What changed, Regulation (EU) No 1095/2010

+ ## 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 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC, Directive 2002/47/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 2009/65/EC and to Dir…
− 2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 97/9/EC, Directive 98/26/EC, Directive 2001/34/EC, Directive 2002/47/EC, Directive 2003/6/EC, Directive 2003/71/EC, Directive 2004/39/EC, Directive 2004/109/EC, Directive 2009/65/EC and to Dir…
+ (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 investment and other risks are appropriately regulated and supervised, and
− | (e) | ensuring the taking of investment and other risks are appropriately regulated and supervised, and |
− | --- | --- |
+ (f) enhancing customer protection.
− | (f) | enhancing customer protection. |
− | --- | --- |
− 
− ### art_2
+ ### Article 2 — European System of Financial Supervision
− Article 2
+ (a) the European Systemic Risk Board (ESRB), for the purposes of the tasks as specified in Regulation (EU) No 1092/2010 (45) and this Regulation;
− | (a) | the European Systemic Risk Board (ESRB), for the purposes of the tasks as specified in Regulation (EU) No 1092/2010 (44) 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 (46);
− | (c) | the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council (45); |
− | --- | --- |
+ (d) 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 (47);
− | (d) | 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 (46); |
− | --- | --- |
+ (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 1094/2010;
− | (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 1094/2010; |
− | --- | --- |
+ (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 1094/2010.
− | (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 1094/2010. |
− | --- | --- |
+ ### Article 3 — Accountability of the Authorities
− ### art_3
+ The Authorities referred to in Article 2(2)(a) to (d) shall be accountable to the European Parliament and the Council.
− 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 market participant’ means any person in relation to whom a requirement in the legislation referred to in Article 1(2) or a national law implementing such legislation applies;
− Article 4
+ (2) ‘key financial market participant’ means a financial market participant whose regular activity or financial viability has or is likely to have a significant effect on the stability, integrity or efficiency of the financial markets in the Union;
− For the purposes of this Regulation the following definitions apply:
+ (3) ‘competent authorities’ means:
− | (1) | ‘financial market participant’ means any person in relation to whom a requirement in the legislation referred to in Article 1(2) or a national law implementing such legislation applies; |
− | --- | --- |
+ (i) competent authorities and/or supervisory authorities as defined in the legislation referred to in Article 1(2);
− | (2) | ‘key financial market participant’ means a financial market participant whose regular activity or financial viability has or is likely to have a significant effect on the stability, integrity or efficiency of the financial markets in the Union; |
− | --- | --- |
+ (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 firms providing investment services and by collective investment undertakings marketing their units or shares;
− | (3) | ‘competent authorities’ means:(i)competent authorities and/or supervisory authorities as defined in the legislation referred to in Article 1(2);(ii)with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requirements of those Directives…
− | --- | --- |
− | (i) | competent authorities and/or supervisory authorities as defined in the legislation referred to in Article 1(2); |
− | (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 firms providing investment services and by collective investment undertakings marketing their units or shares; |
− | (iii) | with regard to investor compensation schemes, bodies which administer national compensation schemes pursuant to Directive 97/9/EC, or in the case where the operation of the investor compensation scheme is administered by a private company, the public authority supervising those schemes pur…
+ (iii) with regard to investor compensation schemes, bodies which administer national compensation schemes pursuant to Directive 97/9/EC, or in the case where the operation of the investor compensation scheme is administered by a private company, the public authority supervising those schemes pursuan…
− ### 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 bas…
− | (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 competence;
− | (f) | to monitor and assess market developments in the area of its competence; |
− | --- | --- |
+ (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 investor protection;
− | (h) | to foster investor protection; |
− | --- | --- |
+ (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 investors throughout the Union and developi…
− | (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 investors throughout the Union and deve…
− | --- | --- |
+ (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 market participants, 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 market participants, 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 Securities Regulators (CESR).
− | (l) | to take over, as appropriate, all existing and ongoing tasks from the Committee of European Securities Regulators (CESR). |
− | --- | --- |
+ (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 market participants, 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 market participants, 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 market participants as provided for in Article 35;
− | (h) | collect the necessary information concerning financial market participants 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 financial market participants and on consumer protection;
− | (i) | develop common methodologies for assessing the effect of product characteristics and distribution processes on the financial position of financial market participants and on consumer protection; |
− | --- | --- |
+ (j) provide a centrally accessible database of registered financial market participants 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 market participants in the area of its competence where specified in the acts referred to in Article 1(2). |
− | --- | --- |
+ ### Article 9 — Tasks related to consumer protection and financial activities
− ### art_9
− 
− 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…
− 
− ### 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
− 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 market participants, in particular the systemic risk posed by key financial market participants as referred to in Article 23, to adverse market developments, and evaluate the poten…
− | (b) | initiate and coordinate Union-wide stress tests in accordance with Article 32 to assess the resilience of financial market participants, in particular the systemic risk posed by key financial market participants as referred to in Article 23, to adverse market developments, and evaluate the p…
− | --- | --- |
+ (c) promote effective and efficient supervisory activities, including evaluating the risks to which financial market participants are or might be exposed in stress situations;
− | (c) | promote effective and efficient supervisory activities, including evaluating the risks to which financial market participants are or might be exposed 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 to schedule a meeting of the college or add a p…
− | (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 to schedule a meeting of the college or add…
− | --- | --- |
+ ### 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. |
− | --- | --- |
+ ### 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 — European system of national Investor Compensation Schemes
− ### art_26
− Article 26
− 
+ ### Article 27 — European system of resolution and funding arrangements
− ### art_27
− Article 27
− 
+ ### 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. |
− | --- | --- |
+ ### Article 30 — Peer reviews of competent authorities
− ### art_30
− 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 financial market participants active in more than one Member State. The Authority shall share that information with the other competent aut…
− | (f) | centralising information received from competent authorities in accordance with Articles 21 and 35 as the result of the regulatory reporting obligations for financial market participants active in more than one Member State. The Authority shall share that information with the other competent…
− | --- | --- |
+ ### Article 32 — Assessment of market developments
− ### art_32
− Article 32
− 
+ (a) common methodologies for assessing the effect of economic scenarios on the financial position of a financial market participant;
− | (a) | common methodologies for assessing the effect of economic scenarios on the financial position of a financial market participant; |
− | --- | --- |
+ (b) common approaches to communication on the outcomes of these assessments of the resilience of financial market participants;
− | (b) | common approaches to communication on the outcomes of these assessments of the resilience of financial market participants; |
− | --- | --- |
+ (c) common methodologies for assessing the effect of particular products or distribution processes on the financial position of a financial market participant and on investors and customer information.
− | (c) | common methodologies for assessing the effect of particular products or distribution processes on the financial position of a financial market participant and on investors 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 — Securities and Markets Stakeholder Group
− ### art_37
− Article 37
− 
+ ### 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 financial market participants 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 market participants 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
− 
+ ### Article 47 — Tasks
− ### art_47
− 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, |
− | --- | --- |
+ — micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability,
− | — | micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, |
− | --- | --- |
+ — retail investment products,
− | — | retail investment products, |
− | --- | --- |
+ — measures combating money laundering; and,
− | — | measures combating money laundering; and, |
− | --- | --- |
+ — information exchange with the ESRB and developing the relationship between the ESRB and the ESAs,
− | — | information exchange with the ESRB and developing the relationship between the ESRB and the ESAs, |
− | --- | --- |
+ ### Article 55 — Composition
− ### art_55
− 
− Article 55
+ ### Article 56 — Joint positions and common acts
− ### art_56
− 
… diff truncated at 500 changed lines …