Council Regulation (EU) No 1024/2013

In force

This text since 3 Nov 2013law://eu/reg/2013/1024/art_3@2026-11-13

Contents

Article 3Cooperation#

1.The ECB shall cooperate closely with EBA, ESMA, EIOPA and the European Systemic Risk Board (ESRB), and the other authorities which form part of the ESFS, which ensure an adequate level of regulation and supervision in the Union.Where necessary the ECB shall enter into memoranda of understanding with competent authorities of Member States responsible for markets in financial instruments. Such memoranda shall be made available to the European Parliament, to the Council and to competent authorities of all Member States.

2.For the purposes of this Regulation, the ECB shall participate in the Board of Supervisors of EBA under the conditions set out in Article 40 of Regulation (EU) No 1093/2010.

3.The ECB shall carry out its tasks in accordance with this Regulation and without prejudice to the competence and the tasks of EBA, ESMA, EIOPA and the ESRB.

4.The ECB shall cooperate closely with the authorities empowered to resolve credit institutions, including in the preparation of resolution plans.

5.Subject to Articles 1, 4 and 6, the ECB shall cooperate closely with any public financial assistance facility including the European Financial Stability Facility (EFSF) and the ESM, in particular where such a facility has granted or is likely to grant, direct or indirect financial assistance to a credit institution which is subject to Article 4.

6.The ECB and the competent authorities of non-participating Member States shall conclude a memorandum of understanding describing in general terms how they will cooperate with one another in the performance of their supervisory tasks under Union law in relation to the financial institutions referred to in Article 2. The memorandum shall be reviewed on a regular basis.Without prejudice to the first subparagraph the ECB shall conclude a memorandum of understanding with the competent authority of each non-participating Member State that is home to at least one global systemically important institution, as defined in Union law.Each memorandum shall be reviewed on a regular basis and shall be published subject to appropriate treatment of confidential information.

Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.

Key facts

Type: Regulation · Council Regulation (EU) No 1024/2013
Adopted: 15 Oct 2013
In force: 3 Nov 2013
Made by: Council of the European Union
Official: EUR-Lex 32013R1024 · ELI

Topics

credit institution division of powers European Central Bank financial intervention market intervention Freedom of establishment

History · 1 version

3 Nov 2013Reading

Connections

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Interpreted by the courts in 1: Silvio Berlusconi and Finanziaria d'investimento Fininvest SpA (Fininvest) v Banca d'Italia and Istituto per la Vigilanza Sulle Assicurazioni (IVASS) (C-219/17)
Cited by 12: Regulation (EU) No 575/2013; Directive 2014/59/EU; Decision (EU) 2026/2036 (ECB/2026/19); Decision (EU) 2026/2037 (ECB/2026/20); Decision (EU) 2026/2038 (ECB/2026/21); Decision (EU) 2026/1942 (ECB/2026/18)8 provisions; Regulation (EU) No 806/2014; Malacalza Investimenti Srl and Vittorio Malacalza v European Central Bank (C-557/24 P)4 provisions; Regulation (EU) 2026/808; Decision (EU) 2026/567 (ECB/2026/7); Council Implementing Decision (EU) 2026/4163 provisions; Decision (EU) 2026/564 (ECB/2026/5)2 provisions

Defined terms · 9

Show every defined term

credit institution
means a credit institution as defined in point 1 of Article 4(1) of Regulation (EU) No 575/2013;
financial conglomerate
means a financial conglomerate as defined in point 14 of Article 2 of Directive 2002/87/EC;
financial holding company
means a financial holding company as defined in point 20 of Article 4(1) of Regulation (EU) No 575/2013;
mixed financial holding company
means a mixed financial holding company as defined in point 15 of Article 2 of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate;
national competent authority
means a national competent authority designated by a participating Member State in accordance with 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 Directive 2013/36/EU;
national designated authority
means a designated authority of a participating Member State, within the meaning of the relevant Union law;
participating Member State
means a Member State whose currency is the euro or a Member State whose currency is not the euro which has established a close cooperation in accordance with Article 7;
qualifying holding
means a qualifying holding as defined in point 36 of Article 4(1) of Regulation (EU) No 575/2013;
Single supervisory mechanism
(SSM) means the system of financial supervision composed by the ECB and national competent authorities of participating Member States as described in Article 6 of this Regulation.