Recommendation of the European Systemic Risk Board on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2)

Relevant authorities must assess the cross-border effects of their own macroprudential policy measures prior to adoption and monitor these effects annually. Authorities are required to notify the ESRB of adopted measures within two weeks and may request reciprocation by other Member States, including a proposed materiality threshold. Other relevant authorities are recommended to reciprocate specific measures from Austria, Germany, Lithuania, Luxembourg, the Netherlands, Norway, Sweden, Portugal, Denmark, and Italy, implementing them within three months of publication. Exemptions for individual financial service providers with non-material exposure are permitted under a de minimis principle, with authorities reporting actions and justifications to the ESRB and Council every two years.

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Source: European Systemic Risk Board — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works