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Law No. 12 Of 16 March 2017Privind Macro-Prudential Oversight Of The Financial System For The National

Original Language Title: LEGE nr. 12 din 16 martie 2017privind supravegherea macroprudenţială a sistemului financiar naţional

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LEGE no. 12 12 of 16 March 2017 on the macro-prudential supervision of the national
ISSUER ROMANIAN PARLIAMENT
Published in OFFICIAL MONITOR no. 192 192 of 17 March 2017



The Romanian Parliament adopts this law + Chapter I General provisions + Article 1
(1) The National Committee for Macroprudential Supervision, hereinafter referred to as the Committee, shall be established as an interinstitutional cooperation structure, without legal personality, which includes representatives of the National Bank of Romania, The Financial Supervisory Authority and the Government.
(2) Without prejudice to the prerogatives conferred by law to the authorities provided in par. ((1) The Committee's mission is to ensure coordination in the field of macro-prudential supervision of the national financial system, by establishing macro-prudential policy and appropriate instruments for its implementation.
+ Article 2
(1) The Committee's fundamental objective is to contribute to safeguarding financial stability, including by strengthening the capacity of the financial system to withstand shocks and reducing the accumulation of systemic risks, ensuring this path makes a sustainable contribution of the financial system to economic growth. The financial system and systemic risk have the meanings set out in the Regulation (EU) No 1.092/2010 of the European Parliament and of the Council of 24 November 2010 on macro-prudential supervision at European Union level of the financial system and establishing a European Systemic Risk Board.
(2) In fulfilling the fundamental objective provided in par. ((1) The Committee shall be operationally independent.
+ Article 3
(1) In order to achieve the fundamental objective laid down in Article 2 2 para. (. The Committee shall have the following tasks: a) the identification, collection and analysis of the information necessary to achieve the fundamental objective b) identification, monitoring and evaluation of systemic risks; c) the identification of the institutions and structures of the financial system that are systemically relevant; d) the development of the macro-prudential policy strategy towards the fundamental objective; e) issuing recommendations and warnings to prevent or mitigate systemic risks to the stability of the national financial system; f) issuing recommendations and, where appropriate, warnings to ensure the implementation of the recommendations of the European Systemic Risk Board or, where appropriate, the issuing of recommendations and warnings necessary following the warnings of the European Committee for systemic risk, issued on the basis of the tasks conferred on it by Regulation (EU) No 1.092/2010 ; g) monitoring the implementation of the recommendations issued by the Committee and the measures adopted at national level, following the recommendations and warnings issued by the Committee; h) the establishment, periodic reassessment and pursuit of the interim objectives of the macroprudential policy i) the establishment, at national level, of macro-prudential instruments and their periodic reassessment, and the recognition of macro-prudential instruments established by the authorities of other Member States; j) the issuance of advisory opinions in its field of competence, according to the legal provisions in force; k) issuing recommendations to ensure the national implementation of regulations, decisions, recommendations, guidelines, guidelines issued in the field of macro-prudential supervision, adopted at European Union level.
(2) In the exercise of the duties provided in par (. The Committee shall act as: a) macro-prudential authority within the meaning of the Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of the national authorities (CERS/2011/ 3); b) designated authority, within the meaning of Sections I and II, Chapter II. 4 4, Title VII of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002 /87/EC and repealing the Directives 2006 /48/EC and 2006 2006 /49/EC ; c) designated authority, within the meaning of art. 458 458 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 .
(3) In application of the provisions of ((2) lit. b) the Committee shall be empowered to issue a Regulation on the methodology and procedure used by it for the establishment of macro-prudential instruments referred to in Sections I and II, 4 4, Title VII of Directive 2013 /36/EU , as well as the scope of these instruments, with a view to issuing recommendations in this regard. The Regulation shall be published in the Official Gazette of Romania, Part I, and according to art. 10 10 para. ((4).
(4) In the exercise of its tasks, the Committee shall monitor the compliance and, where appropriate, with the necessary measures to implement the regulations, decisions, recommendations, guidelines, guidelines issued in the field of macro-prudential supervision, adopted at European Union level.
(5) In addition to the duties provided in par. ((1), the Committee is responsible for coordinating the management of financial crises, meaning that it issues recommendations to establish the necessary measures to reduce the risk of contamination, where one or more participants in the system financially they face difficulties that have systemic impact, and monitor their implementation.
(6) In the exercise of its powers, the Committee shall have the power to request all necessary data and information in order to fulfil its fundamental objective, including information from the National Bank of Romania and the Supervisory Authority Financial, information from other authorities and institutions, including outside the regulatory area of these authorities, as well as information at the level of the institution following a justified request, while taking the necessary measures to ensuring their confidentiality, the authorities and institutions referred to being required to provide the requested information.
(7) The Committee is obliged to transmit to the Government, the National Bank of Romania and the Financial Supervisory Authority the relevant information necessary for the performance of their duties.
(8) For the purpose of exercising the powers conferred by this Law, the Committee shall ensure cooperation and exchange of information with the European Commission, the European Banking Authority, the European Systemic Risk Board and the authorities. equivalents from other Member States, taking the necessary measures to ensure the confidentiality of the information received.
((9) The Committee shall inform the European Systemic Risk Board of the actions taken to prevent and mitigate systemic risks at national level, in compliance with, where appropriate, the time limits set out in its recommendations, or other relevant acts issued at European Union level.
+ Article 4
((. For the national implementation of the measures necessary to prevent or mitigate systemic risks, the Committee shall be empowered to: a) issue recommendations and warnings to the National Bank of Romania and the Financial Supervisory Authority, as national sectoral financial supervisory authorities; b) issue recommendations to the Government, in order to maintain financial stability; c) Ask the European Systemic Risk Board to issue a recommendation for recognition by one or more Member States of the macroprudential instruments recommended by the Committee.
((2) The recipients of the recommendations or warnings of the Committee referred to in par. ((1) may adopt appropriate measures, including the issuing of regulations, in order to comply with the recommendations or, where appropriate, take action to mitigate the risks to which they have been warned. The addressees shall inform the Committee of the measures taken or, if they have not adopted such measures, the information shall include the reasons for their non-adoption.
((3) If the Committee finds that its recommendation has not been followed or that the recipients have not adequately justified their lack of action, it shall, under strict confidentiality, inform the addressees.
+ Chapter II Committee organisation + Article 5
(. The Committee shall have the following organisational structure: a) General Council; b) Technical Commission on systemic risk; c) Technical Commission on financial crisis management; d) The Scientific Advisory Committee, composed of representatives of the academic and academic environment; e) Secretariat.
(. The General Council shall be responsible for the adoption of decisions in order to achieve the fundamental objective of the Committee referred to 2 2 para. ((1).
(3) The Technical Commission on systemic risk has the responsibility to support the work of the General Council by drawing up analyses of identification, evaluation and monitoring of systemic risk and the proposal of the necessary measures to meeting the fundamental objective of the Committee referred to in 2 2 para. ((1).
(4) The technical commission on the management of financial crises has the responsibility to support the work of the General Council by drawing up analyses relating to one or more participants in the financial system facing or being likely to face major difficulties that have systemic impact and by proposing the necessary measures to reduce the risk of contamination of the other financial institutions or markets or the financial system as a whole.
((5) The Secretariat is provided by the National Bank of Romania and provides administrative and logistical support to the Committee.
(6) The organisation and the functioning of the Committee shall be established by internal regulations adopted by the General Council of
+ Article 6
(1) The chairman of the Committee shall be the Governor of the
(2) The President represents the Committee in relation to third parties. In the case of temporary impossibility to exercise the duties by the President, the representation shall be ensured by one of the members, appointed by the General Council.
+ Article 7
(. The General Board of the Committee shall consist of 9 members, as follows: a) on behalf of the National Bank of Romania: the Governor, the First Deputy Governor and a Deputy Governor appointed by the Board of Directors of the National Bank of Romania; b) on behalf of the Financial Supervisory Authority: the President, the First Vice-Chair and a Vice-Chair appointed by the Financial Supervisory Authority c) on behalf of the Government: 3 representatives appointed by the Prime Minister.
(2) The director of the Deposit Guarantee Fund in the Banking System participates in the meetings of the General Council, without the right to vote.
(3) Conduct of the activity as a member of the General Council by the persons referred to in par. ((1) does not entail a state of incompatibility or conflict of interest within the meaning provided by Law no. 161/2003 on certain measures to ensure transparency in the exercise of public dignity, public functions and in the business environment, prevention and sanctioning of corruption, with subsequent amendments and completions, or that provided for in the special laws which govern the status of the authorities to which these persons belong.
((. The composition of the technical committees and the Scientific Advisory Committee shall be determined by the General Council.
+ Article 8
(. The General Council shall meet in ordinary meetings at least 4 times a year.
(. The General Council shall meet in extraordinary meetings at the request of any of its members.
((. The meetings of the General Council shall be convened by the President of the Committee
((. Members of the General Council shall take part in their meetings. Exceptionally, it is allowed to replace members with persons empowered by the General Council, given that the replacement is justified by the temporary impossibility of exercising duties by members of law.
(5) Persons empowered under the conditions of par. ((4) must be part of the same institution as the members of law who are replaced.
(6) Members of the General Council shall not be remunerated for their work.
+ Article 9
(. Each member of the General Council shall be entitled to a vote.
(. The General Council shall deliberate in the presence of at least half plus one of its members.
((3) The decisions of the General Council shall be adopted by a majority
+ Chapter III Final provisions + Article 10
(1) The Committee shall ensure that the relevant recommendations and warnings are communicated to the interested parties, as well as the publication on their website of a press release within 3 days of their issuance.
((2) Where the issuing of recommendations and warnings is subject to previous notification and approval procedures by the European institutions and authorities, the Committee shall ensure that the recommendations are communicated to the interested parties. and warnings, as well as the publication on its website of a press release within 3 days of receipt of a response from the European institutions and authorities or from the expiry of the reply deadline.
((. If the Committee considers that there are no repercussions for financial stability, it may publish the recommendations and warnings issued.
(4) The Committee shall ensure the publication on its website of the Regulation provided for in art. 3 3 para. (3), the day after its publication in the Official Gazette of Romania, Part I.
+ Article 11 The President of the Committee shall submit the annual report to the Parliament of Romania by 30 June of the following year. + Article 12
(. Members of the General Council and any other persons who have worked or worked for or in connection with the work of the Committee shall not disclose information which is the subject of professional secrecy.
(2) The information received by the Committee will be used exclusively for the performance of its tasks.
(3) The confidentiality regime of documents and the archiving regime shall be established by internal regulation adopted by the General Council of the Committee, in compliance with the legal provisions in the field.
+ Article 13 The Committee shall adopt and pursue the implementation of the macro-prudential policy strategy, without prejudice to the independence of the National Bank of Romania art. 130 130 of the Treaty on the Functioning of . + Article 14
(1) The operation of the Committee shall be ensured within a maximum of 30 days from the publication of this law in the Official Gazette of Romania, Part I.
(2) The recommendations issued according to art. X of Government Emergency Ordinance no. 113/2013 on certain budgetary measures and amending and supplementing Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 29/2015 , retains its validity.
* This law ensures: - transposition of the provisions contained in Sections I and II, cap. 4 4, Title VII of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002 /87/EC and repealing the Directives 2006 /48/EC and 2006 2006 /49/EC ,, published in the Official Journal of the European Union, L series, no. 176 176 of 27 June 2013; - Implementation of the Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of the national authorities (CERS/2011/ 3), published in the Official Journal of the European Union, series C, no. 41 41 of 14 February 2012; - the legal framework for the implementation of the Recommendation of the European Systemic Risk Board of 4 April 2013 on the interim objectives and macro-prudential policy instruments (CERS/2013/ 1), published in the Official Journal of the European Union, Series C, no. 170 170 of 15 June 2013. This law was adopted by the Romanian Parliament, under the conditions art. 77 77 para. ((2) ,, in compliance with provisions art. 75 and ale art. 76 76 para. ((2) of the Romanian Constitution , republished.
CHAMBER OF DEPUTIES PRESIDENT
NICOLAE-LIVIU DRAGNEA
SENATE PRESIDENT
CĂLIN-CONSTANTIN-ANTON POPESCU-TARICEANU
Bucharest, March 16, 2017. No. 12. ----