in force 2020-01-01 MODIFIED+162 −10§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
The heading changes from "General provisions" to "General provisions on systemic risk".
In paragraph 2 the cross-reference to Article 23(1) is shortened to a reference to Article 23.
Paragraph 4 now describes the inquiry as assessing potential threats to the stability of the financial system or to the protection of customers or consumers, rather than referring only to the stability of the financial system, and it adds that following such an inquiry the Board of Supervisors may make appropriate recommendations to the competent authorities concerned, a step previously stated as being made directly by the Authority within the same sentence as the inquiry.
Cited: Art. 22, v2 · Art. 22, v1
text before / after
02010R1094-20140523 → 02010R1094-20200101
Article 22
General provisions
on systemic risk
1. The Authority shall duly consider systemic risk as defined by Regulation (EU) No 1092/2010. It shall address any risk of disruption in financial services that:
(a) is caused by an impairment of all or parts of the financial system; and
(b) has the potential to have serious negative consequences for internal market and the real economy.
The Authority shall consider, where appropriate, the monitoring and assessment of systemic risk as developed by the ESRB and the Authority and respond to warnings and recommendations by the ESRB in accordance with Article 17 of Regulation (EU) No 1092/2010.
2. The Authority shall, in collaboration with the ESRB, and in accordance with Article 23(1), 23, develop a common approach to the identification and measurement of systemic importance, including quantitative and qualitative indicators as appropriate.
These indicators shall be a critical element in the determination of appropriate supervisory actions. The Authority shall monitor the degree of convergence in the determinations made, with a view to promoting a common approach.
3. Without prejudice to the acts referred to in Article 1(2), the Authority shall draw up, as necessary, additional guidelines and recommendations for financial institutions, to take account of the systemic risk posed by them.
The Authority shall ensure that the systemic risk posed by financial institutions is taken into account when developing draft regulatory and implementing technical standards in the areas laid down in the legislative acts referred to in Article 1(2).
4. Upon a request from one or more competent authorities, the European Parliament, the Council or the Commission, or on its own initiative, the Authority may conduct an inquiry into a particular type of financial institution or type of product or type of conduct in order to assess potential threats to the stability of the financial system and or to the protection of customers or consumers.
Following an inquiry conducted pursuant to the first subparagraph, the Board of Supervisors may make appropriate recommendations for action to the competent authorities concerned.
For those purposes, the Authority may use the powers conferred on it under this Regulation, including Article 35.
5. The Joint Committee shall ensure overall and cross-sectoral coordination of the activities carried out in accordance with this Article.