In order to take proper action, competent authoritiesas defined in Article 46 need to receive information about the major incident at the very early stages after the incident has been classified as major. Consequently, the timeline for submitting the initial notification should be as short as possible after classification of the incident but also providing flexibility for financial entitiesas defined in Article 2, points (a) to (t), especially for non-time critical service business models, with a longer timeline after financial entitiesas defined in Article 2, points (a) to (t) become aware of the incident in case financial entitiesas defined in Article 2, points (a) to (t) require more time to handle the incident. To avoid imposing an undue reporting burden to the financial entity at a time when it will be handling with the incident, the content of such initial notification should be limited to the most significant information.