in force 2024-07-09 MODIFIED+127 −182§
Amended by Regulation (EU) 2024/1623 32024R1623
applies from: unchanged
Paragraph 6 now requires Member States that recognise measures to notify only the ESRB, which then forwards those notifications without delay to the Council, the Commission, EBA and the Member State authorised to apply the measures, whereas the earlier text had the recognising Member State notify the Council, the Commission, EBA, the ESRB and the authorised Member State directly.
Paragraph 9 now refers to the authorisation issued in accordance with paragraphs 2 and 4 and to the procedure referred to in paragraphs 2 and 4, adds the Commission as a body to be consulted alongside the ESRB and EBA before review, and removes the sentence stating that after the first extension the Commission shall review the situation at least every two years thereafter.
Cited: Art. 458, v1 · Art. 458, v2
text before / after
02013R0575-20240109 → 02013R0575-20240709
Article 458
Macroprudential or systemic risk identified at the level of a Member State
1. Member States shall designate the authority in charge of the application of this Article. This authority shall be the competent authority or the designated authority.
2. Where the … 858 unchanged words … Article and apply them to domestically authorised institutions, which have branches or have exposures located in the Member State authorised to apply the measure.
6. Where Member States recognise the measures set in accordance with this Article, they shall notify the ESRB. The ESRB shall forward such notifications without delay to the Council, the Commission, EBA, the ESRB EBA and the Member State authorised to apply the measures.
7. When deciding whether to recognise the measures set in accordance with this Article, the Member State shall take into consideration the criteria set in paragraph 4.
8. The Member State authorised to apply the measures may ask the ESRB to issue a recommendation as referred to in Article 16 of Regulation (EU) No 1092/2010 to one or more Member States which do not recognise the measures.
9. Before the expiry of the authorisation issued in accordance with paragraph paragraphs 2 and 4, the Member State concerned shall, in consultation with the ESRB ESRB, EBA and EBA, the Commission, review the situation and may adopt, in accordance with the procedure referred to in paragraph paragraphs 2 and 4, a new decision for the extension of the period of application of national measures for up to two additional years each time. After the first extension, the Commission shall in consultation with the ESRB and EBA review the situation at least every two years thereafter.
10. Notwithstanding the procedure as set out in paragraphs 3 to 9 of this Article, Member States shall be allowed to increase the risk weights beyond those provided for in this Regulation by up to 25 %, for those exposures identified in points (d)(iv) and (d)(vii) of paragraph 2 of this Article and tighten the large exposure limit provided for in Article 395 by up to 15 % for a period of up to two years or until the macroprudential or systemic risk ceases to exist if that occurs sooner, provided that the conditions and notification requirements laid down in paragraph 2 of this Article are met.