Activites

• 2010/12/15 Final act published in Official Journal
• #3045
• 2010/11/17 Council Meeting
• 2010/11/17 End of procedure in Parliament
• 2010/11/17 Act adopted by Council after consultation of Parliament
• 2010/09/22 Decision by Parliament, 1st reading/single reading
  • T7-0338/2010 summary

    The European Parliament adopted a resolution under the consultation procedure on the proposal for a Council regulation entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board. Parliament approves the proposal as amended by Parliament on 7 July 2010. To recall, the main points are as follows:Membership: Parliament proposes that the Chair of the ESRB shall be the President of the ECB. His or her term of office shall be the same as his or her term of office as President of the ECB. The first Vice-Chair shall be elected by the members of the General Council of the ECB for the same term as that of his or her membership of the General Council, with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected. The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities (Joint Committee) Before taking office, the Chair and the first Vice-Chair shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee. The Chair shall be invited to an annual hearing in the European Parliament marking the publication of the annual report of the ESRB, which shall take place in a different context from the monetary dialogue between the European Parliament and the President of the ECB.Secretariat: Parliament made certain amendments clarifying the provisions on the Secretariat. The ECB shall ensure that the Secretariat has high-quality staff reflecting the broad scope of the ESRB and the composition of the General Board. The ECB shall ensure a fair financing of the Secretariat from its own resources. All members of the Secretariat shall be required not to disclose information subject to professional secrecy, even after their duties have ceased, in accordance with ESRB Regulation. Members added that the Secretariat may request information, in individual, summary or collective form, relating to financial institutions or markets relevant for the tasks of the ESRB from the European Supervisory Authorities and, in the cases specified in Article 15 of the ESRB regulation, the national supervisory authorities, the national central banks, other authorities of the Member States or, on the basis of a reasoned request, directly from the financial institutions. This information may include data relating to the European Economic Area, the Union or the euro area, or national aggregated and individual data. National data shall be collected only on a reasoned request. Before a request for data is made, the Secretariat shall first take account of the existing statistics produced, disseminated and developed by both the European Statistical System and the ESCB and then consult the relevant European Supervisory Authority, in order to ensure that the request is proportionate.Report: lastly, the Commission’s report must assess whether:it is appropriate to simplify and reinforce the architecture of the ESFS in order to increase the coherence between the macro and the micro levels as well as between the ESAs; it is appropriate to increase the regulatory powers of the ESAs; the evolution of the ESFS is consistent with that of global developments in this area; there is sufficient diversity and excellence within the ESFS; accountability and transparency in relation to publication requirements are adequate;accountability and transparency in relation to publication requirements are adequate.

• #3030
• 2010/09/07 Council Meeting
• #3027
• 2010/07/13 Council Meeting
  • 3027 summary

    The Council adopted a political guideline with a view to continuing negotiations with the European Parliament on a package of measures which are intended to reform the European framework for supervision of the financial system, in the wake of the global financial crisis.The proposals, presented by the Commission in the autumn of 2009, are:draft Regulations on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board (ESRB), and entrusting the European Central Bank (ECB) with specific tasks concerning the functioning of that Board;draft Regulations establishing a European Banking Authority (EBA) a European Insurance and Occupational Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA);a draft Directive intended to amend existing legislation in respect of the powers of these three new authorities.Most of these texts are subject to the ordinary legislative procedure (formerly co decision) between the Parliament and the Council. The negotiations with Parliament are intended to allow them to be adopted at first reading, so that the European Systemic Risk Board and the three new supervisory authorities can be operational from 1 January 2011.There is now a large degree of convergence between the two institutions, thanks to the negotiations which have already taken place, but it has not proven possible to find an overall agreement in time to enable Parliament to hold its first reading on 8 July, as originally intended. Parliament has therefore decided to postpone the vote to a subsequent plenary session.On the basis of the general approaches already defined, the Council has agreed on the compromise proposals submitted by the Presidency with a view to facilitating continuing negotiations. It has thus strengthened the negotiating mandate given to the Presidency, while allowing it the necessary degree of flexibility.

• 2010/07/07 Results of vote in Parliament
  • Results of vote in Parliament
  • T7-0275/2010 summary

    The European Parliament adopted amendments, by 620 votes to 27 with 35 abstentions, under the consultation procedure, to the proposal for a Council regulation entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board (ESRB). The vote on the legislative resolution was postponed to a future plenary session. The main amendments to the Commission’s proposal were as follows: Membership: Parliament proposes that the Chair of the ESRB shall be the President of the ECB. His or her term of office shall be the same as his or her term of office as President of the ECB. The first Vice-Chair shall be elected by the members of the General Council of the ECB for the same term as that of his or her membership of the General Council, with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected. The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities (Joint Committee) Before taking office, the Chair and the first Vice-Chair shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee. The Chair shall be invited to an annual hearing in the European Parliament marking the publication of the annual report of the ESRB, which shall take place in a different context from the monetary dialogue between the European Parliament and the President of the ECB. Secretariat: Parliament made certain amendments clarifying the provisions on the Secretariat. The ECB shall ensure that the Secretariat has high-quality staff reflecting the broad scope of the ESRB and the composition of the General Board. The ECB shall ensure a fair financing of the Secretariat from its own resources. All members of the Secretariat shall be required not to disclose information subject to professional secrecy, even after their duties have ceased, in accordance with ESRB Regulation. Members added that the Secretariat may request information, in individual, summary or collective form, relating to financial institutions or markets relevant for the tasks of the ESRB from the European Supervisory Authorities and, in the cases specified in Article 15 of the ESRB regulation, the national supervisory authorities, the national central banks, other authorities of the Member States or, on the basis of a reasoned request, directly from the financial institutions. This information may include data relating to the European Economic Area, the Union or the euro area, or national aggregated and individual data. National data shall be collected only on a reasoned request. Before a request for data is made, the Secretariat shall first take account of the existing statistics produced, disseminated and developed by both the European Statistical System and the ESCB and then consult the relevant European Supervisory Authority, in order to ensure that the request is proportionate. Report: lastly, the Commission’s report must assess whether: it is appropriate to simplify and reinforce the architecture of the ESFS in order to increase the coherence between the macro and the micro levels as well as between the ESAs; it is appropriate to increase the regulatory powers of the ESAs; the evolution of the ESFS is consistent with that of global developments in this area; there is sufficient diversity and excellence within the ESFS ; accountability and transparency in relation to publication requirements are adequate; accountability and transparency in relation to publication requirements are adequate.

• 2010/07/06 Debate in Parliament
  • Debate in Parliament
• 2010/05/21 Committee report tabled for plenary, 1st reading/single reading
  • A7-0167/2010
• 2010/05/10 Vote in committee, 1st reading/single reading
• 2010/02/08 Committee referral announced in Parliament, 1st reading/single reading
• 2010/01/21 Legislative proposal published
  • 05551/2010 summary

    PURPOSE: to entrust the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board (ESRB).PROPOSED ACT: Council Regulation.CONTENT: the Council adopted a general approach with regard to the proposal for a Council Regulation entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board. The text has been modified to comply with the Treaty on the Functioning of the European Union (TFEU).It should be recalled that experience of the financial crisis has exposed important failures in financial supervision, both in particular cases and in relation to the financial system as a whole. The Commission proposed a regulation establishing a European Systemic Risk Board (ESRB) with aim to reinforce financial supervision in Europe. The Council reached a broad agreement on the substance of the regulation. Given its expertise on macro-prudential issues, the European Central Bank (ECB) can make a significant contribution to the effective macro-prudential oversight of the EU financial system. As a consequence, the proposed regulation provides that:·        the President of the European Central Bank shall be Member of the General Board of the European Systemic Risk Board;·        the European Central Bank shall ensure a Secretariat, and thereby provide analytical, statistical, logistical and administrative support to the ESRB. The mission of the Secretariat shall prepare the ESRB meetings and ensure the collection and processing of information, including statistical information, on behalf and for the benefit of the fulfilment of the tasks of the ESRB;·        the ECB shall ensure sufficient, human and financial resources for the fulfilment of its task of ensuring the Secretariat;·        without prejudice to the application of criminal law, any confidential information received by the Secretariat whilst performing its duties may not be divulged to any person or authority whatsoever outside the ESRB, except in summary or aggregate form, such that individual financial institutions cannot be identified;·        the Secretariat shall ensure that documents are submitted to the ESRB in a manner which ensures the confidentiality of these documents. The ECB shall ensure the confidentiality of the data received by the Secretariat for the performance of the tasks of the ECB under this Regulation.

  • DG {'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}, REHN Olli
• 2009/12/02 Additional information
• 2009/11/11 Final act published in Official Journal
  • Regulation 2010/1096
  • OJ L 331 15.12.2010, p. 0162
• #2967
• 2009/10/20 Council Meeting
  • 2967 summary

    The Council discussed two legislative proposals on the establishment of a European Systemic Risk Board (ESRB). Without prejudice to ongoing national parliamentary procedures, there was broad agreement on the substance on both the regulation establishing the ESRB and the Council decision entrusting the European Central Bank with specific tasks in relation to the ESRB.As a consequence of this support, the Council invited the presidency to start negotiations with the European Parliament on the regulation on the basis of this approach with a view to reaching agreement at first reading.Furthermore, the Council invited the presidency to take the necessary steps to initiate the process with the European Parliament on the Council decision, while taking note of the need for further political negotiations before reaching a final agreement in December 2009 on the complete package setting up a new supervisory structure for the EU.

• 2009/09/23 Initial legislative proposal published
  • COM(2009)0500
  • DG {'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}, REHN Olli

Documents

• Initial legislative proposal published: COM(2009)0500
• Debate in Council: 2967
• : Regulation 2010/1096
• : OJ L 331 15.12.2010, p. 0162
• Legislative proposal published: 05551/2010
• Committee report tabled for plenary, 1st reading/single reading: A7-0167/2010
• Debate in Parliament: Debate in Parliament
• Results of vote in Parliament: Results of vote in Parliament
• Decision by Parliament, 1st reading/single reading: T7-0275/2010
• Debate in Council: 3027
• Decision by Parliament, 1st reading/single reading: T7-0338/2010

History

(these mark the time of scraping, not the official date of the change)