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On European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
Article 18

Article 18 — Public warnings and recommendations

  1. The General Board shall decide on a case-by-case basis, after having informed the Council sufficiently in advance so that it is able to react, whether a warning or a recommendation should be made public. Notwithstanding Article 10(3), a quorum of two-thirds shall always apply to decisions taken by the General Board under this paragraph.
  2. If the General Board decides to make a warning or recommendation public, it shall inform the addressees in advance.
  3. The addressees of warnings and recommendations made public by the ESRB shall also be provided with the right of making public their views and reasoning in response thereto.
  4. Where the General Board decides not to make a warning or a recommendation public, the addressees, and where appropriate, the European Parliament, the Council and the ESAs shall take all the measures necessary to protect the confidentiality of that warning or recommendation.