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On European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
Article 1

Article 1 — Establishment

  1. A European Systemic Risk Board (ESRB) is established. It shall have its seat in Frankfurt am Main.
  2. The ESRB shall be part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the Union’s financial system.
  3. The ESFS shall comprise:
    1. the ESRB;
    2. the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010;
    3. the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010;
    4. the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010;
    5. the Joint Committee of the European Supervisory Authorities (Joint Committee) provided for by Article 54 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010;
    6. the competent or supervisory authorities in the Member States as specified in the Union acts referred to in Article 1(2) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.
  4. Pursuant to the principle of sincere cooperation in accordance with Article 4(3) of the Treaty on European Union, the parties to the ESFS shall cooperate with trust and full mutual respect, in particular to ensure that appropriate and reliable information flows between them.