in force 2020-01-01 MODIFIED+762 −25§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
The unnumbered paragraphs of the earlier text are now labelled as paragraphs 1 and 2, and point (e) is reworded from requiring 'all appropriate measures' and 'facilitating the coordination of actions' to requiring 'appropriate measures' with a view to 'the coordination of actions'.
A new point (ea) is added, directing appropriate measures to coordinate actions of competent authorities with a view to facilitating market entry of actors or products relying on technological innovation.
A new paragraph 3 is added stating that, to contribute to a common European approach to technological innovation, the Authority is to promote supervisory convergence, with support where relevant of the Committee on consumer protection and financial innovation, facilitating market entry of such actors or products through exchange of information and best practices, and that it may adopt guidelines or recommendations under Article 16 where appropriate.
Cited: Art. 31, v1 · Art. 31, v2
text before / after
02010R1095-20140523 → 02010R1095-20200101
Article 31
Coordination function
1. The Authority shall fulfil a general coordination role between competent authorities, in particular in situations where adverse developments could potentially jeopardise the orderly functioning and integrity of financial markets or the stability of the financial system in the Union.
2. The Authority shall promote a coordinated Union response, inter alia, by:
(a) facilitating the exchange of information between the competent authorities;
(b) determining the scope and, where possible and appropriate, verifying the reliability of information that should be made available to all the competent authorities concerned;
(c) without prejudice to Article 19, carrying out non-binding mediation upon a request from the competent authorities or on its own initiative;
(d) notifying the ESRB of any potential emergency situations without delay. delay;
(e) taking all appropriate measures in case the event of developments which may jeopardise the functioning of the financial markets with a view to facilitating the coordination of actions undertaken by relevant competent authorities;
(ea) taking appropriate measures to coordinate actions undertaken by relevant competent authorities with a view to facilitating the entry into the market of actors or products relying on technological innovation;
(f) centralising information received from competent authorities in accordance with Articles 21 and 35 as the result of the regulatory reporting obligations for financial market participants active in more than one Member State. The Authority shall share that information with the other competent authorities concerned.3. In order to contribute to the establishment of a common European approach towards technological innovation, the Authority shall promote supervisory convergence, with the support, where relevant, of the Committee on consumer protection and financial innovation, facilitating entry into the market of actors or products relying on technological innovation, in particular through the exchange of information and best practices. Where appropriate, the Authority may adopt guidelines or recommendations in accordance with Article 16.