# Official Journal C 97/2016

| | ISSN 1977-091X |
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| Official Journal
  of the European Union | C 97 |
| | |
| English edition | Information and Notices | Volume 5912 March 2016 |

ISSN 1977-091X

Official Journal

of the European Union

C 97

English edition

Information and Notices

Volume 5912 March 2016

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| Notice No | Contents | page |
| --- | --- | --- |
| | I   Resolutions, recommendations and opinions |
| | RECOMMENDATIONS |
| | European Systemic Risk Board |
| 2016/C 097/01 | Recommendation of the European Systemic Risk Board of 11 December 2015 on recognising and setting countercyclical buffer rates for exposures to third countries (ESRB/2015/1) | 1 |
| 2016/C 097/02 | Recommendation of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2) | 9 |

Notice No

Contents

page

I   Resolutions, recommendations and opinions

RECOMMENDATIONS

European Systemic Risk Board

2016/C 097/01

Recommendation of the European Systemic Risk Board of 11 December 2015 on recognising and setting countercyclical buffer rates for exposures to third countries (ESRB/2015/1)

1

2016/C 097/02

Recommendation of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2)

9

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| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | Council |
| 2016/C 097/03 | Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2014/145/CFSP, as amended by Council Decision (CFSP) 2016/359, and in Council Regulation (EU) No 269/2014 as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine | 15 |
| 2016/C 097/04 | Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 269/2014, as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine apply | 16 |
| 2016/C 097/05 | Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2013/798/CFSP, as implemented by Council Implementing Decision (CFSP) 2016/360, and Council Regulation (EU) No 224/2014, as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic | 17 |
| 2016/C 097/06 | Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 224/2014 as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic, apply | 18 |
| | European Commission |
| 2016/C 097/07 | Euro exchange rates | 19 |
| 2016/C 097/08 | New national side of euro coins intended for circulation | 20 |
| 2016/C 097/09 | New national side of euro coins intended for circulation | 21 |
| 2016/C 097/10 | New national side of euro coins intended for circulation | 22 |
| | European Systemic Risk Board |
| 2016/C 097/11 | Decision of the European Systemic Risk Board of 11 December 2015 on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates (ESRB/2015/3) | 23 |
| 2016/C 097/12 | Decision of the European Systemic Risk Board of 16 December 2015 on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2 (ESRB/2015/4) | 28 |
| | NOTICES FROM MEMBER STATES |
| 2016/C 097/13 | Publication pursuant to Article 10(3) of Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community (Recast) of decisions by Member States to grant, suspend or revoke operating licences (
  1
  ) | 36 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

Council

2016/C 097/03

Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2014/145/CFSP, as amended by Council Decision (CFSP) 2016/359, and in Council Regulation (EU) No 269/2014 as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

15

2016/C 097/04

Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 269/2014, as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine apply

16

2016/C 097/05

Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2013/798/CFSP, as implemented by Council Implementing Decision (CFSP) 2016/360, and Council Regulation (EU) No 224/2014, as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic

17

2016/C 097/06

Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 224/2014 as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic, apply

18

European Commission

2016/C 097/07

Euro exchange rates

19

2016/C 097/08

New national side of euro coins intended for circulation

20

2016/C 097/09

New national side of euro coins intended for circulation

21

2016/C 097/10

New national side of euro coins intended for circulation

22

European Systemic Risk Board

2016/C 097/11

Decision of the European Systemic Risk Board of 11 December 2015 on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates (ESRB/2015/3)

23

2016/C 097/12

Decision of the European Systemic Risk Board of 16 December 2015 on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2 (ESRB/2015/4)

28

NOTICES FROM MEMBER STATES

2016/C 097/13

Publication pursuant to Article 10(3) of Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community (Recast) of decisions by Member States to grant, suspend or revoke operating licences (
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  )

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36

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| | (1)   Text with EEA relevance |

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(1)   Text with EEA relevance

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EN

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I Resolutions, recommendations and opinions

RECOMMENDATIONS

European Systemic Risk Board

| 12.3.2016 | EN | Official Journal of the European Union | C 97/1 |
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12.3.2016

EN

Official Journal of the European Union

C 97/1

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RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD

of 11 December 2015

on recognising and setting countercyclical buffer rates for exposures to third countries

(ESRB/2015/1)

(2016/C 97/01)

THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,

Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3(2)(b), (d) and (f) and Articles 16 to 18 thereof,

Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (2), and in particular Article 138 and 139 thereof,

Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (3), and in particular Article 15(3)(e) and Articles 18 to 20 thereof,

Whereas:

| (1) | The pro-cyclical amplification of financial shocks to the real economy through the banking system and financial markets has been one of the most destabilising elements of the global financial crisis. An economic downturn following a period of excessive credit growth can lead to large losses in the banking sector and spark a vicious circle. In such a situation, measures taken by credit institutions to strengthen their balance sheets can constrain credit supply to the real economy, exacerbating the economic downturn and further weakening their balance sheets. |
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(1)

The pro-cyclical amplification of financial shocks to the real economy through the banking system and financial markets has been one of the most destabilising elements of the global financial crisis. An economic downturn following a period of excessive credit growth can lead to large losses in the banking sector and spark a vicious circle. In such a situation, measures taken by credit institutions to strengthen their balance sheets can constrain credit supply to the real economy, exacerbating the economic downturn and further weakening their balance sheets.

| (2) | The countercyclical capital buffer is designed to work against these pro-cyclical dynamics by increasing the resilience of the banking sector. The rules requiring the maintenance of countercyclical capital buffers form part of the new global regulatory standards on bank capital adequacy (the Basel III framework) issued by the Basel Committee on Banking Supervision (BCBS) in December 2010 and implemented in the Union by Directive 2013/36/EU. By increasing the countercyclical buffer rate, designated public authorities or bodies can require the banking sector to build up additional capital in periods when system-wide risks from excessive credit growth are increasing. When such risks materialise, authorities can set the countercyclical buffer rate at a lower rate and allow this buffer of additional capital to be used to absorb unexpected losses. This enables the banking sector to continue providing credit to the real economy and to comply with regulatory capital requirements. |
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(2)

The countercyclical capital buffer is designed to work against these pro-cyclical dynamics by increasing the resilience of the banking sector. The rules requiring the maintenance of countercyclical capital buffers form part of the new global regulatory standards on bank capital adequacy (the Basel III framework) issued by the Basel Committee on Banking Supervision (BCBS) in December 2010 and implemented in the Union by Directive 2013/36/EU. By increasing the countercyclical buffer rate, designated public authorities or bodies can require the banking sector to build up additional capital in periods when system-wide risks from excessive credit growth are increasing. When such risks materialise, authorities can set the countercyclical buffer rate at a lower rate and allow this buffer of additional capital to be used to absorb unexpected losses. This enables the banking sector to continue providing credit to the real economy and to comply with regulatory capital requirements.

| (3) | Cross-border lending brings an international dimension to the countercyclical capital buffer. Losses can arise from exposures of Member States’ domestic banking sectors to third countries. Such losses could be significant if a third country to which a Member State’s domestic banking sector has material exposures entered an economic downturn following a period of excessive credit growth. |
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(3)

Cross-border lending brings an international dimension to the countercyclical capital buffer. Losses can arise from exposures of Member States’ domestic banking sectors to third countries. Such losses could be significant if a third country to which a Member State’s domestic banking sector has material exposures entered an economic downturn following a period of excessive credit growth.

| (4) | The Basel III framework on the countercyclical capital buffer is designed to capture this international dimension. In particular, under the framework, jurisdictions should recognise each other’s countercyclical buffer rates. If an authority in one jurisdiction increases the countercyclical buffer rate to protect its domestic banking sector from excessive credit growth, authorities in other jurisdictions should apply the same countercyclical buffer rate to the exposures of their domestic banks to that country. Under the framework, banks calculate their buffer requirements on the basis of the geographic location of their exposures. The Basel III framework provides for mandatory jurisdictional reciprocity for countercyclical buffer rates of up to 2,5 %, subject to transitional provisions. If applied in a consistent manner across jurisdictions, such jurisdictional reciprocity would help protect the banking sector in a given jurisdiction from risks associated with excessive credit growth in other jurisdictions. |
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(4)

The Basel III framework on the countercyclical capital buffer is designed to capture this international dimension. In particular, under the framework, jurisdictions should recognise each other’s countercyclical buffer rates. If an authority in one jurisdiction increases the countercyclical buffer rate to protect its domestic banking sector from excessive credit growth, authorities in other jurisdictions should apply the same countercyclical buffer rate to the exposures of their domestic banks to that country. Under the framework, banks calculate their buffer requirements on the basis of the geographic location of their exposures. The Basel III framework provides for mandatory jurisdictional reciprocity for countercyclical buffer rates of up to 2,5 %, subject to transitional provisions. If applied in a consistent manner across jurisdictions, such jurisdictional reciprocity would help protect the banking sector in a given jurisdiction from risks associated with excessive credit growth in other jurisdictions.

| (5) | As the BCBS standards are not legally binding, jurisdictions across the world might not implement the countercyclical capital buffer in the same manner. They might delay its implementation or might not implement it at all. In the Union, Article 136 of Directive 2013/36/EU sets out the way in which designated authorities must set countercyclical buffer rates for domestic exposures. Further guidance on setting countercyclical buffer rates for domestic exposures, as required by Article 135 of Directive 2013/36/EU, is provided in Recommendation ESRB/2014/1 of the European Systemic Risk Board (4). In the Union, a common legal framework designed to overcome the bias for inaction is thus in place, and the quarterly setting of countercyclical buffer rates for domestic exposures will be mandatory from 2016. However, there is uncertainty as to whether and to what extent third countries that are not members of the BCBS will implement the countercyclical capital buffer. |
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(5)

As the BCBS standards are not legally binding, jurisdictions across the world might not implement the countercyclical capital buffer in the same manner. They might delay its implementation or might not implement it at all. In the Union, Article 136 of Directive 2013/36/EU sets out the way in which designated authorities must set countercyclical buffer rates for domestic exposures. Further guidance on setting countercyclical buffer rates for domestic exposures, as required by Article 135 of Directive 2013/36/EU, is provided in Recommendation ESRB/2014/1 of the European Systemic Risk Board (4). In the Union, a common legal framework designed to overcome the bias for inaction is thus in place, and the quarterly setting of countercyclical buffer rates for domestic exposures will be mandatory from 2016. However, there is uncertainty as to whether and to what extent third countries that are not members of the BCBS will implement the countercyclical capital buffer.

| (6) | Designated authorities have legal powers to protect their banking sectors from risks arising from excessive credit growth in third countries. In particular, Article 139 of Directive 2013/36/EU allows designated authorities in certain circumstances to set a countercyclical buffer rate for exposures to a third country that domestically authorised institutions have to apply to calculate their institution-specific countercyclical capital buffer. A designated authority can act in situations where a countercyclical buffer rate has not been set and published by the relevant third-country authority for that third country, or if it considers that the countercyclical buffer rate set by the relevant third-country authority for that third country is not sufficient to protect the Member States’ domestic banking sectors from potential losses associated with excessive credit growth in the third country in question. |
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(6)

Designated authorities have legal powers to protect their banking sectors from risks arising from excessive credit growth in third countries. In particular, Article 139 of Directive 2013/36/EU allows designated authorities in certain circumstances to set a countercyclical buffer rate for exposures to a third country that domestically authorised institutions have to apply to calculate their institution-specific countercyclical capital buffer. A designated authority can act in situations where a countercyclical buffer rate has not been set and published by the relevant third-country authority for that third country, or if it considers that the countercyclical buffer rate set by the relevant third-country authority for that third country is not sufficient to protect the Member States’ domestic banking sectors from potential losses associated with excessive credit growth in the third country in question.

| (7) | Setting countercyclical buffer rates for exposures to third countries can, if done in an uncoordinated manner, result in different capital requirements within the Union for exposures to the same third country and the same risks. When analysing developments in a third country, designated authorities might reach different conclusions as to whether or not credit growth in that country is excessive and poses a risk to their domestic banking system that needs to be mitigated. Even if designated authorities arrive at the same risk assessment, they might reach different conclusions as to the level of the appropriate countercyclical buffer rate necessary to mitigate that risk. |
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(7)

Setting countercyclical buffer rates for exposures to third countries can, if done in an uncoordinated manner, result in different capital requirements within the Union for exposures to the same third country and the same risks. When analysing developments in a third country, designated authorities might reach different conclusions as to whether or not credit growth in that country is excessive and poses a risk to their domestic banking system that needs to be mitigated. Even if designated authorities arrive at the same risk assessment, they might reach different conclusions as to the level of the appropriate countercyclical buffer rate necessary to mitigate that risk.

| (8) | Recognition of countercyclical buffer rates for exposures to third countries can, if done in an uncoordinated manner, also result in different capital requirements within the Union. Recognition of countercyclical buffer rates set by other designated authorities or by relevant third-country authorities is required by Union law for rates up to 2,5 %, subject to transitional provisions between 2016 and 2019 as set out in Article 160 of Directive 2013/36/EU. While, in accordance with Recommendation ESRB/2014/1, designated authorities should generally recognise countercyclical buffer rates beyond mandatory levels, this applies only to countercyclical buffer rates set by designated authorities in other jurisdictions within the Union, and not to those set by relevant third country authorities for third countries. This means that the way in which countercyclical buffer rates set by relevant third country authorities are recognised might differ across jurisdictions within the Union. In particular, prior to 2019, some designated authorities might opt to apply the transitional provisions, while other designated authorities might opt to deviate from them. In addition, from 2019, some designated authorities might opt to voluntarily recognise countercyclical buffer rates in excess of 2,5 %, while others might opt not to do so. |
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(8)

Recognition of countercyclical buffer rates for exposures to third countries can, if done in an uncoordinated manner, also result in different capital requirements within the Union. Recognition of countercyclical buffer rates set by other designated authorities or by relevant third-country authorities is required by Union law for rates up to 2,5 %, subject to transitional provisions between 2016 and 2019 as set out in Article 160 of Directive 2013/36/EU. While, in accordance with Recommendation ESRB/2014/1, designated authorities should generally recognise countercyclical buffer rates beyond mandatory levels, this applies only to countercyclical buffer rates set by designated authorities in other jurisdictions within the Union, and not to those set by relevant third country authorities for third countries. This means that the way in which countercyclical buffer rates set by relevant third country authorities are recognised might differ across jurisdictions within the Union. In particular, prior to 2019, some designated authorities might opt to apply the transitional provisions, while other designated authorities might opt to deviate from them. In addition, from 2019, some designated authorities might opt to voluntarily recognise countercyclical buffer rates in excess of 2,5 %, while others might opt not to do so.

| (9) | Different capital requirements within the Union for exposures to the same third country and the same risks would typically be undesirable, as they would undermine a level playing field within the Union and provide an opportunity for regulatory arbitrage. Credit institutions in Union jurisdictions where a lower countercyclical buffer rate applies to the exposures to a given third country than that applicable in other Union jurisdictions would have an incentive to gain market share by increasing their lending to that third country. Such an increase in lending could lead to large, concentrated exposures to a particular third country by credit institutions in a particular jurisdiction. Ultimately, such an uneven playing field and the resulting incentives for regulatory arbitrage could threaten financial stability in the Union. |
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(9)

Different capital requirements within the Union for exposures to the same third country and the same risks would typically be undesirable, as they would undermine a level playing field within the Union and provide an opportunity for regulatory arbitrage. Credit institutions in Union jurisdictions where a lower countercyclical buffer rate applies to the exposures to a given third country than that applicable in other Union jurisdictions would have an incentive to gain market share by increasing their lending to that third country. Such an increase in lending could lead to large, concentrated exposures to a particular third country by credit institutions in a particular jurisdiction. Ultimately, such an uneven playing field and the resulting incentives for regulatory arbitrage could threaten financial stability in the Union.

| (10) | The European Systemic Risk Board (ESRB) has a role to play in ensuring that, with respect to a particular third country, the same countercyclical buffer rates for exposures to third countries would typically apply across the Union. The ESRB has an explicit mandate to achieve coherence on this under Article 139(3) of Directive 2013/36/EU. The ESRB considers that it can best fulfil this mandate by promoting a coherent approach across the Union for recognising and setting countercyclical buffer rates for exposures to third countries. |
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(10)

The European Systemic Risk Board (ESRB) has a role to play in ensuring that, with respect to a particular third country, the same countercyclical buffer rates for exposures to third countries would typically apply across the Union. The ESRB has an explicit mandate to achieve coherence on this under Article 139(3) of Directive 2013/36/EU. The ESRB considers that it can best fulfil this mandate by promoting a coherent approach across the Union for recognising and setting countercyclical buffer rates for exposures to third countries.

| (11) | This Recommendation is designed to ensure that the same countercyclical buffer rate for exposures to a particular third country would typically apply across the Union. It covers: (a) the recognition by designated authorities of a countercyclical buffer rate set by a relevant third-country authority for that third country; (b) the setting by designated authorities of a countercyclical buffer rate for exposures to a third country; (c) the setting by designated authorities of the countercyclical buffer rate at a lower rate when risks in a particular third country abate or materialise; and (d) the communication by designated authorities of the countercyclical buffer rate for exposures to a third country. |
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(11)

This Recommendation is designed to ensure that the same countercyclical buffer rate for exposures to a particular third country would typically apply across the Union. It covers: (a) the recognition by designated authorities of a countercyclical buffer rate set by a relevant third-country authority for that third country; (b) the setting by designated authorities of a countercyclical buffer rate for exposures to a third country; (c) the setting by designated authorities of the countercyclical buffer rate at a lower rate when risks in a particular third country abate or materialise; and (d) the communication by designated authorities of the countercyclical buffer rate for exposures to a third country.

| (12) | Recommendation A is designed to ensure that designated authorities will typically recognise the same rate of the countercyclical capital buffer set by a particular third-country authority for that third country. To achieve this, it builds on the requirement laid down in Union law to recognise in full countercyclical buffer rates up to 2,5 %, subject to transitional arrangements. It is recommended that designated authorities coordinate their recognition of countercyclical buffer rates set in excess of 2,5 % through the ESRB. Where this occurs, the ESRB will issue a recommendation to provide guidance to designated authorities on whether and to what extent the higher countercyclical buffer rate set by a third country should be recognised. While the setting of countercyclical buffer rates by third countries that are members of the BCBS will be monitored by the ESRB Secretariat, designated authorities should inform the ESRB when a third country that is not a member of the BCBS sets a countercyclical buffer rate in excess of 2,5 %. It is further recommended that designated authorities notify the ESRB when they are unclear as to whether a particular measure adopted by a third country should be recognised under Directive 2013/36/EU as a countercyclical capital buffer. In such cases, the ESRB will issue a recommendation to provide guidance. |
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(12)

Recommendation A is designed to ensure that designated authorities will typically recognise the same rate of the countercyclical capital buffer set by a particular third-country authority for that third country. To achieve this, it builds on the requirement laid down in Union law to recognise in full countercyclical buffer rates up to 2,5 %, subject to transitional arrangements. It is recommended that designated authorities coordinate their recognition of countercyclical buffer rates set in excess of 2,5 % through the ESRB. Where this occurs, the ESRB will issue a recommendation to provide guidance to designated authorities on whether and to what extent the higher countercyclical buffer rate set by a third country should be recognised. While the setting of countercyclical buffer rates by third countries that are members of the BCBS will be monitored by the ESRB Secretariat, designated authorities should inform the ESRB when a third country that is not a member of the BCBS sets a countercyclical buffer rate in excess of 2,5 %. It is further recommended that designated authorities notify the ESRB when they are unclear as to whether a particular measure adopted by a third country should be recognised under Directive 2013/36/EU as a countercyclical capital buffer. In such cases, the ESRB will issue a recommendation to provide guidance.

| (13) | Recommendation B is designed to ensure that designated authorities, when exercising their powers to set a countercyclical buffer rate for exposures to a particular third country, set this rate at the same level. Designated authorities are encouraged to exercise their powers under Article 139 of Directive 2013/36/EU. In particular, designated authorities should establish to which third countries the banking system in their jurisdiction has material exposures. Further, they should monitor developments in those third countries for signs of excessive credit growth. If designated authorities discover such signs in one of those third countries they monitor and they consider that setting a countercyclical buffer rate for exposures to that third country is needed, they should inform the ESRB. If the ESRB considers that mitigating actions should be coordinated across the Union, it will issue a recommendation to designated authorities on setting the appropriate countercyclical buffer rate for exposures to the third country in question. |
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(13)

Recommendation B is designed to ensure that designated authorities, when exercising their powers to set a countercyclical buffer rate for exposures to a particular third country, set this rate at the same level. Designated authorities are encouraged to exercise their powers under Article 139 of Directive 2013/36/EU. In particular, designated authorities should establish to which third countries the banking system in their jurisdiction has material exposures. Further, they should monitor developments in those third countries for signs of excessive credit growth. If designated authorities discover such signs in one of those third countries they monitor and they consider that setting a countercyclical buffer rate for exposures to that third country is needed, they should inform the ESRB. If the ESRB considers that mitigating actions should be coordinated across the Union, it will issue a recommendation to designated authorities on setting the appropriate countercyclical buffer rate for exposures to the third country in question.

| (14) | Recommendation C is designed to ensure that, where setting the countercyclical buffer rate for exposures to a particular third country at a lower rate is warranted because risks have either abated or materialised, the same lower countercyclical buffer rate applies across the Union. To this end, it is recommended that, when setting the countercyclical buffer rate for exposures to a particular third country at a lower rate, designated authorities should follow the same route they followed when the countercyclical buffer rate was increased. This means that, if designated authorities have recognised or set a countercyclical buffer rate for exposures to a third country in accordance with an ESRB recommendation, they should work with the ESRB to determine the appropriate level of the countercyclical buffer rate for exposures to the third country when the third country in question sets the countercyclical buffer rate at a lower rate. Where this occurs, the ESRB will adopt a recommendation to provide guidance to designated authorities on the appropriate countercyclical buffer rate for exposures to the third country in question. While the setting of countercyclical buffer rates by third countries that are members of the BCBS will be monitored by the ESRB, designated authorities should inform the ESRB when a third country that is not a member of the BCBS sets the countercyclical buffer rate at a lower rate. It is further recommended that, if, following an ESRB recommendation, designated authorities have recognised or set a countercyclical buffer rate for exposures to a third country, they should notify the ESRB if they consider that risks in that third country have abated or are materialising. |
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(14)

Recommendation C is designed to ensure that, where setting the countercyclical buffer rate for exposures to a particular third country at a lower rate is warranted because risks have either abated or materialised, the same lower countercyclical buffer rate applies across the Union. To this end, it is recommended that, when setting the countercyclical buffer rate for exposures to a particular third country at a lower rate, designated authorities should follow the same route they followed when the countercyclical buffer rate was increased. This means that, if designated authorities have recognised or set a countercyclical buffer rate for exposures to a third country in accordance with an ESRB recommendation, they should work with the ESRB to determine the appropriate level of the countercyclical buffer rate for exposures to the third country when the third country in question sets the countercyclical buffer rate at a lower rate. Where this occurs, the ESRB will adopt a recommendation to provide guidance to designated authorities on the appropriate countercyclical buffer rate for exposures to the third country in question. While the setting of countercyclical buffer rates by third countries that are members of the BCBS will be monitored by the ESRB, designated authorities should inform the ESRB when a third country that is not a member of the BCBS sets the countercyclical buffer rate at a lower rate. It is further recommended that, if, following an ESRB recommendation, designated authorities have recognised or set a countercyclical buffer rate for exposures to a third country, they should notify the ESRB if they consider that risks in that third country have abated or are materialising.

| (15) | Recommendation D is designed to ensure that decisions on countercyclical buffer rates for exposures to third countries are clearly communicated within the Union. This should help manage public expectations, ensure that actions between designated authorities can be coordinated and that the credibility, accountability and effectiveness of macroprudential policy are enhanced. To achieve this, designated authorities should apply the same principle set out in Recommendation ESRB/2014/1 for communicating countercyclical buffer rates for domestic exposures to the process of recognising, setting and reducing countercyclical buffer rates for exposures to third countries. |
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(15)

Recommendation D is designed to ensure that decisions on countercyclical buffer rates for exposures to third countries are clearly communicated within the Union. This should help manage public expectations, ensure that actions between designated authorities can be coordinated and that the credibility, accountability and effectiveness of macroprudential policy are enhanced. To achieve this, designated authorities should apply the same principle set out in Recommendation ESRB/2014/1 for communicating countercyclical buffer rates for domestic exposures to the process of recognising, setting and reducing countercyclical buffer rates for exposures to third countries.

| (16) | Under Article 136 of Directive 2013/36/EU, each Member State is required to designate a public authority or body that will be responsible for setting and recognising countercyclical buffer rates. In addition, Council Regulation (EU) No 1024/2013 (5) assigns specific tasks to the European Central Bank (ECB). In particular, the ECB may apply higher requirements for countercyclical capital buffers than those applied by the national designated authorities participating in the Single Supervisory Mechanism, and has all the powers and obligations that designated authorities have under relevant Union law. For this exclusive purpose, the ECB is considered a designated authority. |
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(16)

Under Article 136 of Directive 2013/36/EU, each Member State is required to designate a public authority or body that will be responsible for setting and recognising countercyclical buffer rates. In addition, Council Regulation (EU) No 1024/2013 (5) assigns specific tasks to the European Central Bank (ECB). In particular, the ECB may apply higher requirements for countercyclical capital buffers than those applied by the national designated authorities participating in the Single Supervisory Mechanism, and has all the powers and obligations that designated authorities have under relevant Union law. For this exclusive purpose, the ECB is considered a designated authority.

| (17) | ESRB recommendations are published after the General Board has informed the Council of its intention to do so and provided the Council with an opportunity to react, |
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(17)

ESRB recommendations are published after the General Board has informed the Council of its intention to do so and provided the Council with an opportunity to react,

HAS ADOPTED THIS RECOMMENDATION:

SECTION 1

RECOMMENDATIONS

Recommendation A – Recognition of countercyclical buffer rates set by third-country authorities

| 1. | When a relevant third-country authority sets a countercyclical buffer rate for that third country in excess of 2,5 %, designated authorities are recommended to promptly inform the ESRB with a view to seeking guidance on uniform recognition across the Union, unless the rate applies to a country that is a member of the BCBS or the ESRB has already been informed about the particular countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB. |
| --- | --- |

1.

When a relevant third-country authority sets a countercyclical buffer rate for that third country in excess of 2,5 %, designated authorities are recommended to promptly inform the ESRB with a view to seeking guidance on uniform recognition across the Union, unless the rate applies to a country that is a member of the BCBS or the ESRB has already been informed about the particular countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB.

| 2. | When designated authorities are unclear as to whether a particular measure adopted by a third-country authority should be recognised under Directive 2013/36/EU as a countercyclical buffer rate, designated authorities are recommended to promptly inform the ESRB, unless the ESRB has already been informed by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB. |
| --- | --- |

2.

When designated authorities are unclear as to whether a particular measure adopted by a third-country authority should be recognised under Directive 2013/36/EU as a countercyclical buffer rate, designated authorities are recommended to promptly inform the ESRB, unless the ESRB has already been informed by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB.

Recommendation B – Setting of countercyclical buffer rates for exposures to third countries

| 1. | Designated authorities are recommended to identify material third countries on an annual basis. Such identification should be based on, but not necessarily limited to, quantitative information on the exposures of domestically authorised institutions to third countries. Designated authorities are recommended to submit a list of such material third countries to the ESRB in the second quarter of each year using the template in Annex II to this Recommendation. |
| --- | --- |

1.

Designated authorities are recommended to identify material third countries on an annual basis. Such identification should be based on, but not necessarily limited to, quantitative information on the exposures of domestically authorised institutions to third countries. Designated authorities are recommended to submit a list of such material third countries to the ESRB in the second quarter of each year using the template in Annex II to this Recommendation.

| 2. | Designated authorities are recommended to monitor risks from excessive credit growth in material third countries identified in accordance with paragraph 1, at a minimum, at annual intervals, except for countries which are already monitored by the ESRB in accordance with Decision ESRB/2015/3 (6). Designated authorities are recommended to notify the ESRB of cases where they decide not to monitor a material third country because that country is already being monitored by the ESRB in accordance with Decision ESRB/2015/3. Designated authorities are recommended to use the template in Annex II to this Recommendation to notify the ESRB of such cases. |
| --- | --- |

2.

Designated authorities are recommended to monitor risks from excessive credit growth in material third countries identified in accordance with paragraph 1, at a minimum, at annual intervals, except for countries which are already monitored by the ESRB in accordance with Decision ESRB/2015/3 (6). Designated authorities are recommended to notify the ESRB of cases where they decide not to monitor a material third country because that country is already being monitored by the ESRB in accordance with Decision ESRB/2015/3. Designated authorities are recommended to use the template in Annex II to this Recommendation to notify the ESRB of such cases.

| 3. | Designated authorities are recommended to notify the ESRB of situations where they consider that a relevant third-country authority should set and publish a countercyclical buffer rate for that third country, or where the level of the countercyclical buffer rate set and published by a relevant third-country authority for that third country is not considered sufficient to protect domestic financial institutions from the risks of excessive credit growth in the third country in question. Designated authorities are recommended to use the template in Annex I to this Recommendation to notify the ESRB thereof. |
| --- | --- |

3.

Designated authorities are recommended to notify the ESRB of situations where they consider that a relevant third-country authority should set and publish a countercyclical buffer rate for that third country, or where the level of the countercyclical buffer rate set and published by a relevant third-country authority for that third country is not considered sufficient to protect domestic financial institutions from the risks of excessive credit growth in the third country in question. Designated authorities are recommended to use the template in Annex I to this Recommendation to notify the ESRB thereof.

Recommendation C – Setting of countercyclical buffers rates for exposures to third countries at a lower rate

| 1. | If a countercyclical buffer rate set by a relevant third-country authority for that third country is recognised on the basis of an ESRB recommendation, and the relevant third-country authority sets the countercyclical buffer rate at a lower rate, designated authorities are recommended to promptly inform the ESRB with a view to seeking guidance on uniform recognition or setting of the new lower countercyclical buffer rates, unless the rate in question applies to a country that is a member of the BCBS, or the ESRB has already been informed of the new lower countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB thereof. |
| --- | --- |

1.

If a countercyclical buffer rate set by a relevant third-country authority for that third country is recognised on the basis of an ESRB recommendation, and the relevant third-country authority sets the countercyclical buffer rate at a lower rate, designated authorities are recommended to promptly inform the ESRB with a view to seeking guidance on uniform recognition or setting of the new lower countercyclical buffer rates, unless the rate in question applies to a country that is a member of the BCBS, or the ESRB has already been informed of the new lower countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB thereof.

| 2. | If the relevant third-country authority sets the countercyclical buffer rate at a lower rate and the countercyclical buffer rate applying to exposures to that third country was set on the basis of an ESRB recommendation, designated authorities are recommended to promptly inform the ESRB thereof with a view to seeking guidance as to whether a lower countercyclical buffer rate should be applied to exposures to that third country, unless the rate in question applies to a country that is a member of the BCBS or the ESRB has already been informed of the new lower countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB thereof. |
| --- | --- |

2.

If the relevant third-country authority sets the countercyclical buffer rate at a lower rate and the countercyclical buffer rate applying to exposures to that third country was set on the basis of an ESRB recommendation, designated authorities are recommended to promptly inform the ESRB thereof with a view to seeking guidance as to whether a lower countercyclical buffer rate should be applied to exposures to that third country, unless the rate in question applies to a country that is a member of the BCBS or the ESRB has already been informed of the new lower countercyclical buffer rate by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to inform the ESRB thereof.

| 3. | If the countercyclical buffer rate applying to exposures to a third country was set on the basis of an ESRB recommendation, and a designated authority considers that the risks are materialising or abating, that designated authority is recommended to promptly notify the ESRB thereof with a view to seeking guidance as to whether a lower countercyclical buffer rate should be applied to exposures to that third country, unless the ESRB has already been informed thereof by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to notify the ESRB thereof. |
| --- | --- |

3.

If the countercyclical buffer rate applying to exposures to a third country was set on the basis of an ESRB recommendation, and a designated authority considers that the risks are materialising or abating, that designated authority is recommended to promptly notify the ESRB thereof with a view to seeking guidance as to whether a lower countercyclical buffer rate should be applied to exposures to that third country, unless the ESRB has already been informed thereof by another designated authority. Designated authorities are recommended to use the template in Annex I to this Recommendation to notify the ESRB thereof.

Recommendation D – Communication of decisions on recognition and setting of countercyclical buffer rates for exposures to third countries

Designated authorities are recommended to amend their strategies and frameworks for communication, developed in accordance with Principle 5 of Recommendation A of Section 1 of Recommendation ESRB/2014/1, to encompass decisions on recognising and setting countercyclical buffer rates for exposures to third countries.

SECTION 2

IMPLEMENTATION

1.   Interpretation

For the purposes of this Recommendation, the following definitions apply:

| (a) | ‘countercyclical buffer rate’ has the same meaning as in Article 128(7) of Directive 2013/36/EU; |
| --- | --- |

(a)

‘countercyclical buffer rate’ has the same meaning as in Article 128(7) of Directive 2013/36/EU;

| (b) | ‘designated authority’ has the same meaning as in Recommendation ESRB/2014/1; |
| --- | --- |

(b)

‘designated authority’ has the same meaning as in Recommendation ESRB/2014/1;

| (c) | ‘domestically authorised institution’ means an institution that has been authorised in the Member State for which a particular designated authority is responsible for setting the countercyclical buffer rate; |
| --- | --- |

(c)

‘domestically authorised institution’ means an institution that has been authorised in the Member State for which a particular designated authority is responsible for setting the countercyclical buffer rate;

| (d) | ‘material exposures’ means exposures which could potentially result in substantial losses to the domestically authorised institutions in a given jurisdiction, negatively affecting financial stability in that jurisdiction; |
| --- | --- |

(d)

‘material exposures’ means exposures which could potentially result in substantial losses to the domestically authorised institutions in a given jurisdiction, negatively affecting financial stability in that jurisdiction;

| (e) | ‘material third country’ means a third country to which domestically authorised institutions have material exposures; |
| --- | --- |

(e)

‘material third country’ means a third country to which domestically authorised institutions have material exposures;

| (f) | ‘relevant third-country authority’ means the public authority or body responsible for setting countercyclical buffer rates in a third country; |
| --- | --- |

(f)

‘relevant third-country authority’ means the public authority or body responsible for setting countercyclical buffer rates in a third country;

| (g) | ‘third country’ means any jurisdiction outside the European Economic Area. |
| --- | --- |

(g)

‘third country’ means any jurisdiction outside the European Economic Area.

2.   Criteria for compliance

Addressees should report on the actions they take in response to this Recommendation, or to adequately justify any inaction. The reports should contain as a minimum:

| (a) | information on the type of action taken and its timing; |
| --- | --- |

(a)

information on the type of action taken and its timing;

| (b) | an assessment as to whether the actions taken achieved the objectives of this Recommendation; |
| --- | --- |

(b)

an assessment as to whether the actions taken achieved the objectives of this Recommendation;

| (c) | detailed justification of any inaction or departure from this Recommendation, including any reasons for delay in reporting. |
| --- | --- |

(c)

detailed justification of any inaction or departure from this Recommendation, including any reasons for delay in reporting.

3.   Timeframe for the follow-up

| 1. | Addressees are requested to report to the ESRB, the Council and the Commission the actions they have taken in response to this Recommendation, or justify any inaction, in accordance with the deadlines set out below. |
| --- | --- |

1.

Addressees are requested to report to the ESRB, the Council and the Commission the actions they have taken in response to this Recommendation, or justify any inaction, in accordance with the deadlines set out below.

| 2. | Recommendation A – Designated authorities are requested to promptly implement Recommendation A(1) and A(2) in the event that the situation envisaged by the relevant Recommendation occurs, and to submit a report to the ESRB by 31 December 2020 on the implementation of Recommendation A(1) and A(2). |
| --- | --- |

2.

Recommendation A – Designated authorities are requested to promptly implement Recommendation A(1) and A(2) in the event that the situation envisaged by the relevant Recommendation occurs, and to submit a report to the ESRB by 31 December 2020 on the implementation of Recommendation A(1) and A(2).

| 3. | Recommendation B – Designated authorities are requested to:






  (a) | report to the ESRB by 31 December 2016 a list of criteria established for the materiality assessment of the relevant third countries in order to implement Recommendation B(1); |
| --- | --- | --- |

3.

Recommendation B – Designated authorities are requested to:

(a)

report to the ESRB by 31 December 2016 a list of criteria established for the materiality assessment of the relevant third countries in order to implement Recommendation B(1);

| (b) | promptly implement Recommendation B(1) in the event that the situation envisaged by that Recommendation occurs and, by 31 December 2020, to submit a report to the ESRB on the implementation of Recommendation B(1); |
| --- | --- |

(b)

promptly implement Recommendation B(1) in the event that the situation envisaged by that Recommendation occurs and, by 31 December 2020, to submit a report to the ESRB on the implementation of Recommendation B(1);

| (c) | report to the ESRB by 31 December 2016 on how they monitor risks from excessive credit growth in material third countries in order to implement Recommendation B(2); |
| --- | --- |

(c)

report to the ESRB by 31 December 2016 on how they monitor risks from excessive credit growth in material third countries in order to implement Recommendation B(2);

| (d) | promptly implement Recommendation B(3) in the event that the situation envisaged by that Recommendation occurs and, by 31 December 2020, to report to the ESRB on the implementation of Recommendation B(3). |
| --- | --- |

(d)

promptly implement Recommendation B(3) in the event that the situation envisaged by that Recommendation occurs and, by 31 December 2020, to report to the ESRB on the implementation of Recommendation B(3).

| 4. | Recommendation C – Designated authorities are requested to promptly implement Recommendation C(1), C(2) and C(3) in the event that the situation envisaged by the relevant Recommendation occurs and, by 31 December 2020, to report to the ESRB on the implementation of Recommendation C(1), C(2) and C(3). |
| --- | --- |

4.

Recommendation C – Designated authorities are requested to promptly implement Recommendation C(1), C(2) and C(3) in the event that the situation envisaged by the relevant Recommendation occurs and, by 31 December 2020, to report to the ESRB on the implementation of Recommendation C(1), C(2) and C(3).

| 5. | Recommendation D – Designated authorities are requested to report to the ESRB by 31 December 2016 on the implementation of Recommendation D. |
| --- | --- |

5.

Recommendation D – Designated authorities are requested to report to the ESRB by 31 December 2016 on the implementation of Recommendation D.

| 6. | The General Board will decide when this Recommendation needs to be reviewed or updated in light of experience gained in setting and recognising countercyclical buffer rates for exposures to third countries in accordance with Directive 2013/36/EU or in light of developments in internationally agreed practices. |
| --- | --- |

6.

The General Board will decide when this Recommendation needs to be reviewed or updated in light of experience gained in setting and recognising countercyclical buffer rates for exposures to third countries in accordance with Directive 2013/36/EU or in light of developments in internationally agreed practices.

4.   Monitoring and assessment

| (a) | The ESRB Secretariat:






  (i) | assists the addressees, including by facilitating coordinated reporting, providing relevant templates and detailing where necessary the procedure and the timeframe for compliance; |
| --- | --- | --- |

(a)

The ESRB Secretariat:

(i)

assists the addressees, including by facilitating coordinated reporting, providing relevant templates and detailing where necessary the procedure and the timeframe for compliance;

| (ii) | verifies compliance by the addressees, including by assisting them at their request, and submits compliance reports to the General Board. |
| --- | --- |

(ii)

verifies compliance by the addressees, including by assisting them at their request, and submits compliance reports to the General Board.

| (b) | The General Board assesses the actions and the justifications reported by the addressees and decides whether or not this Recommendation has been complied with, and whether or not the addressees have adequately justified their inaction. |
| --- | --- |

(b)

The General Board assesses the actions and the justifications reported by the addressees and decides whether or not this Recommendation has been complied with, and whether or not the addressees have adequately justified their inaction.

Done at Frankfurt am Main, 11 December 2015.

The Chair of the ESRB

Mario DRAGHI

---

(1)  OJ L 331, 15.12.2010, p. 1.

1

(2)  OJ L 176, 27.6.2013, p. 338.

2

(3)  OJ C 58, 24.2.2011, p. 4.

3

(4)  Recommendation ESRB/2014/1 of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (OJ C 293, 2.9.2014, p. 1).

4

(5)  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).

5

(6)  The English version is available on the ESRB website at www.esrb.europa.eu

6

---

ANNEX I

ESRB TEMPLATE FOR RECOGNITION OR SETTING OF COUNTERCYCLICAL BUFFER RATES

[NAME OF THE THIRD COUNTRY]

| COMMUNICATING AUTHORITY | [NAME OF THE DESIGNATED AUTHORITY] |
| --- | --- |
| DESCRIPTION OF COUNTERCYCLICAL CAPITAL BUFFER MEASURE | Please describe the countercyclical capital buffer measure that is the subject matter of this communication as well as the countercyclical buffer rate that was set by the relevant third-country authority.


  (Example: countercyclical buffer rate set at 0,625 % in THIRD COUNTRY XYZ with an implementation date of DD/MM/YYYY) |
| PURPOSE OF COMMUNICATION | ☐ | Recognition of a countercyclical buffer rate set by a relevant third-country authority in excess of 2,5 %, as provided in Recommendation A(1) |
| ☐ | Recognition of a countercyclical buffer rate set by a relevant third-country authority when it is unclear whether or not it can be recognised under the Union framework, as provided in Recommendation A(2) |
| ☐ | Setting of a countercyclical buffer rate for exposures to a third country in the event of inaction/insufficient action by the relevant third-country authority, as provided in Recommendation B(3) |
| ☐ | Setting of a countercyclical buffer rate for exposures to a third country that is higher than the countercyclical buffer rate set by the relevant third-country authority, as provided in Recommendation B(3) |
| ☐ | Setting or recognition of a countercyclical buffer rate at a lower rate by the relevant third-country authority when an ESRB recommendation had already been issued for recognition of the previous rate, as provided in Recommendation C(1) |
| ☐ | Setting or recognition of a countercyclical buffer rate at a lower rate by the relevant third-country authority when an ESRB recommendation had already been issued for setting a rate for exposures to that third country, as provided in Recommendation C(2) |
| ☐ | Setting of a countercyclical buffer rate for exposures to a third country at a rate lower than the previous rate already established by an ESRB recommendation and where there are signs of risks from excessive credit growth materialising or abating, as provided in Recommendation C(3). |

COMMUNICATING AUTHORITY

[NAME OF THE DESIGNATED AUTHORITY]

DESCRIPTION OF COUNTERCYCLICAL CAPITAL BUFFER MEASURE

Please describe the countercyclical capital buffer measure that is the subject matter of this communication as well as the countercyclical buffer rate that was set by the relevant third-country authority.

(Example: countercyclical buffer rate set at 0,625 % in THIRD COUNTRY XYZ with an implementation date of DD/MM/YYYY)

PURPOSE OF COMMUNICATION

☐

Recognition of a countercyclical buffer rate set by a relevant third-country authority in excess of 2,5 %, as provided in Recommendation A(1)

☐

Recognition of a countercyclical buffer rate set by a relevant third-country authority when it is unclear whether or not it can be recognised under the Union framework, as provided in Recommendation A(2)

☐

Setting of a countercyclical buffer rate for exposures to a third country in the event of inaction/insufficient action by the relevant third-country authority, as provided in Recommendation B(3)

☐

Setting of a countercyclical buffer rate for exposures to a third country that is higher than the countercyclical buffer rate set by the relevant third-country authority, as provided in Recommendation B(3)

☐

Setting or recognition of a countercyclical buffer rate at a lower rate by the relevant third-country authority when an ESRB recommendation had already been issued for recognition of the previous rate, as provided in Recommendation C(1)

☐

Setting or recognition of a countercyclical buffer rate at a lower rate by the relevant third-country authority when an ESRB recommendation had already been issued for setting a rate for exposures to that third country, as provided in Recommendation C(2)

☐

Setting of a countercyclical buffer rate for exposures to a third country at a rate lower than the previous rate already established by an ESRB recommendation and where there are signs of risks from excessive credit growth materialising or abating, as provided in Recommendation C(3).

HAS THE DESIGNATED AUTHORITY OF THE THIRD COUNTRY ASKED FOR RECOGNITION?

| ☐ | YES |
| --- | --- |
| ☐ | NO |
| ☐ | DO NOT KNOW |
| ☐ | N/A |

☐

YES

☐

NO

☐

DO NOT KNOW

☐

N/A

DESIRED TIMEFRAME FOR THE ESRB TO REACH A DECISION

OTHER RELEVANT INFORMATION

CONTACT DETAILS OF THE AUTHORITY

Please provide an e-mail address and telephone number for the relevant contact in your institution.

The designated authority representing a Union jurisdiction should notify/inform the ESRB by sending the completed template to notifications@esrb.europa.eu

---

ANNEX II

ESRB TEMPLATE TO IDENTIFY

MATERIAL THIRD COUNTRIES FOR

[NAME OF THE UNION JURISDICTION]

| NOTIFYING AUTHORITY | |
| --- | --- |
| MATERIAL THIRD COUNTRIES | |
| METHODOLOGY USED FOR IDENTIFYING A MATERIAL THIRD COUNTRY | Please describe the methodology used pursuant to Articles 3 and 4 of Decision ESRB/2015/3


  [COUNTRY 1] – ___%


  [...] – ___%


  [COUNTRY ...N] – ___% |
| MATERIAL THIRD COUNTRIES NOT BEING MONITORED | Please provide details of cases where the notifying authority decided not to monitor a material third country because the ESRB is already monitoring it pursuant to Decision ESRB/2015/3


  [COUNTRY 1] |
| OTHER RELEVANT INFORMATION USED TO IDENTIFY A MATERIAL THIRD COUNTRY | |
| CONTACT DETAILS AT THE NOTIFYING AUTHORITY | Please provide an e-mail address and telephone number for the relevant contact in your institution. |

NOTIFYING AUTHORITY

MATERIAL THIRD COUNTRIES

METHODOLOGY USED FOR IDENTIFYING A MATERIAL THIRD COUNTRY

Please describe the methodology used pursuant to Articles 3 and 4 of Decision ESRB/2015/3

[COUNTRY 1] – ___%

[...] – ___%

[COUNTRY ...N] – ___%

MATERIAL THIRD COUNTRIES NOT BEING MONITORED

Please provide details of cases where the notifying authority decided not to monitor a material third country because the ESRB is already monitoring it pursuant to Decision ESRB/2015/3

[COUNTRY 1]

OTHER RELEVANT INFORMATION USED TO IDENTIFY A MATERIAL THIRD COUNTRY

CONTACT DETAILS AT THE NOTIFYING AUTHORITY

Please provide an e-mail address and telephone number for the relevant contact in your institution.

The designated authority representing a Union jurisdiction should notify the ESRB by sending the completed template to notifications@esrb.europa.eu

This information should be provided annually during the second quarter of the year.

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/9 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/9

---

RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD

of 15 December 2015

on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures

(ESRB/2015/2)

(2016/C 97/02)

THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,

Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3 and Articles 16 to 18 thereof,

Having regard to 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 amending Regulation (EU) No 648/2012 (2), and in particular Article 458 thereof,

Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (3), and in particular Section II of Chapter 4 of Title VII thereof,

Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (4), and in particular Article 15(3)(e) and Articles 18 to 20 thereof,

Whereas:

| (1) | In the Union, the financial system is highly integrated. This means that foreign entities often provide cross-border financial services. In the single market, financial service providers in a certain Member State can choose between providing financial services via subsidiaries or branches located in another Member State or providing cross-border financial services directly. This situation can lead to national macroprudential policy having sizeable cross-border effects. |
| --- | --- |

(1)

In the Union, the financial system is highly integrated. This means that foreign entities often provide cross-border financial services. In the single market, financial service providers in a certain Member State can choose between providing financial services via subsidiaries or branches located in another Member State or providing cross-border financial services directly. This situation can lead to national macroprudential policy having sizeable cross-border effects.

| (2) | Foreign financial service providers providing cross-border financial services, either directly or through their branches in other Member States, are not usually affected by the macroprudential policy measures that apply to national financial service providers in those Member States. As a result, financial service providers that would otherwise fall within the scope of such requirements, i.e. because they have a local subsidiary, have an incentive to route their activities through alternative channels to circumvent host country measures. The leakages and regulatory arbitrage that result from such behaviour could undermine the effectiveness of national macroprudential policy measures. |
| --- | --- |

(2)

Foreign financial service providers providing cross-border financial services, either directly or through their branches in other Member States, are not usually affected by the macroprudential policy measures that apply to national financial service providers in those Member States. As a result, financial service providers that would otherwise fall within the scope of such requirements, i.e. because they have a local subsidiary, have an incentive to route their activities through alternative channels to circumvent host country measures. The leakages and regulatory arbitrage that result from such behaviour could undermine the effectiveness of national macroprudential policy measures.

| (3) | Furthermore, competition may be distorted if branches of foreign financial service providers and foreign financial service providers that provide cross-border financial services directly use their competitive advantage, such as lower capital requirements for exposures generated in the activating Member State, over domestic financial service providers and subsidiaries of foreign financial service providers in that Member State, in order to increase their market share. |
| --- | --- |

(3)

Furthermore, competition may be distorted if branches of foreign financial service providers and foreign financial service providers that provide cross-border financial services directly use their competitive advantage, such as lower capital requirements for exposures generated in the activating Member State, over domestic financial service providers and subsidiaries of foreign financial service providers in that Member State, in order to increase their market share.

| (4) | Macroprudential policy measures taken in one country will have external effects on financial stability in other countries through cross-border linkages. In general, these effects will be positive, since macroprudential policy reduces systemic risk and the probability and impact of systemic crises, thereby also improving financial stability in other Member States. However, such effects may also be negative. For instance, despite being exposed to the same risks as domestic financial service providers and subsidiaries of foreign financial service providers, branches of foreign financial service providers and foreign financial service providers providing cross-border financial services directly will not usually be required to build-up resilience against these risks, for example by being subject to national capital measures in their home Member State. Moreover, to the extent that these financial service providers enjoy a competitive advantage over domestic financial service providers and the subsidiaries of foreign financial service providers, this might encourage them to increase their exposure to the relevant macroprudential risks in the activating Member State, thereby exposing the home Member State to greater risk. If these macroprudential risks relating to the provision of financial services were to materialise, the capital buffers of these financial service providers might prove to be insufficient, which would have negative consequences for their home financial systems. |
| --- | --- |

(4)

Macroprudential policy measures taken in one country will have external effects on financial stability in other countries through cross-border linkages. In general, these effects will be positive, since macroprudential policy reduces systemic risk and the probability and impact of systemic crises, thereby also improving financial stability in other Member States. However, such effects may also be negative. For instance, despite being exposed to the same risks as domestic financial service providers and subsidiaries of foreign financial service providers, branches of foreign financial service providers and foreign financial service providers providing cross-border financial services directly will not usually be required to build-up resilience against these risks, for example by being subject to national capital measures in their home Member State. Moreover, to the extent that these financial service providers enjoy a competitive advantage over domestic financial service providers and the subsidiaries of foreign financial service providers, this might encourage them to increase their exposure to the relevant macroprudential risks in the activating Member State, thereby exposing the home Member State to greater risk. If these macroprudential risks relating to the provision of financial services were to materialise, the capital buffers of these financial service providers might prove to be insufficient, which would have negative consequences for their home financial systems.

| (5) | Against this background and to ensure the effectiveness and consistency of macroprudential policy, macroprudential policy makers need to give due consideration to such cross-border effects and, when warranted, deploy suitable policy instruments to address them. To achieve this aim, the European Systemic Risk Board (ESRB) recommends an approach that is based on two main pillars, namely: (a) the systematic assessment of the cross-border effects of macroprudential policy; and (b) a coordinated policy response in the form of voluntary reciprocity for macroprudential policy measures when needed. It is also important that these pillars are implemented as consistently as possible throughout the Union. |
| --- | --- |

(5)

Against this background and to ensure the effectiveness and consistency of macroprudential policy, macroprudential policy makers need to give due consideration to such cross-border effects and, when warranted, deploy suitable policy instruments to address them. To achieve this aim, the European Systemic Risk Board (ESRB) recommends an approach that is based on two main pillars, namely: (a) the systematic assessment of the cross-border effects of macroprudential policy; and (b) a coordinated policy response in the form of voluntary reciprocity for macroprudential policy measures when needed. It is also important that these pillars are implemented as consistently as possible throughout the Union.

| (6) | To date, the systematic assessment of the cross-border effects of macroprudential policy has not received the attention it deserves. This is partially due to the fact that knowledge relating to (potential) spillover channels remains limited and the available data has not been fully examined with a view to analysing cross-border effects. As a result, the ESRB considers it important for all available data to be used systematically to better understand and assess cross-border effects. |
| --- | --- |

(6)

To date, the systematic assessment of the cross-border effects of macroprudential policy has not received the attention it deserves. This is partially due to the fact that knowledge relating to (potential) spillover channels remains limited and the available data has not been fully examined with a view to analysing cross-border effects. As a result, the ESRB considers it important for all available data to be used systematically to better understand and assess cross-border effects.

| (7) | It is important to set out a procedure that targets the systematic assessment of the cross-border effects of macroprudential policy and aims to ensure that macroprudential policy makers make an ex ante assessment of any potential cross-border effects of their proposed measures. In addition, and considering the existing requirements of Regulation (EU) No 575/2013 of the European Parliament and of the Council (5), Directive 2013/36/EU and Recommendation ESRB/2013/1 of the European Systemic Risk Board (6), macroprudential policy makers should make ex post assessments of the actual cross-border effects of their policies. The analytical work conducted by the Member States will complement the analytical work conducted by the ESRB. |
| --- | --- |

(7)

It is important to set out a procedure that targets the systematic assessment of the cross-border effects of macroprudential policy and aims to ensure that macroprudential policy makers make an ex ante assessment of any potential cross-border effects of their proposed measures. In addition, and considering the existing requirements of Regulation (EU) No 575/2013 of the European Parliament and of the Council (5), Directive 2013/36/EU and Recommendation ESRB/2013/1 of the European Systemic Risk Board (6), macroprudential policy makers should make ex post assessments of the actual cross-border effects of their policies. The analytical work conducted by the Member States will complement the analytical work conducted by the ESRB.

| (8) | The coordinated policy response advocated by the ESRB takes the form of an arrangement for voluntary reciprocity for macroprudential policy measures. The voluntary nature of the arrangement, resulting from the nature of ESRB recommendations (7), differentiates such voluntary reciprocity from the mandatory recognition of certain macroprudential policy measures under Union law. This Recommendation, with the exception of recommendation A regarding the assessment of cross-border effects and recommendation B regarding the notification of macroprudential policy measures, is not intended to apply to macroprudential policy measures for which Union law already provides for mandatory recognition. Mandatory recognition is currently provided for with regard to measures taken pursuant to Articles 124(5) and 164(7) of Regulation (EU) No 575/2013, and for the countercyclical capital buffer (CCB) if it is set below the ceiling for mandatory recognition. The same exception applies to CCB rates that are above the ceiling for mandatory recognition, since Recommendation ESRB/2014/1 of the European Systemic Risk Board (8) already advocates the full reciprocation of CCB rates between Member States. |
| --- | --- |

(8)

The coordinated policy response advocated by the ESRB takes the form of an arrangement for voluntary reciprocity for macroprudential policy measures. The voluntary nature of the arrangement, resulting from the nature of ESRB recommendations (7), differentiates such voluntary reciprocity from the mandatory recognition of certain macroprudential policy measures under Union law. This Recommendation, with the exception of recommendation A regarding the assessment of cross-border effects and recommendation B regarding the notification of macroprudential policy measures, is not intended to apply to macroprudential policy measures for which Union law already provides for mandatory recognition. Mandatory recognition is currently provided for with regard to measures taken pursuant to Articles 124(5) and 164(7) of Regulation (EU) No 575/2013, and for the countercyclical capital buffer (CCB) if it is set below the ceiling for mandatory recognition. The same exception applies to CCB rates that are above the ceiling for mandatory recognition, since Recommendation ESRB/2014/1 of the European Systemic Risk Board (8) already advocates the full reciprocation of CCB rates between Member States.

| (9) | To ensure the effectiveness and consistency of national macroprudential policy measures, it is important to complement the mandatory recognition required under Union law with voluntary reciprocity, thereby also bringing branches of foreign financial service providers and foreign financial service providers providing cross-border financial services directly within the scope of national macroprudential policy measures. The ultimate objective is for the same set of macroprudential requirements to apply to the same type of risk exposure in a given Member State, irrespective of the legal status and location of the financial service provider. Hence exposure-based macroprudential policy measures, in particular those which target a specific risk exposure, should be reciprocated. |
| --- | --- |

(9)

To ensure the effectiveness and consistency of national macroprudential policy measures, it is important to complement the mandatory recognition required under Union law with voluntary reciprocity, thereby also bringing branches of foreign financial service providers and foreign financial service providers providing cross-border financial services directly within the scope of national macroprudential policy measures. The ultimate objective is for the same set of macroprudential requirements to apply to the same type of risk exposure in a given Member State, irrespective of the legal status and location of the financial service provider. Hence exposure-based macroprudential policy measures, in particular those which target a specific risk exposure, should be reciprocated.

| (10) | This Recommendation provides guidance to the relevant authorities with regard to adopting reciprocating measures in response to other relevant authorities' macroprudential policy measures. The listed macroprudential policy measures activated in one Member State should be reciprocated in all other Member States. Macroprudential policy measures will be listed in this Recommendation if the relevant activating authority requests reciprocation and if the ESRB regards the request for reciprocation as being justified. In order to ensure the efficiency of the voluntary reciprocity arrangement it is important that the ESRB is notified of such measures in a timely manner and in sufficient detail, using a standardised template. |
| --- | --- |

(10)

This Recommendation provides guidance to the relevant authorities with regard to adopting reciprocating measures in response to other relevant authorities' macroprudential policy measures. The listed macroprudential policy measures activated in one Member State should be reciprocated in all other Member States. Macroprudential policy measures will be listed in this Recommendation if the relevant activating authority requests reciprocation and if the ESRB regards the request for reciprocation as being justified. In order to ensure the efficiency of the voluntary reciprocity arrangement it is important that the ESRB is notified of such measures in a timely manner and in sufficient detail, using a standardised template.

| (11) | In order to ensure the effectiveness of the voluntary reciprocity arrangement the relevant authorities will be expected to adopt reciprocating measures within a reasonable time frame. Longer time frames will be recommended for measures that are not available in all jurisdictions. |
| --- | --- |

(11)

In order to ensure the effectiveness of the voluntary reciprocity arrangement the relevant authorities will be expected to adopt reciprocating measures within a reasonable time frame. Longer time frames will be recommended for measures that are not available in all jurisdictions.

| (12) | This Recommendation is intended to cover all macroprudential policy measures, irrespective of which part of the financial system they address. Based on the ESRB's mandate in Regulation (EU) No 1092/2010, the scope of this Recommendation goes beyond the application of macroprudential instruments provided for in Directive 2013/36/EU and Regulation (EU) No 575/2013. Hence, this Recommendation is intended to also cover measures that have not been harmonised under Union law. The scope of this Recommendation is subject to the respective jurisdiction of the relevant authorities and applies to macroprudential policy measures that the relevant authorities are mandated to adopt or activate. |
| --- | --- |

(12)

This Recommendation is intended to cover all macroprudential policy measures, irrespective of which part of the financial system they address. Based on the ESRB's mandate in Regulation (EU) No 1092/2010, the scope of this Recommendation goes beyond the application of macroprudential instruments provided for in Directive 2013/36/EU and Regulation (EU) No 575/2013. Hence, this Recommendation is intended to also cover measures that have not been harmonised under Union law. The scope of this Recommendation is subject to the respective jurisdiction of the relevant authorities and applies to macroprudential policy measures that the relevant authorities are mandated to adopt or activate.

| (13) | National competent authorities, designated authorities as well as macroprudential authorities and the European Central Bank (ECB) (for Member States participating in the Single Supervisory Mechanism (SSM)) are considered relevant authorities, in particular if they are mandated to adopt or activate macroprudential policy measures. Moreover, Council Regulation (EU) No 1024/2013 (9) and Regulation (EU) No 468/2014 of the European Central Bank (10) assign specific supervisory tasks to the ECB. The ECB may apply higher requirements for capital buffers or more stringent measures than those applied by the national designated authorities. For this exclusive purpose, the ECB is considered, as appropriate, the competent or designated authority and has all the powers and obligations, which competent authorities and designated authorities have under the relevant Union law. |
| --- | --- |

(13)

National competent authorities, designated authorities as well as macroprudential authorities and the European Central Bank (ECB) (for Member States participating in the Single Supervisory Mechanism (SSM)) are considered relevant authorities, in particular if they are mandated to adopt or activate macroprudential policy measures. Moreover, Council Regulation (EU) No 1024/2013 (9) and Regulation (EU) No 468/2014 of the European Central Bank (10) assign specific supervisory tasks to the ECB. The ECB may apply higher requirements for capital buffers or more stringent measures than those applied by the national designated authorities. For this exclusive purpose, the ECB is considered, as appropriate, the competent or designated authority and has all the powers and obligations, which competent authorities and designated authorities have under the relevant Union law.

| (14) | New macroprudential policy measures taken by the Member States participating in the SSM must go through the relevant SSM coordination procedures. The reciprocity arrangement, as defined by this Recommendation, is without prejudice to these internal SSM coordination procedures, and the ESRB's reciprocity assessment will only start once the internal SSM coordination procedures have been concluded. |
| --- | --- |

(14)

New macroprudential policy measures taken by the Member States participating in the SSM must go through the relevant SSM coordination procedures. The reciprocity arrangement, as defined by this Recommendation, is without prejudice to these internal SSM coordination procedures, and the ESRB's reciprocity assessment will only start once the internal SSM coordination procedures have been concluded.

| (15) | Authorities may exempt financial service providers with non-material exposure to the identified macroprudential risk in the activating country (de minimis principle). This is a national discretion that authorities may also choose not to apply if reciprocity is considered a matter of principle. |
| --- | --- |

(15)

Authorities may exempt financial service providers with non-material exposure to the identified macroprudential risk in the activating country (de minimis principle). This is a national discretion that authorities may also choose not to apply if reciprocity is considered a matter of principle.

| (16) | To ensure the transparency and accountability of macroprudential policy measures, as well as their effective implementation, the relevant authorities should establish a communication strategy regarding reciprocation requests and any reciprocating measures, as part of their general communication strategy regarding macroprudential policy measures. With regard to reciprocation requests it is of particular importance that all authorities concerned are provided with any information that is relevant and necessary for their respective decision-making processes in a timely manner. Moreover, it is equally important that stakeholders (including, but not limited to, the direct addressees of macroprudential policy measures) are fully informed of any macroprudential policy measure that is relevant for them in a timely manner. |
| --- | --- |

(16)

To ensure the transparency and accountability of macroprudential policy measures, as well as their effective implementation, the relevant authorities should establish a communication strategy regarding reciprocation requests and any reciprocating measures, as part of their general communication strategy regarding macroprudential policy measures. With regard to reciprocation requests it is of particular importance that all authorities concerned are provided with any information that is relevant and necessary for their respective decision-making processes in a timely manner. Moreover, it is equally important that stakeholders (including, but not limited to, the direct addressees of macroprudential policy measures) are fully informed of any macroprudential policy measure that is relevant for them in a timely manner.

| (17) | The process recommended by this Recommendation and Decision ESRB/2015/4 (11) is designed to be as efficient and effective as possible in order to achieve voluntary reciprocation. In the context of the forthcoming review of the Union's macroprudential policy framework and in line with possible amendments to the existing toolset, the European Commission should, however, consider whether and in what manner the voluntary reciprocity arrangement as set out in this Recommendation could best be anchored in Union law to foster the effectiveness of national macroprudential policies. Ideally, the European Commission's proposal should be based on the voluntary reciprocity arrangement as elaborated in this Recommendation and in Chapter 11 of the ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector (hereinafter the ‘ESRB Handbook’) (12). |
| --- | --- |

(17)

The process recommended by this Recommendation and Decision ESRB/2015/4 (11) is designed to be as efficient and effective as possible in order to achieve voluntary reciprocation. In the context of the forthcoming review of the Union's macroprudential policy framework and in line with possible amendments to the existing toolset, the European Commission should, however, consider whether and in what manner the voluntary reciprocity arrangement as set out in this Recommendation could best be anchored in Union law to foster the effectiveness of national macroprudential policies. Ideally, the European Commission's proposal should be based on the voluntary reciprocity arrangement as elaborated in this Recommendation and in Chapter 11 of the ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector (hereinafter the ‘ESRB Handbook’) (12).

| (18) | ESRB recommendations are published after informing the Council of the General Board's intention to do so and providing the Council with an opportunity to react, |
| --- | --- |

(18)

ESRB recommendations are published after informing the Council of the General Board's intention to do so and providing the Council with an opportunity to react,

HAS ADOPTED THIS RECOMMENDATION:

SECTION 1

RECOMMENDATIONS

Recommendation A – Assessment of cross-border effects of relevant authorities' own macroprudential policy measures

| 1. | The relevant activating authorities are recommended to assess, prior to their adoption, the cross-border effects of the implementation of their own macroprudential policy measures. At the very least, the spillover channels operating via risk adjustment and regulatory arbitrage should be assessed, using the methodology set out in Chapter 11 of the ESRB Handbook. |
| --- | --- |

1.

The relevant activating authorities are recommended to assess, prior to their adoption, the cross-border effects of the implementation of their own macroprudential policy measures. At the very least, the spillover channels operating via risk adjustment and regulatory arbitrage should be assessed, using the methodology set out in Chapter 11 of the ESRB Handbook.

| 2. | The relevant activating authorities are recommended to assess the possible:






  (a) | cross-border effects (leakages and regulatory arbitrage) of the implementation of macroprudential policy measures in their jurisdiction; and |
| --- | --- | --- |

2.

The relevant activating authorities are recommended to assess the possible:

(a)

cross-border effects (leakages and regulatory arbitrage) of the implementation of macroprudential policy measures in their jurisdiction; and

| (b) | cross-border effects on other Member States and on the Single Market of any proposed macroprudential policy measures. |
| --- | --- |

(b)

cross-border effects on other Member States and on the Single Market of any proposed macroprudential policy measures.

| 3. | The relevant activating authorities are recommended to monitor at least once a year the materialisation and evolution of the cross-border effects of the macroprudential policy measures they have introduced. |
| --- | --- |

3.

The relevant activating authorities are recommended to monitor at least once a year the materialisation and evolution of the cross-border effects of the macroprudential policy measures they have introduced.

Recommendation B – Notification and reciprocation request with regard to relevant authorities' own macroprudential policy measures

| 1. | The relevant activating authorities are recommended to notify the ESRB of macroprudential policy measures as soon as they are adopted, and no later than two weeks after their adoption. Notifications should include an assessment of cross-border effects and of the necessity for reciprocation by other relevant authorities. The relevant activating authorities are requested to provide the information in English using the templates published on the ESRB's website. |
| --- | --- |

1.

The relevant activating authorities are recommended to notify the ESRB of macroprudential policy measures as soon as they are adopted, and no later than two weeks after their adoption. Notifications should include an assessment of cross-border effects and of the necessity for reciprocation by other relevant authorities. The relevant activating authorities are requested to provide the information in English using the templates published on the ESRB's website.

| 2. | If reciprocation by other Member States is deemed necessary to ensure the effective functioning of the relevant measures, the relevant activating authorities are recommended to submit a request for reciprocation to the ESRB, together with the notification of the measure. |
| --- | --- |

2.

If reciprocation by other Member States is deemed necessary to ensure the effective functioning of the relevant measures, the relevant activating authorities are recommended to submit a request for reciprocation to the ESRB, together with the notification of the measure.

| 3. | If macroprudential policy measures were activated prior to the adoption of this Recommendation, or if reciprocation was not considered necessary when the measures were first introduced, but the relevant activating authority has subsequently decided that such reciprocation has become necessary, the relevant activating authorities are recommended to submit a request for reciprocation to the ESRB. |
| --- | --- |

3.

If macroprudential policy measures were activated prior to the adoption of this Recommendation, or if reciprocation was not considered necessary when the measures were first introduced, but the relevant activating authority has subsequently decided that such reciprocation has become necessary, the relevant activating authorities are recommended to submit a request for reciprocation to the ESRB.

Recommendation C – Reciprocation of other relevant authorities' macroprudential policy measures

| 1. | The relevant authorities are recommended to reciprocate the macroprudential policy measures adopted by other relevant authorities and recommended for reciprocation by the ESRB. |
| --- | --- |

1.

The relevant authorities are recommended to reciprocate the macroprudential policy measures adopted by other relevant authorities and recommended for reciprocation by the ESRB.

| 2. | The relevant authorities are recommended to reciprocate the macroprudential policy measures listed in this Recommendation by implementing the same macroprudential policy measure as the one that has been implemented by the activating authority. If the same macroprudential policy measure is not available in national legislation, the relevant authorities are recommended to reciprocate, following consultation with the ESRB, by adopting a macroprudential policy measure available in its jurisdiction that has the most equivalent effect to the activated macroprudential policy measure. |
| --- | --- |

2.

The relevant authorities are recommended to reciprocate the macroprudential policy measures listed in this Recommendation by implementing the same macroprudential policy measure as the one that has been implemented by the activating authority. If the same macroprudential policy measure is not available in national legislation, the relevant authorities are recommended to reciprocate, following consultation with the ESRB, by adopting a macroprudential policy measure available in its jurisdiction that has the most equivalent effect to the activated macroprudential policy measure.

| 3. | Unless a specific deadline is recommended in relation to the reciprocation of a macroprudential policy measure, the relevant authorities are recommended to adopt reciprocating macroprudential policy measures no later than three months, following the publication of the latest amendment of this Recommendation in the Official Journal of the European Union. The adopted and reciprocating measures should have the same activation date insofar as possible. |
| --- | --- |

3.

Unless a specific deadline is recommended in relation to the reciprocation of a macroprudential policy measure, the relevant authorities are recommended to adopt reciprocating macroprudential policy measures no later than three months, following the publication of the latest amendment of this Recommendation in the Official Journal of the European Union. The adopted and reciprocating measures should have the same activation date insofar as possible.

Recommendation D – Notification of the reciprocation of other relevant authorities' macroprudential policy measures

The relevant authorities are recommended to notify the ESRB of their reciprocation of other relevant authorities' macroprudential policy measures. Notifications should be sent no later than one month after the reciprocating measure has been adopted. The notifying authorities are requested to provide the information in English, using the template published on the ESRB's website.

SECTION 2

IMPLEMENTATION

1.   Interpretation

For the purposes of this Recommendation, the following definitions apply:

| (a) | ‘activation’ means the application of a macroprudential policy measure at national level; |
| --- | --- |

(a)

‘activation’ means the application of a macroprudential policy measure at national level;

| (b) | ‘adoption’ means a decision taken by a relevant authority regarding the introduction, reciprocation or amendment of a macroprudential policy measure; |
| --- | --- |

(b)

‘adoption’ means a decision taken by a relevant authority regarding the introduction, reciprocation or amendment of a macroprudential policy measure;

| (c) | ‘financial service’ means any service of a banking, credit, insurance, personal pension, investment or payment nature; |
| --- | --- |

(c)

‘financial service’ means any service of a banking, credit, insurance, personal pension, investment or payment nature;

| (d) | ‘macroprudential policy measure’ means any measure that addresses the prevention and mitigation of systemic risk as defined in Article 2(c) of Regulation (EU) No 1092/2010 and is adopted or activated by a relevant authority subject to Union or national law; |
| --- | --- |

(d)

‘macroprudential policy measure’ means any measure that addresses the prevention and mitigation of systemic risk as defined in Article 2(c) of Regulation (EU) No 1092/2010 and is adopted or activated by a relevant authority subject to Union or national law;

| (e) | ‘notification’ means a written notice in English to the ESRB from the relevant authorities, including the ECB pursuant to Article 9 of Regulation (EU) No 1024/2013, regarding a macroprudential policy measure in accordance with, but not limited to, Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, and which may be a reciprocation request from a Member State in accordance with, but not limited to, Article 134(4) of Directive 2013/36/EU and Article 458(8) of Regulation (EU) No 575/2013; |
| --- | --- |

(e)

‘notification’ means a written notice in English to the ESRB from the relevant authorities, including the ECB pursuant to Article 9 of Regulation (EU) No 1024/2013, regarding a macroprudential policy measure in accordance with, but not limited to, Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, and which may be a reciprocation request from a Member State in accordance with, but not limited to, Article 134(4) of Directive 2013/36/EU and Article 458(8) of Regulation (EU) No 575/2013;

| (f) | ‘reciprocity’ means an arrangement, whereby the relevant authority in one jurisdiction applies the same, or equivalent, macroprudential policy measure, as is set by the relevant activating authority in another jurisdiction, to any financial institutions under its jurisdiction, when they are exposed to the same risk in the latter jurisdiction; |
| --- | --- |

(f)

‘reciprocity’ means an arrangement, whereby the relevant authority in one jurisdiction applies the same, or equivalent, macroprudential policy measure, as is set by the relevant activating authority in another jurisdiction, to any financial institutions under its jurisdiction, when they are exposed to the same risk in the latter jurisdiction;

| (g) | ‘relevant activating authority’ means a relevant authority that is in charge of applying a macroprudential policy measure at national level; |
| --- | --- |

(g)

‘relevant activating authority’ means a relevant authority that is in charge of applying a macroprudential policy measure at national level;

| (h) | ‘relevant authority’ means an authority entrusted with the adoption and/or activation of macroprudential policy measures, including but not limited to:






  (i) | a designated authority in accordance with Chapter 4 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, a competent authority as defined in Article 4(1)(40) of Regulation (EU) No 575/2013, the ECB in accordance with Article 9(1) of Regulation (EU) No 1024/2013; or |
| --- | --- | --- |

(h)

‘relevant authority’ means an authority entrusted with the adoption and/or activation of macroprudential policy measures, including but not limited to:

(i)

a designated authority in accordance with Chapter 4 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, a competent authority as defined in Article 4(1)(40) of Regulation (EU) No 575/2013, the ECB in accordance with Article 9(1) of Regulation (EU) No 1024/2013; or

| (ii) | a macroprudential authority with the objectives, arrangements, powers, accountability requirements and other characteristics set out in Recommendation ESRB/2011/3 of the European Systemic Risk Board (13). |
| --- | --- |

(ii)

a macroprudential authority with the objectives, arrangements, powers, accountability requirements and other characteristics set out in Recommendation ESRB/2011/3 of the European Systemic Risk Board (13).

2.   Exemptions

| 1. | The relevant authorities may exempt financial service providers under their jurisdiction from applying a particular reciprocating macroprudential policy measure, if these financial service providers have non-material exposures to the identified macroprudential risk in the jurisdiction where the relevant activating authority is applying the macroprudential policy measure in question (de minimis principle). Similar to the practice adopted for the CCB in Article 130 of Directive 2013/36/EU, authorities may choose to exempt financial service providers with exposures below a set threshold from reciprocating this macroprudential policy measure. The relevant authorities are requested to report to the ESRB on such exemptions, using the template for notifying reciprocating measures published on the ESRB's website. When applying a de minimis principle, authorities need to monitor closely whether leakages and regulatory arbitrage materialise and close the regulatory loophole if needed. |
| --- | --- |

1.

The relevant authorities may exempt financial service providers under their jurisdiction from applying a particular reciprocating macroprudential policy measure, if these financial service providers have non-material exposures to the identified macroprudential risk in the jurisdiction where the relevant activating authority is applying the macroprudential policy measure in question (de minimis principle). Similar to the practice adopted for the CCB in Article 130 of Directive 2013/36/EU, authorities may choose to exempt financial service providers with exposures below a set threshold from reciprocating this macroprudential policy measure. The relevant authorities are requested to report to the ESRB on such exemptions, using the template for notifying reciprocating measures published on the ESRB's website. When applying a de minimis principle, authorities need to monitor closely whether leakages and regulatory arbitrage materialise and close the regulatory loophole if needed.

| 2. | If the relevant authorities have already reciprocated and disclosed the measure before the measure is recommended for reciprocation in this Recommendation, the reciprocating measure does not need to be amended even if it differs from the one implemented by the activating authority. |
| --- | --- |

2.

If the relevant authorities have already reciprocated and disclosed the measure before the measure is recommended for reciprocation in this Recommendation, the reciprocating measure does not need to be amended even if it differs from the one implemented by the activating authority.

3.   Timeline and reporting

| 1. | The relevant authorities are requested to report to the ESRB and the Council on the actions they take in response to this Recommendation, or adequately justify any inaction. Reports shall be sent every two years, with the first report due by 30 June 2017. The reports should contain as a minimum:






  (a) | information on the substance and timing of the actions taken; |
| --- | --- | --- |

1.

The relevant authorities are requested to report to the ESRB and the Council on the actions they take in response to this Recommendation, or adequately justify any inaction. Reports shall be sent every two years, with the first report due by 30 June 2017. The reports should contain as a minimum:

(a)

information on the substance and timing of the actions taken;

| (b) | an assessment of the functioning of the actions taken, from the perspective of the objectives of this Recommendation; |
| --- | --- |

(b)

an assessment of the functioning of the actions taken, from the perspective of the objectives of this Recommendation;

| (c) | detailed justification of any exemptions granted pursuant to the de minimis principle, together with any inaction or departure from this Recommendation, including any delays. |
| --- | --- |

(c)

detailed justification of any exemptions granted pursuant to the de minimis principle, together with any inaction or departure from this Recommendation, including any delays.

| 2. | In the event of shared responsibilities, relevant authorities should coordinate with each other in order to provide the necessary information on time. |
| --- | --- |

2.

In the event of shared responsibilities, relevant authorities should coordinate with each other in order to provide the necessary information on time.

| 3. | The relevant authorities are encouraged to inform the ESRB at the earliest opportunity of any proposed macroprudential policy measures. |
| --- | --- |

3.

The relevant authorities are encouraged to inform the ESRB at the earliest opportunity of any proposed macroprudential policy measures.

| 4. | A reciprocating macroprudential policy measure is deemed to be equivalent if it has, insofar as possible:






  (a) | the same economic impact; |
| --- | --- | --- |

4.

A reciprocating macroprudential policy measure is deemed to be equivalent if it has, insofar as possible:

(a)

the same economic impact;

| (b) | the same scope of application; and |
| --- | --- |

(b)

the same scope of application; and

| (c) | the same consequences (sanctions) for non-compliance. |
| --- | --- |

(c)

the same consequences (sanctions) for non-compliance.

4.   Amendments to the Recommendation

The General Board will decide when this Recommendation needs to be amended. Such amendments include in particular any additional or modified macroprudential policy measures to be reciprocated as set out in Recommendation C and the related annexes containing measure-specific information. The General Board may also extend the deadlines set forth in the previous paragraphs where legislative initiatives are necessary to comply with one or more recommendations. In particular, the General Board may decide to amend this Recommendation following the European Commission's review of the mandatory recognition framework under Union law or on the basis of experience gained with the operation of the voluntary reciprocity arrangement established by this Recommendation.

5.   Monitoring and assessment

| 1. | The ESRB Secretariat:






  (a) | assists the relevant authorities by facilitating coordinated reporting, providing relevant templates and detailing where necessary the procedure and the timeline for compliance; |
| --- | --- | --- |

1.

The ESRB Secretariat:

(a)

assists the relevant authorities by facilitating coordinated reporting, providing relevant templates and detailing where necessary the procedure and the timeline for compliance;

| (b) | verifies compliance by the relevant authorities, including by assisting them at their request, and submits compliance reports to the General Board. |
| --- | --- |

(b)

verifies compliance by the relevant authorities, including by assisting them at their request, and submits compliance reports to the General Board.

| 2. | The General Board assesses the actions and the justifications reported by the relevant authorities and, where appropriate, decides whether this Recommendation has not been followed and whether the relevant authorities have failed to adequately justify their inaction. |
| --- | --- |

2.

The General Board assesses the actions and the justifications reported by the relevant authorities and, where appropriate, decides whether this Recommendation has not been followed and whether the relevant authorities have failed to adequately justify their inaction.

Done at Frankfurt am Main, 15 December 2015.

The Chair of the ESRB

Mario DRAGHI

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(1)  OJ L 331, 15.12.2010, p. 1.

1

(2)  OJ L 176, 27.6.2013, p. 1.

2

(3)  OJ L 176, 27.6.2013, p. 338.

3

(4)  OJ C 58, 24.2.2011, p. 4.

4

(5)  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 amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).

5

(6)  Recommendation of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1) (OJ C 170, 15.6.2013, p. 1).

6

(7)  Although ESRB recommendations are not legally binding, they are coupled with an ‘act or explain’ mechanism.

7

(8)  Recommendation of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (ESRB/2014/1) (OJ C 293, 2.9.2014, p. 1).

8

(9)  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).

9

(10)  Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (OJ L 141, 14.5.2014, p. 1).

10

(11)  The English version is available on the ESRB's website at www.esrb.europa.eu

11

(12)  Published on the ESRB's website at www.esrb.europa.eu

12

(13)  Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of national authorities (ESRB/2011/3) (OJ C 41, 14.2.2012, p. 1).

13

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IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

Council

| 12.3.2016 | EN | Official Journal of the European Union | C 97/15 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/15

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Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2014/145/CFSP, as amended by Council Decision (CFSP) 2016/359, and in Council Regulation (EU) No 269/2014 as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

(2016/C 97/03)

The following information is brought to the attention of the persons and entities that appear in the Annex to Council Decision 2014/145/CFSP (1), as amended by Council Decision (CFSP) 2016/359 (2), and in Annex I to Council Regulation (EU) No 269/2014 (3), as implemented by Council Implementing Regulation (EU) 2016/353 (4) concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.

The Council of the European Union has decided that the persons and entities that appear in the above-mentioned Annexes should continue to be included in the list of persons and entities subject to restrictive measures provided for in Decision 2014/145/CFSP and in Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The grounds for designations of those persons and entities appear in the relevant entries in those Annexes.

The attention of the persons and entities concerned is drawn to the possibility of making an application to the competent authorities of the relevant Member State(s) as indicated in the web sites in Annex II to Regulation (EU) No 269/2014, in order to obtain an authorisation to use frozen funds for basic needs or specific payments (cf. Article 4 of the Regulation).

The persons and entities concerned may submit a request to the Council, before 1 June 2016, together with supporting documentation that the decision to include them on the above-mentioned list should be reconsidered to the following address:

| Council of the European Union |
| --- |
| General Secretariat |
| DG C 1C |
| Rue de la Loi/Wetstraat 175 |
| 1048 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Email: sanctions@consilium.europa.eu |

Council of the European Union

General Secretariat

DG C 1C

Rue de la Loi/Wetstraat 175

1048 Bruxelles/Brussel

BELGIQUE/BELGIË

Email: sanctions@consilium.europa.eu

The attention of the persons and entities concerned is also drawn to the possibility of challenging the Council’s decision before the General Court of the European Union, in accordance with the conditions laid down in Article 275, second paragraph, and Article 263, fourth and sixth paragraphs, of the Treaty on the Functioning of the European Union.

---

(1)  OJ L 78, 17.3.2014, p. 16.

(2)  OJ L 67, 12.3.2016, p. 37.

(3)  OJ L 78, 17.3.2014, p. 6.

(4)  OJ L 67, 12.3.2016, p. 1.

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/16 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/16

---

Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 269/2014, as implemented by Council Implementing Regulation (EU) 2016/353 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine apply

(2016/C 97/04)

The attention of data subjects is drawn to the following information in accordance with Article 12 of Regulation (EC) No 45/2001 of the European Parliament and of the Council (1):

The legal basis for this processing operation is Council Regulation (EU) No 269/2014 (2), as implemented by Council Implementing Regulation (EU) 2016/353 (3).

The controller of this processing operation is the Council of the European Union represented by the Director-General of DG C (Foreign Affairs, Enlargement, Civil Protection) of the General Secretariat of the Council and the department entrusted with the processing operation is the Unit 1C of DG C that can be contacted at:

| Council of the European Union |
| --- |
| General Secretariat |
| DG C 1C |
| Rue de la Loi/Wetstraat 175 |
| 1048 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Email: sanctions@consilium.europa.eu |

Council of the European Union

General Secretariat

DG C 1C

Rue de la Loi/Wetstraat 175

1048 Bruxelles/Brussel

BELGIQUE/BELGIË

Email: sanctions@consilium.europa.eu

The purpose of the processing operation is the establishment and updating of the list of persons subject to restrictive measures in accordance with Regulation EU) No 269/2014, as implemented by Implementing Regulation (EU) 2016/353.

The data subjects are the natural persons who fulfil listing criteria as laid down in that Regulation.

The personal data collected includes data necessary for the correct identification of the person concerned, the Statement of Reasons and any other data related thereto.

The personal data collected may be shared as necessary with the European External Action Service and the Commission.

Without prejudice to restrictions provided for in Article 20(1)(a) and (d) of Regulation (EC) No 45/2001, requests for access, as well as requests for rectification or objection will be answered in accordance with Section 5 of Council Decision 2004/644/EC (4).

Personal data will be retained for 5 years from the moment the data subject has been removed from the list of persons subject to the asset freeze or the validity of the measure has expired, or for the duration of court proceedings in the event they had been started.

Data subjects may have recourse to the European Data Protection Supervisor in accordance with Regulation (EC) No 45/2001.

---

(1)  OJ L 8, 12.1.2001, p. 1.

(2)  OJ L 78, 17.3.2014, p. 6.

(3)  OJ L 67, 12.3.2016, p. 1.

(4)  OJ L 296, 21.9.2004, p. 16.

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/17 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/17

---

Notice for the attention of the persons and entities subject to the restrictive measures provided for in Council Decision 2013/798/CFSP, as implemented by Council Implementing Decision (CFSP) 2016/360, and Council Regulation (EU) No 224/2014, as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic

(2016/C 97/05)

The following information is brought to the attention of the person and entity listed in the Annex to Council Decision 2013/798/CFSP (1), as implemented by Council Implementing Decision (CFSP) 2016/360 (2), and in Annex I to Council Regulation (EU) No 224/2014 (3), as implemented by Council Implementing Regulation (EU) 2016/354 (4) concerning restrictive measures in view of the situation in the Central African Republic.

On 7 March 2016, the Sanctions Committee established pursuant to United Nations Security Council Resolution 2127 (2013) decided to add one person and one entity to the list of persons and entities subject to the measures imposed by paragraphs 30 and 32 of Resolution 2134 (2014).

The person and the entity concerned may submit at any time a request to the UN Committee established pursuant to Resolution 2127 (2013), together with any supporting documentation, for the decisions to include them in the UN list to be reconsidered. Any such request should be sent to the following address:

| Focal Point for De-listing |
| --- |
| Security Council Subsidiary Organs |
| Branch Room DC2 0853B |
| United Nations |
| New York, N.Y. 10017 |
| UNITED STATES OF AMERICA |
| Tel. +1 9173679448 |
| Fax +1 2129631300 |
| Email: delisting@un.org |

Focal Point for De-listing

Security Council Subsidiary Organs

Branch Room DC2 0853B

United Nations

New York, N.Y. 10017

UNITED STATES OF AMERICA

Tel. +1 9173679448

Fax +1 2129631300

Email: delisting@un.org

For more information see: http://www.un.org/sc/committees/2127/

Further to the UN decision, the Council of the European Union has determined that the person and the entity designated by the UN should be included in the lists of persons and entities which are subject to the restrictive measures provided for in Decision 2013/798/CFSP and Regulation (EU) No 224/2014. The grounds for listing of the person and of the entity concerned appear in the relevant entries in the Annex to the Decision and in Annex I to the Regulation.

The attention of the person and the entity concerned is drawn to the possibility of making an application to the competent authorities of the relevant Member State(s) as indicated on the websites in Annex II to Regulation (EU) No 224/2014, in order to obtain an authorisation to use frozen funds for basic needs or specific payments (cf. Article 7 of the Regulation).

The person and the entity concerned may submit a request to the Council, together with supporting documentation, that the decision to include them on the abovementioned lists should be reconsidered, to the following address:

| Council of the European Union |
| --- |
| General Secretariat |
| DG C 1C |
| Rue de la Loi/Wetstraat 175 |
| 1048 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Email: sanctions@consilium.europa.eu |

Council of the European Union

General Secretariat

DG C 1C

Rue de la Loi/Wetstraat 175

1048 Bruxelles/Brussel

BELGIQUE/BELGIË

Email: sanctions@consilium.europa.eu

The attention of the person and of the entity concerned is also drawn to the possibility of challenging the Council’s decision before the General Court of the European Union, in accordance with the conditions laid down in Article 275, second paragraph, and Article 263, fourth and sixth paragraphs, of the Treaty on the Functioning of the European Union.

---

(1)  OJ L 352, 24.12.2013, p. 51.

(2)  OJ L 67, 12.3.2016, p. 53.

(3)  OJ L 70, 11.3.2014, p. 1

(4)  OJ L 67, 12.3.2016, p. 18.

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/18 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/18

---

Notice for the attention of the data subjects to whom the restrictive measures provided for in Council Regulation (EU) No 224/2014 as implemented by Council Implementing Regulation (EU) 2016/354 concerning restrictive measures in view of the situation in the Central African Republic, apply

(2016/C 97/06)

The attention of the data subjects is drawn to the following information in accordance with Article 12 of Regulation (EC) No 45/2001 of the European Parliament and of the Council (1).

The legal basis for this processing operation is Council Regulation (EU) No 224/2014 (2), as implemented by Council Implementing Regulation (EU) 2016/354 (3).

The controller of this processing operation is the Council of the European Union, represented by the Director-General of DG C (Foreign Affairs, Enlargement, Civil Protection) of the General Secretariat of the Council, and the department entrusted with the processing operation is Unit 1C, which can be contacted at:

| Council of the European Union |
| --- |
| General Secretariat |
| DG C 1C |
| Rue de la Loi/Wetstraat 175 |
| 1048 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Email: sanctions@consilium.europa.eu |

Council of the European Union

General Secretariat

DG C 1C

Rue de la Loi/Wetstraat 175

1048 Bruxelles/Brussel

BELGIQUE/BELGIË

Email: sanctions@consilium.europa.eu

The purpose of the processing operation is the establishment and updating of the list of persons subject to restrictive measures in accordance with Regulation (EU) No 224/2014, as implemented by Implementing Regulation (EU) 2016/354.

The data subjects are the natural persons who fulfil the listing criteria as laid down in that Regulation.

The personal data collected includes data necessary for the correct identification of the persons concerned, the Statement of Reasons and any other data related thereto.

The personal data collected may be shared as necessary with the European External Action Service and the Commission.

Without prejudice to restrictions provided for in Article 20(1)(a) and (d) of Regulation (EC) No 45/2001, requests for access, as well as requests for rectification or objection, will be answered in accordance with Section 5 of Council Decision 2004/644/EC (4).

Personal data will be retained for five years from the moment the data subject has been removed from the list of persons subject to the asset freeze or the validity of the measure has expired, or for the duration of court proceedings in the event they had been started.

Data subjects may have recourse to the European Data Protection Supervisor in accordance with Regulation (EC) No 45/2001.

---

(1)  OJ L 8, 12.1.2001, p. 1.

(2)  OJ L 70, 11.3.2014, p. 1.

(3)  OJ L 67, 12.3.2016, p. 18.

(4)  OJ L 296, 21.9.2004, p. 16.

---

European Commission

| 12.3.2016 | EN | Official Journal of the European Union | C 97/19 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/19

---

Euro exchange rates (1)

11 March 2016

(2016/C 97/07)

1 euro =

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,1090 |
| JPY | Japanese yen | 126,17 |
| DKK | Danish krone | 7,4598 |
| GBP | Pound sterling | 0,77595 |
| SEK | Swedish krona | 9,3090 |
| CHF | Swiss franc | 1,0948 |
| ISK | Iceland króna | |
| NOK | Norwegian krone | 9,4360 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 27,059 |
| HUF | Hungarian forint | 310,28 |
| PLN | Polish zloty | 4,3099 |
| RON | Romanian leu | 4,4669 |
| TRY | Turkish lira | 3,1888 |
| AUD | Australian dollar | 1,4766 |
| CAD | Canadian dollar | 1,4698 |
| HKD | Hong Kong dollar | 8,6069 |
| NZD | New Zealand dollar | 1,6578 |
| SGD | Singapore dollar | 1,5271 |
| KRW | South Korean won | 1 319,89 |
| ZAR | South African rand | 16,9023 |
| CNY | Chinese yuan renminbi | 7,2119 |
| HRK | Croatian kuna | 7,5745 |
| IDR | Indonesian rupiah | 14 484,63 |
| MYR | Malaysian ringgit | 4,5331 |
| PHP | Philippine peso | 51,565 |
| RUB | Russian rouble | 77,4590 |
| THB | Thai baht | 38,937 |
| BRL | Brazilian real | 4,0401 |
| MXN | Mexican peso | 19,6852 |
| INR | Indian rupee | 74,3170 |

Currency

Exchange rate

USD

US dollar

1,1090

JPY

Japanese yen

126,17

DKK

Danish krone

7,4598

GBP

Pound sterling

0,77595

SEK

Swedish krona

9,3090

CHF

Swiss franc

1,0948

ISK

Iceland króna

NOK

Norwegian krone

9,4360

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

27,059

HUF

Hungarian forint

310,28

PLN

Polish zloty

4,3099

RON

Romanian leu

4,4669

TRY

Turkish lira

3,1888

AUD

Australian dollar

1,4766

CAD

Canadian dollar

1,4698

HKD

Hong Kong dollar

8,6069

NZD

New Zealand dollar

1,6578

SGD

Singapore dollar

1,5271

KRW

South Korean won

1 319,89

ZAR

South African rand

16,9023

CNY

Chinese yuan renminbi

7,2119

HRK

Croatian kuna

7,5745

IDR

Indonesian rupiah

14 484,63

MYR

Malaysian ringgit

4,5331

PHP

Philippine peso

51,565

RUB

Russian rouble

77,4590

THB

Thai baht

38,937

BRL

Brazilian real

4,0401

MXN

Mexican peso

19,6852

INR

Indian rupee

74,3170

---

(1)  Source: reference exchange rate published by the ECB.

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/20 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/20

---

New national side of euro coins intended for circulation

(2016/C 97/08)

Euro coins intended for circulation have legal tender status throughout the euro area. For the purpose of informing the public and all parties who handle the coins, the Commission publishes a description of the designs of all new coins (1). In accordance with the Council conclusions of 10 February 2009 (2), euro-area Member States and countries that have concluded a monetary agreement with the European Union providing for the issuing of euro coins are allowed to issue commemorative euro coins intended for circulation, provided that certain conditions are met, particularly that only the 2-euro denomination is used. These coins have the same technical characteristics as other 2-euro coins, but their national face features a commemorative design that is highly symbolic in national or European terms.

Issuing country
  : Slovenia

Subject of commemoration
  : The 25th anniversary of independence of the Republic of Slovenia

Description of the design
  : Over the left part of the inner circle is obliquely positioned a line. At its right, in the upper part of the coin is the inscription ‘25 LET’ and below it the inscription ‘REPUBLIKA SLOVENIJA’. Underneath these inscriptions is the original Prešeren’s written record of the part of the Slovenian hymn Zdravljica ‘dočákat’ dan’. At the bottom of the inner circle is the year ‘2016’.

The coin’s outer ring depicts the 12 stars of the European flag.

Number of coins to be issued
  :

Date of issue
  : June 2016

---

(1)  See OJ C 373, 28.12.2001, p. 1 for the national faces of all the coins issued in 2002.

(2)  See the conclusions of the Economic and Financial Affairs Council of 10 February 2009 and the Commission Recommendation of 19 December 2008 on common guidelines for the national sides and the issuance of euro coins intended for circulation (OJ L 9, 14.1.2009, p. 52).

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/21 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/21

---

New national side of euro coins intended for circulation

(2016/C 97/09)

Euro coins intended for circulation have legal tender status throughout the euro area. For the purpose of informing the public and all parties who handle the coins, the Commission publishes a description of the designs of all new coins (1). In accordance with the Council conclusions of 10 February 2009 (2), euro-area Member States and countries that have concluded a monetary agreement with the European Union providing for the issuing of euro coins are allowed to issue commemorative euro coins intended for circulation, provided that certain conditions are met, particularly that only the 2-euro denomination is used. These coins have the same technical characteristics as other 2-euro coins, but their national face features a commemorative design that is highly symbolic in national or European terms.

Issuing country
  : Portugal

Subject of commemoration
  : 50 years of the first bridge uniting the two riverbanks of the Tejo River

Description of the design
  : The design depicts the image of the bridge. At the top right is the inscription ‘PORTUGAL’. At the bottom right are the inscriptions ‘PONTE’, ‘25 DE ABRIL’, ‘1966’ and ‘2016’, one below the other. At the bottom left is the mintmark ‘INCM’ and at the bottom centre is the name of the designer ‘JOSÉ AURÉLIO’.

The coin’s outer ring depicts the 12 stars of the European flag.

Number of coins to be issued
  :

Date of issue
  : July 2016

---

(1)  See OJ C 373, 28.12.2001, p. 1 for the national faces of all the coins issued in 2002.

(2)  See the conclusions of the Economic and Financial Affairs Council of 10 February 2009 and the Commission Recommendation of 19 December 2008 on common guidelines for the national sides and the issuance of euro coins intended for circulation (OJ L 9, 14.1.2009, p. 52).

---

| 12.3.2016 | EN | Official Journal of the European Union | C 97/22 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/22

---

New national side of euro coins intended for circulation

(2016/C 97/10)

Euro coins intended for circulation have legal tender status throughout the euro area. For the purpose of informing the public and all parties who handle the coins, the Commission publishes a description of the designs of all new coins (1). In accordance with the Council conclusions of 10 February 2009 (2), euro-area Member States and countries that have concluded a monetary agreement with the European Union providing for the issuing of euro coins are allowed to issue commemorative euro coins intended for circulation, provided that certain conditions are met, particularly that only the 2-euro denomination is used. These coins have the same technical characteristics as other 2-euro coins, but their national face features a commemorative design that is highly symbolic in national or European terms.

Issuing country
  : Portugal

Subject of commemoration
  : Portuguese Team participating in the Olympic Games — Rio 2016

Description of the design
  : The design depicts a visual composition based on the well-known work of art signed by the author, Mrs Joanna Vasconcelos, the ‘Heart of Viana’, inspired by traditional jewelry from the North of Portugal (around the city of Viana do Castelo). It symbolises the support of the Portuguese people to the national team by the occasion of the Games. At the left and the right, in semi-circle, are the inscriptions ‘JOANA VASCONCELOS’ and ‘EQUIPA OLÍMPICA DE PORTUGAL 2016’, respectively. At the bottom is the mintmark ‘INCM’.

The coin’s outer ring depicts the 12 stars of the European flag.

Number of coins to be issued
  :

Date of issue
  : March 2016

---

(1)  See OJ C 373, 28.12.2001, p. 1 for the national faces of all the coins issued in 2002.

(2)  See the conclusions of the Economic and Financial Affairs Council of 10 February 2009 and the Commission Recommendation of 19 December 2008 on common guidelines for the national sides and the issuance of euro coins intended for circulation (OJ L 9, 14.1.2009, p. 52).

---

European Systemic Risk Board

| 12.3.2016 | EN | Official Journal of the European Union | C 97/23 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/23

---

DECISION OF THE EUROPEAN SYSTEMIC RISK BOARD

of 11 December 2015

on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates

(ESRB/2015/3)

(2016/C 97/11)

THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,

Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3(2)(a) and (b), and Article 15 thereof,

Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (2), and in particular Article 138 thereof,

Having regard to Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (3), and in particular Annexes I and II thereto,

Having regard to Decision ESRB/2015/2 of the European Systemic Risk Board of 21 July 2015 on the provision and collection of information for the macroprudential oversight of the financial system within the Union and repealing Decision ESRB/2011/6 (4),

Whereas:

| (1) | The European Systemic Risk Board (ESRB) is responsible for carrying out macroprudential oversight in order to contribute to the prevention or mitigation of systemic risks within the Union. |
| --- | --- |

(1)

The European Systemic Risk Board (ESRB) is responsible for carrying out macroprudential oversight in order to contribute to the prevention or mitigation of systemic risks within the Union.

| (2) | In order to discharge its responsibilities, the ESRB needs to assess macroprudential risks stemming from developments within the Union and in third countries. Such risks could arise from cross-border exposures of the Union’s banking system to third countries, which might serve as a contagion channel into the Union. In particular, excessive credit growth in a given third country could, if not addressed by means of macroprudential policies taken by that country, lead to large losses for the banking sector within the Union and, ultimately, pose a threat to financial stability within the Union. |
| --- | --- |

(2)

In order to discharge its responsibilities, the ESRB needs to assess macroprudential risks stemming from developments within the Union and in third countries. Such risks could arise from cross-border exposures of the Union’s banking system to third countries, which might serve as a contagion channel into the Union. In particular, excessive credit growth in a given third country could, if not addressed by means of macroprudential policies taken by that country, lead to large losses for the banking sector within the Union and, ultimately, pose a threat to financial stability within the Union.

| (3) | Article 138 of Directive 2013/36/EU provides the ESRB with a specific mandate to address risks arising from excessive credit growth in third countries. Specifically, when actions taken by authorities in a third country are deemed insufficient, the ESRB can act to protect the Union’s banking sector from risks stemming from excessive credit growth in that third country. In particular, the ESRB may, by means of a recommendation, provide guidance to designated authorities within the Union on the appropriate countercyclical buffer rate for exposures to third countries. |
| --- | --- |

(3)

Article 138 of Directive 2013/36/EU provides the ESRB with a specific mandate to address risks arising from excessive credit growth in third countries. Specifically, when actions taken by authorities in a third country are deemed insufficient, the ESRB can act to protect the Union’s banking sector from risks stemming from excessive credit growth in that third country. In particular, the ESRB may, by means of a recommendation, provide guidance to designated authorities within the Union on the appropriate countercyclical buffer rate for exposures to third countries.

| (4) | In order to discharge this mandate, third countries to which the Union’s banking system has material exposures (hereinafter ‘material third countries’) need to be identified. The impact that excessive credit growth in a given third country might have on the Union’s banking system depends on the size and nature of the exposures of banks which have their head offices in the Union towards that third country. Given that the ESRB does not have the capacity to monitor developments in all third countries around the world, it considers that it can best discharge its mandate under Article 138 of Directive 2013/36/EU by monitoring only those third countries to which the exposures of the Union’s banking system are material for signs of excessive credit growth. |
| --- | --- |

(4)

In order to discharge this mandate, third countries to which the Union’s banking system has material exposures (hereinafter ‘material third countries’) need to be identified. The impact that excessive credit growth in a given third country might have on the Union’s banking system depends on the size and nature of the exposures of banks which have their head offices in the Union towards that third country. Given that the ESRB does not have the capacity to monitor developments in all third countries around the world, it considers that it can best discharge its mandate under Article 138 of Directive 2013/36/EU by monitoring only those third countries to which the exposures of the Union’s banking system are material for signs of excessive credit growth.

| (5) | In order to identify material third countries, the ESRB intends to use supervisory data collected by the European Banking Authority (EBA) in accordance with Decision EBA/DC/2015/130 of the European Banking Authority of 23 September 2015 (5). Decision EBA/DC/2015/130 provides detailed information on exposures in the banking book of a sample of the largest 191 banks in the Union to all third countries globally. Although the data do not include exposures in the trading book, and do not cover all banks in the Union, the ESRB considers that the data are adequate for the purpose of identifying material third countries. Focusing on exposures in the banking book is considered adequate because they represent the majority of exposures. Moreover, netting arrangements and the use of, inter alia, derivatives and short positions make it difficult to allocate an exposure in the trading book to a given third country. Focusing on a sample of the largest banks is considered adequate because these banks tend to have the largest volume of cross-border activities and are, therefore, the banks that would be most affected if excessive credit growth in a third country was not being addressed. In 2014, the 191 banks in the sample accounted for around 92 % of the total assets of the Union’s banking system. As the ESRB does not need bank-specific exposure data for the purpose of identifying material third countries, it intends to request from the EBA the data gathered in accordance with Decision EBA/DC/2015/130 aggregated to country level. Such data requests are governed by Decision ESRB/2015/2. |
| --- | --- |

(5)

In order to identify material third countries, the ESRB intends to use supervisory data collected by the European Banking Authority (EBA) in accordance with Decision EBA/DC/2015/130 of the European Banking Authority of 23 September 2015 (5). Decision EBA/DC/2015/130 provides detailed information on exposures in the banking book of a sample of the largest 191 banks in the Union to all third countries globally. Although the data do not include exposures in the trading book, and do not cover all banks in the Union, the ESRB considers that the data are adequate for the purpose of identifying material third countries. Focusing on exposures in the banking book is considered adequate because they represent the majority of exposures. Moreover, netting arrangements and the use of, inter alia, derivatives and short positions make it difficult to allocate an exposure in the trading book to a given third country. Focusing on a sample of the largest banks is considered adequate because these banks tend to have the largest volume of cross-border activities and are, therefore, the banks that would be most affected if excessive credit growth in a third country was not being addressed. In 2014, the 191 banks in the sample accounted for around 92 % of the total assets of the Union’s banking system. As the ESRB does not need bank-specific exposure data for the purpose of identifying material third countries, it intends to request from the EBA the data gathered in accordance with Decision EBA/DC/2015/130 aggregated to country level. Such data requests are governed by Decision ESRB/2015/2.

| (6) | The ESRB will identify material third countries on the basis of three exposure metrics: risk-weighted assets, original exposure and defaulted exposures in relation to third countries. The main purpose of using a number of metrics is to reflect a comprehensive view of the nature of the exposures to third countries. Focusing solely on risk-weighted assets could result in a situation in which significant exposures with low risk weights would not be given due consideration. By capturing the size of the exposures before risk weights are applied, original exposure compensates for this. Finally, defaulted exposures aim to capture those exposures which pose a greater credit risk to the banks. |
| --- | --- |

(6)

The ESRB will identify material third countries on the basis of three exposure metrics: risk-weighted assets, original exposure and defaulted exposures in relation to third countries. The main purpose of using a number of metrics is to reflect a comprehensive view of the nature of the exposures to third countries. Focusing solely on risk-weighted assets could result in a situation in which significant exposures with low risk weights would not be given due consideration. By capturing the size of the exposures before risk weights are applied, original exposure compensates for this. Finally, defaulted exposures aim to capture those exposures which pose a greater credit risk to the banks.

| (7) | The ESRB typically defines a third country as material when exposures of the Union’s banking system to that third country are at least 1 % for at least one of the above three metrics. Compared to non-financial corporations, banks’ equity levels tend to be small relative to their assets. This means that, even for what might appear to be small exposures when compared with the size of the balance sheet of a bank, losses can reach levels that threaten the solvency of banks and/or create doubt among the public about their solvency. This argument would require the setting of a low threshold, as adverse developments in a given third country could materially impact the capital position of banks. At the same time, the threshold used to identify material third countries should not consider third countries to which only one Member State is exposed, unless such exposures are large enough to pose a risk to the Union, beyond the individual Member State in question. To minimise these occurrences, a high threshold should be set, which ensures that only the largest exposures across Member States are captured. The ESRB considers that a threshold of 1 % of total exposures achieves the right balance between the two desirable outcomes above. |
| --- | --- |

(7)

The ESRB typically defines a third country as material when exposures of the Union’s banking system to that third country are at least 1 % for at least one of the above three metrics. Compared to non-financial corporations, banks’ equity levels tend to be small relative to their assets. This means that, even for what might appear to be small exposures when compared with the size of the balance sheet of a bank, losses can reach levels that threaten the solvency of banks and/or create doubt among the public about their solvency. This argument would require the setting of a low threshold, as adverse developments in a given third country could materially impact the capital position of banks. At the same time, the threshold used to identify material third countries should not consider third countries to which only one Member State is exposed, unless such exposures are large enough to pose a risk to the Union, beyond the individual Member State in question. To minimise these occurrences, a high threshold should be set, which ensures that only the largest exposures across Member States are captured. The ESRB considers that a threshold of 1 % of total exposures achieves the right balance between the two desirable outcomes above.

| (8) | The ESRB will compile a list of material third countries and update this list annually on the basis of criteria that govern additions to and deletions from that list. Banking exposures evolve over time, reflecting both cyclical and structural developments in economic and financial integration across the world. The process of identifying material third countries needs to reflect this evolution. To that end, criteria that govern additions to and deletions from the list of material third countries have been defined. They are designed to be: (a) conservative — for a third country to be added to the list is easier than to be deleted from it; and (b) transparent — criteria for adding to and deleting from the list are based on simple rules. In addition, the ESRB can exercise discretion when determining whether a third country is material for the banking sector of the Union. Such discretion is most likely to be exercised in cases where a third country is on the verge of meeting the materiality criteria. |
| --- | --- |

(8)

The ESRB will compile a list of material third countries and update this list annually on the basis of criteria that govern additions to and deletions from that list. Banking exposures evolve over time, reflecting both cyclical and structural developments in economic and financial integration across the world. The process of identifying material third countries needs to reflect this evolution. To that end, criteria that govern additions to and deletions from the list of material third countries have been defined. They are designed to be: (a) conservative — for a third country to be added to the list is easier than to be deleted from it; and (b) transparent — criteria for adding to and deleting from the list are based on simple rules. In addition, the ESRB can exercise discretion when determining whether a third country is material for the banking sector of the Union. Such discretion is most likely to be exercised in cases where a third country is on the verge of meeting the materiality criteria.

| (9) | The General Board will be asked to approve each revision of the list of material third countries via written procedure. If an objection is raised, the General Board will vote. The ESRB Secretariat will, on an annual basis, prepare a draft list of material third countries based on the application of the addition and deletion criteria. The Advisory Technical Committee will be able to exercise its discretion and amend the draft list prior to submission to the General Board. |
| --- | --- |

(9)

The General Board will be asked to approve each revision of the list of material third countries via written procedure. If an objection is raised, the General Board will vote. The ESRB Secretariat will, on an annual basis, prepare a draft list of material third countries based on the application of the addition and deletion criteria. The Advisory Technical Committee will be able to exercise its discretion and amend the draft list prior to submission to the General Board.

| (10) | Material third countries identified in accordance with this Decision will be monitored by the ESRB Secretariat. Other third countries might be monitored by other jurisdictions in the Union depending on their materiality for the domestic banking system of a given Member State. Expertise gained from the Risk Dashboard and from earlier work on the countercyclical capital buffer will be used to identify those indicators which are more relevant in terms of the early identification of excessive credit growth. |
| --- | --- |

(10)

Material third countries identified in accordance with this Decision will be monitored by the ESRB Secretariat. Other third countries might be monitored by other jurisdictions in the Union depending on their materiality for the domestic banking system of a given Member State. Expertise gained from the Risk Dashboard and from earlier work on the countercyclical capital buffer will be used to identify those indicators which are more relevant in terms of the early identification of excessive credit growth.

| (11) | The ESRB has initially identified six third countries as material, based on supervisory data with a reference date of 30 June 2014. The third countries initially identified as material are the Federative Republic of Brazil, the Hong Kong Special Administrative Region of the People’s Republic of China, the People’s Republic of China, the Republic of Turkey, the Russian Federation and the United States of America. Amendments to this list of material third countries should be published on the ESRB’s website. |
| --- | --- |

(11)

The ESRB has initially identified six third countries as material, based on supervisory data with a reference date of 30 June 2014. The third countries initially identified as material are the Federative Republic of Brazil, the Hong Kong Special Administrative Region of the People’s Republic of China, the People’s Republic of China, the Republic of Turkey, the Russian Federation and the United States of America. Amendments to this list of material third countries should be published on the ESRB’s website.

| (12) | The first revision of the list of material third countries, as identified by the ESRB, will take place in the second quarter of 2017, using supervisory data with a reference date of 31 December 2016. This reflects the need to have sufficient data to apply the addition criteria. Due to the fact that there will be insufficient data to apply the deletion criteria, this first revision will consider only potential additions to the list of material third countries. |
| --- | --- |

(12)

The first revision of the list of material third countries, as identified by the ESRB, will take place in the second quarter of 2017, using supervisory data with a reference date of 31 December 2016. This reflects the need to have sufficient data to apply the addition criteria. Due to the fact that there will be insufficient data to apply the deletion criteria, this first revision will consider only potential additions to the list of material third countries.

| (13) | Subsequent revisions to the list of material third countries will take place using supervisory data with a reference date of the 31 December of each relevant calendar year. Once sufficient data to apply the deletion criteria are available, subsequent revisions will also consider potential deletions from the list of material third countries, |
| --- | --- |

(13)

Subsequent revisions to the list of material third countries will take place using supervisory data with a reference date of the 31 December of each relevant calendar year. Once sufficient data to apply the deletion criteria are available, subsequent revisions will also consider potential deletions from the list of material third countries,

HAS ADOPTED THIS DECISION:

Article 1

Scope

The Decision defines the ESRB’s procedures for assessing the materiality of third countries for the Union’s banking sector in relation to the recognition and setting of countercyclical buffer rates in accordance with Directive 2013/36/EU.

Article 2

Definitions

For the purposes of this Decision, the following definitions shall apply:

| (a) | ‘countercyclical buffer rate’ has the same meaning as in Article 128(7) of Directive 2013/36/EU; |
| --- | --- |

(a)

‘countercyclical buffer rate’ has the same meaning as in Article 128(7) of Directive 2013/36/EU;

| (b) | ‘exposure’ has the same meaning as in Article 5(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (6); |
| --- | --- |

(b)

‘exposure’ has the same meaning as in Article 5(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (6);

| (c) | ‘monitoring/monitored by the ESRB Secretariat’ means the governance, maintenance and regular update of a set of indicators and quantitative tools by the ESRB Secretariat to signal potentially excessive credit growth in material third countries; |
| --- | --- |

(c)

‘monitoring/monitored by the ESRB Secretariat’ means the governance, maintenance and regular update of a set of indicators and quantitative tools by the ESRB Secretariat to signal potentially excessive credit growth in material third countries;

| (d) | ‘third country’ has the same meaning as in point 1(g) of Section 2 of Recommendation ESRB/2015/1. |
| --- | --- |

(d)

‘third country’ has the same meaning as in point 1(g) of Section 2 of Recommendation ESRB/2015/1.

Article 3

Collection of data

1.   For the purposes of assessing which third countries are material for the Union’s banking sector and in accordance with Article 15 of Regulation (EU) No 1092/2010, the ESRB Secretariat shall request from the EBA aggregated supervisory data, as provided in Annex I to Implementing Regulation (EU) No 680/2014, collected by the EBA in accordance with Decision EBA/DC/2015/130.

2.   In assessing whether a third country is material for the Union’s banking sector, the following metrics shall be considered:

| (a) | risk-weighted exposure amounts; |
| --- | --- |

(a)

risk-weighted exposure amounts;

| (b) | original exposures; and |
| --- | --- |

(b)

original exposures; and

| (c) | defaulted exposures. |
| --- | --- |

(c)

defaulted exposures.

3.   In particular, on a quarterly basis, the following data points of the supervisory data referred to in paragraph 1 shall be collected by the ESRB for each relevant third country:

| (a) | Template C 09.01: intersection of rows 070, 080, 090, 100, 110, 120, 130, 140, 150, 160, and columns 010, 020 and 080; and |
| --- | --- |

(a)

Template C 09.01: intersection of rows 070, 080, 090, 100, 110, 120, 130, 140, 150, 160, and columns 010, 020 and 080; and

| (b) | Template C 09.02: intersection of rows 030, 060 and 140, and columns 010, 030 and 110. |
| --- | --- |

(b)

Template C 09.02: intersection of rows 030, 060 and 140, and columns 010, 030 and 110.

4.   The ESRB Secretariat shall liaise with the EBA as regards the submission of the data points referred to in paragraph 3, and in relation to possible future amendments to the reporting templates.

Article 4

Assessment of materiality

1.   A third country shall be identified as material for the Union’s banking sector, and added to the list of material third countries in the following circumstances:

| (a) | the arithmetic mean of exposures to the third country in the eight quarters preceding the reference date was at least 1 % for at least one of the metrics listed in Article 3(2); and |
| --- | --- |

(a)

the arithmetic mean of exposures to the third country in the eight quarters preceding the reference date was at least 1 % for at least one of the metrics listed in Article 3(2); and

| (b) | the exposures in each of the two quarters preceding the reference date were at least 1 % for at least one of the metrics listed in Article 3(2). |
| --- | --- |

(b)

the exposures in each of the two quarters preceding the reference date were at least 1 % for at least one of the metrics listed in Article 3(2).

2.   A country shall be deleted from the list of material third countries where:

| (a) | the arithmetic mean of exposures to that country in the 12 quarters preceding the reference date was less than 1 % for all metrics listed in Article 3(2); and |
| --- | --- |

(a)

the arithmetic mean of exposures to that country in the 12 quarters preceding the reference date was less than 1 % for all metrics listed in Article 3(2); and

| (b) | the exposures in each of the two quarters preceding the reference date were less than 1 % for all the metrics listed in Article 3(2). |
| --- | --- |

(b)

the exposures in each of the two quarters preceding the reference date were less than 1 % for all the metrics listed in Article 3(2).

3.   A third country that is identified as material for the Union’s banking sector on the basis of the criteria set out in paragraph 1 shall be monitored by the ESRB Secretariat.

4.   The list of material third countries shall be revised annually by the ESRB Secretariat, which shall submit a proposal to the Advisory Technical Committee. This proposal shall be based on supervisory data collected for the 12 quarters preceding 31 December of the relevant calendar year. The proposal shall be submitted to the Advisory Technical Committee by 30 June of the relevant year. The Advisory Technical Committee may exercise its discretion and amend the proposal before submitting it to the General Board for approval, in particular in those cases where the ESRB has issued a recommendation in accordance with Article 138 of Directive 2013/36/EU and the third country subject to that recommendation should be deleted from the list of material third countries.

5.   The General Board shall adopt a decision on amendments to the list of material third countries based on the proposal of the Advisory Technical Committee. Any amendments to the list of material third countries shall be published on the ESRB’s website.

Article 5

Transitional provisions

1.   The initial list of material third countries, compiled on the basis of reference data for the second quarter of 2014, comprises the Federative Republic of Brazil, the Hong Kong Special Administrative Region of the People’s Republic of China, the People’s Republic of China, the Republic of Turkey, the Russian Federation and the United States of America.

2.   In the 2017 revision of the list of material third countries using supervisory data with a reference date of 31 December 2016, the criteria set out in Article 4(2) for deleting countries from the list shall not be used.

Article 6

Entry into force

This Decision shall apply from 1 January 2016.

Done at Frankfurt am Main, 11 December 2015.

The Chair of the ESRB

Mario DRAGHI

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(1)  OJ L 331, 15.12.2010, p. 1.

1

(2)  OJ L 176, 27.6.2013, p. 338.

2

(3)  OJ L 191, 28.6.2014, p. 1.

3

(4)  OJ C 394, 27.11.2015, p. 4.

4

(5)  Decision EBA/DC/2015/130 of the European Banking Authority of 23 September 2015 on reporting by competent authorities to the EBA, published on the EBA’s website at www.eba.europa.eu.

5

(6)  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 amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).

6

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| 12.3.2016 | EN | Official Journal of the European Union | C 97/28 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/28

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DECISION OF THE EUROPEAN SYSTEMIC RISK BOARD

of 16 December 2015

on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2

(ESRB/2015/4)

(2016/C 97/12)

THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,

Having regard to Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (1), and in particular Article 3 thereof,

Having regard to 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 amending Regulation (EU) No 648/2012 (2), and in particular Article 458 thereof,

Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (3), and in particular Articles 133, 134, 138 and 139 thereof,

Having regard to Recommendation ESRB/2015/1 of the European Systemic Risk Board of 11 December 2015 on recognising and setting countercyclical buffer rates for exposures to third countries (4), and in particular recommendation A, recommendation B(3) and recommendation C thereof,

Having regard to Recommendation ESRB/2015/2 of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (5), and in particular recommendations B to D thereof,

Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board (6), and in particular Article 6 thereof,

Having regard to Decision ESRB/2015/3 of the European Systemic Risk Board of 11 December 2015 on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates (7), and in particular Article 4 thereof,

Whereas:

| (1) | The European Systemic Risk Board (ESRB) is responsible for macroprudential oversight within the Union. In this regard, the ESRB aims to contribute to the prevention or mitigation of systemic risks to financial stability in the Union, including risks that stem from outside the Union. As part of this task, the ESRB works to avoid regulatory arbitrage and cross-border leakages by ensuring that the same or equivalent macroprudential requirements apply to the same risks across the Union. To ensure the effectiveness of macroprudential policy measures, the ESRB considers three tasks as being of particular importance. These tasks are mandated by Union law and/or follow from Regulation (EU) No 1092/2010. |
| --- | --- |

(1)

The European Systemic Risk Board (ESRB) is responsible for macroprudential oversight within the Union. In this regard, the ESRB aims to contribute to the prevention or mitigation of systemic risks to financial stability in the Union, including risks that stem from outside the Union. As part of this task, the ESRB works to avoid regulatory arbitrage and cross-border leakages by ensuring that the same or equivalent macroprudential requirements apply to the same risks across the Union. To ensure the effectiveness of macroprudential policy measures, the ESRB considers three tasks as being of particular importance. These tasks are mandated by Union law and/or follow from Regulation (EU) No 1092/2010.

| (2) | First, the ESRB is mandated by Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013 to assess the appropriateness of macroprudential policy measures before they are adopted by the Member States or the European Central Bank (ECB). |
| --- | --- |

(2)

First, the ESRB is mandated by Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013 to assess the appropriateness of macroprudential policy measures before they are adopted by the Member States or the European Central Bank (ECB).

| (3) | Second, the ESRB assesses the potential adverse cross-border spillover effects of specific macroprudential policy measures and, if a reciprocation request has been received from the relevant activating authority, evaluates whether specific macroprudential policy measures taken by the Member States should be reciprocated across the Union in accordance with the framework set out in Recommendation ESRB/2015/2 of the European Systemic Risk Board. Pursuant to Article 134 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, Member States may ask the ESRB to issue recommendations to other Member States requiring reciprocation of their macroprudential policy measures. In accordance with its mandate, the ESRB may also recommend the reciprocation of measures whose reciprocation is subject to national discretion. |
| --- | --- |

(3)

Second, the ESRB assesses the potential adverse cross-border spillover effects of specific macroprudential policy measures and, if a reciprocation request has been received from the relevant activating authority, evaluates whether specific macroprudential policy measures taken by the Member States should be reciprocated across the Union in accordance with the framework set out in Recommendation ESRB/2015/2 of the European Systemic Risk Board. Pursuant to Article 134 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013, Member States may ask the ESRB to issue recommendations to other Member States requiring reciprocation of their macroprudential policy measures. In accordance with its mandate, the ESRB may also recommend the reciprocation of measures whose reciprocation is subject to national discretion.

| (4) | Third, the ESRB contributes to achieving coherence across the Union for countercyclical capital buffer (CCB) rates applying to exposures to third countries. It is specifically mandated by Article 138 of Directive 2013/36/EU to issue recommendations with a view to ensuring that such CCB rates are sufficient to protect Union institutions from the risk of excessive credit growth in third countries. According to Article 139 of Directive 2013/36/EU, the ESRB may issue recommendations to achieve coherence across Member States when they exercise the powers granted by that Article in the area of setting and recognising CCB rates for exposures to third countries. |
| --- | --- |

(4)

Third, the ESRB contributes to achieving coherence across the Union for countercyclical capital buffer (CCB) rates applying to exposures to third countries. It is specifically mandated by Article 138 of Directive 2013/36/EU to issue recommendations with a view to ensuring that such CCB rates are sufficient to protect Union institutions from the risk of excessive credit growth in third countries. According to Article 139 of Directive 2013/36/EU, the ESRB may issue recommendations to achieve coherence across Member States when they exercise the powers granted by that Article in the area of setting and recognising CCB rates for exposures to third countries.

| (5) | In relation to its first task of assessing the appropriateness of certain macroprudential policy measures prior to their adoption, in 2014 the ESRB established an Assessment Team mandated with analysing these measures and preparing opinions and recommendations. Since the ESRB’s second and third tasks have a number of aspects in common with its first task, it would be advisable to extend the mandate of the existing Assessment Team to cover all three tasks. In view of the Assessment Team’s extended mandate it would then also be necessary to amend the composition of the Assessment Team to encompass a wider range of expertise. Furthermore, the terms of office for certain members of the Assessment Team, appointed in accordance with Decision ESRB/2014/2 of the European Systemic Risk Board (8), need to continue until the expiration of the relevant terms of office. |
| --- | --- |

(5)

In relation to its first task of assessing the appropriateness of certain macroprudential policy measures prior to their adoption, in 2014 the ESRB established an Assessment Team mandated with analysing these measures and preparing opinions and recommendations. Since the ESRB’s second and third tasks have a number of aspects in common with its first task, it would be advisable to extend the mandate of the existing Assessment Team to cover all three tasks. In view of the Assessment Team’s extended mandate it would then also be necessary to amend the composition of the Assessment Team to encompass a wider range of expertise. Furthermore, the terms of office for certain members of the Assessment Team, appointed in accordance with Decision ESRB/2014/2 of the European Systemic Risk Board (8), need to continue until the expiration of the relevant terms of office.

| (6) | To enable the ESRB to discharge these three tasks, the relevant authorities are recommended to notify the ESRB of macroprudential policy measures, including those that go beyond the requirements set out in Union law. These notification requirements are set out in Articles 129(2), 130(2), 131(7) and (12), 133, 134(2), 136(7) and 160 of Directive 2013/36/EU as well as Article 99(7) and Article 458 of Regulation (EU) No 575/2013. Moreover, Recommendation ESRB/2015/2 recommends that the relevant authorities notify the ESRB of all adopted macroprudential policy measures. |
| --- | --- |

(6)

To enable the ESRB to discharge these three tasks, the relevant authorities are recommended to notify the ESRB of macroprudential policy measures, including those that go beyond the requirements set out in Union law. These notification requirements are set out in Articles 129(2), 130(2), 131(7) and (12), 133, 134(2), 136(7) and 160 of Directive 2013/36/EU as well as Article 99(7) and Article 458 of Regulation (EU) No 575/2013. Moreover, Recommendation ESRB/2015/2 recommends that the relevant authorities notify the ESRB of all adopted macroprudential policy measures.

| (7) | The operating procedures of the Assessment Team for each of its three tasks must reflect the different timelines by which the ESRB is required to discharge its respective tasks. In particular, the ESRB will deliver its opinions or recommendations on the measure in question within one month of receiving a notification, in accordance with Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013. The ESRB will aim to amend Recommendation ESRB/2015/2 within three months of being notified of such measures. If the ESRB considers that action on the CCB rate applying to exposures to a specific third country is needed, it will aim to issue a recommendation within three months of having become aware of a potential risk from excessive credit growth in the third country concerned. |
| --- | --- |

(7)

The operating procedures of the Assessment Team for each of its three tasks must reflect the different timelines by which the ESRB is required to discharge its respective tasks. In particular, the ESRB will deliver its opinions or recommendations on the measure in question within one month of receiving a notification, in accordance with Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013. The ESRB will aim to amend Recommendation ESRB/2015/2 within three months of being notified of such measures. If the ESRB considers that action on the CCB rate applying to exposures to a specific third country is needed, it will aim to issue a recommendation within three months of having become aware of a potential risk from excessive credit growth in the third country concerned.

| (8) | Decision ESRB/2014/2 needs to be repealed and replaced by this Decision in order to include the two additional tasks for the Assessment Team and the corresponding changes to its composition, |
| --- | --- |

(8)

Decision ESRB/2014/2 needs to be repealed and replaced by this Decision in order to include the two additional tasks for the Assessment Team and the corresponding changes to its composition,

HAS ADOPTED THIS DECISION:

Article 1

Scope

1.   This Decision establishes a common procedural framework regarding the issuing of opinions and recommendations by the ESRB in response to the adoption of macroprudential policy measures within the Union in the areas defined in paragraph 2.

2.   In particular, the purpose of this Decision is to lay out the procedures for the analysis of macroprudential policy measures and — if applicable — for issuing:

| (a) | ESRB recommendations and opinions on national macroprudential policy measures in accordance with Article 133(14) and (15) of Directive 2013/36/EU and Article 458(4) of Regulation (EU) No 575/2013; |
| --- | --- |

(a)

ESRB recommendations and opinions on national macroprudential policy measures in accordance with Article 133(14) and (15) of Directive 2013/36/EU and Article 458(4) of Regulation (EU) No 575/2013;

| (b) | Amendments to Recommendation ESRB/2015/2 to incorporate additional notified macroprudential policy measures recommended for reciprocation in accordance with, but not limited to, Article 134(4) of Directive 2013/36/EU and Article 458(8) of Regulation (EU) No 575/2013; |
| --- | --- |

(b)

Amendments to Recommendation ESRB/2015/2 to incorporate additional notified macroprudential policy measures recommended for reciprocation in accordance with, but not limited to, Article 134(4) of Directive 2013/36/EU and Article 458(8) of Regulation (EU) No 575/2013;

| (c) | ESRB recommendations, on the setting and recognition of a specific CCB rate for the exposures to a specific third country in accordance with, but not limited to, Articles 138 and 139 of Directive 2013/36/EU (hereinafter the ‘ESRB recommendations on specific third country CCB rates’). |
| --- | --- |

(c)

ESRB recommendations, on the setting and recognition of a specific CCB rate for the exposures to a specific third country in accordance with, but not limited to, Articles 138 and 139 of Directive 2013/36/EU (hereinafter the ‘ESRB recommendations on specific third country CCB rates’).

Article 2

Definitions

For the purposes of this Decision, the following definitions shall apply:

| (1) | ‘adoption’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(1)

‘adoption’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (2) | ‘countercyclical buffer rate’ means countercyclical buffer rate as defined in Article 128(7) of Directive 2013/36/EU; |
| --- | --- |

(2)

‘countercyclical buffer rate’ means countercyclical buffer rate as defined in Article 128(7) of Directive 2013/36/EU;

| (3) | ‘Darwin’ means the internal document management system of the ESRB; |
| --- | --- |

(3)

‘Darwin’ means the internal document management system of the ESRB;

| (4) | ‘macroprudential policy measure’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(4)

‘macroprudential policy measure’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (5) | ‘notification’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(5)

‘notification’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (6) | ‘notifying authority’ means a relevant authority transmitting a notification to the ESRB; |
| --- | --- |

(6)

‘notifying authority’ means a relevant authority transmitting a notification to the ESRB;

| (7) | ‘opinion’ means any opinion to be issued by the ESRB following the receipt of a notification regarding a macroprudential policy measure, in accordance with Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013; |
| --- | --- |

(7)

‘opinion’ means any opinion to be issued by the ESRB following the receipt of a notification regarding a macroprudential policy measure, in accordance with Article 133 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013;

| (8) | ‘reciprocity’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(8)

‘reciprocity’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (9) | ‘recommendation’ means any recommendation to be issued by the ESRB in accordance with, but not limited to, Articles 133(14), 134(4), 138 and 139 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013; |
| --- | --- |

(9)

‘recommendation’ means any recommendation to be issued by the ESRB in accordance with, but not limited to, Articles 133(14), 134(4), 138 and 139 of Directive 2013/36/EU and Article 458 of Regulation (EU) No 575/2013;

| (10) | ‘relevant activating authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(10)

‘relevant activating authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (11) | ‘relevant authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2; |
| --- | --- |

(11)

‘relevant authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/2;

| (12) | ‘relevant third-country authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/1; |
| --- | --- |

(12)

‘relevant third-country authority’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/1;

| (13) | ‘third country’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/1. |
| --- | --- |

(13)

‘third country’ has the same meaning as in Section 2(1) of Recommendation ESRB/2015/1.

Article 3

Publication of macroprudential policy measures

1.   When notifying the ESRB of any adopted macroprudential policy measure within the scope of this Decision, the relevant authorities shall use the templates published on the ESRB’s website. The ESRB Secretariat shall publish the macroprudential policy measures that the relevant authorities have adopted, published and notified to the ESRB. The notifying authority may request, and the Head of the ESRB Secretariat may approve, that for reasons of financial stability these measures should not be published.

2.   The opinions and recommendations issued in accordance with this Decision, as well as any amendments to them, shall be published on the ESRB’s website following their approval by the General Board. The notifying authority may request, and the ESRB may decide, that for reasons of financial stability, these opinions, recommendations or any amendments to them should not be published. Public recommendations, including amendments to them, addressed to the relevant authorities in all Member States shall be published in the Official Journal of the European Union.

Article 4

ESRB opinions and recommendations on national macroprudential policy measures

1.   This Article shall apply to opinions and recommendations within the meaning of Article 1(2)(a).

2.   Once a notification has been received pursuant to Article 133 of Directive 2013/36/EU or Article 458 of Regulation (EU) No 575/2013, the ESRB Secretariat shall immediately submit it to members of the General Board and to the Assessment Team via Darwin.

3.   Within five ECB working days following the receipt of a notification, as referred to in paragraph 2, members of the General Board may raise material concerns regarding any negative externalities such as adverse cross-border spillover effects of the macroprudential policy measure notified. These members may also indicate that their authority would like to participate in the Assessment Team, as an observer, if it is not yet represented. To ensure a smooth and efficient process, members shall raise, insofar as is possible, such material concerns in English.

4.   Within 12 ECB working days following the receipt of a notification, in accordance with paragraph 2, the Assessment Team shall prepare an assessment of and a draft opinion or recommendation on the appropriateness of the macroprudential policy measure having regard to the relevant requirements under Directive 2013/36/EU and Regulation (EU) No 575/2013 from a macroprudential and financial stability perspective.

5.   As soon as it is finalised by the Assessment Team, the ESRB Secretariat shall immediately submit the draft opinion or recommendation, via Darwin, to all members of the General Board for consideration via written procedure. Within four ECB working days following the day of submission, members of the General Board may provide comments on the draft opinion or recommendation prior to taking a General Board decision.

6.   Within two ECB working days following the day by which comments from members of the General Board are due, the Assessment Team shall consider whether the draft opinion or recommendation should be revised in the light of those comments and shall submit, via the ESRB Secretariat, the final draft opinion or recommendation to the General Board.

7.   Based on the assessment and draft prepared by the Assessment Team, the General Board shall take a decision on the draft opinion or recommendation. Unless a General Board meeting is convened in accordance with the Rules of Procedure of the ESRB, the decision by the General Board shall be taken by written procedure, in which case the members of the General Board shall be given at least five ECB working days to cast their vote. The decision by the General Board shall be taken at least one ECB working day prior to the expiry of the one-month period specified in Article 133(14) of Directive 2013/36/EU or Article 458(4) of Regulation (EU) No 575/2013.

8.   If, following a request by the ESRB to the notifying authorities for further information, the information received still does not contain all relevant information needed to assess the appropriateness of the intended measure, including its compliance with the relevant requirements under Directive 2013/36/EU and Regulation (EU) No 575/2013, the ESRB may provide an opinion stating that it is not possible to assess conformity with the requirements of Directive 2013/36/EU and Regulation (EU) No 575/2013. The ESRB may also issue a negative opinion or recommendation, as appropriate.

Article 5

ESRB recommendation on the reciprocity of macroprudential policy measures

1.   This Article shall apply to amendments to Recommendation ESRB/2015/2 within the meaning of Article 1(2)(b).

2.   Within five ECB working days following the receipt by the ESRB of a request for reciprocation from a Member State, in accordance with but not limited to Article 134(4) of Directive 2013/36/EU or Article 458(8) of Regulation (EU) No 575/2013, the ESRB Secretariat shall submit it to members of the Advisory Technical Committee (ATC), the General Board and the Assessment Team, via Darwin.

3.   Within five ECB working days following the transmission of the information referred to in paragraph 2, members of the General Board may demonstrate to the ESRB that the macroprudential policy measure notified would have significant adverse cross-border spillover effects in their jurisdiction, and indicate that their authority would like to participate in the Assessment Team, as an observer, if its country is not yet represented. To ensure a smooth and efficient process, members of the General Board shall, in so far as is possible, provide relevant information to the ESRB in English.

4.   Within 25 ECB working days following the transmission of the information referred to in paragraph 3, the Assessment Team shall prepare an assessment of the need for adopting a recommendation on reciprocation together with a draft amendment of Recommendation ESRB/2015/2, where necessary. The Assessment Team shall make a proposal to the ATC on the reciprocation of the notified measure and on the means whereby reciprocation might be achieved in compliance with Recommendation ESRB/2015/2.

| (a) | If the Assessment Team determines that a discussion on the reciprocation of the measure under consideration is warranted, the ESRB Secretariat shall submit the Assessment Team’s assessment and the draft amendment of Recommendation ESRB/2015/2 to a meeting of the ATC for discussion. Such discussion shall also consider the types of measure whereby reciprocation by other Member States of the measure under consideration might be achieved. Where the same measure as the one under consideration is not available in the national legislation of all other Member States, the Assessment Team shall identify other measures with an equivalent effect that reciprocating relevant authorities may use on a best effort basis. |
| --- | --- |

(a)

If the Assessment Team determines that a discussion on the reciprocation of the measure under consideration is warranted, the ESRB Secretariat shall submit the Assessment Team’s assessment and the draft amendment of Recommendation ESRB/2015/2 to a meeting of the ATC for discussion. Such discussion shall also consider the types of measure whereby reciprocation by other Member States of the measure under consideration might be achieved. Where the same measure as the one under consideration is not available in the national legislation of all other Member States, the Assessment Team shall identify other measures with an equivalent effect that reciprocating relevant authorities may use on a best effort basis.

| (b) | If the Assessment Team determines that no discussion is necessary because the notified measure is exposure-based and is available in all other Member States, the ESRB Secretariat may transmit the draft amendment of Recommendation ESRB/2015/2 via Darwin to all members of the ATC for a written procedure. In this case, the draft amendment of Recommendation ESRB/2015/2 shall request reciprocation of that measure by all other Member States. |
| --- | --- |

(b)

If the Assessment Team determines that no discussion is necessary because the notified measure is exposure-based and is available in all other Member States, the ESRB Secretariat may transmit the draft amendment of Recommendation ESRB/2015/2 via Darwin to all members of the ATC for a written procedure. In this case, the draft amendment of Recommendation ESRB/2015/2 shall request reciprocation of that measure by all other Member States.

5.   If an ATC written procedure is necessary following the meeting of the ATC, at which the reciprocation of the measure was discussed, or in accordance with paragraph 4(b), the members of the ATC may provide comments on the draft recommendation within five ECB working days following the day of transmission via Darwin.

6.   Within five ECB working days following either the day that comments from the ATC are due or the day of the ATC meeting, at which the reciprocation of the measure was discussed, the ESRB Secretariat shall submit — if applicable — the draft amendment of Recommendation ESRB/2015/2 to the General Board for consultation via Darwin. If ATC members provide substantial comments either via the written procedure referred to in paragraph 5 or during the ATC meeting, the preparation of the draft amendment of Recommendation ESRB/2015/2 may be extended by up to 25 ECB working days.

7.   The General Board may provide comments — if applicable — on the draft amendment of Recommendation ESRB/2015/2 within five ECB working days following the submission of the draft to the General Board.

8.   Within five ECB working days following the day by which comments from members of the General Board are due, the ESRB Secretariat shall — if applicable — either submit the final draft amendment of Recommendation ESRB/2015/2 to the General Board via a written procedure for approval, or submit it for approval at a General Board meeting. The General Board may take a decision on the draft amendment of Recommendation ESRB/2015/2 via written procedure or during a General Board meeting in accordance with Article 6 of Decision ESRB/2011/1.

Article 6

ESRB recommendations on specific third-country CCB rates

1.   This Article shall apply to recommendations within the meaning of Article 1(2)(c).

2.   The Assessment Team may be requested to analyse credit developments in a third country, that might result in a draft ESRB recommendation on the specific third-country CCB rate applicable to the third country concerned, in the following cases:

| (a) | when a relevant third-country authority asks for recognition of a buffer rate above 2,5 %; |
| --- | --- |

(a)

when a relevant third-country authority asks for recognition of a buffer rate above 2,5 %;

| (b) | when the ESRB is informed by a designated authority in accordance with recommendation A(1), of Recommendation ESRB/2015/1, or when — for countries that are members of the Basel Committee on Banking Supervision (BCBS) — the ESRB Secretariat becomes aware that a relevant third-country authority has set a CCB rate for that third country in excess of 2,5 %; |
| --- | --- |

(b)

when the ESRB is informed by a designated authority in accordance with recommendation A(1), of Recommendation ESRB/2015/1, or when — for countries that are members of the Basel Committee on Banking Supervision (BCBS) — the ESRB Secretariat becomes aware that a relevant third-country authority has set a CCB rate for that third country in excess of 2,5 %;

| (c) | when the ESRB is informed by a designated authority in accordance with recommendations A(2) and B(3) of Recommendation ESRB/2015/1; |
| --- | --- |

(c)

when the ESRB is informed by a designated authority in accordance with recommendations A(2) and B(3) of Recommendation ESRB/2015/1;

| (d) | when the ESRB is informed by a designated authority in accordance with recommendation C(1), of Recommendation ESRB/2015/1, or when the CCB rate set by a relevant third-country authority, which is from a country that is a member of the BCBS, was recognised on the basis of an ESRB recommendation, and the ESRB Secretariat becomes aware that the relevant third-country authority has set the CCB rate at a lower rate; |
| --- | --- |

(d)

when the ESRB is informed by a designated authority in accordance with recommendation C(1), of Recommendation ESRB/2015/1, or when the CCB rate set by a relevant third-country authority, which is from a country that is a member of the BCBS, was recognised on the basis of an ESRB recommendation, and the ESRB Secretariat becomes aware that the relevant third-country authority has set the CCB rate at a lower rate;

| (e) | when the ESRB is informed by a designated authority in accordance with recommendation C(2), of Recommendation ESRB/2015/1, or when the CCB rate set by a relevant third-country authority, which is from a country that is a member of the BCBS, was set on the basis of an ESRB recommendation, and the ESRB Secretariat becomes aware that the relevant third-country authority has set the CCB rate at a lower rate; |
| --- | --- |

(e)

when the ESRB is informed by a designated authority in accordance with recommendation C(2), of Recommendation ESRB/2015/1, or when the CCB rate set by a relevant third-country authority, which is from a country that is a member of the BCBS, was set on the basis of an ESRB recommendation, and the ESRB Secretariat becomes aware that the relevant third-country authority has set the CCB rate at a lower rate;

| (f) | when the ESRB Secretariat finds indications of excessive credit growth in one of the third countries identified as material for the Union, as defined in Article 4 of Decision ESRB/2015/3. |
| --- | --- |

(f)

when the ESRB Secretariat finds indications of excessive credit growth in one of the third countries identified as material for the Union, as defined in Article 4 of Decision ESRB/2015/3.

3.   Within five ECB working days following the day on which one of the cases set out in paragraph 2 materialises, the ESRB Secretariat shall submit all relevant information to members of the ATC, the General Board and the Assessment Team, via Darwin. The Chair of the Assessment Team will decide if and when to notify the relevant third-country authority with a view to inviting a representative to join the Assessment Team as an observer.

4.   Within five ECB working days following the transmission of the information referred to in paragraph 3, members of the General Board may demonstrate to the ESRB that their Member State has material exposures to the third country in question, and indicate that they would like to participate in the Assessment Team as observers, if their authority is not represented. To ensure a smooth and efficient process, members shall provide, insofar as is possible, relevant information to the ESRB in English.

5.   Within 25 ECB working days following the transmission of the information referred to in paragraph 4, the Assessment Team shall prepare an assessment of the need for adopting a recommendation on specific third-country CCB rates that apply to the third country concerned. If the Assessment Team deems that a recommendation is necessary, the assessment shall be accompanied by a draft recommendation. The ESRB Secretariat shall submit the assessment and — if applicable — the draft recommendation to a meeting of the ATC for discussion or via Darwin to the ATC for written procedure.

6.   Within five ECB working days following the day of submission via written procedure, members of the ATC may provide comments on the assessment and — if applicable — on the draft recommendation.

7.   Within five ECB working days following either the day that comments from the ATC are due or the day of the ATC meeting, the ESRB Secretariat shall submit the assessment and — if applicable — the draft recommendation to the General Board for consultation via Darwin.

8.   Within five ECB working days following the day of submission, the members of the General Board may provide comments on the assessment and — if applicable — the draft recommendation.

9.   If the Assessment Team deemed that a recommendation was needed and the General Board consultation has not raised any substantial comments, the ESRB Secretariat shall submit the final draft recommendation within five ECB working days following the day by which comments from the members of the General Board were due, either to the General Board via a written procedure for approval, or for approval during a General Board meeting.

10.   If the General Board consultation raised substantial comments, the ESRB Secretariat will bring the issue to the next meeting of the General Board for discussion.

11.   The General Board may take a decision on the final draft recommendation by means of a written procedure or during the General Board meeting in accordance with Article 6 of Decision ESRB/2011/1.

12.   The procedure described in paragraphs 3 to 11 may be shortened if the decision by the ESRB on specific third-country CCB rates for exposures to a particular third country is requested as a matter of urgency. The Chair of the Assessment Team may decide to shorten the abovementioned process, at the request of the notifying authority and/or based on the nature of the underlying risk to the banking system of the Union.

Article 7

Assessment Team

1.   The Assessment Team shall prepare assessments of and draft opinions or recommendations on macroprudential policy measures, on reciprocity of macroprudential policy measures and on third-country CCB rates. The Assessment Team’s members, as well as any observers, shall have a sufficient level of seniority, both from a technical and a policy perspective.

2.   The Chair of the Assessment Team shall be the Head of the ESRB Secretariat or his/her designated alternate.

3.   The Assessment Team shall comprise: (a) two representatives from the ESRB Secretariat including the Chair of the Assessment Team; (b) one representative from the supervisory function of the ECB; (c) one representative from the macroprudential function of the ECB, (d) one representative from the European Commission; (e) one representative from the European Banking Authority (EBA); and (f) nine representatives each representing a national central bank (NCB) of a Member State. Representatives from the NCBs that are members of the Steering Committee, including representatives of NCBs from which the first Vice-Chair of the ESRB and the ATC Chair are appointed, shall be among the nine NCB representatives.

4.   Based on nominations from the NCBs that are members of the General Board, the General Board shall appoint the nine NCB representatives referred to in paragraph 3. They shall be appointed for the same period as their authority’s representative in the Steering Committee or otherwise for a period of three years. If their authority is not represented in the Steering Committee, the NCB representatives on the Assessment Team may be reappointed.

5.   All other members of the Assessment team shall be appointed for an unlimited period.

6.   All ESRB member institutions represented in the Assessment Team may change their members or designate more than one person based on the expertise needed and the type of assessment to be conducted by the Assessment Team pursuant to Article 1(2). Such changes must be approved by the Chair of the Assessment Team. The composition of the Assessment Team shall ensure a balanced representation of Member States both from Member States in and outside the euro area.

7.   Observers may participate in the Assessment Team with a view to contributing to the discussion. Observers may comprise up to two representatives per Member State, one from the NCB and one from the relevant authority or other authorities represented in the ESRB General Board, which either has raised material concerns in accordance with Article 4(3), has signalled that the relevant macroprudential policy measure would have significant adverse cross-border spillover effects at a national level in accordance with Article 5(3), or is from a Member State that has material exposures to the third country in question in accordance with Article 6(4). Members of the General Board shall coordinate national representation in the Assessment Team with the relevant national authorities, if they are not represented in the General Board and the measure being discussed is within their mandate. When a recommendation or opinion is prepared in accordance with Article 133(14) and (15) of Directive 2013/36/EU and Article 458(4) of Regulation (EU) No 575/2013, representatives from the Commission and the EBA shall be observers. Observers of the Assessment Team may also comprise up to two representatives from a Member State that has notified a macroprudential policy measure and/or requested reciprocity of a macroprudential policy measure, one from the relevant NCB and one from the national relevant authority. Representatives from third countries, whose CCB rates are discussed, may also be invited as observers, in which case they shall be subject to confidentiality agreements.

8.   Where, pursuant to Article 5(2) of Council Regulation (EU) No 1024/2013 (9), the ECB, instead of a national authority, notifies a macroprudential policy measure at national level, the ECB shall be represented by two observers and each Member State concerned shall be represented by two observers designated according to the same procedure, as described in paragraph 7.

9.   To avoid conflicts of interest in the assessment of macroprudential policy measures under Article 1(2)(a), the status of Assessment Team members shall temporarily cease, without those members being replaced, for representatives of Member States or the ECB in all cases where the relevant authorities of the Member State concerned or the ECB have notified a macroprudential policy measure or raised material concerns regarding the macroprudential policy measure or requested reciprocity of a macroprudential policy measure to be assessed by the Assessment Team.

10.   Members of the Assessment Team shall prepare draft opinions or recommendations in accordance with Articles 4(4), 5(4) and 6(5) on which the General Board may take a vote. The Assessment Team shall strive to reach consensus among its members. Where circumstances so require, it may provide a majority and a minority view in the assessment it submits to the General Board.

Article 8

Transitional provisions

1.   The nine NCB representatives appointed in accordance with Article 5(2) and 5(8) of Decision ESRB/2014/2 shall remain in place until the end of the initial terms of office referred to in Article 5(8) of Decision ESRB/2014/2.

2.   Following the expiry of the initial two-year term of office on 27 January 2016, the four NCB representatives concerned shall be replaced by one representative from each of the four NCBs represented in the Steering Committee. If an NCB from the Steering Committee is already represented in the Assessment Team after 27 January 2016, its member of the Assessment Team shall be replaced by a representative from the NCB from which the ATC Chair was appointed.

3.   Following the expiry of the initial three-year term of office on 27 January 2017, the five NCB representatives concerned shall be replaced by four representatives from four NCBs, appointed in accordance with Article 7(4) and one from the NCB from which the first Vice-Chair of the ESRB was appointed.

Article 9

Repeal

This Decision repeals and replaces Decision ESRB/2014/2.

Article 10

Entry into force

This Decision shall enter into force on 1 January 2016.

Done at Frankfurt am Main, 16 December 2015.

The Chair of the ESRB

Mario DRAGHI

---

(1)  OJ L 331, 15.12.2010, p. 1.

1

(2)  OJ L 176, 27.6.2013, p. 1.

2

(3)  OJ L 176, 27.6.2013, p. 338.

3

(4)  The English version is available on the ESRB’s website at: www.esrb.europa.eu

4

(5)  The English version is available on the ESRB’s website at: www.esrb.europa.eu

5

(6)  OJ C 58, 24.2.2011, p. 4.

6

(7)  The English version is available on the ESRB’s website at: www.esrb.europa.eu

7

(8)  Decision ESRB/2014/2 of the European Systemic Risk Board of 27 January 2014 on a coordination framework regarding the notification of national macro-prudential policy measures by competent or designated authorities and the provision of opinions and the issuing of recommendations by the ESRB (OJ C 98, 3.4.2014, p. 3).

8

(9)  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).

9

---

NOTICES FROM MEMBER STATES

| 12.3.2016 | EN | Official Journal of the European Union | C 97/36 |
| --- | --- | --- | --- |

12.3.2016

EN

Official Journal of the European Union

C 97/36

---

Publication pursuant to Article 10(3) of Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community (Recast) of decisions by Member States to grant, suspend or revoke operating licences

(Text with EEA relevance)

(2016/C 97/13)

In accordance with Article 10 of Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community (Recast) (1), the European Commission publishes the decisions to grant, suspend or revoke operating licences taken by Member States between the period of 1 January 2014 and 31 December 2014 (2).

Operating licences granted

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category (3) | Decision effective since |
| --- | --- | --- | --- | --- | --- |
| Austria | Jet24 GmbH | Steinriegelweg, Objekt 140, 1300 Flughafen Wien | passengers, cargo, mail | B | 11.6.2015 |
| Austria | AFS Alpine Flightservice GmbH | Wallenmahd 23, 6850 Dornbirn | passengers, cargo, mail | B | 20.8.2015 |
| Bulgaria | Bright Flight Ltd | 16A, j.k. Bokar, Bulgaria blvd., 1404 Sofia | cargo, mail | A | 14.1.2015 |
| Bulgaria | Rose Air Ltd | 330 Building, Fl. 6, Deliyska Vodenitsa Str., 1582 - Sofia | cargo, mail | A | 18.5.2015 |
| Cyprus | Tus Airways Ltd | 23 Artemidos Ave. - 6025 Larnaca | passengers, cargo, mail, dangerous goods | A | 1.12.2015 |
| Estonia | Aerocopter OÜ | Suur-Mere 20-7, Haapsalu 90502, Läänemaa | passengers, cargo, mail | A | 13.1.2015 |
| Finland | Joen Service Oy | Lentoasemantie 30, FI-80140 Joensuu | passengers, cargo | B | 16.12.2015 |
| Finland | Lapin Lentopalvelut Oy | Joulupukin Pajakylä, Joulumaantie 10, FI-96930 Napapiiri Rovaniemi | passengers, cargo | B | 10.7.2015 |
| Finland | Rotorway Oy | Hirsalantie 235, FI-02420 Jorvas | passengers, cargo | B | 17.6.2015 |
| Germany | DAS Private Jets GmbH | Am Flugplatz - 88512 Mengen | passengers, cargo, mail | B | 12.5.2015 |
| Germany | Reupke Airservice GmbH & Co. KG | Hilgesdorfer Str. 1 - 39345 Flechtingen | passengers, cargo, mail | B | 25.3.2015 |
| Greece | HELISTAR | 59, Damaskinou Str. - 20100 Korinthos | passengers, cargo, mail | B | 14.8.2015 |
| Greece | OLYMPUS AIRWAYS | 1, M. Alexandrou Str & 12, Ethn. Antistaseos Str. Argiroupoli 164 52 | passengers, cargo, mail | A | 21.8.2015 |
| Romania | S.C. FLY 365 AVIATION SRL | Bucharest, Sector 1, 55 Dr Iacob Felix Street, 4th floor | passengers, cargo | A | 17.8.2015 |
| Romania | AVIRO AIR SRL | Bucharest, Sector 1, Sos. Bucuresti-Ploiesti nr. 7A, etaj 4 | passengers, cargo | A | 1.9.2015 |
| Slovakia | ELITE JET s.r.o. | Opavská 26 - 831 01 Bratislava | passengers, cargo, mail | B | 29.4.2015 |
| Slovenia | Lipican Aer d.o.o. (Lipican Air Ltd) | Sečovlje 19, 6333 Sečovlje | passengers, cargo | B | 14.4.2015 |
| Spain | Euroairlines, S.L. | Urbanización El Bosque 414Q - 46370 CHIVA (VALENCIA) | passengers, cargo, mail | B | 18.6.2015 |
| Spain | PLUS ULTRA LÍNEAS AÉREAS, S.A. | c/Torregalindo 1 - 1a Planta - 28016 MADRID | passengers, cargo, mail | A | 17.7.2015 |
| Sweden | Rotor Service Norden AB | Strömsgatan 43 — SE-982 60 Porjus | passengers, cargo, mail | B | 18.2.2015 |
| Sweden | Copterflyg AB | Lägervägen 2 – SE-832 56 Frösön | passengers, cargo, mail | B | 1.6.2015 |
| United Kingdom | CargoLogicAir Ltd | Endeavour House, Coopers End Road, London Stansted Airport, CM241AL | passengers, cargo, mail | A | 25.1.2016 |
| United Kingdom | Norwegian Air UK Ltd | The Beehive, City Place, Gatwick, West Sussex, RH6 OPA | passengers, cargo, mail | A | 13.10.2015 |
| United Kingdom | Virgin Atlantic International Ltd | The Office, Crawley Business Quarter, Manor Royal, West Sussex, RH10 9NU | passengers, cargo, mail | A | 30.10.2015 |
| United Kingdom | VVB Aviation Services Ltd | Elstree Aviation Centre, Hogg Lane, Elstree Aerodromes, Hertfordshire, WD6 3AR | passengers, cargo, mail | B | 17.12.2015 |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category (3)

Decision effective since

Austria

Jet24 GmbH

Steinriegelweg, Objekt 140, 1300 Flughafen Wien

passengers, cargo, mail

B

11.6.2015

Austria

AFS Alpine Flightservice GmbH

Wallenmahd 23, 6850 Dornbirn

passengers, cargo, mail

B

20.8.2015

Bulgaria

Bright Flight Ltd

16A, j.k. Bokar, Bulgaria blvd., 1404 Sofia

cargo, mail

A

14.1.2015

Bulgaria

Rose Air Ltd

330 Building, Fl. 6, Deliyska Vodenitsa Str., 1582 - Sofia

cargo, mail

A

18.5.2015

Cyprus

Tus Airways Ltd

23 Artemidos Ave. - 6025 Larnaca

passengers, cargo, mail, dangerous goods

A

1.12.2015

Estonia

Aerocopter OÜ

Suur-Mere 20-7, Haapsalu 90502, Läänemaa

passengers, cargo, mail

A

13.1.2015

Finland

Joen Service Oy

Lentoasemantie 30, FI-80140 Joensuu

passengers, cargo

B

16.12.2015

Finland

Lapin Lentopalvelut Oy

Joulupukin Pajakylä, Joulumaantie 10, FI-96930 Napapiiri Rovaniemi

passengers, cargo

B

10.7.2015

Finland

Rotorway Oy

Hirsalantie 235, FI-02420 Jorvas

passengers, cargo

B

17.6.2015

Germany

DAS Private Jets GmbH

Am Flugplatz - 88512 Mengen

passengers, cargo, mail

B

12.5.2015

Germany

Reupke Airservice GmbH & Co. KG

Hilgesdorfer Str. 1 - 39345 Flechtingen

passengers, cargo, mail

B

25.3.2015

Greece

HELISTAR

59, Damaskinou Str. - 20100 Korinthos

passengers, cargo, mail

B

14.8.2015

Greece

OLYMPUS AIRWAYS

1, M. Alexandrou Str & 12, Ethn. Antistaseos Str. Argiroupoli 164 52

passengers, cargo, mail

A

21.8.2015

Romania

S.C. FLY 365 AVIATION SRL

Bucharest, Sector 1, 55 Dr Iacob Felix Street, 4th floor

passengers, cargo

A

17.8.2015

Romania

AVIRO AIR SRL

Bucharest, Sector 1, Sos. Bucuresti-Ploiesti nr. 7A, etaj 4

passengers, cargo

A

1.9.2015

Slovakia

ELITE JET s.r.o.

Opavská 26 - 831 01 Bratislava

passengers, cargo, mail

B

29.4.2015

Slovenia

Lipican Aer d.o.o. (Lipican Air Ltd)

Sečovlje 19, 6333 Sečovlje

passengers, cargo

B

14.4.2015

Spain

Euroairlines, S.L.

Urbanización El Bosque 414Q - 46370 CHIVA (VALENCIA)

passengers, cargo, mail

B

18.6.2015

Spain

PLUS ULTRA LÍNEAS AÉREAS, S.A.

c/Torregalindo 1 - 1a Planta - 28016 MADRID

passengers, cargo, mail

A

17.7.2015

Sweden

Rotor Service Norden AB

Strömsgatan 43 — SE-982 60 Porjus

passengers, cargo, mail

B

18.2.2015

Sweden

Copterflyg AB

Lägervägen 2 – SE-832 56 Frösön

passengers, cargo, mail

B

1.6.2015

United Kingdom

CargoLogicAir Ltd

Endeavour House, Coopers End Road, London Stansted Airport, CM241AL

passengers, cargo, mail

A

25.1.2016

United Kingdom

Norwegian Air UK Ltd

The Beehive, City Place, Gatwick, West Sussex, RH6 OPA

passengers, cargo, mail

A

13.10.2015

United Kingdom

Virgin Atlantic International Ltd

The Office, Crawley Business Quarter, Manor Royal, West Sussex, RH10 9NU

passengers, cargo, mail

A

30.10.2015

United Kingdom

VVB Aviation Services Ltd

Elstree Aviation Centre, Hogg Lane, Elstree Aerodromes, Hertfordshire, WD6 3AR

passengers, cargo, mail

B

17.12.2015

Temporary operating licences granted

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since | Temporary licence until |
| --- | --- | --- | --- | --- | --- | --- |
| Slovenia | ST Letalstvo d.o.o. (ST Aviation Ltd) | Šmartinska cesta 130, SI-1000 Ljubljana | passengers | B | 22.3.2015 | Temporary operating licence valid from: 22.3.2015 to 31.12.2015 |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Temporary licence until

Slovenia

ST Letalstvo d.o.o. (ST Aviation Ltd)

Šmartinska cesta 130, SI-1000 Ljubljana

passengers

B

22.3.2015

Temporary operating licence valid from: 22.3.2015 to 31.12.2015

Operating licences reinstated

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since |
| --- | --- | --- | --- | --- | --- |
| Bulgaria | VENID AIR Ltd | 1, Odesa Street, 8256 Sveti Vlas | passengers | B | 17.7.2015 |
| Germany | Fly Point Flugservice Haufe KG | Am Künkelhof 4 - 99820 Hörselberg-Hainich | passengers, cargo, mail | B | 14.7.2015 |
| Germany | Heidelberg Helicopters Flugservice GmbH & Co.KG | Flugplatz Speyer, Anton-Dengler-Str. 2a - 67346 Speyer | passengers, cargo, mail | B | 18.8.2015 |
| Greece | F.A.S. RHODOS AIR | RODOS AIRPORT ‘DIAGORAS’ - RODOS 85106 | passengers, cargo, mail | B | 9.4.2015 |
| Greece | MINOAN AIR | St. Kazantzidi Str. & 1 Vosporou Str. 71601 N. Alikarnassos — Heraklion Crete | passengers, cargo, mail | A | 1.7.2015 |
| Sweden | Copterflyg AB | Lägervägen 2 - SE-832 56 Frösön | passengers, cargo, mail | B | 1.6.2015 |
| United Kingdom | Pen-Avia Ltd | Hangar 125, Percival Way, London Luton Airport, Bedfordshire, LU2 9NT | passengers, cargo, mail | B | 7.1.2015 |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Bulgaria

VENID AIR Ltd

1, Odesa Street, 8256 Sveti Vlas

passengers

B

17.7.2015

Germany

Fly Point Flugservice Haufe KG

Am Künkelhof 4 - 99820 Hörselberg-Hainich

passengers, cargo, mail

B

14.7.2015

Germany

Heidelberg Helicopters Flugservice GmbH & Co.KG

Flugplatz Speyer, Anton-Dengler-Str. 2a - 67346 Speyer

passengers, cargo, mail

B

18.8.2015

Greece

F.A.S. RHODOS AIR

RODOS AIRPORT ‘DIAGORAS’ - RODOS 85106

passengers, cargo, mail

B

9.4.2015

Greece

MINOAN AIR

St. Kazantzidi Str. & 1 Vosporou Str. 71601 N. Alikarnassos — Heraklion Crete

passengers, cargo, mail

A

1.7.2015

Sweden

Copterflyg AB

Lägervägen 2 - SE-832 56 Frösön

passengers, cargo, mail

B

1.6.2015

United Kingdom

Pen-Avia Ltd

Hangar 125, Percival Way, London Luton Airport, Bedfordshire, LU2 9NT

passengers, cargo, mail

B

7.1.2015

Voluntary surrender of operating licences

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since | Comments |
| --- | --- | --- | --- | --- | --- | --- |
| Estonia | Osaühing Copterline (Copterline OÜ Estonia) | Mere pst 20, 10111 Tallinn | passengers, cargo, mail | B | 26.11.2015 | — |
| Finland | Airfix Aviation Oy | Tullimiehentie 4-6 B, FI-01530 VANTAA | passengers, cargo, mail | A | 13.10.2015 | The operating licence was revoked because Airfix Aviation Oy surrendered the air operator certificate. |
| Finland | Nordic Global Airlines Oy | Rahtitie 1C, FI-01530 Vantaa | cargo, mail | A | 30.6 (surrender) & 17.7.2015 (revocat) | Finnish Transport Safety Agency (Trafi) received Nordic Global Airlines Ltd’s announcement to surrender the AOC on 30.6.2015. AOC and operating licence were returned. Finnish Transport Safety Agency revoked operating licence No FI 1/2011. |
| Ireland | Starlite Aviation Ireland Ltd | 2nd Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2 | passengers, cargo, mail | B | 4.12.2015 | Voluntary surrender of the operating licence by Starlite Aviation Ireland Limited |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Comments

Estonia

Osaühing Copterline (Copterline OÜ Estonia)

Mere pst 20, 10111 Tallinn

passengers, cargo, mail

B

26.11.2015

—

Finland

Airfix Aviation Oy

Tullimiehentie 4-6 B, FI-01530 VANTAA

passengers, cargo, mail

A

13.10.2015

The operating licence was revoked because Airfix Aviation Oy surrendered the air operator certificate.

Finland

Nordic Global Airlines Oy

Rahtitie 1C, FI-01530 Vantaa

cargo, mail

A

30.6 (surrender) & 17.7.2015 (revocat)

Finnish Transport Safety Agency (Trafi) received Nordic Global Airlines Ltd’s announcement to surrender the AOC on 30.6.2015. AOC and operating licence were returned. Finnish Transport Safety Agency revoked operating licence No FI 1/2011.

Ireland

Starlite Aviation Ireland Ltd

2nd Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2

passengers, cargo, mail

B

4.12.2015

Voluntary surrender of the operating licence by Starlite Aviation Ireland Limited

Operating licences suspended

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since | Suspended until |
| --- | --- | --- | --- | --- | --- | --- |
| Belgium | Paramount Helicopters N.V. | Industriezone 2 – Bus 5 |
| 3290 Diest-Webbekom |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Suspended until

Belgium

Paramount Helicopters N.V.

Industriezone 2 – Bus 5

3290 Diest-Webbekom

passengers, cargo

B

28.8.2015

—

Bulgaria

VENID AIR Ltd

1, Odesa Street, 8256 Sveti Vlas

passengers

B

12.6.2015

Suspension of the AOC & the operating licence No BG 1008-10

Denmark

Nordic Air Ambulance A/S

Nitivej 6, 2000 Frederiksberg

passengers, cargo, mail

B

1.7.2014

The company’s AOC has also been suspended

Germany

AIR TRAFFIC Gesellschaft mit beschränkter Haftung EXECUTIVE JET SERVICE

Flughafenstrasse 52, 40474 Düsseldorf

passengers, cargo, mail

B

9.2.2015

—

Germany

Augusta Air Luftfahrtunternehmen, Yachtcharter und Videogeräteverleih Hans Schneider e.K.

Flughafenstr. 3 - 86169 Augsburg

passengers, cargo, mail

B

1.1.2015

—

Germany

Flair Jet Luftverkehrsgesellschaft mbH

Hirschenau 5a, 90607 Rückersdorf

passengers, cargo, mail

B

1.12.2015

—

Germany

HDM — Luftrettung gemeinnützige GmbH

Rita-Maiburg-Straße 2 - 70794 Filderstadt

passengers, cargo, mail

B

1.1.2016

—

Germany

Heidelberg Helicopters Flugservice GmbH & Co. KG

Flugplatz Speyer, Anton-Dengler-Str. 2a - 67346 Speyer

passengers, cargo, mail

B

4.2.2015

—

Germany

HSD Luftrettung gemeinnützige GmbH

Rita-Maiburg-str. 2, 70794 Filderstadt

passengers, cargo, mail

B

1.4.2015

—

Germany

Pro Jet GmbH

Berliner Allee 11-22 - 66482 Zweibrücken

passengers, cargo, mail

A

8.7.2015

—

Greece

Skygreece Airlines

33, Papadimitriou Str. 190 03 Markopoulo Attikis

passengers, cargo, mail

A

16.9.2015

—

Hungary

CityLine Hungary Légiforgalmi Kft

H-2220 Vecsés, Dózsa Gy. u. 86.

passengers, cargo

A

17.12.2015

—

Italy

CAI first SpA

Via Pierpaolo Racchetti, pal. NPU - 00054 Fiumicino (RM)

passengers, cargo

A

6.2.2015

—

Italy

Winfly s.r.l. Unipersonale

Via Raffaele Siniscalchi n. 33/A - 84084 Fisciano (SA)

passengers

B

5.2.2015

—

Lithuania

Air Lituanica, UAB

J. Galvydžio str. 5, LT-08236 Vilnius

passengers, cargo, mail

A

23.5.2015

—

Lithuania

Aviavilsa — UAB

Ausros vartu str. 19A-1, LT-01304 Vilnius

cargo, mail

A

25.8.2015

Suspension valid not later than 24.2.2016

Luxembourg

Smart Cargo S.A.

2, rue Pletzer, 8080 Bertrange

cargo

A

1.7.2015

Suspension on request of undertaking

Poland

Eurolot S.A.

ul. 17 Stycznia 39 00-906 Warszawa

passengers, cargo, mail

A

11.5.2015

—

Poland

FlyJet sp Z.o.o

ul. Sabały 60, 02-174 Warszawa

passengers, cargo

A

13.1.2016

Suspension of AOC

Romania

INTERAVIATION CHARTER SRL

Romania, Bucuresti, Bd. Regiei nr. 2, sector 6

passengers, cargo

A

12.10.2015

—

Romania

Jet Technics SRL

Sector 2, Strada Deva nr 8, Bucaresti

passengers

B

13.2.2015

—

Romania

TRANSYLVANIA INTERNATIONAL AIRLINES SRL

Romania, judetul Cluj, Cluj — Napoca, str. Traian Vuia 149-151

passengers, cargo

B

24.2.2015

—

Romania

TEN AIRWAYS SRL

Strada Coralilor 20C, 013328 Bucuresti

passengers

A

22.5.2015

—

Romania

VEGA OFFSHORE SRL

Oraş Voluntari, şos. Pipera-Tunari nr. 97, Etaj 1, Camera nr. 6, judeţul Ilfov

passengers, cargo

B

3.9.2015

—

Slovenia

ST Letalstvo d.o.o. (ST Aviation Ltd)

Šmartinska cesta 130 — SI-1000 Ljubljana

passengers

B

15.12.2015

Temporary suspension of AOC

Spain

Helitrans Pyrinees, S.L.

Apartado de Correos 137 - 25700 La Seu D`Urgell (Lleida)

passengers, cargo, mail

B

23.11.2015

—

Spain

Hispánica de Aviación, S.A.

Avda. de Europa, 16 — Chalet 12 - 28224 Pozuelo de alarcón (Madrid)

passengers, cargo, mail

B

23.11.2015

—

Spain

Sociedad Aeronatica Peninsular, S.L.

Parque Industrial PISA, c/Manufactura 8, 1ra Planta, Módulo 2 - 41927 Mairena del Aljarafe (Sevilla)

passengers, cargo, mail

B

3.3.2015

Operating licence suspended until 6.6.2015

Sweden

Sundt Air Sweden AB

Hässlögatan 16 — SE-721 31 Västerås

passengers, cargo, mail

B

22.6.2015

Operating licence suspended until 31.12.2015

United Kingdom

247 Jet Ltd

Hangar 2, Farnborough Airport, Hampshire, GU14 6XA

passengers, cargo, mail

B

27.10.2015

—

United Kingdom

Air Medical Ltd

Oxford Airport, Kidlington, Oxon, OX5 1RA

passengers, cargo, mail

B

4.2.2016

—

United Kingdom

Eagle European Ltd

Hangar 103, Aviation Park West, Bournemouth Airport, Christchurch, Dorset, BH23 6NW

passengers, cargo, mail

B

15.1.2016

—

United Kingdom

Fly Heli Wales Ltd

Medway Building, Haverfordwest Airport, Fishguard Rd, Haverfordwest, Pembrokeshire, SA62 4BN

passengers, cargo, mail

B

10.12.2015

—

United Kingdom

Hields R C t/a Hields Aviation

Sherburn Aerodrome, Lennerton Lane, Sherburn in Elmet, Leeds, LS25 6JE

passengers, cargo, mail

B

11.1.2016

—

United Kingdom

Links Air Ltd

8 Delta Court, Sky Business Park, Hayfield Lane, Finningley, Doncaster, DN9 3GN

passengers, cargo, mail

B

16.10.2015

—

United Kingdom

Oryx Jet Ltd

Essex House, Proctor Way, London Luton Airport, Luton, Bedfordshire, LU2 9PE

passengers, cargo, mail

B

18.8.2015

—

United Kingdom

VVB Aviation Charter Services Ltd

The Norman Hangar, Southside Cardiff Airport, Vale of Glamorgan, Cymru, CF62 3EQ

passengers, cargo, mail

B

23.12.2015

—

Operating licences revoked

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since | Comments |
| --- | --- | --- | --- | --- | --- | --- |
| Austria | Agiles Aviation GmbH | Glanegg 2, 5082 Gröding | passengers, cargo, mail | A | 16.9.2015 | — |
| Austria | Durst GesmbH | Postgasse 16 - 1010 Wien | passengers, cargo, mail | B | 6.3.2015 | — |
| Austria | Grossmann Air Service Bedarfsluftfahrtsunternehmen GmbH & Co. KG | Fleischmarkt 14/14, 1010 Wien | passengers, cargo, mail | B | 13.3.2015 | — |
| Austria | InterSky Luftfahrt GmbH | Bahnhofstraße 10, 6900 Bregenz | passengers, cargo, mail | A | 3.12.2015 | — |
| Belgium | Paramount Helicopters N.V. | Industriezone 2 — bus 5 - 3290 Diest-Webbekom | passengers, cargo | B | 1.12.2015 | — |
| Bulgaria | AIR BRIGHT Ltd | 116A, vh.B, Apt 27, Geo Milev Street, 1574 — Sofia | cargo, mail | A | 21.5.2015 | Licence No BG 1008-14 |
| Bulgaria | Alpha Air Ltd | 90, G.S. Rakovski str., 1000 Sofia | passengers, cargo, mail | A | 29.1.2015 | Licence No BG 1008-09 |
| Bulgaria | SUNLIGHT AIR Jsc | fl.12, 159, Tsar Boris III Blvd, 1618 Sofia | passengers | A | 11.2.2015 | Licence No BG 1008-08 |
| Cyprus | Cyprus Airways Ltd | 21 Alkeou str. Engomi Nicosia, CYPRUS | passengers, cargo | A | 9.1.2015 | — |
| Finland | Airline Management Technologies ALMT Oy | Siipitie 11, FI-01530 Vantaa | passengers, cargo, mail | B | 16.12.2015 | — |
| Finland | Turku Air Oy | Kauniaisentie 13 E75, FI-02700 Kauniainen | passengers, cargo, mail | B | 27.11.2015 | — |
| Germany | AIR TRAFFIC Gesellschaft mit beschränkter Haftung EXECUTIVE JET SERVICE | Flughafenstrasse 52, 40474 Düsseldorf | passengers, cargo, mail | B | 11.9.2015 | Suspension since 9.2.2015 |
| Germany | Augusta Air Luftfahrtunternehmen, Yachtcharter und Videogeräteverleih Hans Schneider e.K. | Flughafenstr. 3 - 86169 Augsburg | passengers, cargo, mail | B | 2.7.2015 | Suspension since 1.1.2015 |
| Germany | Flugschule- und Luftfahrtunternehmen ARDEX GmbH Berlin Land Brandenburg | Flugplatz 2b - 16866 Kyritz | passengers, cargo, mail | B | 21.5.2015 | Suspension since 28.10.2014 |
| Germany | Germania Express Fluggesellschaft mbH | Lilienthalstraße 6 - 12529 Schönefeld OT Waltersdorf | passengers, cargo, mail | B | 22.1.2015 | Suspension since 1.11.2013 |
| Germany | Hapag-Lloyd Express GmbH | Benkendorffstr. 22 B - 30855 Langenhagen | passengers, cargo, mail | A | 12.6.2015 | Suspension since 15.9.2014 |
| Germany | HHA Hamburg Airways Luftverkehrsgesellschaft mbH | Hindenburgstraße 171, 22297 Hamburg | passengers, cargo, mail | A | 20.12.2014 | — |
| Germany | HSD Luftrettung gemeinnützige GmbH | Rita-Maiburg-str.2 - 70794 Filderstadt | passengers, cargo, mail | B | 9.11.2015 | Suspension since 1.4.2015 |
| Germany | LGM Luftfahrtgesellschaft mbH | Marktplatz 1, 69117 Heildelberg | passengers, cargo, mail | B | 30.11.2016 | Suspension since 1.9.2014 |
| Germany | Luftverkehr Friesland Brunzema und Partner GmbH & Co. KG | Flugplatz-Harle - 26409 Wittmund | passengers, cargo, mail | B | 11.6.2015 | Suspension since 27.10.2014 |
| Germany | MFA Munich Flight Academy GmbH | Hochederstraße 2 - 81545 München | passengers, cargo, mail | B | 12.6.2015 | Suspension since 29.10.2014 |
| Germany | Motorflug baden-baden GmbH | Flugstrs. 12, 76532 Baden-Baden | passengers, cargo, mail | B | 14.1.2015 | Suspension since 11.6.2014 |
| Germany | Ostseeflug GmbH | Flughafenstraße 1, 18299 Laage | passengers, cargo, mail | B | 19.5.2015 | Suspension since 19.6.2012 |
| Greece | Aviator Αirways S.A. | 59 GLISTIS - 117 44 ATHENS | passengers, cargo, mail | B | 28.12.2015 | — |
| Ireland | Irish Helicopters Ltd | Westpoint Hangar, Coultry, Swords, Co. Dublin | passengers, cargo, mail | B | 2.12.2015 | — |
| Italy | Elyservice Toscana Srl | Corso Matteotti 8 - 50063 Figline Valdarno (FI) | passengers, cargo | B | 5.2.2015 | — |
| Lithuania | Air Lituanica, UAB | J. Galvydžio str. 5, LT-08236 Vilnius | passengers, cargo, mail | A | 27.11.2015 | — |
| Netherlands | Jet Management Europe B.V. | Stationplein — NO 280 - 1117 CJ SCHIPHOL | passengers, cargo, mail | B | 6.8.2015 | ILT-2015/54638 |
| Poland | Eurolot S.A. | ul. 17 Stycznia 39 00-906 Warszawa | passengers, cargo, mail | A | 20.7.2015 | — |
| Romania | Eurojet Romania S.R.L. | Bucureşti, Bd. Ion Ionescu de la Brad nr. 61-63, parter, ap.2, sector 1 — Romania | passengers, cargo | A | 25.3.2015 | Suspension since 15.9.2014 |
| Romania | Jet Technics SRL | Sector 2, Strada Deva nr 8, Bucaresti | passengers | B | 22.9.2015 | — |
| Romania | TEN AIRWAYS SRL | Strada Coralilor 20C, 013328 Bucuresti | passengers | A | 23.11.2015 | — |
| Romania | TRANSYLVANIA INTERNATIONAL AIRLINES SRL | judetul Cluj, Cluj — Napoca, str. Traian Vuia 149-151 | passengers, cargo | B | 22.9.2015 | — |
| Romania | UNITED EUROPEAN AIRLINES S.R.L. | 5 Georges Bizet Street, sector 2, Bucharest | passengers, cargo | A | 25.3.2015 | Suspension since 11.8.2014 |
| Slovakia | Air Carpatia s.r.o. | Slowackého 4673/24, 821 04 Bratislava | passengers, cargo, mail | B | 24.8.2015 | Decision on 14.8.2015 & effective since 24.8.2015 |
| Spain | AERO SKY, S.L. | Santander, 3 - 28003 Madrid | passengers, cargo, mail | B | 24.11.2015 | — |
| Spain | Atlas Executive Air — S.A. | Aeropuerto de Málaga — Terminal de Aviación General Pl.1 — Of.5 - 29004 Málaga | passengers, cargo, mail | B | 29.10.2015 | Operating licence surrended |
| Sweden | Norrlandsflyg Ambulans AB | Box 24124, SE-400 22 Göteborg | passengers, cargo, mail | B | 1.7.2015 | — |
| Sweden | Wermlandsflyg Operations AB | Bergebyvägen 49 B, SE-685 93 — Torsby | passengers, cargo, mail | B | 22.1.2015 | — |
| United Kingdom | Aravco Ltd | Business Aviation Centre, Farnborough Airport, Farnborough, Hampshire, GU14 6XA | passengers, cargo, mail | B | 4.11.2015 | — |
| United Kingdom | British Airways (BA) Ltd | Waterside HDAG (Team Space 5), Asia House, Harmondsworth, UB7 OGB | passengers, cargo, mail | A | 10.6.2015 | — |
| United Kingdom | Global Supply Systems Ltd | Room 13, Stansted House, Stansted Airport, Stansted, Essex, CM24 1AE | passengers, cargo, mail | A | 26.3.2015 | — |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Comments

Austria

Agiles Aviation GmbH

Glanegg 2, 5082 Gröding

passengers, cargo, mail

A

16.9.2015

—

Austria

Durst GesmbH

Postgasse 16 - 1010 Wien

passengers, cargo, mail

B

6.3.2015

—

Austria

Grossmann Air Service Bedarfsluftfahrtsunternehmen GmbH & Co. KG

Fleischmarkt 14/14, 1010 Wien

passengers, cargo, mail

B

13.3.2015

—

Austria

InterSky Luftfahrt GmbH

Bahnhofstraße 10, 6900 Bregenz

passengers, cargo, mail

A

3.12.2015

—

Belgium

Paramount Helicopters N.V.

Industriezone 2 — bus 5 - 3290 Diest-Webbekom

passengers, cargo

B

1.12.2015

—

Bulgaria

AIR BRIGHT Ltd

116A, vh.B, Apt 27, Geo Milev Street, 1574 — Sofia

cargo, mail

A

21.5.2015

Licence No BG 1008-14

Bulgaria

Alpha Air Ltd

90, G.S. Rakovski str., 1000 Sofia

passengers, cargo, mail

A

29.1.2015

Licence No BG 1008-09

Bulgaria

SUNLIGHT AIR Jsc

fl.12, 159, Tsar Boris III Blvd, 1618 Sofia

passengers

A

11.2.2015

Licence No BG 1008-08

Cyprus

Cyprus Airways Ltd

21 Alkeou str. Engomi Nicosia, CYPRUS

passengers, cargo

A

9.1.2015

—

Finland

Airline Management Technologies ALMT Oy

Siipitie 11, FI-01530 Vantaa

passengers, cargo, mail

B

16.12.2015

—

Finland

Turku Air Oy

Kauniaisentie 13 E75, FI-02700 Kauniainen

passengers, cargo, mail

B

27.11.2015

—

Germany

AIR TRAFFIC Gesellschaft mit beschränkter Haftung EXECUTIVE JET SERVICE

Flughafenstrasse 52, 40474 Düsseldorf

passengers, cargo, mail

B

11.9.2015

Suspension since 9.2.2015

Germany

Augusta Air Luftfahrtunternehmen, Yachtcharter und Videogeräteverleih Hans Schneider e.K.

Flughafenstr. 3 - 86169 Augsburg

passengers, cargo, mail

B

2.7.2015

Suspension since 1.1.2015

Germany

Flugschule- und Luftfahrtunternehmen ARDEX GmbH Berlin Land Brandenburg

Flugplatz 2b - 16866 Kyritz

passengers, cargo, mail

B

21.5.2015

Suspension since 28.10.2014

Germany

Germania Express Fluggesellschaft mbH

Lilienthalstraße 6 - 12529 Schönefeld OT Waltersdorf

passengers, cargo, mail

B

22.1.2015

Suspension since 1.11.2013

Germany

Hapag-Lloyd Express GmbH

Benkendorffstr. 22 B - 30855 Langenhagen

passengers, cargo, mail

A

12.6.2015

Suspension since 15.9.2014

Germany

HHA Hamburg Airways Luftverkehrsgesellschaft mbH

Hindenburgstraße 171, 22297 Hamburg

passengers, cargo, mail

A

20.12.2014

—

Germany

HSD Luftrettung gemeinnützige GmbH

Rita-Maiburg-str.2 - 70794 Filderstadt

passengers, cargo, mail

B

9.11.2015

Suspension since 1.4.2015

Germany

LGM Luftfahrtgesellschaft mbH

Marktplatz 1, 69117 Heildelberg

passengers, cargo, mail

B

30.11.2016

Suspension since 1.9.2014

Germany

Luftverkehr Friesland Brunzema und Partner GmbH & Co. KG

Flugplatz-Harle - 26409 Wittmund

passengers, cargo, mail

B

11.6.2015

Suspension since 27.10.2014

Germany

MFA Munich Flight Academy GmbH

Hochederstraße 2 - 81545 München

passengers, cargo, mail

B

12.6.2015

Suspension since 29.10.2014

Germany

Motorflug baden-baden GmbH

Flugstrs. 12, 76532 Baden-Baden

passengers, cargo, mail

B

14.1.2015

Suspension since 11.6.2014

Germany

Ostseeflug GmbH

Flughafenstraße 1, 18299 Laage

passengers, cargo, mail

B

19.5.2015

Suspension since 19.6.2012

Greece

Aviator Αirways S.A.

59 GLISTIS - 117 44 ATHENS

passengers, cargo, mail

B

28.12.2015

—

Ireland

Irish Helicopters Ltd

Westpoint Hangar, Coultry, Swords, Co. Dublin

passengers, cargo, mail

B

2.12.2015

—

Italy

Elyservice Toscana Srl

Corso Matteotti 8 - 50063 Figline Valdarno (FI)

passengers, cargo

B

5.2.2015

—

Lithuania

Air Lituanica, UAB

J. Galvydžio str. 5, LT-08236 Vilnius

passengers, cargo, mail

A

27.11.2015

—

Netherlands

Jet Management Europe B.V.

Stationplein — NO 280 - 1117 CJ SCHIPHOL

passengers, cargo, mail

B

6.8.2015

ILT-2015/54638

Poland

Eurolot S.A.

ul. 17 Stycznia 39 00-906 Warszawa

passengers, cargo, mail

A

20.7.2015

—

Romania

Eurojet Romania S.R.L.

Bucureşti, Bd. Ion Ionescu de la Brad nr. 61-63, parter, ap.2, sector 1 — Romania

passengers, cargo

A

25.3.2015

Suspension since 15.9.2014

Romania

Jet Technics SRL

Sector 2, Strada Deva nr 8, Bucaresti

passengers

B

22.9.2015

—

Romania

TEN AIRWAYS SRL

Strada Coralilor 20C, 013328 Bucuresti

passengers

A

23.11.2015

—

Romania

TRANSYLVANIA INTERNATIONAL AIRLINES SRL

judetul Cluj, Cluj — Napoca, str. Traian Vuia 149-151

passengers, cargo

B

22.9.2015

—

Romania

UNITED EUROPEAN AIRLINES S.R.L.

5 Georges Bizet Street, sector 2, Bucharest

passengers, cargo

A

25.3.2015

Suspension since 11.8.2014

Slovakia

Air Carpatia s.r.o.

Slowackého 4673/24, 821 04 Bratislava

passengers, cargo, mail

B

24.8.2015

Decision on 14.8.2015 & effective since 24.8.2015

Spain

AERO SKY, S.L.

Santander, 3 - 28003 Madrid

passengers, cargo, mail

B

24.11.2015

—

Spain

Atlas Executive Air — S.A.

Aeropuerto de Málaga — Terminal de Aviación General Pl.1 — Of.5 - 29004 Málaga

passengers, cargo, mail

B

29.10.2015

Operating licence surrended

Sweden

Norrlandsflyg Ambulans AB

Box 24124, SE-400 22 Göteborg

passengers, cargo, mail

B

1.7.2015

—

Sweden

Wermlandsflyg Operations AB

Bergebyvägen 49 B, SE-685 93 — Torsby

passengers, cargo, mail

B

22.1.2015

—

United Kingdom

Aravco Ltd

Business Aviation Centre, Farnborough Airport, Farnborough, Hampshire, GU14 6XA

passengers, cargo, mail

B

4.11.2015

—

United Kingdom

British Airways (BA) Ltd

Waterside HDAG (Team Space 5), Asia House, Harmondsworth, UB7 OGB

passengers, cargo, mail

A

10.6.2015

—

United Kingdom

Global Supply Systems Ltd

Room 13, Stansted House, Stansted Airport, Stansted, Essex, CM24 1AE

passengers, cargo, mail

A

26.3.2015

—

Change of name of licence holder

| Member State | Old name of air carrier | New name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since |
| --- | --- | --- | --- | --- | --- | --- |
| Austria | ARA Flugrettungs GmbH | ARA Flugrettung gemeinnützige GmbH | 9020 Klagenfurt — Grete-Bittner-Straße 9 | passengers, cargo, mail | A | 10.12.2015 |
| Czech Republic | Grossmann Jet Service spol. s.r.o. | G - JET s.r.o. | Praha 6, Dědinská 893/29, PSČ 161 00 | passengers, mail | A | 27.7.2015 |
| Finland | Flybe Finland Oy | Nordic Regional Airlines Oy | Öljykuja 2, FI-01530 Vantaa | passengers, cargo, mail | A | 15.6.2015 |
| Germany | AKE Ambulance Flight Operations GmbH & Co KG | Dr-Jet Air Ambulance GmbH & Co KG | Eglosheimer Straße 41 - 71636 Ludwigsburg | passengers, cargo, mail | B | 30.6.2015 |
| Germany | Heli Trans Hamburg GmbH & Co. KG | OneTwo Aviation GmbH & Co. KG | Willhoop 1 - 22453 Hamburg | passengers, cargo, mail | B | 13.2.2015 |
| Hungary | Farnair Hungary Kft | ASL Airlines Hungary Kft | H-1185 Budapest, BUD Nemzetközi Repülőtér 56. C. ép. | cargo | A | 29.7.2015 |
| Hungary | Jet Stream Légiforgalmi és Légijárműjavító Kft | Jet Stream 2004 Légiforgalmi és Légijárműjavító Kft | 2345 Apaj, Kiskunlacházai repülőtér 0146 | passengers, cargo, mail | B | 17.11.2015 |
| Ireland | Air Contractors (Ireland) Ltd | ASL Airlines (Ireland) Limited, T/A Air Contractors | 3, Malahide Road — Swords, Co. Dublin | passengers, cargo, mail | A | 22.5.2015 |
| Poland | Smart Aero Solutions sp. z o.o. | Smart Jet sp. z o.o. | ul. Gen. W. Thommee 1a, 05-256 Warszawa | passengers | B | 6.2.2015 |
| Poland | Blue Jet sp. z o.o. | Jet Story sp. z.o.o | ul 17 Stycznia 39 02-146 Warszawa | passengers, cargo | A | 3.6.2015 |
| Spain | Pullmantur Air, S.A. | WAMOS AIR, S.A. | c. Mahonia, 2, 6o - 28043 Madrid | passengers, cargo, mail | A | 7.5.2015 |
| Spain | VOLOTEA, S.L. | VOLOTEA, S.A. | Travessera de Gracia, 45, 4o - 08006 Barcelona | passengers, cargo, mail | A | 22.10.2015 |
| Sweden | Kommunalförbundet Ambulanshelikopter Värmland-Dalarna | Svensk Luftambulans | c/o Landstinget i Värmland |
| SE-651 82 Karlstad |

Member State

Old name of air carrier

New name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Austria

ARA Flugrettungs GmbH

ARA Flugrettung gemeinnützige GmbH

9020 Klagenfurt — Grete-Bittner-Straße 9

passengers, cargo, mail

A

10.12.2015

Czech Republic

Grossmann Jet Service spol. s.r.o.

G - JET s.r.o.

Praha 6, Dědinská 893/29, PSČ 161 00

passengers, mail

A

27.7.2015

Finland

Flybe Finland Oy

Nordic Regional Airlines Oy

Öljykuja 2, FI-01530 Vantaa

passengers, cargo, mail

A

15.6.2015

Germany

AKE Ambulance Flight Operations GmbH & Co KG

Dr-Jet Air Ambulance GmbH & Co KG

Eglosheimer Straße 41 - 71636 Ludwigsburg

passengers, cargo, mail

B

30.6.2015

Germany

Heli Trans Hamburg GmbH & Co. KG

OneTwo Aviation GmbH & Co. KG

Willhoop 1 - 22453 Hamburg

passengers, cargo, mail

B

13.2.2015

Hungary

Farnair Hungary Kft

ASL Airlines Hungary Kft

H-1185 Budapest, BUD Nemzetközi Repülőtér 56. C. ép.

cargo

A

29.7.2015

Hungary

Jet Stream Légiforgalmi és Légijárműjavító Kft

Jet Stream 2004 Légiforgalmi és Légijárműjavító Kft

2345 Apaj, Kiskunlacházai repülőtér 0146

passengers, cargo, mail

B

17.11.2015

Ireland

Air Contractors (Ireland) Ltd

ASL Airlines (Ireland) Limited, T/A Air Contractors

3, Malahide Road — Swords, Co. Dublin

passengers, cargo, mail

A

22.5.2015

Poland

Smart Aero Solutions sp. z o.o.

Smart Jet sp. z o.o.

ul. Gen. W. Thommee 1a, 05-256 Warszawa

passengers

B

6.2.2015

Poland

Blue Jet sp. z o.o.

Jet Story sp. z.o.o

ul 17 Stycznia 39 02-146 Warszawa

passengers, cargo

A

3.6.2015

Spain

Pullmantur Air, S.A.

WAMOS AIR, S.A.

c. Mahonia, 2, 6o - 28043 Madrid

passengers, cargo, mail

A

7.5.2015

Spain

VOLOTEA, S.L.

VOLOTEA, S.A.

Travessera de Gracia, 45, 4o - 08006 Barcelona

passengers, cargo, mail

A

22.10.2015

Sweden

Kommunalförbundet Ambulanshelikopter Värmland-Dalarna

Svensk Luftambulans

c/o Landstinget i Värmland

SE-651 82 Karlstad

passengers, cargo, mail

B

29.4.2015

Sweden

West Air Sweden AB

West Atlantic Sweden AB

Box 5433 SE-402 29 GÖTEBORG

passengers, cargo, mail

A

23.11.2015

Change of address of the licence holder

| Member State | Name of air carrier | Old address of air carrier | New address of air carrier | Permitted to carry | Category | Decision effective since |
| --- | --- | --- | --- | --- | --- | --- |
| Czech Republic | ECLAIR AVIATION s.r.o. | Praha 2 — Vinohrady, Italská 1580/26, PSČ 120 00 | Praha 6 — Dejvice, Muchova 240/6, PSČ 160 00 | passengers, cargo, mail | A | 13.8.2013 |
| Denmark | BackBone Aviation A/S | Dalbækvej 2a, 6670 Holsted, Heliport | John Tranums Vej 20, 6705 Esbjerg OE | passengers, cargo, mail | A | 3.6.2015 |
| Denmark | Cimber A/S | Lufthavnsvej 2, 6400 Sønderborg | Amager Strandvej 392, 2770 Kastrup | passengers, cargo, mail | A | 8.6.2015 |
| Finland | Nordic Regional Airlines Oy | Box PL 800, FI-60101 SEINÄJOKI | Öljykuja 2, FI-01530 Vantaa | passengers, cargo, mail | A | 15.6.2015 |
| Germany | AIR HAMBURG Luftverkehrsgesellschaft mbH | Kleine Bahnstr. 8 - 22525 Hamburg | Leverkusenstraße 54 - 22761 Hamburg | passengers, cargo, mail | A | 10.12.2015 |
| Germany | BHF Bodensee-Helicopter GmbH | Am Flugplatz 64 - 88074 Meckenbeuren | Am Flughafen 64 - 88074 Meckenbeuren | passengers, cargo, mail | B | 12.11.2015 |
| Germany | DL Helicopter Technik GmbH | Walter-Carsten-Straße 1, 27637 Nordholz | Walter-Carsten-Straße 1, 27639 Wurster Nordseeküste | passengers, cargo, mail | B | 26.10.2015 |
| Germany | FLY ALPHA GmbH | Hansastraße 8 - 91126 Schwabach | Flughafenstr. 124 - 90411 Nürnberg | passengers, cargo, mail | B | 22.12.2015 |
| Germany | HDM — Luftrettung gemeinnützige GmbH | Flughafenstr. 100 - 90411 Nürnberg | Rita-Maiburg-Straße 2 - 70794 Filderstadt | passengers, cargo, mail | B | 13.10.2015 |
| Germany | Lufthansa CityLine GmbH | Flughafen Köln/Bonn, Waldstr. 247, 51147 Köln | Südallee 15 - 85356 München-Flughafen | passengers, cargo, mail | A | 6.2.2015 |
| Germany | MHS Aviation GmbH | Zeillerstr. 30, 82031 Grünwald | Raiffeisenallee 5 - 82041 Oberhaching | passengers, cargo, mail | A | 10.8.2015 |
| Germany | Reibel-Air-Service-GmbH | Montreal Avenue D 425 |
| 77836 Rheinmünster |

Member State

Name of air carrier

Old address of air carrier

New address of air carrier

Permitted to carry

Category

Decision effective since

Czech Republic

ECLAIR AVIATION s.r.o.

Praha 2 — Vinohrady, Italská 1580/26, PSČ 120 00

Praha 6 — Dejvice, Muchova 240/6, PSČ 160 00

passengers, cargo, mail

A

13.8.2013

Denmark

BackBone Aviation A/S

Dalbækvej 2a, 6670 Holsted, Heliport

John Tranums Vej 20, 6705 Esbjerg OE

passengers, cargo, mail

A

3.6.2015

Denmark

Cimber A/S

Lufthavnsvej 2, 6400 Sønderborg

Amager Strandvej 392, 2770 Kastrup

passengers, cargo, mail

A

8.6.2015

Finland

Nordic Regional Airlines Oy

Box PL 800, FI-60101 SEINÄJOKI

Öljykuja 2, FI-01530 Vantaa

passengers, cargo, mail

A

15.6.2015

Germany

AIR HAMBURG Luftverkehrsgesellschaft mbH

Kleine Bahnstr. 8 - 22525 Hamburg

Leverkusenstraße 54 - 22761 Hamburg

passengers, cargo, mail

A

10.12.2015

Germany

BHF Bodensee-Helicopter GmbH

Am Flugplatz 64 - 88074 Meckenbeuren

Am Flughafen 64 - 88074 Meckenbeuren

passengers, cargo, mail

B

12.11.2015

Germany

DL Helicopter Technik GmbH

Walter-Carsten-Straße 1, 27637 Nordholz

Walter-Carsten-Straße 1, 27639 Wurster Nordseeküste

passengers, cargo, mail

B

26.10.2015

Germany

FLY ALPHA GmbH

Hansastraße 8 - 91126 Schwabach

Flughafenstr. 124 - 90411 Nürnberg

passengers, cargo, mail

B

22.12.2015

Germany

HDM — Luftrettung gemeinnützige GmbH

Flughafenstr. 100 - 90411 Nürnberg

Rita-Maiburg-Straße 2 - 70794 Filderstadt

passengers, cargo, mail

B

13.10.2015

Germany

Lufthansa CityLine GmbH

Flughafen Köln/Bonn, Waldstr. 247, 51147 Köln

Südallee 15 - 85356 München-Flughafen

passengers, cargo, mail

A

6.2.2015

Germany

MHS Aviation GmbH

Zeillerstr. 30, 82031 Grünwald

Raiffeisenallee 5 - 82041 Oberhaching

passengers, cargo, mail

A

10.8.2015

Germany

Reibel-Air-Service-GmbH

Montreal Avenue D 425

77836 Rheinmünster

| Airport Boulevard B 216 |
| --- |
| 77836 Rheinmünster |

Airport Boulevard B 216

77836 Rheinmünster

passengers, cargo, mail

B

12.8.2015

Greece

MINOAN AIR

127, Vouliagmenis Av. & 1-3 Patr. Grigoriou e’ Str. - 166 74 GLYFADA ATTIKIS

St. Kazantzidi Str. & 1 Vosporou Str. 71601 N. Alikarnassos – Heraklion, Crete

passengers, cargo, mail

A

1.7.2015

Hungary

ASL Airlines Hungary Kft. (ex-Farnair Hungary Kft)

H-1185 Budapest, Ferihegy, Repülési Oktatási Központ, 17. épület

H-1185 Budapest, BUD Nemzetközi Repülőtér 56. C. ép.

cargo

A

29.7.2015

Hungary

Budapest Aircraft Service Légiforgalmi, Kereskedelmi és Szolgáltató Kft

H-1173 Budapest, Kaszáló utca 75. 4. em. 13

H-2220 Vecsés, Árpád utca 37

passanger, cargo

A

16.2.2012

Hungary

Jet-Stream 2004 Légiforgalmi és Légijárműjavító Kft

H-2316 Tököl, Repülőtér, Halászteleki kapu 0322.hrsz

2345 Apaj, Kiskunlacházai repülőtér 0146

passengers, cargo, mail

B

17.11.2015

Ireland

ASL Airlines (Ireland) Limited, T/A Air Contractors

The Plaza, New Street, Swords, Co. Dublin.

3, Malahide Road — Swords, Co. Dublin

passengers, cargo, mail

A

22.5.2015

Lithuania

Small Planet Airlines UAB

A. Gustaičio st. 4, LT-02512 Vilnius

Basanaviciaus st. 15, LT-03108 Vilnius

passengers, cargo, mail

A

4.5.2015

Poland

Polskie Linie Lotnicze LOT S.A.

ul. 17 Stycznia 39 00-906 Warszawa

ul. 17 Stycznia 43 02-146 Warszawa

passengers, cargo, mail

A

20.8.2015

Spain

BIGAS GRUP HELICOPTERS, S.L.

Carretera del Masnou, Km. 14,300 - 08400 GRANOLLERS (BARCELONA)

Helipuerto Circuit Barcelona — Catalunya Mas La Moreneta - 08610 Montmeló - Barcelona

passengers, cargo, mail

B

23.11.2015

Spain

Corporación Ygnus Air, S.A.U.

c. Anabel Segura, 11 - 28108 Alcobendas (Madrid)

Avda Manoteras, 26 - 28050 Madrid

passengers, cargo, mail

A

5.2.2015

Spain

CLIPPER NATIONAL AIR, S.A.

c. Arcadio Balaguer, 12, B3 - 08860 Castelldefels (Barcelona)

c/Antic Camí Real de Valencia, 38 — Nave 6 - 08860 Castelldefels (Barcelona)

passengers, cargo, mail

B

25.6.2015

Sweden

Bromma Business Jet AB

c/o SCA, Box 200, SE-101 23 Stockholm

Hangar 7, Bromma Flygplats – SE-168 67 Bromma

passengers, cargo, mail

A

28.5.2015

Change of category

| Member State | Name of air carrier | Address of air carrier | Permitted to carry | Category | Decision effective since |
| --- | --- | --- | --- | --- | --- |
| Germany | AirAlliance Express AG & Co.KG. | Flughafen Siegerland, Werfhalle G1, 57299 Burbach | passengers, cargo, mail | from B to A | 9.10.2015 |
| Denmark | BackBone Aviation A/S | John Tranums Vej 20, 6705 Esbjerg Ø | passengers, cargo, mail | from B to A | 3.6.2015 |
| Denmark | FlexFlight ApS | Lufthavnvej 50, 4000 Roskilde | passengers, cargo, mail | from B to A | 16.1.2015 |
| Slovenia | Express Airways d.o.o. | Letališka cesta 10, SI-2312 Orehova vas | passengers, cargo | from B to A | 30.7.2015 |
| Sweden | H-Bird Aviation Services AB | Tegeluddsvägen 76 |
| SE-115 28 Stockholm |

Member State

Name of air carrier

Address of air carrier

Permitted to carry

Category

Decision effective since

Germany

AirAlliance Express AG & Co.KG.

Flughafen Siegerland, Werfhalle G1, 57299 Burbach

passengers, cargo, mail

from B to A

9.10.2015

Denmark

BackBone Aviation A/S

John Tranums Vej 20, 6705 Esbjerg Ø

passengers, cargo, mail

from B to A

3.6.2015

Denmark

FlexFlight ApS

Lufthavnvej 50, 4000 Roskilde

passengers, cargo, mail

from B to A

16.1.2015

Slovenia

Express Airways d.o.o.

Letališka cesta 10, SI-2312 Orehova vas

passengers, cargo

from B to A

30.7.2015

Sweden

H-Bird Aviation Services AB

Tegeluddsvägen 76

SE-115 28 Stockholm

passengers, cargo, mail

from B to A

21.9.2015

United Kingdom

TAG Aviation (UK) Ltd

TAG Farnborough Airport, Farnborough, Hampshire, GU14 6XA

passengers, cargo, mail

From B to A

31.3.2015

Change of permssion to carry

| Member State | Name of air carrier | Address of air carrier | Permitted to carry, old | Permitted to carry, new | Category | Decision effective since |
| --- | --- | --- | --- | --- | --- | --- |
| Bulgaria | Bright Flight Ltd | 16A, j.k. Bokar, Bulgaria blvd., 1404 Sofia | cargo, mail | passengers, cargo, mail | A | 23.4.2015 |
| Hungary | Fleet Air International Légiszolgáltató és Kereskedelmi Kft. | H-2220 Vecsés, Fő utca 218. | cargo | passengers, cargo | A | 18.5.2015 |
| Poland | Travel Service Polska sp. z o.o. | ul. Gordona Bennetta 2B, 02-159 Warszawa | passengers | passengers, cargo | A | 28.1.2015 |
| Poland | Travel Service Polska sp. z o.o. | ul. Gordona Bennetta 2B, 02-159 Warszawa | passengers, cargo | passengers, cargo, mail | A | 8.5.2015 |

Member State

Name of air carrier

Address of air carrier

Permitted to carry, old

Permitted to carry, new

Category

Decision effective since

Bulgaria

Bright Flight Ltd

16A, j.k. Bokar, Bulgaria blvd., 1404 Sofia

cargo, mail

passengers, cargo, mail

A

23.4.2015

Hungary

Fleet Air International Légiszolgáltató és Kereskedelmi Kft.

H-2220 Vecsés, Fő utca 218.

cargo

passengers, cargo

A

18.5.2015

Poland

Travel Service Polska sp. z o.o.

ul. Gordona Bennetta 2B, 02-159 Warszawa

passengers

passengers, cargo

A

28.1.2015

Poland

Travel Service Polska sp. z o.o.

ul. Gordona Bennetta 2B, 02-159 Warszawa

passengers, cargo

passengers, cargo, mail

A

8.5.2015

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(1)  OJ L 293, 31.10.2008, p. 3.

(2)  The table reflects the decisions notified by Member States to the European Commission on 27.2.2015 at the latest.

(3)  Category A: Operating licences without the exemption of Article 5(3) of Regulation (EC) No 1008/2008.

Category B: Operating licences with the exemption of Article 5(3) of Regulation (EC) No 1008/2008.

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