in force 2019-12-30 MODIFIED+1,220 −138§
Amended by Regulation (EU) 2019/2176 32019R2176
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2014-05-15
The list of possible addressees for ESRB warnings and recommendations in paragraph 2 was expanded to include national authorities designated for macro-prudential or systemic risk measures, the ECB for its tasks under Regulation (EU) No 1024/2013, resolution authorities designated under Directive 2014/59/EU, and the Single Resolution Board, alongside the previously listed Union, Member States, ESAs and national supervisory authorities.
Paragraph 3 was changed so that warnings or recommendations are now transmitted to the European Parliament as well as to the Council and Commission, and to the ESAs generally rather than only where addressed to national supervisory authorities, with a new sentence added stating that the General Board may, where appropriate, require a confidentiality agreement when confidential or non-public warnings or recommendations are transmitted.
Cited: Art. 16, v1 · Art. 16, v2
text before / after
32010R1092 → 02010R1092-20191230
Article 16
Warnings and recommendations
1. When significant risks to the achievement of the objective in Article 3(1) are identified, the ESRB shall provide warnings and, where appropriate, issue recommendations for remedial action, including, where appropriate, for legislative initiatives.
2. Warnings or recommendations issued by the ESRB in accordance with Article 3(2)(c) points (c) and (d) of Article 3(2) of this Regulation may be of either a general or a specific nature and shall be addressed in particular to the Union as a whole or Union, to one or more Member States, or to one or more of the ESAs, or to one or more of the national supervisory authorities. authorities, to one or more national authorities designated for the application of measures aimed at addressing systemic or macro-prudential risk, to the ECB for the tasks conferred to the ECB in accordance with Articles 4(1), 4(2) and 5(2) of Regulation (EU) No 1024/2013, to resolution authorities designated by Member States pursuant to Directive 2014/59/EU of the European Parliament and of the Council
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190). or to the Single Resolution Board. If a warning or a recommendation is addressed to one or more of the national supervisory authorities, the Member State(s) State or Member States concerned shall also be informed thereof. Recommendations shall include a specified timeline for the policy response. Recommendations may also be addressed to the Commission in respect of the relevant Union legislation.
3. At the same time as they are transmitted to the addressees in accordance with paragraph 2, the warnings or recommendations shall be transmitted, in accordance with strict rules of confidentiality, to the Council and European Parliament, to the Council, to the Commission and, where addressed to one or more national supervisory authorities, and to the ESAs.
When confidential or non-public warnings or recommendations are being transmitted, the General Board shall, where appropriate, require that an agreement be concluded to ensure confidentiality.
4. In order to enhance the awareness of risks in the economy of the Union and to prioritise such risks, the ESRB, in close cooperation with the other parties to the ESFS, shall elaborate a colour-coded system corresponding to situations of different risk levels.
Once the criteria for such classification have been elaborated, the ESRB’s warnings and recommendations shall indicate, on a case-by-case basis, and where appropriate, to which category the risk belongs.