred on it by Article 19 of Regulation (EU) No 1095/2010.