in force 2020-01-01 MODIFIED+130 −164§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
The provision now describes systemic risk as potentially posed by, or to, financial market participants, rather than only by financial institutions, and it adds a reference to potential environmental-related systemic risk.
The separate paragraph in the earlier text describing the development of a stress-testing regime and the identification of institutions posing systemic risk, along with their subjection to strengthened supervision and recovery and resolution procedures, is now folded into the first sentence and refers to financial market participants instead of financial institutions.
Cited: Art. 23, v1 · Art. 23, v2
text before / after
02010R1094-20140523 → 02010R1094-20200101
Article 23
Identification and measurement of systemic risk
1. The Authority shall, in consultation with the ESRB, develop criteria for the identification and measurement of systemic risk and an adequate stress testing stress-testing regime which includes an evaluation of the potential for systemic risk that may be posed by by, or to, financial institutions market participants to increase in situations of stress. stress, including potential environmental-related systemic risk. The Authority shall develop an adequate stress testing regime to help identify those financial institutions market participants that may pose a systemic risk. These institutions risk shall be subject to strengthened supervision, and where necessary, to the recovery and resolution procedures referred to in Article 25.
2. The Authority shall take fully into account the relevant international approaches when developing the criteria for the identification and measurement of systemic risk that may be posed by insurance, re-insurance and occupational pensions institutions, including those established by the Financial Stability Board, the International Monetary Fund, the International Association of Insurance Supervisors and the Bank for International Settlements.