in force 2020-01-01 MODIFIED+409 −51§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
The description of the ESFS objective now adds that protection for customers is to be effective as well as sufficient, and extends this protection to consumers of financial services alongside customers.
The cooperation duty in paragraph 4 now also requires the flow of appropriate and reliable information from the Authority to the European Parliament, the Council and the Commission, in addition to the flow of information among the parties to the ESFS, and the Treaty on European Union is now given the abbreviation TEU.
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 under the legislative acts referred to in Article 1(2).
Cited: Art. 2, v2 · Art. 2, v1
text before / after
02010R1094-20140523 → 02010R1094-20200101
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 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 Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council
See page 12 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 Council
See 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 1093/2010 and of Regulation (EU) No 1095/2010;
(f) the competent or supervisory authorities in the Member States as specified in the Union acts referred to in Article 1(2) of this Regulation, of Regulation (EU) No 1093/2010 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 Banking 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 under 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).