in force 2020-01-01 MODIFIED+947 −290§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
Paragraph 1 now distinguishes guidelines, which are addressed to all competent authorities or all financial institutions, from recommendations, which may be addressed to one or more of them, and adds that guidelines and recommendations must accord with the empowerments given in the legislative acts referred to in Article 1(2) or in this Article.
Paragraph 2 adds a requirement that the Authority give reasons if it does not conduct open public consultations or does not request advice from the Insurance and Reinsurance Stakeholder Group and the Occupational Pensions Stakeholder Group, and it names those two groups instead of the earlier generic reference to the relevant stakeholder group.
A new paragraph 2a states that guidelines and recommendations must not merely refer to or reproduce elements of legislative acts and requires the Authority to review existing guidelines and recommendations before issuing a new one to avoid duplication, while paragraph 4 drops the earlier requirement to state which competent authority failed to comply and how the Authority intends to secure future compliance.
Cited: Art. 16, v2 · Art. 16, v1
text before / after
02010R1094-20140523 → 02010R1094-20200101
Article 16
Guidelines and recommendations
1. The Authority shall, with a view to establishing consistent, efficient and effective supervisory practices within the ESFS, and to ensuring the common, uniform and consistent application of Union law, issue guidelines and recommendations addressed to all competent authorities or all financial institutions and issue recommendations to one or more competent authorities or to one or more financial institutions.
Guidelines and recommendations shall be in accordance with the empowerments conferred in the legislative acts referred to in Article 1(2) or in this Article.
2. The Authority shall, where appropriate, conduct open public consultations regarding the guidelines and recommendations which it issues and analyse the related potential costs and benefits. Such benefits of issuing such guidelines and recommendations. Those consultations and analyses shall be proportionate in relation to the scope, nature and impact of the guidelines or recommendations. The Authority shall, where appropriate, also request opinions or advice from the relevant stakeholder group Insurance and Reinsurance Stakeholder Group and of the Occupational Pensions Stakeholder Group referred to in Article 37.
Where the Authority does not conduct open public consultations or does not request advice from the Insurance and Reinsurance Stakeholder Group and of the Occupational Pensions Stakeholder Group, the Authority shall provide reasons.
2a. Guidelines and recommendations shall not merely refer to, or reproduce, elements of legislative acts. Before issuing a new guideline or recommendation, the Authority shall first review existing guidelines and recommendations, in order to avoid any duplication.
3. The competent authorities and financial institutions shall make every effort to comply with those guidelines and recommendations.
Within 2 months of the issuance of a guideline or recommendation, each competent authority shall confirm whether it complies or intends to comply with that guideline or recommendation. In the event that a competent authority does not comply or does not intend to comply, it shall inform the Authority, stating its reasons.
The Authority shall publish the fact that a competent authority does not comply or does not intend to comply with that guideline or recommendation. The Authority may also decide, on a case-by-case basis, to publish the reasons provided by the competent authority for not complying with that guideline or recommendation. The competent authority shall receive advanced notice of such publication.
If required by that guideline or recommendation, financial institutions shall report, in a clear and detailed way, whether they comply with that guideline or recommendation.
4. In the report referred to in Article 43(5) 43(5), the Authority shall inform the European Parliament, the Council and the Commission of the guidelines and recommendations that have been issued, stating which competent authority has not complied with them, and outlining how the Authority intends to ensure that the competent authority concerned follow its recommendations and guidelines in the future. issued.