What changed, Regulation (EU) No 1093/2010

+ ## CHAPTER I / ESTABLISHMENT AND LEGAL STATUS
− ### art_1
+ ### Article 1 — Establishment and scope of action
− Article 1
+ 2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 94/19/EC, Directive 2002/87/EC, Regulation (EC) No 1781/2006, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit in…
− 2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2006/48/EC, Directive 2006/49/EC, Directive 2002/87/EC, Regulation (EC) No 1781/2006, Directive 94/19/EC and, to the extent that those acts apply to credit and financial institutions and the c…
+ (a) improving the functioning of the internal market, including, in particular, a sound, effective and consistent level of regulation and supervision;
− | (a) | improving the functioning of the internal market, including, in particular, a sound, effective and consistent level of regulation and supervision; |
− | --- | --- |
+ (b) ensuring the integrity, transparency, efficiency and orderly functioning of financial markets;
− | (b) | ensuring the integrity, transparency, efficiency and orderly functioning of financial markets; |
− | --- | --- |
+ (c) strengthening international supervisory coordination;
− | (c) | strengthening international supervisory coordination; |
− | --- | --- |
+ (d) preventing regulatory arbitrage and promoting equal conditions of competition;
− | (d) | preventing regulatory arbitrage and promoting equal conditions of competition; |
− | --- | --- |
+ (e) ensuring the taking of credit and other risks are appropriately regulated and supervised; and
− | (e) | ensuring the taking of credit and other risks are appropriately regulated and supervised; and |
− | --- | --- |
+ (f) enhancing customer protection.
− | (f) | enhancing customer protection. |
− | --- | --- |
+ For those purposes, the Authority shall contribute to the consistent, efficient and effective application of the acts referred to in paragraph 2, foster supervisory convergence, provide opinions to the European Parliament, the Council and the Commission, and undertake economic analyses of the market…
− For those purposes, the Authority shall contribute to ensuring the consistent, efficient and effective application of the acts referred to in paragraph 2, foster supervisory convergence, provide opinions to the European Parliament, the Council, and the Commission and undertake economic analyses of t…
+ When carrying out its tasks, the Authority shall act independently, objectively and in a non-discriminatory manner, in the interests of the Union as a whole.
− When carrying out its tasks, the Authority shall act independently and objectively and in the interest of the Union alone.
+ ### Article 2 — European System of Financial Supervision
− ### art_2
− 
− Article 2
+ (a) the European Systemic Risk Board (ESRB), for the purposes of the tasks as specified in Regulation (EU) No 1092/2010 and this Regulation;
− | (a) | the European Systemic Risk Board (ESRB), for the purposes of the tasks as specified in Regulation (EU) No 1092/2010 and this Regulation; |
− | --- | --- |
+ (b) the Authority;
− | (b) | the Authority; |
− | --- | --- |
+ (c) the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (41);
− | (c) | the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (38); |
− | --- | --- |
+ (d) the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (42);
− | (d) | the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (39); |
− | --- | --- |
+ (e) the Joint Committee of the European Supervisory Authorities (Joint Committee) for the purposes of carrying out the tasks as specified in Articles 54 to 57 of this Regulation, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010;
− | (e) | the Joint Committee of the European Supervisory Authorities (Joint Committee) for the purposes of carrying out the tasks as specified in Articles 54 to 57 of this Regulation, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010; |
− | --- | --- |
+ (f) the competent or supervisory authorities as specified in the Union acts referred to in Article 1(2) of this Regulation, including the European Central Bank with regard to the tasks conferred on it by Regulation (EU) No 1024/2013, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/201…
− | (f) | the competent or supervisory authorities in the Member States as specified in the Union acts referred to in Article 1(2) of this Regulation, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010. |
− | --- | --- |
+ ### Article 3 — Accountability of the Authorities
− ### art_3
+ The Authorities referred to in points (a) to (d) of Article 2(2) shall be accountable to the European Parliament and to the Council. The European Central Bank shall be accountable to the European Parliament and to the Council with regard to the exercise of the supervisory tasks conferred on it by Re…
− Article 3
+ ### Article 4 — Definitions
− The Authorities referred to in Article 2(2)(a) to (d) shall be accountable to the European Parliament and the Council.
+ For the purposes of this Regulation the following definitions apply:
− ### art_4
+ (1) ‘financial institutions’ means ‘credit institutions’ as defined in Article 4(1) of Directive 2006/48/EC, ‘investment firms’ as defined in Article 3(1)(b) of Directive 2006/49/EC, and ‘financial conglomerates’ as defined in Article 2(14) of Directive 2002/87/EC, save that, with regard to Directiv…
− Article 4
+ (2) ‘competent authorities’ means:
− For the purposes of this Regulation the following definitions apply:
+ (i) competent authorities as defined in point (40) of Article 4(1) of Regulation (EU) No 575/2013, including the European Central Bank with regard to matters relating to the tasks conferred on it by Regulation (EU) No 1024/2013, in Directive 2007/64/EC, and as referred to in Directive 2009/110/EC;
− | (1) | ‘financial institutions’ means ‘credit institutions’ as defined in Article 4(1) of Directive 2006/48/EC, ‘investment firms’ as defined in Article 3(1)(b) of Directive 2006/49/EC, and ‘financial conglomerates’ as defined in Article 2(14) of Directive 2002/87/EC, save that, with regard to Dire…
− | --- | --- |
+ (ii) with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requirements of those Directives by credit and financial institutions; and
− | (2) | ‘competent authorities’ means:(i)competent authorities as defined in Directives 2006/48/EC, 2006/49/EC and 2007/64/EC and as referred to in Directive 2009/110/EC;(ii)with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requirements o…
− | --- | --- |
− | (i) | competent authorities as defined in Directives 2006/48/EC, 2006/49/EC and 2007/64/EC and as referred to in Directive 2009/110/EC; |
− | (ii) | with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requirements of those Directives by credit and financial institutions; and |
− | (iii) | with regard to deposit guarantee schemes, bodies which administer deposit-guarantee schemes pursuant to Directive 94/19/EC, or, where the operation of the deposit-guarantee scheme is administered by a private company, the public authority supervising those schemes pursuant to that Directiv…
+ (iii) with regard to deposit guarantee schemes, bodies which administer deposit-guarantee schemes pursuant to Directive 94/19/EC, or, where the operation of the deposit-guarantee scheme is administered by a private company, the public authority supervising those schemes pursuant to that Directive.
− ### art_5
+ ### Article 5 — Legal status
− Article 5
+ ### Article 6 — Composition
− ### art_6
− Article 6
− 
+ (1) a Board of Supervisors, which shall exercise the tasks set out in Article 43;
− | (1) | a Board of Supervisors, which shall exercise the tasks set out in Article 43; |
− | --- | --- |
+ (2) a Management Board, which shall exercise the tasks set out in Article 47;
− | (2) | a Management Board, which shall exercise the tasks set out in Article 47; |
− | --- | --- |
+ (3) a Chairperson, who shall exercise the tasks set out in Article 48;
− | (3) | a Chairperson, who shall exercise the tasks set out in Article 48; |
− | --- | --- |
+ (4) an Executive Director, who shall exercise the tasks set out in Article 53;
− | (4) | an Executive Director, who shall exercise the tasks set out in Article 53; |
− | --- | --- |
+ (5) a Board of Appeal, which shall exercise the tasks set out in Article 60.
− | (5) | a Board of Appeal, which shall exercise the tasks set out in Article 60. |
− | --- | --- |
− 
− ### art_7
+ ### Article 7 — Seat
− Article 7
+ ## CHAPTER II / TASKS AND POWERS OF THE AUTHORITY
− ### art_8
+ ### Article 8 — Tasks and powers of the Authority
− Article 8
+ 
+ (a) to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Union institutions and by developing guidelines, recommendations, draft regulatory and implementing technical standards, and other measures whi…
+ 
+ (aa) to develop and maintain up to date, taking into account, inter alia, changing business practices and business models of financial institutions, a European supervisory handbook on the supervision of financial institutions in the Union as a whole, which sets out supervisory best practices for met…
+ (b) to contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the acts referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling disa…
− | (a) | to contribute to the establishment of high-quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Union institutions and by developing guidelines, recommendations, and draft regulatory and implementing technical standards which shall be …
− | --- | --- |
+ (c) to facilitate the delegation of tasks and responsibilities among competent authorities;
+ 
+ (d) to cooperate closely with the ESRB, in particular by providing the ESRB with the necessary information for the achievement of its tasks and by ensuring a proper follow up to the warnings and recommendations of the ESRB;
− | (b) | to contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the acts referred to in Article 1(2), preventing regulatory arbitrage, mediating and settling …
− | --- | --- |
+ (e) to organise and conduct peer review analyses of competent authorities, including issuing guidelines and recommendations and identifying best practices, in order to strengthen consistency in supervisory outcomes;
− | (c) | to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities; |
− | --- | --- |
+ (f) to monitor and assess market developments in the area of its competence, including where appropriate trends in credit, in particular, to households and SMEs;
− | (d) | to cooperate closely with the ESRB, in particular by providing the ESRB with the necessary information for the achievement of its tasks and by ensuring a proper follow up to the warnings and recommendations of the ESRB; |
− | --- | --- |
+ (g) to undertake economic analyses of markets to inform the discharge of the Authority’s functions;
− | (e) | to organise and conduct peer review analyses of competent authorities, including issuing guidelines and recommendations and identifying best practices, in order to strengthen consistency in supervisory outcomes; |
− | --- | --- |
+ (h) to foster depositor and investor protection;
− | (f) | to monitor and assess market developments in the area of its competence, including where appropriate trends in credit, in particular, to households and SMEs; |
− | --- | --- |
+ (i) to promote the consistent and coherent functioning of colleges of supervisors, the monitoring, assessment and measurement of systemic risk, the development and coordination of recovery and resolution plans, providing a high level of protection to depositors and investors throughout the Union and…
− | (g) | to undertake economic analyses of markets to inform the discharge of the Authority’s functions; |
− | --- | --- |
+ (j) to fulfil any other specific tasks set out in this Regulation or in other legislative acts;
− | (h) | to foster depositor and investor protection; |
− | --- | --- |
+ (k) to publish on its website, and to update regularly, information relating to its field of activities, in particular, within the area of its competence, on registered financial institutions, in order to ensure information is easily accessible by the public.
− | (i) | to contribute to the consistent and coherent functioning of colleges of supervisors, the monitoring, assessment and measurement of systemic risk, the development and coordination of recovery and resolution plans, providing a high level of protection to depositors and investors throughout the…
− | --- | --- |
+ 1a. When carrying out its tasks in accordance with this Regulation, the Authority shall:
− | (j) | to fulfil any other specific tasks set out in this Regulation or in other legislative acts; |
− | --- | --- |
+ (a) use the full powers available to it; and
− | (k) | to publish on its website, and to update regularly, information relating to its field of activities, in particular, within the area of its competence, on registered financial institutions, in order to ensure information is easily accessible by the public; |
− | --- | --- |
+ (b) with due regard to the objective to ensure the safety and soundness of credit institutions, take fully into account the different types, business models and sizes of credit institutions.
− | (l) | to take over, as appropriate, all existing and ongoing tasks from the Committee of European Banking Supervisors (CEBS). |
− | --- | --- |
+ (a) develop draft regulatory technical standards in the specific cases referred to in Article 10;
− | (a) | develop draft regulatory technical standards in the specific cases referred to in Article 10; |
− | --- | --- |
+ (b) develop draft implementing technical standards in the specific cases referred to in Article 15;
− | (b) | develop draft implementing technical standards in the specific cases referred to in Article 15; |
− | --- | --- |
+ (c) issue guidelines and recommendations, as laid down in Article 16;
− | (c) | issue guidelines and recommendations, as laid down in Article 16; |
− | --- | --- |
+ (d) issue recommendations in specific cases, as referred to in Article 17(3);
− | (d) | issue recommendations in specific cases, as referred to in Article 17(3); |
− | --- | --- |
+ (e) take individual decisions addressed to competent authorities in the specific cases referred to in Articles 18(3) and 19(3);
− | (e) | take individual decisions addressed to competent authorities in the specific cases referred to in Articles 18(3) and 19(3); |
− | --- | --- |
+ (f) in cases concerning directly applicable Union law, take individual decisions addressed to financial institutions, in the specific cases referred to in Article 17(6), 18(4) and 19(4);
− | (f) | in cases concerning directly applicable Union law, take individual decisions addressed to financial institutions, in the specific cases referred to in Article 17(6), 18(4) and 19(4); |
− | --- | --- |
+ (g) issue opinions to the European Parliament, the Council, or the Commission as provided for in Article 34;
− | (g) | issue opinions to the European Parliament, the Council, or the Commission as provided for in Article 34; |
− | --- | --- |
+ (h) collect the necessary information concerning financial institutions as provided for in Article 35;
− | (h) | collect the necessary information concerning financial institutions as provided for in Article 35; |
− | --- | --- |
+ (i) develop common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on consumer protection;
− | (i) | develop common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of institutions and on consumer protection; |
− | --- | --- |
+ (j) provide a centrally accessible database of registered financial institutions in the area of its competence where specified in the acts referred to in Article 1(2).
− | (j) | provide a centrally accessible database of registered financial institutions in the area of its competence where specified in the acts referred to in Article 1(2). |
− | --- | --- |
+ 2a. When carrying out the tasks referred to in paragraph 1 and exercising the powers referred to in paragraph 2, the Authority shall have due regard to the principles of better regulation, including the results of cost-benefit analyses produced in accordance with this Regulation.
− ### art_9
+ ### Article 9 — Tasks related to consumer protection and financial activities
− Article 9
+ (a) collecting, analysing and reporting on consumer trends;
− | (a) | collecting, analysing and reporting on consumer trends; |
− | --- | --- |
+ (b) reviewing and coordinating financial literacy and education initiatives by the competent authorities;
− | (b) | reviewing and coordinating financial literacy and education initiatives by the competent authorities; |
− | --- | --- |
+ (c) developing training standards for the industry; and
− | (c) | developing training standards for the industry; and |
− | --- | --- |
+ (d) contributing to the development of common disclosure rules.
− | (d) | contributing to the development of common disclosure rules. |
− | --- | --- |
+ 4. The Authority shall establish, as an integral part of the Authority, a Committee on financial innovation, which brings together all relevant competent supervisory authorities with a view to achieving a coordinated approach to the regulatory and supervisory treatment of new or innovative financial…
− 4. The Authority shall establish, as an integral part of the Authority, a Committee on financial innovation, which brings together all relevant competent national supervisory authorities with a view to achieving a coordinated approach to the regulatory and supervisory treatment of new or innovative …
+ The Authority may also assess the need to prohibit or restrict certain types of financial activity and, where there is such a need, inform the Commission and the competent authorities in order to facilitate the adoption of any such prohibition or restriction.
− The Authority may also assess the need to prohibit or restrict certain types of financial activity and, where there is such a need, inform the Commission in order to facilitate the adoption of any such prohibition or restriction.
− 
− ### art_10
+ ### Article 10 — Regulatory technical standards
− Article 10
+ 4. The regulatory technical standards shall be adopted by means of regulations or decisions. They shall be published in the *Official Journal of the European Union* and shall enter into force on the date stated therein.
− 4. The regulatory technical standards shall be adopted by means of regulations or decisions. They shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.
+ ### Article 11 — Exercise of the delegation
− ### art_11
− Article 11
− 
+ ### Article 12 — Revocation of the delegation
− ### art_12
− 
− Article 12
− 
− 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the regulatory technical standards already in force. It shall be published in the Offic…
+ 3. The decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the regulatory technical standards already in force. It shall be published in the *Offi…
− ### art_13
+ ### Article 13 — Objections to regulatory technical standards
− Article 13
+ 2. If, on the expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the regulatory technical standard, it shall be published in the *Official Journal of the European Union* and shall enter into force on the date stated therein.
− 2. If, on the expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the regulatory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.
+ The regulatory technical standard may be published in the *Official Journal of the European Union* and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections.
− The regulatory technical standard may be published in the Official Journal of the European Union and enter into force before the expiry of that period if the European Parliament and the Council have both informed the Commission of their intention not to raise objections.
+ ### Article 14 — Non-endorsement or amendment of draft regulatory technical standards
− ### art_14
− Article 14
− 
+ ### Article 15 — Implementing technical standards
− ### art_15
− 
− Article 15
+ 4. The implementing technical standards shall be adopted by means of regulations or decisions. They shall be published in the *Official Journal of the European Union* and shall enter into force on the date stated therein.
− 4. The implementing technical standards shall be adopted by means of regulations or decisions. They shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.
+ ### Article 16 — Guidelines and recommendations
− ### art_16
− 
− Article 16
+ ### Article 17 — Breach of Union law
− ### art_17
− Article 17
− 
+ ### Article 18 — Action in emergency situations
− ### art_18
+ 1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions und…
− Article 18
+ In order to be able to perform that facilitating and coordinating role, the Authority shall be fully informed of any relevant developments, and shall be invited to participate as an observer in any relevant gathering by the relevant competent supervisory authorities.
− 1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union, the Authority shall actively facilitate and, where deemed necessary, coordinate any actions und…
− In order to be able to perform that facilitating and coordinating role, the Authority shall be fully informed of any relevant developments, and shall be invited to participate as an observer in any relevant gathering by the relevant national competent supervisory authorities.
− 
+ 3. Where the Council has adopted a decision pursuant to paragraph 2, and in exceptional circumstances where coordinated action by competent authorities is necessary to respond to adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the sta…
− 3. Where the Council has adopted a decision pursuant to paragraph 2, and in exceptional circumstances where coordinated action by national authorities is necessary to respond to adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stab…
+ ### Article 19 — Settlement of disagreements between competent authorities in cross-border situations
− ### art_19
+ 1. Without prejudice to the powers laid down in Article 17, where a competent authority disagrees about the procedure or content of an action or inaction of another competent authority in cases specified in the Union acts referred to in Article 1(2), the Authority, at the request of one or more of t…
− Article 19
− 1. Without prejudice to the powers laid down in Article 17, where a competent authority disagrees about the procedure or content of an action or inaction of a competent authority of another Member State in cases specified in the acts referred to in Article 1(2), the Authority, at the request of one …
− 
+ ### Article 20 — Settlement of disagreements between competent authorities across sectors
− ### art_20
− 
− Article 20
+ ### Article 20a — Convergence of supervisory review process
− ### art_21
+ The Authority shall promote, within the scope of its powers, convergence of the supervisory review and evaluation process in accordance with Directive 2013/36/EU in order to bring about strong supervisory standards in the Union.
− Article 21
+ ### Article 21 — Colleges of supervisors
− 1. The Authority shall contribute to promoting and monitoring the efficient, effective and consistent functioning of the colleges of supervisors referred to in Directive 2006/48/EC and foster the coherence of the application of Union law among the colleges of supervisors. With the objective of conve…
+ 1. The Authority shall promote, within the scope of its powers, the efficient, effective and consistent functioning of the colleges of supervisors referred to in Regulation (EU) No 575/2013 and Directive 2013/36/EU and foster the consistency of the application of Union law among the colleges of supe…
+ 
+ 2. The Authority shall lead in ensuring a consistent functioning of colleges of supervisors for cross-border institutions across the Union, taking account of the systemic risk posed by financial institutions referred to in Article 23, and shall, where appropriate, convene a meeting of a college.
− 2. The Authority shall lead in ensuring a consistent and coherent functioning of colleges of supervisors for cross-border institutions across the Union, taking account of the systemic risk posed by financial institutions referred to in Article 23.
+ (a) collect and share all relevant information in cooperation with the competent authorities in order to facilitate the work of the college and establish and manage a central system to make such information accessible to the competent authorities in the college;
− | (a) | collect and share all relevant information in cooperation with the competent authorities in order to facilitate the work of the college and establish and manage a central system to make such information accessible to the competent authorities in the college; |
− | --- | --- |
+ (b) initiate and coordinate Union-wide stress tests in accordance with Article 32 to assess the resilience of financial institutions, in particular the systemic risk posed by financial institutions as referred to in Article 23, to adverse market developments, and evaluate the potential for systemic …
− | (b) | initiate and coordinate Union-wide stress tests in accordance with Article 32 to assess the resilience of financial institutions, in particular the systemic risk posed by financial institutions as referred to in Article 23, to adverse market developments, and evaluate the potential for syste…
− | --- | --- |
+ (c) promote effective and efficient supervisory activities, including evaluating the risks to which financial institutions are or might be exposed as determined under the supervisory review process or in stress situations;
− | (c) | promote effective and efficient supervisory activities, including evaluating the risks to which financial institutions are or might be exposed as determined under the supervisory review process or in stress situations; |
− | --- | --- |
+ (d) oversee, in accordance with the tasks and powers specified in this Regulation, the tasks carried out by the competent authorities; and
− | (d) | oversee, in accordance with the tasks and powers specified in this Regulation, the tasks carried out by the competent authorities; and |
− | --- | --- |
+ (e) request further deliberations of a college in any cases where it considers that the decision would result in an incorrect application of Union law or would not contribute to the objective of convergence of supervisory practices. It may also require the consolidating supervisor to schedule a meet…
− | (e) | request further deliberations of a college in any cases where it considers that the decision would result in an incorrect application of Union law or would not contribute to the objective of convergence of supervisory practices. It may also require the consolidating supervisor to schedule a …
− | --- | --- |
+ ### Article 22 — General provisions
− ### art_22
− Article 22
− 
+ (a) is caused by an impairment of all or parts of the financial system; and
− | (a) | is caused by an impairment of all or parts of the financial system; and |
− | --- | --- |
+ (b) has the potential to have serious negative consequences for internal market and the real economy.
− | (b) | has the potential to have serious negative consequences for internal market and the real economy. |
− | --- | --- |
+ 1a. At least annually, the Authority shall consider whether it is appropriate to carry out Union-wide assessments of the resilience of financial institutions, in accordance with Article 32, and shall inform the European Parliament, the Council and the Commission of its reasoning. Where such Union-wi…
+ 
+ ### Article 23 — Identification and measurement of systemic risk
− ### art_23
− 
− Article 23
+ ### Article 24 — Permanent capacity to respond to systemic risks
− ### art_24
− Article 24
− 
+ ### Article 25 — Recovery and resolution procedures
− ### art_25
+ 1. The Authority shall contribute to, and participate actively in, the development and coordination of effective, consistent and up-to-date recovery and resolution plans for financial institutions. The Authority shall also, where provided for in the Union acts referred to in Article 1(2), assist in …
− Article 25
− 
− 1. The Authority shall contribute to and participate actively in the development and coordination of effective and consistent recovery and resolution plans, procedures in emergency situations and preventive measures to minimise the systemic impact of any failure.
+ ### Article 26 — European system of deposit guarantee schemes
− ### art_26
− 
− Article 26
+ ### Article 27 — European system of bank resolution and funding arrangements
− ### art_27
− Article 27
− 
+ 2. The Authority shall provide its assessment of the need for a system of coherent, robust and credible funding mechanisms, with appropriate financing instruments linked to a set of coordinated crisis management arrangements.
− 2. The Authority shall contribute to the assessment of the need for a system of coherent, robust and credible funding mechanisms, with appropriate financing instruments linked to a set of coordinated national crisis management arrangements.
+ ### Article 28 — Delegation of tasks and responsibilities
− ### art_28
− 
− Article 28
+ ### Article 29 — Common supervisory culture
− ### art_29
− 
− Article 29
+ (a) providing opinions to competent authorities;
− | (a) | providing opinions to competent authorities; |
− | --- | --- |
+ (b) promoting an effective bilateral and multilateral exchange of information between competent authorities, with full respect for the applicable confidentiality and data protection provisions provided for in the relevant Union legislation;
− | (b) | promoting an effective bilateral and multilateral exchange of information between competent authorities, with full respect for the applicable confidentiality and data protection provisions provided for in the relevant Union legislation; |
− | --- | --- |
+ (c) contributing to developing high-quality and uniform supervisory standards, including reporting standards, and international accounting standards in accordance with Article 1(3);
− | (c) | contributing to developing high-quality and uniform supervisory standards, including reporting standards, and international accounting standards in accordance with Article 1(3); |
− | --- | --- |
+ (d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate; and
− | (d) | reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate; and |
− | --- | --- |
+ (e) establishing sectoral and cross-sectoral training programmes, facilitating personnel exchanges and encouraging competent authorities to intensify the use of secondment schemes and other tools.
− | (e) | establishing sectoral and cross-sectoral training programmes, facilitating personnel exchanges and encouraging competent authorities to intensify the use of secondment schemes and other tools. |
− | --- | --- |
+ For the purpose of building a common supervisory culture, the Authority shall develop and maintain up to date, taking into account, inter alia, changing business practices and business models of financial institutions, a European supervisory handbook on the supervision of financial institutions for …
− ### art_30
+ ### Article 30 — Peer reviews of competent authorities
− Article 30
+ 
+ (a) the adequacy of resources and governance arrangements of the competent authority, with particular regard to the effective application of the regulatory technical standards and implementing technical standards referred to in Articles 10 to 15 and of the acts referred to in Article 1(2) and the ca…
+ (b) the degree of convergence reached in the application of Union law and in supervisory practice, including regulatory technical standards and implementing technical standards, guidelines and recommendations adopted pursuant to Articles 10 to 16, and the extent to which the supervisory practice ach…
− | (a) | the adequacy of resources and governance arrangements of the competent authority, with particular regard to the effective application of the regulatory technical standards and implementing technical standards referred to in Articles 10 to 15 and of the acts referred to in Article 1(2) and th…
− | --- | --- |
+ (c) best practices developed by some competent authorities which might be of benefit for other competent authorities to adopt;
− | (b) | the degree of convergence reached in the application of Union law and in supervisory practice, including regulatory technical standards and implementing technical standards, guidelines and recommendations adopted pursuant to Articles 10 to 16, and the extent to which the supervisory practice…
− | --- | --- |
+ (d) the effectiveness and the degree of convergence reached with regard to the enforcement of the provisions adopted in the implementation of Union law, including the administrative measures and sanctions imposed against persons responsible where those provisions have not been complied with.
− | (c) | best practices developed by some competent authorities which might be of benefit for other competent authorities to adopt; |
− | --- | --- |
+ 3. On the basis of a peer review, the Authority may issue guidelines and recommendations pursuant to Article 16. In accordance with Article 16(3), the competent authorities shall endeavour to follow those guidelines and recommendations. When developing draft regulatory technical or implementing tech…
− | (d) | the effectiveness and the degree of convergence reached with regard to the enforcement of the provisions adopted in the implementation of Union law, including the administrative measures and sanctions imposed against persons responsible where those provisions have not been complied with. |
− | --- | --- |
+ 3a. The Authority shall submit an opinion to the Commission where the peer review or any other information acquired in carrying out its tasks shows that a legislative initiative is necessary to ensure the further harmonisation of prudential rules.
− 3. On the basis of a peer review, the Authority may issue guidelines and recommendations pursuant to Article 16. In accordance with Article 16(3), the competent authorities shall endeavour to follow those guidelines and recommendations. The Authority shall take into account the outcome of the peer r…
+ ### Article 31 — Coordination function
− ### art_31
− 
− Article 31
+ (a) facilitating the exchange of information between the competent authorities;
− | (a) | facilitating the exchange of information between the competent authorities; |
− | --- | --- |
+ (b) determining the scope and verifying where appropriate the reliability of information that should be made available to all the competent authorities concerned;
− | (b) | determining the scope and, where possible and appropriate, verifying the reliability of information that should be made available to all the competent authorities concerned; |
− | --- | --- |
+ (c) without prejudice to Article 19, carrying out non-binding mediation upon a request from the competent authorities or on its own initiative;
− | (c) | without prejudice to Article 19, carrying out non-binding mediation upon a request from the competent authorities or on its own initiative; |
− | --- | --- |
+ (d) notifying the ESRB, the Council and the Commission of any potential emergency situations without delay;
− | (d) | notifying the ESRB of any potential emergency situations without delay; |
− | --- | --- |
+ (e) taking all appropriate measures in case of developments which may jeopardise the functioning of the financial markets with a view to the coordination of actions undertaken by relevant competent authorities;
− | (e) | taking all appropriate measures in case of developments which may jeopardise the functioning of the financial markets with a view to facilitating the coordination of actions undertaken by relevant competent authorities; |
− | --- | --- |
+ (f) centralising information received from competent authorities in accordance with Articles 21 and 35 as the result of the regulatory reporting obligations of institutions. The Authority shall share that information with the other competent authorities concerned.
− | (f) | centralising information received from competent authorities in accordance with Articles 21 and 35 as the result of the regulatory reporting obligations for institutions active in more than one Member State. The Authority shall share that information with the other competent authorities conc…
− | --- | --- |
+ ### Article 32 — Assessment of market developments
− ### art_32
+ 1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), the…
− Article 32
+ 2. The Authority shall, in cooperation with the ESRB, initiate and coordinate Union-wide assessments of the resilience of financial institutions to adverse market developments. To that end it shall develop:
− 1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), the…
+ (a) common methodologies for assessing the effect of economic scenarios on an institution's financial position;
− 2. The Authority shall, in cooperation with the ESRB, initiate and coordinate Union-wide assessments of the resilience of financial institutions to adverse market developments. To that end, it shall develop the following, for application by the competent authorities:
+ (b) common approaches to communication on the outcomes of those assessments of the resilience of financial institutions;
− | (a) | common methodologies for assessing the effect of economic scenarios on an institution’s financial position; |
− | --- | --- |
+ (c) common methodologies for assessing the effect of particular products or distribution processes on an institution; and
− | (b) | common approaches to communication on the outcomes of these assessments of the resilience of financial institutions; |
− | --- | --- |
+ (d) common methodologies for asset evaluation, as necessary, for the purpose of the stress testing.
− | (c) | common methodologies for assessing the effect of particular products or distribution processes on an institution’s financial position and on depositors, investors and customer information. |
− | --- | --- |
+ 
+ 3a. For the purpose of running the Union-wide assessments of the resilience of financial institutions under this Article, the Authority may, in accordance with Article 35 and subject to the conditions set out therein, request information directly from those financial institutions. It may also requir…
+ 3b. The Authority may request that the competent authorities require that financial institutions subject to an independent audit information that they must provide under paragraph 3a.
+ 
+ ### Article 33 — International relations
− ### art_33
− 
− Article 33
+ ### Article 34 — Other tasks
− ### art_34
− Article 34
− 
+ ### Article 35 — Collection of information
− ### art_35
+ 1. At the request of the Authority, the competent authorities shall provide the Authority with all the necessary information, in specified formats, to carry out the tasks conferred on it by this Regulation, provided that they have legal access to the relevant information. The information shall be ac…
− Article 35
+ 2. The Authority may also request information to be provided at recurring intervals and in specified formats or by way of comparable templates approved by the Authority. Such requests shall, where possible, be made using common reporting formats.
− 1. At the request of the Authority, the competent authorities of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation, provided that they have legal access to the relevant information and that the request for infor…
+ 3. Upon a duly justified request from a competent authority, the Authority shall provide any information that is necessary to enable the competent authority to carry out its tasks in accordance with the professional secrecy obligations laid down in sectoral legislation and in Article 70.
− 2. The Authority may also request information to be provided at recurring intervals and in specified formats. Such requests shall, where possible, be made using common reporting formats.
− 
− 3. Upon a duly justified request from a competent authority of a Member State, the Authority may provide any information that is necessary to enable the competent authority to carry out its duties, in accordance with the professional secrecy obligations laid down in sectoral legislation and in Artic…
+ 
+ 6. Where complete or accurate information is not available or is not made available in a timely fashion under paragraph 1 or 5, the Authority may request information, by way of a duly justified and reasoned request, directly from:
+ (a) relevant financial institutions;
+ 
+ (b) holding companies or branches of a relevant financial institution;
+ 
+ (c) non-regulated operational entities within a financial group or conglomerate that are significant to the financial activities of the relevant financial institutions.
+ 
+ The addressees of such a request shall provide the Authority promptly and without undue delay with clear, accurate and complete information.
− 6. Where information is not available or is not made available under paragraph 1 or 5 in a timely fashion, the Authority may address a duly justified and reasoned request directly to the relevant financial institutions. The reasoned request shall explain why the information concerning the respective…
+ 7a. Where the addressees of a request under paragraph 6 do not provide clear, accurate and complete information promptly, the Authority shall inform the European Central Bank where applicable and the relevant authorities in the Member States concerned which, subject to national law, shall cooperate …
− ### art_36
+ ### Article 36 — Relationship with the ESRB
− Article 36
+ If the Authority does not act on a recommendation, it shall explain to the Council and to the ESRB its reasons for not doing so. The ESRB shall inform the European Parliament thereof in accordance with Article 19(5) of Regulation (EU) No 1092/2010.
− If the Authority does not act on a recommendation, it shall explain to the ESRB and the Council its reasons for not doing so.
+ Where the competent authority, in accordance with Article 17(1) of Regulation (EU) No 1092/2010, informs the Council and the ESRB of the actions it has undertaken in response to a recommendation of the ESRB, it shall take due account of the views of the Board of Supervisors and shall also inform the…
− The competent authority shall take due account of the views of the Board of Supervisors when informing the Council and the ESRB in accordance with Article 17 of Regulation (EU) No 1092/2010.
+ ### Article 37 — Banking Stakeholder Group
− ### art_37
− 
− Article 37
+ The Banking Stakeholder Group shall meet on its own initiative as necessary, and in any event at least four times a year.
− The Banking Stakeholder Group shall meet at least four times a year.
+ 4. The Authority shall provide all necessary information subject to professional secrecy as set out in Article 70 and ensure adequate secretarial support for the Banking Stakeholder Group. Adequate compensation shall be provided to members of the Banking Stakeholder Group representing non-profit org…
− 4. The Authority shall provide all necessary information subject to professional secrecy as set out in Article 70 and ensure adequate secretarial support for the Banking Stakeholder Group. Adequate compensation shall be provided to members of the Banking Stakeholder Group representing non-profit org…
+ ### Article 38 — Safeguards
− ### art_38
− Article 38
− 
+ ### Article 39 — Decision-making procedures
− ### art_39
− 
− Article 39
+ ## SECTION 1 / Board of Supervisors
− ### art_40
+ ### Article 40 — Composition
− Article 40
+ (a) the Chairperson, who shall be non-voting;
− | (a) | the Chairperson, who shall be non-voting; |
− | --- | --- |
+ (b) the head of the national public authority competent for the supervision of credit institutions in each Member State, who shall meet in person at least twice a year;
− | (b) | the head of the national public authority competent for the supervision of credit institutions in each Member State, who shall meet in person at least twice a year; |
− | --- | --- |
+ (c) one representative of the Commission, who shall be non-voting;
− | (c) | one representative of the Commission, who shall be non-voting; |
− | --- | --- |
+ (d) one representative nominated by the Supervisory Board of the European Central Bank, who shall be non-voting;
− | (d) | one representative of the European Central Bank, who shall be non-voting; |
− | --- | --- |
+ (e) one representative of the ESRB, who shall be non-voting;
− | (e) | one representative of the ESRB, who shall be non-voting; |
− | --- | --- |
+ (f) one representative of each of the other two European Supervisory Authorities, who shall be non-voting.
− | (f) | one representative of each of the other two European Supervisory Authorities, who shall be non-voting. |
− | --- | --- |
+ 4a. In discussions not relating to individual financial institutions, as provided in Article 44(4), the representative nominated by the Supervisory Board of the European Central Bank may be accompanied by a representative of the European Central Bank with expertise on central banking tasks.
+ 
+ 
+ ### Article 41 — Internal committees and panels
+ 
+ 1. The Board of Supervisors may establish internal committees or panels for specific tasks attributed to the Board of Supervisors, and may provide for the delegation of certain clearly defined tasks and decisions to internal committees or panels, to the Management Board or to the Chairperson.
+ 
+ 1a. For the purposes of Article 17, the Board of Supervisors shall convoke an independent panel, consisting of the Chairperson of the Board of Supervisors and six other members, who are not representatives of the competent authority alleged to have breached Union law and who have neither any interes…
+ Each member of the panel shall have one vote.
− ### art_41
+ Decisions of the panel shall be taken where at least four members vote in favour.
− Article 41
+ 2. For the purposes of Article 19, the Board of Supervisors shall convoke an independent panel consisting of the Chairperson of the Board of Supervisors, and of six other members who are not representatives of the competent authorities party to the disagreement and who have neither any interest in t…
− 1. The Board of Supervisors may establish internal committees or panels for specific tasks attributed to the Board of Supervisors, and may provide for the delegation of certain clearly defined tasks and decisions to internal committees or panels, to the Management Board or to the Chairperson.
+ Each member of the panel shall have one vote.
− 2. For the purposes of Article 19, the Board of Supervisors shall convoke an independent panel to facilitate an impartial settlement of the disagreement, consisting of the Chairperson and two of its members, who are not representatives of the competent authorities which are party to the disagreement…
+ Decisions of the panel shall be taken where at least four members vote in favour.
− 3. Subject to Article 19(2), the panel shall propose a decision for final adoption by the Board of Supervisors, in accordance with the procedure set out in the third subparagraph of Article 44(1).
+ 3. The panels referred to in this Article shall propose decisions under Article 17 or Article 19 for final adoption by the Board of Supervisors.
− 4. The Board of Supervisors shall adopt rules of procedure for the panel referred to in paragraph 2.
+ 4. The Board of Supervisors shall adopt rules of procedure for the panels referred to in this Article.
− ### art_42
+ ### Article 42 — Independence
… diff truncated at 500 changed lines …