in force 2020-01-01 MODIFIED+405 −51§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
In paragraph 1, the term for the ESFS changes from capitalised to lower-case 'system', and the protection goal is expanded to describe 'effective and sufficient' protection for both 'customers and consumers' of financial services, rather than just 'sufficient' protection for 'customers'.
In paragraph 4, the Treaty on European Union is now given the abbreviation 'TEU', and the description of the information flow is extended to cover the flow among the parties to the ESFS and also from the Authority to the European Parliament, the Council and the Commission, replacing the earlier reference to flow simply between them.
Paragraph 5 gains an added sentence stating that, without prejudice to national competences, references in the Regulation to supervision include all relevant activities of all competent authorities carried out pursuant to the legislative acts referred to in Article 1(2).
Cited: Art. 2, v1 · Art. 2, v2
text before / after
02010R1093-20190330 → 02010R1093-20200101
Article 2
European System of Financial Supervision
1. The Authority shall form part of a European System system of Financial Supervision financial supervision (ESFS). The main objective of the ESFS shall be to ensure that the rules applicable to the financial sector are adequately implemented to preserve financial stability and to ensure confidence in the financial system as a whole whole, and effective and sufficient protection for the customers and consumers of financial services.
2. The ESFS shall comprise the following:
(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;
(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 CouncilSee page 48 of this Official Journal.;
(d) the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the CouncilSee page 84 of this Official Journal.;
(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 1095/2010.
3. The Authority shall cooperate regularly and closely with the ESRB as well as with the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) through the Joint Committee, ensuring cross-sectoral consistency of work and reaching joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues.
4. In accordance with the principle of sincere cooperation pursuant to Article 4(3) of the Treaty on European Union, Union (TEU), the parties to the ESFS shall cooperate with trust and full mutual respect, in particular in ensuring the flow of appropriate and reliable information between them. among them and from the Authority to the European Parliament, to the Council and to the Commission.
5. Those supervisory authorities that are party to the ESFS shall be obliged to supervise financial institutions operating in the Union in accordance with the acts referred to in Article 1(2).Without prejudice to national competences, references in this Regulation to supervision shall include all relevant activities of all competent authorities to be carried out pursuant to the legislative acts referred to in Article 1(2).