Article 5: Modalities of transfer of supervisory tasks to the ECB - Decision (EU) 2020/1015 of the European Central Bank of 24 June 2020 on the establishment of close cooperation between the European Central Bank and Българска народна банка (Bulgarian National Bank) (ECB/2020/30)

1.

From 1 October 2020, the ECB shall carry out the tasks in the areas referred to in Article 4(1) and 4(2) and Article 5 of Regulation (EU) No 1024/2013 in relation to supervised entities established in the Republic of Bulgaria.

2.

Accordingly, from that date:

(a)

a representative of BNB shall participate and exercise voting rights in the Supervisory Board in accordance with Article 26 of Regulation (EU) No 1024/2013;

(b)

a representative of BNB shall participate and, if applicable, exercise voting rights in the Steering Committee of the Supervisory Board in accordance with Articles 11 and 12 of the Rules of Procedure of the Supervisory Board of the European Central Bank^f1;

(c)

representatives of BNB shall participate, in respect of policy issues relating to prudential supervision, in other committees and sub-structures assisting in the work of the ECB regarding the tasks conferred on the ECB by Regulation (EU) No 1024/2013 in accordance with their internal rules.

3.

By way of derogation from paragraph 2, from the date of application of this Decision, the BNB representative to the Supervisory Board shall participate and exercise voting rights in the deliberations for the adoption by the ECB of instructions with regard to the identification of significant supervised entities established in the Republic of Bulgaria pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17).

4.

Upon notification of instructions addressed by the ECB to BNB with regard to the identification of significant supervised entities established in the Republic of Bulgaria pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17), BNB shall appoint sub-coordinators for the relevant joint supervisory teams pursuant to Article 115(3) of Regulation (EU) No 468/2014 (ECB/2014/17) and shall inform the ECB of those appointments without undue delay.

5.

Upon notification of instructions addressed by the ECB to BNB with regard to the identification of significant supervised entities established in the Republic of Bulgaria pursuant to Article 110 of Regulation (EU) No 468/2014 (ECB/2014/17), BNB shall identify as pending procedures pursuant to Article 48 of Regulation (EU) No 468/2014 (ECB/2014/17) any supervisory procedure formally initiated which requires a decision but cannot be completed before 1 October 2020. Identification of pending procedures shall include procedures pertaining to the exercise of the tasks in the areas referred to in Article 4(1)(a) and 4(1)(c) of Regulation (EU) No 1024/2013.

Article 5 Modalities of transfer of supervisory tasks to the ECB

Annotations

Footnotes