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Document 02010R1092-20191230
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
Consolidated text: Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
02010R1092 — EN — 30.12.2019 — 001.001
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REGULATION (EU) No 1092/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010 (OJ L 331 15.12.2010, p. 1) |
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REGULATION (EU) 2019/2176 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 December 2019 |
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REGULATION (EU) No 1092/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 24 November 2010
on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
CHAPTER I
GENERAL PROVISIONS
Article 1
Establishment
The ESFS shall comprise:
the ESRB;
the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010;
the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010;
the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010;
the Joint Committee of the European Supervisory Authorities (Joint Committee) provided for by Article 54 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010;
the competent or supervisory authorities in the Member States as specified in the Union acts referred to in Article 1(2) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.
Article 2
Definitions
For the purpose of this Regulation, the following definitions shall apply:
‘financial institution’ means any undertaking that falls within the scope of the legislation referred to in Article 1(2) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, as well as any other undertaking or entity in the Union whose main business is of a similar nature;
‘financial system’ means all financial institutions, markets, products and market infrastructures;
‘systemic risk’ means a risk of disruption in the financial system with the potential to have serious negative consequences for the real economy of the Union or of one or more of its Member States and for the functioning of the internal market. All types of financial intermediaries, markets and infrastructure may be potentially systemically important to some degree.
Article 3
Mission, objectives and tasks
For the purposes of paragraph 1, the ESRB shall carry out the following tasks:
determining and/or collecting and analysing all the relevant and necessary information, for the purposes of achieving the objectives described in paragraph 1;
identifying and prioritising systemic risks;
issuing warnings where such systemic risks are deemed to be significant and, where appropriate, making those warnings public;
issuing recommendations for remedial action in response to the risks identified and, where appropriate, making those recommendations public;
when the ESRB determines that an emergency situation may arise pursuant to Article 18 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 issuing a confidential warning addressed to the Council and providing the Council with an assessment of the situation, in order to enable the Council to assess the need to adopt a decision addressed to the ESAs determining the existence of an emergency situation;
monitoring the follow-up to warnings and recommendations;
cooperating closely with all the other parties to the ESFS; where appropriate, providing the ESAs with the information on systemic risks required for the performance of their tasks; and, in particular, in collaboration with the ESAs, developing a common set of quantitative and qualitative indicators (risk dashboard) to identify and measure systemic risk;
participating, where appropriate, in the Joint Committee;
coordinating its actions with those of international financial organisations, particularly the IMF and the FSB as well as the relevant bodies in third countries on matters related to macro-prudential oversight;
carrying out other related tasks as specified in Union legislation.
CHAPTER II
ORGANISATION
Article 4
Structure
When giving directions to the head of the Secretariat in accordance with Article 4(1) of Council Regulation (EU) No 1096/2010, the Chair and the Steering Committee may address the following:
the day-to-day management of the Secretariat;
any administrative and budgetary issues related to the Secretariat;
the coordination and preparation of the work and the decision making of the General Board;
the preparation of the annual ESRB programme proposal and its implementation;
the preparation of the annual report on the ESRB’s activities and the reporting to the General Board on the implementation of the annual programme.
Article 5
Chair and Vice-Chairs of the ESRB
Article 6
General Board
Members of the General Board with voting rights shall comprise:
the President and the Vice-President of the ECB;
the Governors of the national central banks. Member States in which the national central bank is not a designated authority pursuant to Directive 2013/36/EU of the European Parliament and of the Council ( 4 ) or Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 5 ) and in which that designated authority has the leading role in financial stability in its area of competence may alternatively nominate a high-level representative of a designated authority pursuant to Directive 2013/36/EU or Regulation (EU) No 575/2013;
a Representative of the Commission;
the Chairperson of the European Supervisory Authority (European Banking Authority);
the Chairperson of the European Supervisory Authority (European Insurance and Occupational Pensions Authority);
the Chairperson of the European Supervisory Authority (European Securities and Markets Authority);
the Chair and the two Vice-Chairs of the Advisory Scientific Committee;
the Chair of the Advisory Technical Committee.
Members of the General Board without voting rights shall comprise:
subject to the decision of each Member State in accordance with point (b) of paragraph 1 and in accordance with paragraph 3, a high-level representative per Member State of the national supervisory authorities, of a national authority entrusted with the conduct of macroprudential policy, or of the national central bank, unless the Governor of the national central bank is not the member of the General Board with voting rights referred to in point (b) of paragraph 1 in which case a high-level representative of the national central bank shall be the member of the General Board without voting rights;
the President of the Economic and Financial Committee (EFC);
the Chair of the Supervisory Board of the ECB;
the Chair of the Single Resolution Board established by Regulation (EU) No 806/2014 of the European Parliament and of the Council ( 6 ).
Article 7
Impartiality
Article 8
Professional secrecy
This paragraph is without prejudice to the confidential oral discussions held in accordance with Article 19(5).
Article 9
Meetings of the General Board
Article 10
Voting modalities of the General Board
Article 11
Steering Committee
The Steering Committee shall be composed of:
the Chair and first Vice-Chair of the ESRB;
the member of the Executive Board of the ECB responsible for financial stability and macroprudential policy;
four national members of the General Board with voting rights having regard to the need for a balanced representation of Member States between those which are participating Member States as defined in point (1) of Article 2 of Regulation (EU) No 1024/2013 and those which are not. They shall be elected by and from among national members of the General Board with voting rights for a period of three years;
a Representative of the Commission;
the Chairperson of the European Supervisory Authority (European Banking Authority);
the Chairperson of the European Supervisory Authority (European Insurance and Occupational Pensions Authority);
the Chairperson of the European Supervisory Authority (European Securities and Markets Authority);
the President of the EFC;
the Chair of the Advisory Scientific Committee; and
the Chair of the Advisory Technical Committee.
Any vacancy for an elected member of the Steering Committee shall be filled by the election of a new member by the General Board.
Article 12
Advisory Scientific Committee
Article 13
Advisory Technical Committee
The Advisory Technical Committee shall be composed of:
a representative of each national central bank and a representative of the ECB;
one representative per Member State of the competent national supervisory authorities, in accordance with the second subparagraph;
a representative of the European Supervisory Authority (European Banking Authority);
a representative of the European Supervisory Authority (European Insurance and Occupational Pensions Authority);
a representative of the European Supervisory Authority (European Securities and Markets Authority);
a representative of the Commission;
a representative of the Supervisory Board of the ECB;
a representative of the Single Resolution Board;
a representative of the EFC; and
a representative of the Advisory Scientific Committee.
The supervisory authorities of each Member State shall choose one representative in the Advisory Technical Committee. With regard to the representation of national supervisory authorities under point (b) of the first subparagraph, the respective representatives shall rotate depending on the item discussed, unless the national supervisory authorities of a particular Member State have agreed on a common representative.
Article 14
Other sources of advice
In performing the tasks set out in Article 3(2), the ESRB shall, where appropriate consult relevant private sector stakeholders. Such consultations shall be conducted as widely as possible to ensure an inclusive approach towards all interested parties and relevant financial sectors and shall allow reasonable time for stakeholders to respond.
CHAPTER III
TASKS
Article 15
Collection and exchange of information
Article 16
Warnings and recommendations
In order to enhance the awareness of risks in the economy of the Union and to prioritise such risks, the ESRB, in close cooperation with the other parties to the ESFS, shall elaborate a colour-coded system corresponding to situations of different risk levels.
Once the criteria for such classification have been elaborated, the ESRB’s warnings and recommendations shall indicate, on a case-by-case basis, and where appropriate, to which category the risk belongs.
Article 17
Follow-up of the ESRB recommendations
Article 18
Public warnings and recommendations
CHAPTER IV
FINAL PROVISIONS
Article 19
Accountability and reporting obligations
Article 20
Review
By 31 December 2024, the Commission shall, after having consulted the members of the ESRB, report to the European Parliament and to the Council on whether it is necessary to review the mission or organisation of the ESRB, also considering possible alternative models to the current one.
Article 21
Entry into force
This Regulation shall enter into force on the day following its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
( 1 ) Council Regulation (EU) No 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board (OJ L 331, 15.12.2010, p. 162).
( 2 ) See page 162 of this Official Journal.
( 3 ) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).
( 4 ) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
( 5 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
( 6 ) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).
( 7 ) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).