The European Systemic Risk Board (ESRB) has published its decision on a co-ordination framework regarding the notification of national macro-prudential policy measures by competent or designated authorities and the provision of opinions and the issuing of recommendations by the ESRB.
The Capital Requirements Regulation (CRR) and the CRD IV Directive set out several notification requirements that regulatory authorities in Member States need to observe in relation to the ESRB in the context of macro-prudential supervision. Under article 133 of the CRD IV Directive and article 458 of the CRR, the ESRB must provide opinions and issue recommendations on specific macro-prudential measures within one month of receiving notification of such measures.
The decision sets out the process the ESRB will follow for assessing notified measures and delivering opinions or recommendations. It also sets out the process notifying authorities must follow when providing notifications, including the use of a specified template for notifications under article 458 (which has been published alongside the decision).
The decision enters into force on 28 January 2014.
View ESRB template for measures taken under article 458 of the Capital Requirements Regulation, 27 January 2014
