AI Summary of Article 45b Coordination Groups
The Management Board may establish coordination groups either on its own initiative, at the request of a competent authority, or upon request by five members of the Board of Supervisors, to coordinate on defined topics arising from specific market developments. All competent authorities must participate in those groups and provide, in accordance with Article 35, the information necessary for the coordination groups to perform their mandate; the groups’ work shall be based on information supplied by competent authorities and any findings identified by the Authority.
Coordination groups are chaired by a member of the Management Board, who shall report annually to the Board of Supervisors on the main elements of discussions and findings and may propose regulatory follow‑up or a peer review. Competent authorities must notify the Authority how they have taken the groups’ work into account. When monitoring market developments that may be the focus of coordination groups, the Authority may request, pursuant to Article 35, information from competent authorities to fulfil its monitoring role.
Article 45b Coordination Groups
1. The Management Board may set up coordination groups on its own initiative or upon the request of a competent authority on defined topics for which there may be a need to coordinate having regard to specific market developments. The Management Board shall set up coordination groups on defined topics at the request of five members of the Board of Supervisors.
2. All competent authorities shall participate in the coordination groups and shall provide, in accordance with Article 35, to the coordination groups the information necessary in order to allow the coordination groups to conduct their coordinating tasks in accordance with their mandate. The work of the coordination groups shall be based on information provided by the competent authorities and any findings identified by the Authority.
3. The groups shall be chaired by a member of the Management Board. Each year, the respective member of the Management Board in charge of the coordination group shall report to the Board of Supervisors on the main elements of the discussions and findings and, where relevant, make a suggestion for a regulatory follow-up or a peer review in the respective area. Competent authorities shall notify the Authority as to how they have taken into account the work of coordination groups in their activities.