Regulation 2019/2176 - Amendment of Regulation (EU) No 1092/2010 on EU macro-prudential oversight of the financial system and establishing a European Systemic Risk Board - Main contents
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official title
Regulation (EU) 2019/2176 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2019/2176 |
| Original proposal | COM(2017)538  |
| CELEX number i | 32019R2176 |
| Document | 18-12-2019; Date of signature |
|---|---|
| Publication in Official Journal | 27-12-2019; OJ L 334 p. 146-154 |
| Signature | 18-12-2019 |
| Effect | 30-12-2019; Entry into force Date pub. +3 See Art 2 |
| End of validity | 31-12-9999 |
27.12.2019 |
EN |
Official Journal of the European Union |
L 334/146 |
REGULATION (EU) 2019/2176 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 December 2019
amending Regulation (EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
In accordance with Article 20 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council (4), the European Parliament and the Council, on the basis of the report from the Commission to the European Parliament and to the Council of 8 August 2014 on the mission and organisation of the European Systemic Risk Board, have examined Regulation (EU) No 1092/2010 to determine whether the mission and organisation of the European Systemic Risk Board (ESRB) needed to be reviewed. The modalities for the designation of the Chair of the ESRB have also been reviewed. |
(2) |
The Commission effect analysis accompanying its proposal for this Regulation concludes that, while the ESRB is generally well-functioning, improvements on certain specific points are necessary. |
(3) |
Recent institutional changes relating to the banking union, coupled with efforts to achieve a capital markets union, as well as technological change, have actually altered the ESRB’s operating environment. The ESRB should contribute to preventing or mitigating systemic risks to financial stability in the Union and thereby to achieving the objectives of the internal market. Union macro-prudential oversight of the financial system is an integral part of the European System of Financial Supervision. Institutional arrangements that effectively identify and address micro and macro-prudential risks can ensure that all stakeholders have sufficient confidence to engage in financial activities, in particular cross-border activities. By promoting timely and consistent policy responses in Member States to identified systemic risks, the ESRB should contribute to preventing diverging approaches and improving the functioning of the internal market. |
(4) |
The broad membership of the General Board of the ESRB (the ‘General Board’) is a major asset. Recent developments in the financial supervisory architecture of the Union, and in particular the creation of a banking union, are, however, not reflected in the composition of the General Board. For that reason, the Chair of the Supervisory Board of the European Central Bank (ECB) and the Chair of the Single Resolution Board established by Regulation (EU) No 806/2014 of the European Parliament and of the Council (5) should become members without voting rights of the General Board. Corresponding adjustments should also be made to the Advisory Technical Committee of the ESRB (the ‘Advisory Technical Committee’). |
(5) |
The President of the ECB has chaired the ESRB since its establishment, pursuant to Regulation (EU) No 1092/2010 until 15 December 2015 and thereafter on an interim basis. During that period, the President of the ECB has conferred authority and credibility on the ESRB and ensured that it can effectively build and rely on the expertise of the ECB in the area of financial stability. It is therefore appropriate that the President of the ECB chair the ESRB on a permanent basis. |
(6) |
The... |
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