in force 2019-12-30 MODIFIED+813 −326§
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: 2013-10-15
Paragraph 1 no longer specifies a five-year term following the Regulation's entry into force or a review-based process for subsequent terms, simply stating that the ESRB is chaired by the President of the ECB.
Paragraph 2 changes the electing body for the first Vice-Chair from members of the General Council of the ECB to national members of the General Board with voting rights, and changes the balance consideration from euro area versus non-euro area Member States to participating Member States under Council Regulation (EU) No 1024/2013 versus those which are not.
Paragraph 8 adds language allowing the Chair to delegate tasks, including external representation and presentation of the work programme, to the first Vice-Chair or, if unavailable, to the second Vice-Chair or the head of the Secretariat, while stating that tasks related to the ESRB's accountability and reporting obligations under Article 19(1), (4) and (5) may not be delegated.
Cited: Art. 5, v1 · Art. 5, v2
text before / after
32010R1092 → 02010R1092-20191230
Article 5
Chair and Vice-Chairs of the ESRB
1. The ESRB shall be chaired by the President of the ECB for a term of 5 years following the entry into force of this Regulation. For the subsequent terms, the Chair of the ESRB shall be designated in accordance with the modalities determined on the basis of the review provided for in Article 20. ECB.
2. The first Vice-Chair shall be elected by and from the national members of the General Council of the ECB Board with voting rights for a term of 5 five years, with regard to the need for a balanced representation of Member States overall and between those whose currency is which are participating Member States as defined in point (1) of Article 2 of Council Regulation (EU) No 1024/2013
Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the euro European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63). and those whose currency is not the euro. which are not. The first Vice-Chair may be re-elected once.
3. The second Vice-Chair shall be the Chair of the Joint Committee as appointed pursuant to Article 55(3) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.
4. The Chair and the Vice-Chairs shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation.
5. The Chair shall preside at the meetings of the General Board and the Steering Committee.
6. The Vice-Chairs, in order of precedence, shall preside at the General Board and/or the Steering Committee when the Chair is unable to participate in a meeting.
7. If the term of office of a member of the General Council of the ECB elected as first Vice-Chair ends before the completion of the five-year term or if for any reason the first Vice-Chair is unable to discharge his duties, a new first Vice-Chair shall be elected in accordance with paragraph 2.
8. The Chair shall represent the ESRB externally.The Chair may delegate tasks, such as tasks related to the external representation of the ESRB, including the presentation of the work programme, to the first Vice-Chair, or if the first Vice-Chair is unavailable and where appropriate, to the second Vice-Chair or to the head of the Secretariat. Tasks related to the ESRB’s accountability and reporting obligations laid down in Article 19(1), (4) and (5) may not be delegated.