What changed, Regulation (EU) No 1094/2010

+ ## CHAPTER I / ESTABLISHMENT AND LEGAL STATUS
− ### art_1
+ ### Article 1 — Establishment and scope of action
− Article 1
+ (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 risks related to insurance, reinsurance and occupational pensions activities is appropriately regulated and supervised, and
− | (e) | ensuring the taking of risks related to insurance, reinsurance and occupational pensions activities is appropriately regulated and supervised, and |
− | --- | --- |
+ (f) enhancing customer protection.
− | (f) | enhancing customer protection. |
− | --- | --- |
+ ### 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 Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (48);
− | (c) | the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (48); |
− | --- | --- |
+ (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 (49);
− | (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 (49); |
− | --- | --- |
+ (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 1093/2010 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 1093/2010 and of Regulation (EU) No 1095/2010; |
− | --- | --- |
+ (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 1093/2010 and of Regulation (EU) No 1095/2010;
− | (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 1093/2010 and of Regulation (EU) No 1095/2010; |
− | --- | --- |
+ ### Article 3 — Accountability of the Authorities
− ### art_3
− Article 3
− 
+ ### Article 4 — Definitions
− ### art_4
+ For the purposes of this Regulation the following definitions apply:
− Article 4
+ (1) ‘financial institutions’ means undertakings, entities and natural and legal persons subject to any of the legislative acts referred to in Article 1(2). With regard to Directive 2005/60/EC, ‘financial institutions’ means only insurance undertakings and insurance intermediaries as defined in that …
− For the purposes of this Regulation the following definitions apply:
+ (2) ‘competent authorities’ means:
− | (1) | ‘financial institutions’ means undertakings, entities and natural and legal persons subject to any of the legislative acts referred to in Article 1(2). With regard to Directive 2005/60/EC, ‘financial institutions’ means only insurance undertakings and insurance intermediaries as defined in t…
− | --- | --- |
+ (i) supervisory authorities as defined in Directive 2009/138/EC, and competent authorities as defined in Directive 2003/41/EC and 2002/92/EC;
− | (2) | ‘competent authorities’ means:(i)supervisory authorities as defined in Directive 2009/138/EC, and competent authorities as defined in Directive 2003/41/EC and 2002/92/EC;(ii)with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requir…
− | --- | --- |
− | (i) | supervisory authorities as defined in Directive 2009/138/EC, and competent authorities as defined in Directive 2003/41/EC and 2002/92/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 financial institutions as defined in point (1). |
+ (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 financial institutions as defined in point (1).
− ### 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. |
− | --- | --- |
+ ### Article 7 — Seat
− ### art_7
− 
− 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, and draft regulatory and implementing technical standards which shall be base…
− | (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 …
− | --- | --- |
+ (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…
− | (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 …
− | --- | --- |
+ (c) to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities;
− | (c) | to stimulate and 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;
− | (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; |
− | --- | --- |
+ (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;
− | (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; |
− | --- | --- |
+ (f) to monitor and assess market developments in the area of its competences;
− | (f) | to monitor and assess market developments in the area of its competences; |
− | --- | --- |
+ (g) to undertake economic analyses of markets to inform the discharge of the Authority’s functions;
− | (g) | to undertake economic analyses of markets to inform the discharge of the Authority’s functions; |
− | --- | --- |
+ (h) to foster the protection of policyholders, pension scheme members and beneficiaries
− | (h) | to foster the protection of policyholders, pension scheme members and beneficiaries |
− | --- | --- |
+ (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 policy holders, to beneficiaries and throug…
− | (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 policy holders, to beneficiaries and th…
− | --- | --- |
+ (j) to fulfil any other specific tasks set out in this Regulation or in other legislative acts;
− | (j) | to fulfil any other specific tasks set out in this Regulation or in other legislative acts; |
− | --- | --- |
+ (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;
− | (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; |
− | --- | --- |
+ (l) to take over, as appropriate, all existing and ongoing tasks from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS);
− | (l) | to take over, as appropriate, all existing and ongoing tasks from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS); |
− | --- | --- |
+ (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), in Article 18(4) and in Article 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), in Article 18(4) and in Article 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).
− ### 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. |
− | --- | --- |
+ ### Article 10 — Regulatory technical standards
− ### art_10
− 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 *Offi…
− 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…
+ ### Article 13 — Objections to regulatory technical standards
− ### art_13
+ 1. The European Parliament or the Council may object to a regulatory technical standard within a period of three months from the date of notification of the regulatory technical standard adopted by the Commission. At the initiative of the European Parliament or of the Council that period shall be ex…
− Article 13
+ Where the Commission adopts a regulatory technical standard which is the same as the draft regulatory technical standard submitted by the Authority, the period during which the European Parliament and the Council may object shall be one month from the date of notification. At the initiative of the E…
− 1. The European Parliament or the Council may object to a regulatory technical standard within a period of 3 months from the date of notification of the regulatory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended …
+ 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 regulator…
− Where the Commission adopts a regulatory technical standard which is the same as the draft regulatory technical standard submitted by the Authority, the period during which the European Parliament and the Council may object shall be 1 month from the date of notification. At the initiative of the Eur…
− 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 …
− 
+ ### Article 14 — Non-endorsement or amendment of draft regulatory technical standards
− ### art_14
− 
− Article 14
− 
− ### art_15
+ ### Article 15 — Implementing technical standards
− 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.
− 
− ### art_16
+ ### Article 16 — Guidelines and recommendations
− Article 16
+ ### Article 17 — Breach of Union law
− ### art_17
− Article 17
− 
+ Without prejudice to the powers laid down in Article 35, the competent authority shall, without delay, provide the Authority with all information which the Authority considers necessary for its investigation, including with regard to how the acts referred to in Article 1(2) are applied in accordance…
− Without prejudice to the powers laid down in Article 35, the competent authority shall, without delay, provide the Authority with all information which the Authority considers necessary for its investigation.
+ ### Article 18 — Action in emergency situations
− ### art_18
− Article 18
− 
+ ### Article 19 — Settlement of disagreements between competent authorities in cross-border situations
− ### art_19
− 
− Article 19
+ ### Article 20 — Settlement of disagreements between competent authorities across sectors
− ### art_20
− Article 20
− 
+ ### Article 21 — Colleges of supervisors
− ### art_21
− 
− Article 21
+ (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 group supervisor to schedule a meeting of t…
− | (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 group supervisor to schedule a meeting …
− | --- | --- |
− 
− ### art_22
+ ### Article 22 — General provisions
− 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. |
− | --- | --- |
+ ### 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
− 
− Article 25
+ ### Article 26 — Development of a European network of national insurance guarantee schemes
− ### art_26
− Article 26
− 
+ ### Article 27 — Crisis prevention, management and resolution
− ### art_27
− Article 27
− 
+ (a) a harmonised framework for early intervention;
− | (a) | a harmonised framework for early intervention; |
− | --- | --- |
+ (b) practices in centralised group risk management and functioning of group internal models including stress testing;
− | (b) | practices in centralised group risk management and functioning of group internal models including stress testing; |
− | --- | --- |
+ (c) intra-group transactions and risk concentrations;
− | (c) | intra-group transactions and risk concentrations; |
− | --- | --- |
+ (d) the behaviour of diversification and concentration effects over time;
− | (d) | the behaviour of diversification and concentration effects over time; |
− | --- | --- |
+ (e) a harmonised framework for asset transferability, insolvency and winding-up procedures which eliminates the relevant national company or corporate law barriers to asset transferability;
− | (e) | a harmonised framework for asset transferability, insolvency and winding-up procedures which eliminates the relevant national company or corporate law barriers to asset transferability; |
− | --- | --- |
+ (f) an equivalent level of protection of policy holders and beneficiaries of the undertakings of the same group, particularly in crisis situations;
− | (f) | an equivalent level of protection of policy holders and beneficiaries of the undertakings of the same group, particularly in crisis situations; |
− | --- | --- |
+ (g) a harmonised and adequately funded Union-wide solution for insurance guarantee schemes.
− | (g) | a harmonised and adequately funded Union-wide solution for insurance guarantee schemes. |
− | --- | --- |
+ ### 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. |
− | --- | --- |
− 
− ### 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…
− | (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…
− | --- | --- |
+ (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 under Articles 10 to 16, and the extent to which the supervisory practice achieves …
− | (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 under Articles 10 to 16, and the extent to which the supervisory practice achie…
− | --- | --- |
+ (c) best practices developed by some competent authorities which might be of benefit for other competent authorities to adopt;
− | (c) | best practices developed by some competent authorities which might be of benefit for other competent authorities to adopt; |
− | --- | --- |
+ (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.
− | (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. |
− | --- | --- |
+ ### 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, where possible and appropriate, verifying 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 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 facilitating 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 for institutions active in more than one Member State. The Authority shall share that information with the other competent authorities concerne…
− | (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
− Article 32
− 
+ (a) common methodologies for assessing the effect of economic scenarios on an institution’s financial position;
− | (a) | common methodologies for assessing the effect of economic scenarios on an institution’s financial position; |
− | --- | --- |
+ (b) common approaches to communication on the outcomes of these assessments of the resilience of financial institutions;
− | (b) | common approaches to communication on the outcomes of these assessments of the resilience of financial institutions; |
− | --- | --- |
+ (c) common methodologies for assessing the effect of particular products or distribution processes on an institution’s financial position and on policyholders, pension scheme members, beneficiaries and customer information.
− | (c) | common methodologies for assessing the effect of particular products or distribution processes on an institution’s financial position and on policyholders, pension scheme members, beneficiaries and customer information. |
− | --- | --- |
+ ### Article 33 — International relations
− ### art_33
− Article 33
− 
+ ### Article 34 — Other tasks
− ### art_34
− Article 34
− 
+ ### Article 35 — Collection of information
− ### art_35
− Article 35
− 
+ ### Article 36 — Relationship with the ESRB
− ### art_36
− Article 36
− 
+ ### Article 37 — Insurance and Reinsurance Stakeholder Group and Occupational Pensions Stakeholder Group
− ### art_37
− Article 37
− 
+ ### Article 38 — Safeguards
− ### art_38
− 
− Article 38
+ ### Article 39 — Decision-making procedures
− ### art_39
− 
− Article 39
+ 1. Before taking the decisions provided for in this Regulation, the Authority shall inform any named addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential con…
− 1. Before taking the decisions provided for in this Regulation, the Authority shall inform any named addressee of its intention to adopt the decision, setting a time limit within which the addressee may express its views on the matter, taking full account of the urgency, complexity and potential con…
+ ## 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 financial 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 financial 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 of the ESRB, who shall be non-voting;
− | (d) | one representative of the ESRB, who shall be non-voting; |
− | --- | --- |
+ (e) one representative of each of the other two European Supervisory Authorities, who shall be non-voting;
− | (e) | one representative of each of the other two European Supervisory Authorities, who shall be non-voting; |
− | --- | --- |
+ ### Article 41 — Internal committees and panels
− ### art_41
− 
− Article 41
+ ### Article 42 — Independence
− ### art_42
− 
− Article 42
− 
− ### art_43
+ ### Article 43 — Tasks
− Article 43
+ ### Article 44 — Decision making
− ### art_44
− Article 44
− 
+ ## SECTION 2 / Management Board
− ### art_45
+ ### Article 45 — Composition
− Article 45
+ ### Article 46 — Independence
− ### art_46
− 
− Article 46
− 
− ### art_47
+ ### Article 47 — Tasks
− Article 47
+ ## SECTION 3 / Chairperson
− ### art_48
+ ### Article 48 — Appointment and tasks
− Article 48
+ (a) the results achieved in the first term of office and the way they were achieved;
− | (a) | the results achieved in the first term of office and the way they were achieved; |
− | --- | --- |
+ (b) the Authority’s duties and requirements in the coming years.
− | (b) | the Authority’s duties and requirements in the coming years. |
− | --- | --- |
+ ### Article 49 — Independence
− ### art_49
− Article 49
− 
+ ### Article 50 — Report
− ### art_50
− Article 50
− 
+ ## SECTION 4 / Executive Director
− ### art_51
+ ### Article 51 — Appointment
− Article 51
+ (a) the results achieved in the first term of office and the way they were achieved;
− | (a) | the results achieved in the first term of office and the way they were achieved; |
− | --- | --- |
+ (b) the Authority’s duties and requirements in the coming years.
− | (b) | the Authority’s duties and requirements in the coming years. |
− | --- | --- |
+ ### Article 52 — Independence
− ### art_52
− 
− Article 52
+ ### Article 53 — Tasks
− ### art_53
− 
− Article 53
+ ## SECTION 1 / Joint Committee of European Supervisory Authorities
− ### art_54
+ ### Article 54 — Establishment
− Article 54
+ — financial conglomerates,
− | — | financial conglomerates, |
− | --- | --- |
+ — accounting and auditing,
− | — | accounting and auditing, |
− | --- | --- |
… diff truncated at 500 changed lines …