in force 2020-01-01 MODIFIED+240 −122§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
Paragraph 4 now requires the Authority to discuss an ESRB warning or recommendation at the next Board of Supervisors meeting, or earlier where appropriate, instead of convening a meeting without delay, and its follow-up explanation for not acting is addressed to the ESRB alone, with the ESRB in turn informing both the European Parliament and the Council.
Paragraph 5 changes the recipient of a warning or recommendation from a competent national supervisory authority to a competent authority, and the reporting obligation under Article 17(1) of Regulation (EU) No 1092/2010 now runs to the European Parliament, the Council, the Commission and the ESRB, with the reference to also informing the Commission separately removed.
The earlier text had the Authority convene a Board of Supervisors meeting without delay and required informing the Council and ESRB together when action was not taken, and had the competent authority inform the Council and ESRB while the Authority separately informed the Commission.
Cited: Art. 36, v2 · Art. 36, v1
text before / after
02010R1093-20190330 → 02010R1093-20200101
Article 36
Relationship with the ESRB
1. The Authority shall cooperate closely and on a regular basis with the ESRB.
2. The Authority shall provide the ESRB with regular and timely information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or aggregate form shall be provided, without delay, to the ESRB upon a reasoned request, as specified in Article 15 of Regulation (EU) No 1092/2010. The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial institutions.
3. The Authority shall, in accordance with paragraphs 4 and 5, ensure a proper follow-up to ESRB warnings and recommendations referred to in Article 16 of Regulation (EU) No 1092/2010.
4. On receipt of a warning or recommendation from the ESRB addressed to the Authority, the Authority shall convene a discuss that warning or recommendation at the next meeting of the Board of Supervisors without delay and or, where appropriate, earlier, in order to assess the implications of of, and possible follow-up to, such a warning or recommendation for the fulfilment of its tasks.
It shall decide, by the relevant decision-making procedure, on any actions to be taken in accordance with the powers conferred upon it by this Regulation for addressing the issues identified in the warnings and recommendations.
If the Authority does not act on a warning or recommendation, it shall explain to the Council and to the ESRB its reasons for not doing so. The ESRB shall inform the European Parliament thereof in accordance with Article 19(5) of Regulation (EU) No 1092/2010.
The ESRB shall also inform the Council thereof.
5. On receipt of a warning or recommendation from the ESRB addressed to a competent national supervisory authority, the Authority shall, where relevant, use the powers conferred upon it by this Regulation to ensure a timely follow-up.
Where the addressee intends not to follow the recommendation of the ESRB, it shall inform and discuss with the Board of Supervisors its reasons for not acting.
Where the competent authority, in accordance with Article 17(1) of Regulation (EU) No 1092/2010, informs the Council European Parliament, the Council, the Commission and the ESRB of the actions it has undertaken in response to a recommendation of the ESRB, it shall take due account of the views of the Board of Supervisors and shall also inform the Commission. Supervisors.
6. In discharging the tasks set out in this Regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.