Date: 2023-11-24Category: Not ApplicableState: Union GovernmentCountry: Europe
Decision (EU) 2023/2531 of the European Central Bank of 24 October 2023 nominating heads of work units to adopt delegated decisions not to object to intended macroprudential measures of national competent authorities or national designated authorities (ECB/2023/26)
Executive Summary:
This decision by the European Central Bank (ECB) nominates heads of work units authorized to adopt delegated decisions regarding non-objection to macroprudential measures proposed by national authorities. It is based on the Treaty on the Functioning of the European Union and related decisions. It enters into force twenty days after publication in the Official Journal of the European Union.
Key Points / Main Content:
* **Purpose and Scope:**
* Establishes a procedure for the ECB to adopt specific delegated decisions not to object to intended macroprudential measures of national competent authorities (NCAs) or national designated authorities (NDAs).
* Delegated decisions are effective upon the Executive Board's decision nominating heads of work units.
* **Authority and Consultation:**
* The Executive Board decides on the number, name, and competence of ECB work units.
* The Chair of the Supervisory Board was consulted on the nomination of heads of work units.
* **Definitions:**
* The definition of "intended macroprudential measures" is as defined in Article 1 of Decision EU 2023/2530 (ECB/2023/24).
* **Delegation of Decision-Making:**
* Delegated decisions are to be adopted by the Director General or a Deputy Director-General of the Directorate-General Macroprudential Policy and Financial Stability, and the Director-General or a Deputy Director-General of the Directorate-General of the Horizontal Line Supervision.
* **Entry into Force:**
* The decision enters into force on the twentieth day following its publication in the Official Journal of the European Union.
Impact Analysis:
* **National Competent Authorities (NCAs) / National Designated Authorities (NDAs):**
* *Impact:* Affected by the decisions regarding macroprudential measures.
* *Action Required:* Await notification of delegated decisions regarding their intended macroprudential measures.
* **Director General or a Deputy Director-General of the Directorate-General Macroprudential Policy and Financial Stability and the Director-General or a Deputy Director-General of the Directorate-General of the Horizontal Line Supervision:**
* *Impact:* Given the power to adopt delegated decisions not to object to intended macroprudential measures.
* *Action Required:* Adopt delegated decisions pursuant to Article 3 of Decision EU 2023/2530 (ECB/2023/24).
* **Executive Board of the European Central Bank (ECB):**
* *Impact:* Responsible for the adoption of this decision.
* *Action Required:* Ensure implementation of this decision.
Key Entities Referenced
European Central Bank: The central bank of the European Union countries that have adopted the euro.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union.
European System of Central Banks: Comprises the European Central Bank and the national central banks of all EU member states.
Executive Board of the European Central Bank: The executive body of the European Central Bank responsible for the day-to-day management of the ECB.
Decision EU 2023/2530: Decision of the European Central Bank on the delegation of the power to adopt decisions not to object to intended macroprudential measures of national competent authorities or national designated authorities.
Frankfurt am Main: City in Hesse, Germany; the location where the decision was made.
Christine Lagarde: The President of the European Central Bank.
Supervisory Board: Refers to the Supervisory Board of the European Central Bank.
Official Journal EN
of the European Union L series
2023/2531 24.11.2023
DECISION (EU) 2023/2531 OF THE EUROPEAN CENTRAL BANK
of 24 October 2023
nominating heads of work units to adopt delegated decisions not to object to intended
macroprudential measures of national competent authorities or national designated
authorities (ECB/2023/26)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
Article 11.6 thereof,
Having regard to Decision (EU) 2023/2530 of the European Central Bank of 28 September 2023on the delegation of the
power to adopt decisions not to object to intended macroprudential measures of national competent authorities or
national designated authorities (ECB/2023/24)(1), and in particular Article 3 thereof,
Having regard to Decision ECB/2004/2 of the European Central Bank of 19 February 2004adopting the Rules of Procedure
of the European Central Bank(2), and in particular Article 10 thereof,
Whereas:
(1) To address the considerable number of decisions that the European Central Bank (ECB) is to adopt for the
performance of its macroprudential tasks, a procedure for the adoption of specific delegated decisions not to object
to intended macroprudential measures of national competent authorities (NCAs) or national designated authorities
(NDAs) has been established.
(2) A delegation decision is effective upon the adoption of a decision by the Executive Board nominating the heads of
work units to take decisions on the basis of a delegation decision.
(3) The importance of the delegation decision and the number of NCAs or NDAs which are to be notified of delegated
decisions should be taken into account by the Executive Board in nominating heads of work units.
(4) Article 10(1) of Decision ECB/2004/2 provides that the Executive Board is to decide upon the number, name and
respective competence of each of the work units of the ECB.
(5) The Chair of the Supervisory Board has been consulted on the heads of work units to whom the power to adopt
decisions not to object to intended macroprudential measures of NCAs or NDAs should be delegated,
HAS ADOPTED THIS DECISION:
Article 1
Definitions
For the purposes of this Decision, the definition of ‘intended macroprudential measures’ in Article 1 of Decision
(EU) 2023/2530 (ECB/2023/24) shall apply.
(1) OJ L, 2023/2530, 24.11.2023, ELI: http://data.europa.eu/eli/dec/2023/2530/oj.
(2) OJ L 80, 18.3.2004, p. 33.
ELI: http://data.europa.eu/eli/dec/2023/2531/oj 1/2EN
OJ L, 24.11.2023
Article 2
Delegated decisions not to object to intended macroprudential measures of national competent authorities or
national designated authorities
Delegated decisions pursuant to Article 3 of Decision (EU) 2023/2530 (ECB/2023/24) shall be adopted by the Director-
General or a Deputy Director-General of the Directorate-General Macroprudential Policy and Financial Stability and the
Director-General or a Deputy Director-General of the Directorate-General of the Horizontal Line Supervision.
Article 3
Entry into force
This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
Done at Frankfurt am Main, 24 October 2023.
The President of the ECB
Christine LAGARDE
2/2 ELI: http://data.europa.eu/eli/dec/2023/2531/oj