ECB published opinion on the Omnibus II
04 May 2011
The ECB makes the following observations:
European Single Rulebook in the financial sector: the development of a European single rulebook for all financial institutions in the single market, which the ECB fully supports, requires (i) an appropriate identification of the relevant areas for delegated and implementing acts, (ii) adequate involvement of ESAs in the preparation of these acts taking into account their technical nature and the need to rely on the highly specialised expertise of supervisory authorities; and (iii) a consistent and coordinated approach across sectors in adopting these implementing measures.
ECB’s advisory role regarding draft delegated and implementing acts: having regard to the importance of the function to be played by delegated and implementing acts as a substantial component of the single rulebook, the ECB should be consulted in due time on any draft Union acts, including draft delegated and implementing acts, falling within its fields of competence.
Information-sharing arrangements: the ECB stresses the importance of ensuring that appropriate gateways for the exchange of information are included in the relevant legislation applicable to the financial sector. The ECB suggests therefore amending Directive 2009/138/EC consistently with the corresponding provisions of Directive 2006/48/EC according to which competent authorities and EIOPA are not prevented from transmitting information to central banks of the ESCB, including the ECB, where appropriate, to other national authorities responsible for overseeing payment systems and to the ESRB when this information is relevant to their respective tasks. Appropriate information sharing arrangements should also be established for emergency situations.
