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COUNCIL DECISION European Systemic Risk Board 1 , 2 , 3 , The financial crisis has revealed important shortcomings in the financial supervision, which has failed to anticipate adverse macro-prudential developments and prevent the accumulation of excessive risks in the financial sector and has in particular highlighted the weaknesses of the existing macro-prudential oversight. OJ C , , p. . OJ C , , p. . OJ C , , p. . OM/rg 2 DG G I LIMITE EN
Larosière (the "de Larosière Group") to make recommendations on how to strengthen European supervisory arrangements with a view to better protecting its citizens and rebuilding trust in the financial system. In its final report presented on 25 February 2009, the de Larosière Group recommended, among other things, the establishment of a Community-level body charged with overseeing risk in the financial system as a whole. In its Communication entitled "Driving European Recovery" of 4 March 2009 4 , the Commission welcomed and broadly supported the recommendations of the de Larosière Group. At its meeting of 19 and 20 March 2009, the European Council agreed on the need to improve the regulation and supervision of financial institutions within the EU and to use the report from the de Larosière as a basis for action. In its Communication entitled "European Financial Supervision" of 27 May 2009 5 , the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro-prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission's intention to bring forward legislative proposals so that the new framework could (...) be fully established. COM(2009) 114. COM(2009) 252. OM/rg 3 DG G I LIMITE EN
Community level macro prudential oversight of the financial system and a European Systemic Risk Board (ESRB) are established. 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(...). staff. The Council concluded on 9 June 2009 that the ECB should provide analytical, statistical, administrative and logistical support to the ESRB. As it is the task of the ESRB to cover all aspects and areas of financial stability, the ECB should involve national central banks and supervisors to provide their specific expertise (...)The option foreseen by the Treaty to confer specific tasks concerning policies relating to prudential supervision upon the ECB should therefore be exercised, by conferring on the ECB the task of ensuring the Secretariat to the ESRB. The measures for the collection of information set out in this Decision are necessary for the performance of the tasks of the ESRB and should be without prejudice to the legal framework of the European Statistical System (ESS) and the European System of Central Banks (ESCB) in the field of statistics. This Decision should therefore be without prejudice to Regulation EC no 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics and to Council Regulation EC No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank. OJ L , , p. . OM/rg 4 DG G I LIMITE EN
The Secretariat should prepare the meetings of the ESRB and support the work of the General Board, the Steering Committee and the Advisory Technical Committee of the ESRB. On behalf of the ESRB, the Secretariat should collect all information necessary for the achievement of the tasks of the ESRB. Article 1 Membership Article 2 Support of the ESRB (a) the preparation of the ESRB meetings; (b) in accordance with Article 5 of the Statute of the European System of Central Banks and the European Central Bank and Article 5 of this Decision, the collection and processing of information, including statistical information, on behalf and for the benefit of the fulfilment of the (...) tasks of the ESRB; OM/rg 5 DG G I LIMITE EN
drawing on the technical advice from national central banks and supervisors; (d) the support to the ESRB in its international cooperation at administrative level with other relevant bodies on macro-prudential issues; (e) the support to the work of the General Board, the Steering Committee and the Advisory Technical Committee. Article 3 Organisation of the Secretariat The ECB shall ensure sufficient, human and financial resources for the fulfilment of its task of ensuring the Secretariat. The Head of the Secretariat shall be appointed by the ECB, in consultation with the General Board of the ESRB. Article 4 Management The Chair of the General Board and the Steering Committee shall give directions to the Head of the Secretariat on behalf of the ESRB. The Head of the Secretariat or its representative shall attend the meetings of the General Board (...), the Steering Committee and the Advisory Technical Committee (...) of the ESRB. OM/rg 6 DG G I LIMITE EN
Collection of information on behalf of the ESRB The ESRB shall determine the information necessary for the purpose of the performance of its (...) tasks, as set out in Article 3 of Regulation (EC) No ..../2009. In view thereof, the Secretariat shall collect all the necessary (...) information on behalf of the ESRB on a regular and ad hoc basis, in accordance with (...) Article 15 of Regulation (EC) No ..../2009 and subject to (...) Article 6. (...) (...) On behalf of the ESRB, the Secretariat shall make available to the European Supervisory Authorities the information on (...) risks (...) necessary for the achievement of their tasks. Article 6 Confidentiality of data and documents 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. OM/rg 7 DG G I LIMITE EN
performance of the (...) tasks of the ECB under this Decision. The ECB shall establish internal mechanisms and adopt internal rules to ensure the protection of data collected by the Secretariat on behalf of the ESRB. The ECB staff shall comply with the applicable rules relating to professional secrecy. Information acquired by the ECB as a result of the application of this Decision shall be used only for the purposes mentioned in Article 2. Article 6a Access to documents The Secretariat shall ensure the application of (...)Decision ECB/2004/3 of 4 March 2004 on public access to European Central Bank documents. The practical arrangements for the application of Decision ECB/2004/3 to documents relating to the ESRB, shall be adopted within six months after the entry into force of this Decision. Article 7 Review clause OM/rg 8 DG G I LIMITE EN
Article 8 Applicability Article 9 Addressee For the Council The President ___________________________ OM/rg 9 DG G I LIMITE EN
