in force 2020-01-01 MODIFIED+552 −189§
Amended by Regulation (EU) 2019/2175 32019R2175
applies from: unchanged
Paragraph 4 changes the Authority's response to an ESRB warning or recommendation addressed to it from convening a Board of Supervisors meeting without delay to discussing the matter at the next Board of Supervisors meeting or earlier where appropriate, and it adds that if the Authority does not act, the ESRB is to inform the European Parliament and the Council, rather than the Authority explaining directly to the Council as before.
Paragraph 5 replaces the reference to a 'competent national supervisory authority' with 'competent authority' and rewrites how informing the Council and ESRB under the Regulation (EU) No 1092/2010 provisions is described, now referencing Article 17(1) and mentioning that the competent authority informs the European Parliament, Council, Commission and ESRB while taking due account of the Board of Supervisors' views.
Cited: Art. 36, v1 · Art. 36, v2
text before / after
02010R1095-20140523 → 02010R1095-20200101
Article 36
Relationship with the ESRB
1. The Authority shall cooperate closely and on a regular basis with the ESRB.
2. The Authority shall provide the ESRB with regular and timely information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or aggregate form shall be provided, without delay, to the ESRB upon a reasoned request, as specified in Article 15 of Regulation (EU) No 1092/2010. The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial market participants.
3. The Authority shall, in accordance with paragraphs 4 and 5, ensure a proper follow-up to ESRB warnings and recommendations referred to in Article 16 of Regulation (EU) No 1092/2010.
4. On receipt of a warning or recommendation from the ESRB addressed to the Authority, the Authority shall convene a discuss that warning or recommendation at the next meeting of the Board of Supervisors without delay and or, where appropriate, earlier, in order to assess the implications of of, and possible follow-up to, such a warning or recommendation for the fulfilment of its tasks.
It shall decide, by the relevant decision-making procedure, on any actions to be taken in accordance with the powers conferred upon it by this Regulation for addressing the issues identified in the warnings and recommendations.
If the Authority does not act on a warning or recommendation, it shall explain to the ESRB and the Council its reasons for not doing so.
The ESRB shall inform the European Parliament thereof in accordance with Article 19(5) of Regulation (EU) No 1092/2010. The ESRB shall also inform the Council thereof.
5. On receipt of a warning or recommendation from the ESRB addressed to a competent national supervisory authority, the Authority shall, where relevant, use the powers conferred upon it by this Regulation to ensure a timely follow-up.
Where the addressee intends not to follow the recommendation of the ESRB, it shall inform and discuss with the Board of Supervisors its reasons for not acting.
The Where the competent authority authority, in accordance with Article 17(1) of Regulation (EU) No 1092/2010, informs the European Parliament, the Council, the Commission and the ESRB of the actions it has undertaken in response to a recommendation of the ESRB, it shall take due account of the views of the Board of Supervisors when informing the Council and the ESRB in accordance with Article 17 of Regulation (EU) No 1092/2010. Supervisors.
6. In discharging the tasks set out in this Regulation, the Authority shall take the utmost account of the warnings and recommendations of the ESRB.