Changes from adopted text to adopted text

RemovedHAVE ADOPTED THIS REGULATION:

RemovedArticle 1

RemovedAmendments to Regulation (EU) No 1092/2010

RemovedRegulation (EU) No 1092/2010 is amended as follows:

Removed1. in Article 8, paragraph 3 is replaced by the following:

Removed‘3. Without prejudice to Articles 15 and 16 and the application of criminal law, no confidential information received by the persons referred to in paragraph 1 whilst performing their duties shall be divulged to any person or authority whatsoever, except in summary or aggregate form, such that individual financial institutions cannot be identified.’;

Removed1a. In Article 15, paragraphs 1 to 7 are replaced by the following:

Removed‘1. The ESAs, the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities shall cooperate closely with the ESRB by sharing the information and analysis necessary for the achievement of their tasks.

Removed2. The ESRB, the ESAs, and the ECB shall coordinate their efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. Notwithstanding other provisions on the sharing of supervisory and statistical information in this Article, and in other Union legislative acts, the ESAs and the ECB shall share all relevant information without undue delay after it becomes available, including supervisory and statistical information, as well as the results of their analysis of such information, with the ESRB, necessary for the achievement of its mission, objectives and tasks.

RemovedFor the purposes of sharing that information, the ESAs and the ECB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment.

Removed3. Where the existing information available to the ESRB through the ESAs, the ECB and the European Statistical System is not sufficient or not available in a timely manner, the ESRB shall request the information necessary to fulfil its mandate from national central banks, national supervisory authorities and national statistical authorities in accordance with this Article. If the information remains unavailable, the ESRB may request it from the Member State concerned, without prejudice to the prerogatives conferred, respectively, on the Council, the Commission (Eurostat), the ECB, the Eurosystem and the ESCB in the field of statistics and data collection.

Removed4. If the ESRB requests, in accordance with paragraph 3, information that is not in summary or aggregate form, the reasoned request shall explain why data on the respective individual financial institution is deemed to be systemically relevant and necessary, considering the prevailing market situation.

Removed5. Before each request made in accordance with paragraph 3 for information of a supervisory nature which is not in summary or aggregate form, the ESRB shall duly consult the relevant ESAs in order to ensure that the request is justified and proportionate. If the relevant ESA does not consider the request to be justified and proportionate, it shall, without delay, send the request back to the ESRB and ask for additional justification. After the ESRB has provided the relevant ESA with such additional justification, the requested information shall be transmitted to the ESRB by the addressees of the request, provided that they have legal access to the relevant information.’;

Removed2. in Article 15, the following paragraphs are added:

Removed‘8. The ESRB shall share with another of the authorities referred to in paragraph 1, another member authority of the ESFS or the other authorities, on a case-by-case or regular basis, information it obtained from another ▌of those authorities, or the other authorities, when ▌ the requesting authority is entitled to obtain that ▌information ▌pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law.

RemovedFor the purposes of sharing the information referred to in the first subparagraph of this paragraph, the ESRB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment.

Removed8a. The ESRB shall request from the other authorities information it would otherwise request from financial institutions or other competent authorities, where both of the following conditions are met:

Removed(a) it is entitled to obtain that information pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law;

Removed(b) that information has been obtained by at least one of the other authorities.

RemovedThe first subparagraph shall be without prejudice to the possibility for the ESRB to obtain the requested information from financial institutions or other competent authorities where, for operational reasons, the other authority is unable to share the data.

RemovedFor the purposes of determining whether the condition referred to in the first subparagraph, point (b), is met, the ESRB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment.

Removed8b. For the purposes of this Article and Article 15a, ‘other authorities’ means any of the following authorities:

Removed(a) the European Supervisory Authorities;

Removed(b) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010;

Removed(c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010;

Removed(d) competent authorities, as defined in Article 4, point (3), of Regulation (EU) No 1095/2010;

Removed(e) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council;

Removed(f) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council;

Removed(g) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013;

Removed(h) the SRB;

Removed(i) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014.

Removed9. The request for exchange of information pursuant to paragraph 8 shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or another authority referred to in that paragraph. The requesting authority and the ESRB shall be subject to the obligations of professional secrecy and data protection provisions laid down in Article 8 and in sectoral legislation applicable to the sharing of data between the financial institution or another authority referred to in paragraph 8 and the requesting authority, as well as to the sharing of data between another authority referred to in that paragraph and the ESRB. The ESRB shall inform each relevant authority about such exchange of information, unless the information has been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay.

Removed10. Paragraphs 8, 8a and 9 shall also apply to information that the ESRB has received from the other authorities and upon which the ESRB has subsequently performed quality checks or which the ESRB has otherwise processed.

Removed11. For sharing information as referred to in paragraphs 8, 8a, 9 and 10, the ESRB and the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data, provided that they comply with the applicable rules on data protection, intellectual property and professional secrecy. The memoranda of understanding shall by agreement between all the authorities concerned follow a simple and standardised format, tailored where necessary to any special operating conditions that apply to specific authorities.

Removed12. Paragraphs 8, 9 and 10 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the ESRB and the other authorities in accordance with provisions in other Union legislation. Where paragraph 8, 9 or 10 conflicts with provisions in other Union legislation that regulate the exchange of information between the other authorities ▌the provisions in such other Union legislation shall prevail.

Removed13. Without prejudice to other obligations laid down in Union law for sharing information, the ESRB may, upon justified request and on a case-by-case basis, share with the Commission ▌ information that other authorities have reported to it pursuant to their obligations under Union law, ▌in a form that does not allow the identification of individual entities and does not contain personal data. The authorities which have submitted such information shall be duly informed of the sharing that has taken place.

Removed14. The ESRB may grant access to information obtained when carrying out its duties for re-use by financial institutions, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the ESRB has ensured that all of the following has been complied with:

Removed(a) the information has been anonymised, in such a manner that the data subject or the financial institution is not or no longer identifiable;

Removed(b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights;

Removed(c) the parties to whom access has been granted have demonstrated that they have the requisite technical means to protect confidential information, that is, they possess instruments capable of fully ensuring the protection of privacy and confidentiality.

RemovedInformation received from another authority shall only be shared on that basis with the agreement of the authority that initially obtained the information.

Removed14a. The ESRB shall, by ... [1 year from the date of entry into force of this amending Regulation], report to the Commission all legal obstacles in sectoral regulations that in any way prevent the ESRB from exchanging information with other authorities or with other entities. The report may also address non-material, obsolete, duplicative or otherwise irrelevant reporting requirements.

RemovedOn the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by ... [2 years from the date of entry into force of this amending Regulation].’;

Removed2a. the following article is inserted:

Removed‘Article 15a

RemovedEstablishment of a Single Integrated Reporting System

Removed1. By ... [2 years from the date of entry into force of this amending Regulation], the ESRB shall, in close collaboration with the other authorities, prepare a report on the technical details of establishing a Single Integrated Reporting System as well as a roadmap, based on the work on the integration of reporting by the ESAs within their sectors and include an assessment of costs and benefits. For the purposes of that report, the Single Integrated Reporting System shall include:

Removed(a) a common data dictionary to ensure consistency and clarity of reporting requirements and data standardisation;

Removed(b) a joint repository of reporting and disclosure requirements, of the descriptions of the collected data and of the authorities that hold it;

Removed(c) a central data space including the technical design for collecting and exchanging information; and

Removed(d) a permanent single contact point for entities to indicate instances of double reporting, and redundant or obsolete reporting or disclosure requirements.

RemovedIn close collaboration with the Commission, the report shall be accompanied by an estimate of the overall financial impact.

RemovedThe Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment of the Single Integrated Reporting System by ... [3 years from the date of entry into force of this amending Regulation].

RemovedThe ESRB, together with the other authorities shall establish the Single Integrated Reporting System by ... [3 years from the date of entry into force of this amending Regulation].’.

RemovedArticle 2

RemovedAmendments to Regulation (EU) No 1093/2010

RemovedRegulation (EU) No 1093/2010 is amended as follows:

Removed-1. in Article 16a(1), the following subparagraph is added:

Removed‘The Authority’s opinions shall not be limited to ongoing legislative procedures. The Authority may also propose in its opinions, where appropriate, amendments to legislative acts in force, including amendments:

Removed(a) to remove redundant or obsolete reporting and disclosure requirements in Union law or the national transposition of Union law by Member States;