In exceptional cases where the competent authority deems it necessary to take urgent action under this Article in order to prevent detriment arising from the insurance - based investment products , activities or practices referred to in paragraph 1 , the competent authority may take action on a provisional basis with no less than 24 hours ' written notice before the measure is intended to take effect to all other competent authorities and EIOPA , provided that all the criteria in this Article are met and that , in addition , it is clearly established that a one - month notification period would not adequately address the specific concern or threat .