TEXT PROPOSED BY THE COUNCIL

AMENDMENT

1a.     The Chair of the ESRB shall be the President of the ECB. His or her term of office shall be the same as his or her term of office as President of the ECB.

1b.     The first Vice-Chair shall be elected by the members of the General Council of the ECB for the same term as that of his or her membership of the General Council, with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected.

1c.     The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities (Joint Committee) established by Article 40 of Regulation (EU) No …/2010 [ESMA], of Regulation (EU) No …/2010 [EIOPA] and of Regulation (EU) No …/2010 [EBA] (the ‘Joint Committee’).

1d.     Before taking office, the Chair and the first Vice-Chair shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee.

1e.     The Chair shall preside at the meetings of the General Board and the Steering Committee.

1f.     The Vice-Chairs, in order of precedence, shall preside at the General Board and the Steering Committee when the Chair is unable to participate in a meeting.

1g.     If the Vice-Chairs are unable to discharge their duties, new Vice-Chairs shall be elected in accordance with paragraphs 1b and 1c.

1h.     The Chair shall represent the ESRB externally.

1i.     The Chair shall be invited to an annual hearing in the European Parliament marking the publication of the annual report of the ESRB, which shall take place in a different context from the monetary dialogue between the European Parliament and the President of the ECB.

The European Central Bank shall ensure a Secretariat, and thereby provide analytical, statistical, logistical and administrative support to the ESRB. The mission of the Secretariat as defined in Article 4(4) of Regulation XXXX, shall include in particular:

The ECB shall ensure a Secretariat, and thereby provide analytical, statistical, logistical and administrative support to the ESRB. It shall also draw technical advice from the European Supervisory Authorities, national central banks and national supervisors. It shall also be responsible for all staff matters. The tasks of the Secretariat referred to in Article 4(4) of Regulation (EU) No …/2010 [ESRB] shall include in particular:

1.   The ECB shall ensure sufficient , human and financial resources for the fulfilment of its task of ensuring the Secretariat.

1.   The ECB shall ensure sufficient human and financial resources for the fulfilment of the tasks of the Secretariat. The ECB shall ensure that the Secretariat has high-quality staff reflecting the broad scope of the ESRB and the composition of the General Board. The ECB shall ensure a fair financing of the Secretariat from its own resources .

2.   The Head of the Secretariat shall be appointed by the ECB, in consultation with the General Board of the ESRB.

2.   The Head of the Secretariat shall be appointed by the ECB, on a proposal by the General Board of the ESRB.

2a.     All members of the Secretariat shall be required not to disclose information subject to professional secrecy, even after their duties have ceased, in accordance with Article 8 of Regulation (EU) No …/2010 [ESRB] to ensure the aim set out in Article 6 of this Regulation.

2.   The Head of the Secretariat or its representative shall attend the meetings of the General Board, the Steering Committee and the Advisory Technical Committee of the ESRB.

2.   The Head of the Secretariat or its representative shall attend the meetings of the General Board, the Steering Committee and the Advisory Scientific Committee of the ESRB.

2a.     The Secretariat may request information, in individual, summary or collective form, relating to financial institutions or markets relevant for the tasks of the ESRB from the European Supervisory Authorities and, in the cases specified in Article 15 of Regulation (EU) No …/2010 [ESRB], the national supervisory authorities, the national central banks, other authorities of the Member States or, on the basis of a reasoned request, directly from the financial institutions.

2b.     Information under paragraph 2 may include data relating to the European Economic Area, the Union or the euro area, or national aggregated and individual data. National data shall be collected only on a reasoned request. Before a request for data is made, the Secretariat shall first take account of the existing statistics produced, disseminated and developed by both the European Statistical System and the ESCB and then consult the relevant European Supervisory Authority, in order to ensure that the request is proportionate.

The Council shall examine this Regulation three years after the date set out in Article 8, on the basis of a report from the Commission and shall determine whether the present Regulation needs to be reviewed after having received an opinion from the ECB and from the European Supervisory Authorities .

The European Parliament and the Council shall , by … (10), examine this Regulation on the basis of a report from the Commission and shall determine whether the objectives and organisation of the ESRB need to be reviewed after having received an opinion from the ECB.

The report shall assess, in particular, whether: